The United States Trade Representative (USTR) is responsible for negotiating and implementing trade agreements between the United States and various trading partners around the world. The USTR has many ongoing negotiations and agreements, and it can be difficult to keep track of them all.
For those interested in staying up-to-date on the latest trade agreements, here is a list of some of the most significant trade deals the U.S. is currently a party to:
1. United States-Mexico-Canada Agreement (USMCA)
The USMCA, which replaced the North American Free Trade Agreement (NAFTA) in 2020, is a trade agreement between the United States, Mexico, and Canada. The deal includes provisions for increased access to Canadian dairy markets, new rules for digital trade, and updated labor and environmental standards.
2. Trans-Pacific Partnership (TPP)
The TPP was a trade agreement between the United States and 11 other countries around the Pacific Rim, including Japan, Australia, and Canada. However, the U.S. withdrew from the agreement in 2017, and the remaining countries negotiated a new deal called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
3. United States-Korea Free Trade Agreement (KORUS)
The KORUS agreement is a trade deal between the United States and South Korea. The agreement was signed in 2012 and includes provisions for improved market access for U.S. goods and services in South Korea, as well as increased protections for intellectual property.
4. United States-Japan Trade Agreement
The United States and Japan signed a limited trade deal in 2019 that includes increased access to the Japanese market for U.S. agricultural products, as well as reduced tariffs on Japanese industrial goods.
5. United States-China Phase One Trade Agreement
The Phase One trade deal between the United States and China was signed in January 2020. The agreement includes commitments from China to purchase more U.S. goods and services, as well as increased protections for U.S. intellectual property.
6. United States-United Kingdom Trade Agreement
The U.S. and U.K. have been negotiating a trade deal since 2019, and talks are ongoing. A trade agreement between the two countries would be significant, as the U.K. recently left the European Union and is seeking new trade partners.
Overall, keeping up with trade agreements can be a challenge, but staying informed can be beneficial for businesses and individuals alike. By understanding the trade deals that the U.S. is currently a party to, individuals can gain insights into potential market opportunities and stay up-to-date on the latest trade developments.