Last week was a “WOW” week any way you look at it. The democratically led House of Representatives agreed to the new USMCA trade agreement between the US, Mexico and Canada and bring it to a vote. It will pass the house and head to the senate where it will also pass. After the president signs it, the agreement will replace the North American Free Trade agreement, a treaty that is well past its useful life. A definite win for our economy.
Then, the election in England gave the conservatives a clear majority with Boris Johnson, the prime minister, now able to complete the withdrawal of England from the European Common Union. This will allow England and the US to negotiate a new Free Trade agreement that could be very beneficial to our country.
Toward the end of last week, China and the US finally agreed to a Phase I trade deal, cutting some tariffs and stopping additional tariffs that were scheduled to be added this weekend.
Finally, and unfortunately, the House Judiciary committee chaired by Jerry Nadler and with a democratic majority, approved straight along party lines, articles of impeachment against the President of the United States, to be sent to the House of Representatives. The speaker, Nancy Pelosi, is committed to bring it to a vote by the full membership sometime this coming week.
Through all that, equity markets continue to show positive returns with all three indexes sniffing around new highs. So, let’s enjoy what is turning out to be a pretty good year and, please take time to enjoy this special season. Should you have any questions or wish to talk, please call our office or email me at the email shown below.
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