What were the major developments in US trade policy in 2021?
2021 was a significant year for US trade policy. The Biden administration sought to reverse the policies of its predecessor and establish a new framework of trade relations with its partners. Some of the major developments in US trade policy in 2021 include:
- Rejoining the Paris Agreement: The US rejoined the Paris Agreement on Climate Change, signaling a renewed commitment to addressing global environmental concerns through international cooperation.
- Negotiating with China: The US and China engaged in talks to address trade disputes such as those regarding intellectual property theft and tariffs on both sides.
- Reviewing Cuba Policy: The Biden administration announced that it would review US policy towards Cuba, signaling a possible lifting of sanctions and a return to Obama-era policies.
- Renegotiating NAFTA: The US, Canada, and Mexico renegotiated NAFTA and the resulting USMCA entered into force on July 1, 2020.
These developments represent a shift towards multilateralism and promoting trade relations based on cooperation and mutual benefit.
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