US and China strike 'phase one' deal, agreement possible in 2020
The US and China reached a deal towards the end of 2019 to de-escalate their trade war after 20 months of negotiations and tariff escalations that hampered global growth. China will buy $40 billion of US agricultural goods annually, tighten protection for US intellectual property and ban the forced transfer of technology from US companies. China agreed against devaluation of its currency and put in measures to improve access to its market for US financial services groups
US growth expected to slow to 1.8% in 2020
US gross domestic product (GDP) growth will reduce from 2.9 per cent in 2018 to 2.3 per cent in 2019 and 1.8 per cent in 2020, according to a survey from the National Association for Business Economics (NABE) released recently. A panel of 53 forecasters in the NABE Outlook Survey believes the US economy will continue to expand in 2020, but GDP growth will slow. US economic growth expanded at an annual rate of 2.1 per cent in the third quarter in 2019, slightly up from the 2 per cent in the second quarter and marked a deceleration from the 3.1 per cent in the first quarter.
Growing trend of 'responsible retail'
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Global e-commerce boosts US
The 889 US-based retailers in Internet Retailer's rankings of North America's Top 1,000 retailers by web sales in 2018 sold $147.3 billion to consumers in other countries. While Amazon accounted for 44 per cent of the sales, other US retailers sold $82.5 billion internationally via e-commerce, and $64.9 billion when excluding sales to Canada and Mexico. But, only half of US-based Top 1,000 retailers shipped to consumers outside of North America, Internet Retailer data showed. US brands and merchants sell in three ways: by operating country-specific sites outside of the US, selling via online marketplaces, and shipping orders to consumers who order from US retail websites.
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