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So far in 2024, the United States has had several discussions around critical minerals, supply chains, and tariffs. USTR has stated that it is currently negotiating critical mineral agreements with the United Kingdom and the European Union while the Department of State hosted the inaugural meeting on critical minerals with Central Asian countries. In addition, the U.S. has had conversations with the EU and separately with Japan on the importance of diversifying and strengthening their supply chains, and the Indo-Pacific Economic Framework for Prosperity agreement relating to supply chain resilience also recently entered into force. The U.S. has continued its trade discussions with Kenya while the U.S. and Mexico exchanged threats on reinstating tariffs on steel and aluminum.

The U.S. has made little progress in finalizing trade deals over the past three months. However, U.S. trade negotiators have continued discussions in a number of countries that could make it easier for Virginia companies to do business abroad, including in many smaller markets, such as Bangladesh, Kenya, Paraguay, and more.

The U.S. government has been actively negotiating a number of agreements over the past three months, including an agreement that would address export controls and critical minerals with the United Kingdom and another agreement that aims to streamline the supply chain with Japan and South Korea. The U.S. also continued its longstanding discussions around an Indo-Pacific Trade deal, and continued its use of dispute settlement provisions found in the US-Mexico-Canada trade agreement.

The U.S. continues negotiating trade agreements with a number of countries, including many that are major trading partners for Virginia companies. On May 24, the three parties to USMCA launched a cabinet-level committee aimed at strengthening regional competitiveness, but a lot of trade developments centered on Asia. The U.S. finished another negotiating round with the IPEF countries, which include important trading partners for Virginia companies, including Japan, Korea, Australia, and New Zealand. The U.S. also pledged to streamline supply chains with South Korea, negotiated a critical minerals trade deal with Japan, and finalized an agreement with Taiwan that would streamline customs procedures.