United States Trade Developments 2021 provides an overview of selected developments in United States trade relations with Latin America and the Caribbean. This is an annual report elaborated by the ECLAC Washington Office. Following the global focus on the climate crisis and the specific emphasis on President Biden’s trade policy on advancing a sustainable environment and climate path, this year’s report includes a section on trade in circular economy goods.

United States trade shows a healthy recovery in both imports and exports of goods and services, although some categories of services are still suffering the effects of the Covid-19 pandemic restrictions.

Travel, transport, and tourism have not recovered to the pre-pandemic levels. Trade in goods, on the other hand, has recovered in all major categories. The United States rebounded rapidly and robustly from the COVID-19 pandemic recession in the first half of 2021, as federal stimulus spending helped the economy expand at an annualized rate of over 6%, which translated to increased consumption domestically and abroad. The rest of the world, albeit more slowly and unevenly, has also recovered, increasing the demand for U.S. goods as well.

In March 2021, the Office of the United States Trade Representative presented “President Biden’s 2021 Trade Agenda and 2020 Annual Report to Congress” unveiling the new administration’s top priorities: i) tackling the COVID-19 pandemic and restoring the economy, ii) putting workers at the center of trade policy, iii) putting the world on a sustainable environment and climate path, iv) advancing racial equity and supporting underserved communities, v) addressing China’s coercive and unfair economic trade practices through a comprehensive strategy, vi) partnering with friends and allies, vii) standing up for American farmers, ranchers, food manufacturers, and fishers, viii) promoting equitable economic growth around the world, and ix) making the rules count.

Trade policy is an integral part of President Biden’s Build Back Better agenda that seeks to build a more robust industrial and innovation base, a sustainable infrastructure and a clean energy matrix, and a stronger, caring economy.