The United States boasts one of the largest economies in the world and is the largest importer of goods and services. Trade is critical to American prosperity, and so shifts in trade policy and multilateral trade agreements have a tremendous economic impact both domestically and internationally.

On March 21, Karen Lobdell, VP of Product Management, presented an “Update on Trade & Tariffs,” which covered the latest actions taken by the Trump administration and their impact on commerce at the CPAs in Industry Spring Conference in Milwaukee, Wisconsin. Her overview addresses the Trump trade policy approach, the recent uptick in unilateral and retaliatory tariffs, and the effects of these actions on international, domestic, and electronic trade.

The G-20 summit concluded in Buenos Aires on December 1 and brought relief to Chinese and American importers as the leaders from both nations mutually agreed to halt new trade tariffs for 90 days.

The press release issued by the White House reads that on January 1, 2019, tariffs on $200 billion worth of imported Chinese products will not be raised to 25% from the existing 10%, as was initially announced by the United States. In return, China agreed to purchase a substantial amount of agricultural, industrial, and energy products from the U.S., though the exact amount has yet to be agreed upon. This ceasefire aims to reduce the trade conflict that has steadily escalated in the recent months between the two countries.

The United States–Mexico–Canada Agreement (USMCA) was signed by the three member nations on November 30.

The legal revision of the USMCA, the modernized trilateral version of the North American Free Trade Agreement (NAFTA), was concluded last week. The deal was signed on the sidelines of the leaders' summit, the Group of Twenty (G-20 Summit) in Argentina.