The partial U.S. government shutdown is hindering efforts to negotiate trade deals and has put export promotion on hold, “hurting the American economy and the creation of American jobs,” the top U.S. trade official said.
“We’ve had to pull back on our negotiations, we’ve had to stop some of our enforcement efforts, we’re not able to monitor a lot of our existing agreements,” U.S. Trade Representative Michael Froman said in an interview yesterday with Bloomberg Television at the Asia-Pacific Economic Cooperation summit in Bali, Indonesia.
President Barack Obama was to lead talks this week at the APEC summit with the presidents of 12 nations negotiating a Trans-Pacific Partnership trade agreement that the U.S. wants to complete this year. Instead, he canceled his trip in order to seek an end to the impasse with Republicans in Congress who demand changes to Obama’s health insurance legislation before approving a budget to keep the U.S. government operating.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.