Retaliatory Tariffs, Economic Impact
A recent report by the U.S. Department of Agriculture, Economic Research Service, estimates that the retaliatory tariffs on steel and aluminum caused a reduction of more than $27 billion (or annualized losses of $13.2 billion) in US agricultural exports, with the largest decline from exports to China.
In 2020, US agricultural exports to China significantly rebounded following the signing of the US-China Phase One Economic and Trade Agreement and a separate retaliatory tariff waiver program; however, one year after the deal, US market share still remained below pre-retaliatory tariff levels.
Morgan, Stephen, Shawn Arita, Jayson Beckman, Saquib Ahsan, Dylan Russell, Philip Jarrell, and Bart Kenner. January 2022. The Economic Impacts of Retaliatory Tariffs on U.S. Agriculture, ERR-304, U.S. Department of Agriculture, Economic Research Service.
In 2020, US agricultural exports to China significantly rebounded following the signing of the US-China Phase One Economic and Trade Agreement and a separate retaliatory tariff waiver program; however, one year after the deal, US market share still remained below pre-retaliatory tariff levels.
Morgan, Stephen, Shawn Arita, Jayson Beckman, Saquib Ahsan, Dylan Russell, Philip Jarrell, and Bart Kenner. January 2022. The Economic Impacts of Retaliatory Tariffs on U.S. Agriculture, ERR-304, U.S. Department of Agriculture, Economic Research Service.
UK-India: Free Trade Agreement Talks
The UK and India launched negotiations on an ambitious Free Trade Agreement (FTA) on January 13. The deal is expected to create huge benefits for both countries and to help double bilateral trade by 2030.
The proposed FTA is projected to boost Indian exports in industries like textiles, jewelry and processed agri-products, India’s Ministry of Commerce and Industry announced.
According to Reuters, the two countries aim to reach a deal by the end of the year.
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The proposed FTA is projected to boost Indian exports in industries like textiles, jewelry and processed agri-products, India’s Ministry of Commerce and Industry announced.
According to Reuters, the two countries aim to reach a deal by the end of the year.
More information
Ukraine-Turkey: Free Trade Agreement Signed
Ukraine and Turkey signed a Free Trade Agreement (FTA) on February 3, 2022. Ukraine expects the agreement to increase trade with Turkey from $7.5 billion to $10 billion in 5 years.
Furthermore, as a result of this FTA, countries of the Black Sea basin —Georgia, Moldova, Bulgaria, Romania, Turkey and Ukraine— will be bound by free trade agreements with common rules.
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Furthermore, as a result of this FTA, countries of the Black Sea basin —Georgia, Moldova, Bulgaria, Romania, Turkey and Ukraine— will be bound by free trade agreements with common rules.
More information