Coronavirus Impact On Trade

(IARN) — Coronavirus has affected many aspects of our daily life. The impact has spread far and wide, reaching overseas trading partners.

Officials first detected coronavirus, otherwise known as COVID-19, in Wuhan, China. Trade between our nation and the world’s most populous country ultimately came to a halt. Ports did not reopen following the Lunar New Year due to coronavirus. Dave Salmonsen, senior director of congressional relations for the American Farm Bureau Federation, offers additional insight.

“Over the last couple of months, shipments have been slowed because of China. We’re seeing this spread around the world. We’re hoping this doesn’t affect our ports the same way, but that’s a situation that will have to unwind over the next few weeks,” Salmonsen said.

Chinese port workers are “back in business,” reports Salmonsen. However, disruptions popped up elsewhere.

“We were expecting US-UK talks to get started, perhaps this coming week. That’s put off now, (and) deals with the EU,” Salmonsen said. “Everything’s delayed, which puts pressure on the EU-UK, U.S.-EU, and U.S.-UK because there is a timeframe set out for the United Kingdom-European Union trade deal. (It’s supposed) to be done by the end of this year.”

Coronavirus has created disruptions. However, it did help one trade deal. Canadian Parliament late Friday ratified the U.S.-Mexico-Canada Agreement (USMCA).

“They got that done last Friday befor their Parliament recessed, due to coronavirus,” Salmonsen said. “I think all other things on their end are pretty well done, or underway.”

Story courtesy of the Iowa Agribusiness Radio Network.



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