The U.S. government’s detailed NAFTA objectives are focussed on cutting the deficit - our calculations suggest it could be wiped out by a 4% rise in exports excluding energy but including services. The U.S./China CED talks were largely unsuccessful, aside from a continued commitment to cutting the U.S. deficit - the week ended though with a deal to allow rice farmers to access the Chinese market. American trade policy also featured a start of bilateral talks with Malaysia, and the threat of sanctions against Venezuela. In the logistics industries’ June performance data: California’s port handling climbed 8%; Panalpina beat estimates for the first time in 10 quarters; and shipbuilding exports exceeded $10 billion for the first time since 2012.

8% California’s three largest ports saw an 8% rise in handling in June. That included a 9% expansion from Long Beach, while total exports from the state fell 1%. When combined with a 6% increase in imports it appears another rise in the U.S. trade deficit is on the way.

8/16 The details of the U.S. government’s NAFTA renegotiation objectives focus on reducing the trade deficit. Excluding energy and including services the deficit could be wiped out by a one-off increase of 4% in U.S. goods exports. Seven sets of talks starting August 16 are scheduled, with an apparent aim to complete negotiations by the end of the year.

Hebei Longsheng Metal and Minerals Co., Ltd.