Iowa Governor Kim Reynolds is urging lawmakers in Washington to ratify the United States-Mexico-Canada Agreement (USMCA), which she says will help bring stability to her state's agriculture industry.
"Our message to Congress is to please rectify the USMCA. That'll bring a lot of certainty and predictability to the market," Reynolds told Cheddar on Thursday.
Following a year of negotiations, the USMCA was signed by President Donald Trump, now former Mexican President Enrique Peña Nieto, and Canadian Prime Minister Justin Trudeau last November at the G-20 Summit in Buenos Aires. The trade deal was meant to replace the North American Free Trade Agreement (NAFTA), which was established in 1994 and created a free trade zone between the three neighbors.
In an overwhelming vote last week, Mexico's General Congress approved the USMCA making Mexico the first country to fully sign onto the deal. The U.S. Congress and the Canadian Parliament have yet to ratify the pact.
"This is a very important advance," Mexican President Andrés Manuel López Obrador said at a press conference last week. "It is a clear sign that there is unity in the country."
Canada and Mexico are currently the second and third largest trading partners with the U.S., with total trade topping $617 billion and $611 billion in 2018 respectively, according to government figures.
The USMCA covers numerous aspects of cross-border trade, including labor laws, environmental standards, and intellectual property rights. It also has specific provisions for various sectors like auto manufacturers, digital services, and agriculture. The U.S., for instance, negotiated hard for easier access to the Canadian dairy market.
Democrats, however, have expressed concerns over weak enforcement measures on workers' rights and environmental regulations, and have refused to hold a vote on the deal in the House.
"Without real enforcement mechanisms we would be locking American workers into another bad deal. A new trade agreement without enforcement is not progress for the American worker, just a press release for the President," House Speaker Nancy Pelosi (D-Calif.) said in a statement in May. "We have been on a path to yes, but it must be a path that leads to an agreement that delivers positive results for American workers and farmers."
Nonetheless, Reynolds told Cheddar that Iowa's economy is growing, despite "some significant challenges with agricultural." Iowa is currently the second largest agricultural exporter in the U.S., with nearly 50 percent of its exports going to Canada and Mexico in 2018.
Farmers "really, really, really would like to see USMCA ratified," the Republican governor said.
The streaming giant Netflix posted its latest earnings from its fourth quarter after the close on Thursday. The company's stock plummeted shortly after the company warned that its rate of subscription additions are slowing down. Senior Reporter at MarketWatch Jon Swartz, joined Cheddar to discuss more.
Revenue operations platform Clari recently raised $225 million in a Series F financing round led by Blackstone, bringing the company's valuation to more than $2.6 billion. Calri says more than 450 companies from around the world use its A.I.-powered platform to make their revenue operations more connected, efficient, and predictable. Clari CEO Andy Byrne joined Cheddar News' Closing Bell to discuss.
Technology company Unity announced it has acquired Ziva Dynamics. Marc Whitten, SVP & GM, Create at Unity, joins Cheddar News' Closing Bell, where he discusses how this move will help his company democratize real-time character creation.
Wellness retreats have grown in popularity as self-care has become a bigger focus during the pandemic. Jamie Costello, Vice President of Sales and Fitness at Pritikin Longevity Center, joined Cheddar to discuss the goals of a retreat program, and how to make health and wellness accessible to more people.
The gambling industry has seen a boom since shutting down in 2020, outpacing even pre-pandemic levels. But as gamblers have returned to the tables, there's been a rise in reports of gambling addiction as well. Sara Slane, founder of Slane Advisory and sports betting/casino gaming executive, joined Cheddar to discuss the state of the gambling industry.
Shares of Peloton recovered after CEO John Foley debunked rumors that the company would halt production of some products, confirming that the company will instead be quote 'right-sizing' production as it faces lagging demand.
This comeback for the stock comes after reports surfaced that Peloton could completely hit the brakes on production of its bikes and treadmills. In the last year, Peloton has wiped nearly $40 billion off its market cap, with its stock down over 70% in 2021. Doug Astrop, managing partner at Exponential Investment Partners, joined Cheddar Movers to discuss.
After an intense hours-long meltdown Monday, stocks closed higher in a last minute, stunning comeback. At one point, the Dow shed over 1,000 points, the tech-heavy Nasdaq was down close to 5% and inching toward correction territory, and the S&P 500 briefly hit a correction earlier in the day. During most of Monday's session, stocks were on track to mark their worst months since March 2020, and for the Nasdaq, since October 2008. Philip Palumbo, Founder, CEO and Chief Investment Officer of Palumbo Wealth Management, joined Cheddar News' Closing Bell to discuss today's stunning market comeback, whether there's more room for stocks to fall, his 2022 market predictions, and more.
Bobby Zagotta, CEO of Bitstamp USA, joins Cheddar News' Closing Bell, where he discusses what he expects to see from Bitcoin and other cryptocurrencies amid a volatile period in the market, and explains how his crypto exchange is helping investors.
Markets started the week on a rocky note: the major indexes at most points during the day were double digits off of their highs, on the path to their worst performances since March 2020 and for the Nasdaq, since October 2008. Investors were skittish about the Federal Reserve's meeting this week, where the central bank is expected to announce more details about its plans to hike interest rates and taper asset purchasing this year. Art Hogan, Chief Market Strategist at National Securities, joined Cheddar News' Closing Bell to discuss today's market meltdown, why investors were feeling pressure, what to expect from the Fed, and more.
