December 2019 Economic Recap
The U.S. and China came to agreement on a “phase one” trade deal. The deal includes an agreement by China to purchase an additional $32 billion worth of agricultural products from the U.S. (bringing the yearly total to $40 billion). The U.S. in turn agreed not to implement tariffs which were set to begin in December, in addition to lowering levels of existing tariffs. U.S. Trade Representative Robert Lighthizer said that China also made commitments on IP, as well as on halting the forced transfer of technology from firms who enter the Chinese market.
UK Prime Minister Boris Johnson secured a victory in Thursday’s general election, making a split from the European Union all but certain by the end of January. The conservative party won 364 seats of the 650 seats in the House of Commons, 79 more than all other parties combined. The vote reflects a change in Britain’s electoral map, with many historically working-class seats switching to Conservatives.
For a deeper consideration of the economic data released during December, please follow the links below: