Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
The trade deal between the United States, Canada and Mexico is crucial for future trade agreements and needs to be "put on the books," Rep. Tom Reed, R-N.Y., told CNBC on Thursday.
In fact, it was that deal — and not China negotiations — that was the main focus of a meeting between lawmakers and U.S. Trade Representative Robert Lighthizer on Thursday. "The priority is to get Mexico-Canada done," said Reed, co-chair of the Bipartisan Problem Solvers Caucus, the group that met with Lighthizer.
The trade agreement between the three nations sets the stage for future deals, Reed said on "Power Lunch. "
It has "gold-standard type of language" that can be applied to agreements with China and other countries, he said. "Getting this on the books is really critical for the future trade negotiations for America."
The leaders of the three nations signed a revised North American trade pact — known as USMCA — in November. It replaces the North American Free Trade Agreement, but it still needs to be approved by both chambers of Congress before it can go into effect. It also needs to be ratified by lawmakers in Mexico and Canada.
"If we don't pass it, not only is it going to hurt American industry but Canada and Mexico will see a significant impact — potentially recession type of results," Reed said.
With the agreement not yet finalized, tariffs are still in place. Last year, President Donald Trump slapped duties on aluminum and steel imports from several nations, including Mexico and Canada.
Mexican Deputy Economy Minister Luz Maria de la Mora told Reuters last week that if the U.S. doesn't repeal those tariffs, Mexico would have a revamped list of U.S. targets ready in about two months.
"We're carrying out an evaluation and there are products from the agricultural sector — we're probably going to bring in some new ones and take some others out — as well as in the industrial sector and the steel industry," de la Mora said in the interview.
Reed said he believes there will be a resolution on tariffs. "We'll thread this needle, and these tariffs will be something we can take care of and move forward from."
As for whether there are future trade skirmishes on the horizon once a deal with China is reached and the USMCA is finalized, Reed said, "We will always be dealing with enforcement of these new trade agreements."
That's why it is crucial to make sure there are structures in place in any negotiated trade agreement with China so the U.S. can enforce the provisions, he said.
China and the U.S. appear to be getting close to an agreement, sources recently told CNBC. Negotiations are in the "final stages " and could end this month, those sources said.
— CNBC's Kayla Tausche and Fred Imbert contributed to this report.