Why modernizing NAFTA is crucial for the middle market
Trade innovations represent significant opportunity for middle market
THE REAL ECONOMY |
On May 19, U.S. Trade Representative Robert Lighthizer sent a letter notifying the U.S. Congress of the Trump administration’s intent to renegotiate the North American Free Trade Agreement (NAFTA). In our estimation, the notification is more sound than fury and isn’t a step toward U.S. withdrawal from NAFTA. Rather, renegotiation and modernization will likely lead to increased opportunities for middle market businesses as the administration seeks to operationalize important updates to the recently-abrogated Trans Pacific Partnership (TPP) trade treaty.
Also in this issue:
- Weak growth in state tax collections is prompting a new look at state-level tax reform.
- A tight labor market may push the Federal Reserve to accelerate policy normalization.
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