While Wall Street isn't worried Trump's job is in jeopardy, many are warning their clients that the impeachment inquiry could mire trade policy.
as a growing number of Democrats concerned over the president's alleged abuses of power overwhelmed the Speaker's 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 and 2020 presidential hopeful 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 major economic achievements to date. The accord makes changes to the trade relationships between the U.S. and two of its 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 thus far 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, in practice, barred the company from purchasing parts from American suppliers.
"We continue to believe that a de facto detente will materialize by the end of the year as we view the December tranche of tariffs on Chinese consumer goods as a motivator," he added.But in terms of how the impeachment inquiry will affect Trump's tenure in the White House, or even of reelection, remain a matter of debate.
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