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July 25, 2023
The U.S. continues negotiating trade agreements with a number of countries, including many that are major trading partners for Virginia companies. On May 24, the three parties to USMCA launched a cabinet-level committee aimed at strengthening regional competitiveness, but a lot of trade developments centered on Asia. The U.S. finished another negotiating round with the IPEF countries, which include important trading partners for Virginia companies, including Japan, Korea, Australia, and New Zealand. The U.S. also pledged to streamline supply chains with South Korea, negotiated a critical minerals trade deal with Japan, and finalized an agreement with Taiwan that would streamline customs procedures.