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USMCA Overwhelmingly Passes in the Senate

The U.S.-Mexico-Canada Agreement passed out of the U.S. Senate by an overwhelming vote of 89-10 Thursday. For agriculture, USMCA is estimated to increase U.S. exports by $2 billion. The vote comes just one day after the United States signed a new trade agreement with China, which promises to increase ag exports by tens of billions of dollars. President Trump took to Twitter after the passage, saying “the farmers are really happy with the new China trade deal and the soon to be signed deal with Mexico and Canada.”
 
Now, the deal heads to President Trump for a signature. The president is expected to sign the agreement sometime next week during a formal ceremony. Mexico’s legislature approved the trade deal last month, and all eyes are on Canada to ratify USMCA. The Canadian parliament isn’t scheduled to return until January 27.
 

U.S. and China Sign Phase One of Trade Agreement

The U.S. and China have signed phase one of a trade agreement. President Donald Trump was joined by Chinese Vice Premier Liu He at the White House ceremony on Wednesday. “Today, we take a momentous step, one that has never been taken before with China, toward future fair and reciprocal trade,” said President Trump in opening remarks. After the signing, the text of the agreement was released. All details are public expect for specific purchase amounts.
 
During the address, Trump verified the phase one agreement includes over $200 billion in Chinese purchases of American goods and services over the next two years. That includes at least $40 billion in food, agricultural and seafood products annually for a total of $80 billion in the next two years. The president also said he would remove all U.S. tariffs on Chinese imports as soon as the two countries completed phase two of the agreement, adding “I do no expect there to be a phase three.”