Former USTR Ron Kirk: U.S. farmers and small businesses are feeling the pain over trade instability

Trade Deal & Negotiation Strategy - US and China reportedly reached a trade deal framework before President Trump's meeting with President Xi [1] - The current administration's pattern involves threats of tariffs followed by announcements of potential deals after negative market reactions [3] - The administration set a deadline of November 10th for a new agreement addressing access to rare earth materials and chips [4] - The President's negotiation style is described as unpredictable, potentially creating uncertainty for those involved [5][6] - Some suggest this negotiation style, while disruptive, may be beneficial, while others believe the traditional approach didn't yield desired results [7][9] Economic Impact & Market Reaction - The market tends to recover quickly after sell-offs triggered by adverse trade headlines [9] - Despite trade-related challenges, major market averages have reached new highs [10] - There's a disconnect between Wall Street earnings and the difficulties faced by farmers, ranchers, and small businesses due to trade policy instability [10] - Over 90% of US exporters are small and family-owned businesses, significantly affected by trade policy uncertainty [11] - The market's positive performance may be attributed to the expectation that Trump will ultimately make a deal [11] Trade Relations & Future Outlook - The specifics of the trade deal, including tariff levels with China and other allies, remain uncertain [12] - While many trade deals have been announced, the actual details and implementation are still pending [13] - Companies are seemingly adapting to the trade environment, as reflected in their earnings and stock market performance [14]