House Speaker Nancy Pelosi's impeachment inquiry could mire Trump's trade initiatives, including talks with China and the USMCA, investment firms warn.
Tuesday as a growing number of Democrats concerned over the president's alleged abuses of power overwhelmed her initial reluctance. The most recent Democratic outcry comes amid accusations that the president tried to coerce Ukraine's president to investigate the family of former Vice President Joe Biden.USMCA: 'Legislating is dead'
"The idea of bipartisan action on drug pricing, infrastructure, and potentially the passage of the USMCA are dead until after the 2020 election," Mills and Meekins continued. The legislation, shortened to USMCA and pitched as a replacement to NAFTA, is one of the administration's major economic achievements. The accord makes changes to the trade relationships between the U.S. and its two largest trading partners, including stricter rules on the country of origin for auto parts and better enforcement of wage rules.
Despite persistent calls from Wall Street to settle for partial concessions, the White House has toed the line on demands for a comprehensive agreement, complete with remedies for alleged intellectual property theft. Though the two nations appeared to be close to a deal in the spring, negotiations broke down after China reneged on certain promises, according to U.S. trade officials. As the dispute intensified, the U.S. placed Chinese telecommunications giant Huawei on a blacklist that barred the company from purchasing parts from American suppliers.as they push for a broader agreement. The first stage of the deal will open markets up to $7 billion in U.S.
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