After more than two years of rising tensions, the two countries Wednesday signed a landmark agreement aimed at calming trade frictions and bolstering trade.
“The signing of this agreement with China is good for our industry, which is significantly impacted by trade,” ATA president and CEO Chris Spear said.
“It will give a boost to U.S. manufacturers and exporters of American goods and provide certainty to the supply chain – all of which will positively impact the trucking industry,” Spear added.
The trade war has hit both countries hard, with the Congressional Budget Office estimating that tariff-related costs have shaved 0.3% off U.S. economic growth.
Meanwhile, the Federal Reserve estimates that China’s economy has taken a 0.25% hit because American demand for its goods fell by about a third.