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Another View: Bipartisan trade deal refreshing
Is governance still possible in Washington?
Tuesday's announcement of a bipartisan deal that seems to assure eventual passage of the United States-Mexico-Canada Agreement (USMCA) surprisingly suggests that the answer might be "yes." That, as much or more than the actual substance of this updated version of the North American Free Trade Agreement, represents the true significance of the moment.
To watch House Speaker Nancy Pelosi, D-Calif., at a Capitol podium, surrounded by Democratic committee chairs, including her point man on the bill, Rep. Richard Neal, D-Mass., of the Ways and Means Committee, was to travel back in time to the days when legislation was still, as they say, a thing. To be sure, in recent weeks Pelosi seemed to be straining for reasons to oppose an agreement, negotiated by President Donald Trump's trade representative, Robert Lighthizer, that addresses many long-standing Democratic complaints about the alleged harm to U.S. manufacturing workers caused by outsourcing to Mexico.
Even if it was partly — or mostly — Kabuki, the speaker's extended show of reluctance was necessary both as a bargaining tactic with Lighthizer and as political cover for trade-deal-skeptic labor unions in her party coalition.
As for substance, the 25-year-old NAFTA needed updating in light of changes to global supply chains and e-commerce. Trump made it harder by extravagantly denouncing the original NAFTA, to which hemispheric businesses had long since adapted, and by reopening sensitive provisions regarding how much domestic content autos must contain to qualify for free trade among the three countries. Still, in 2018, he and Lighthizer "succeeded" in adding new, stricter domestic-content rules, as well as a kind of minimum wage for Mexican autoworkers.
The net effect is to impose more managed trade on the hemisphere, not a freer flow of goods. However, since that conformed to a long-standing Democratic demand, it would have been inconsistent for Pelosi to sustain resistance to the measure once her party took the House majority back.
She did manage to satisfy her caucus's trade-deal skeptics by diluting intellectual property protections for pharmaceutical makers and by adding an arbitration mechanism to enforce higher labor standards in Mexico. Much has been made of the fact she pulled this off while simultaneously spearheading the impeachment of the president, but that might have favored a compromise, since members of her caucus from swing districts in trade-dependent states such as Texas badly wanted USMCA as proof that they could take on the president and make necessary new laws.
Trump can now crow that he kept a campaign promise. Pelosi and her colleagues can do the same. Both will claim credit for helping to create jobs.
The global trade and investment environment still roiled by Trump's tariffs on China and others — and bracing for at least a temporary lapsing of the World Trade Organization's legal enforcement mechanism, brought about in part by Trump's policies — will benefit from a dose of calm. In Washington, just for a moment, it was politics as usual, or what used to be usual.
Kind of refreshing.


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Valid Contract
A contract which can be enforced in a court of law.
Valuation Clause
A clause which appears in the Institute Time Clauses and other hull clauses which provides that the insured value is to be taken as the repaired value for constructive total loss purposes and nothing in respect of breakup value is to be taken into account.
The worth of the property to be insured or of that which has been lost or damaged.
Valued policy
Contracts of Insurance where the sum insured in respect of the insured property is deemed to be the actual value of the property throughout the currency of insurance. Claims in respect of total loss are settled without any adjustment which may otherwise arise on such considerations as adequacy of the sum insured, market value, etc.
Marine Insurance Policies both for Cargo and Hull are all "Valued Policies". As regards policies like Fire and Burglary Policies this facility is extended in respect of valuables, paintings, pictures, curios, antiques and other works of art.
Variable Expenses
Cost or expenses which vary in proportion to the quantum of production or the volume of turnover. Variable expenses are eliminated while computing the gross profit of a business for the purpose of fixing the sum insured under a business interruption or the consequential loss policy.
Variable Quota Share Treaty
In a Quota Share Treaty there may be retention with maximum say 20%. This would mean that on certain risks retention can be lower than this percentage. This is termed as variable quota share. There will be corresponding variation with regard to maximum reinsurance in respect those risks.
Vehicles Laid Up
Refers to a comprehensively insured motor vehicle being laid up in garage and not in use. Subject to a notice from the insured in advance of the period during which the vehicle will be laid up, insurer will restrict the cover during the laid up period to Fire, Burglary and Theft Risks only. The insured consequently will get either of the following benefits
1. A portion of the premium already collected by the insurer will be given to the credit of the insured at the time of renewal of the policy or
2. The existing policy will be extended by a period equivalent to the laid up period by charging an extra premium which will represent the premium for the restricted cover during the laid up period.
Vehicles subject to Hypothecation Agreement
It is not permissible to issue policies in the joint names of Pledge and Registered Owner of the vehicle. Policies must be issued in the name of Registered Owner of the vehicle and the Pledges interest protected by the use appropriate Endorsement.
Vehicles subject to Lease Agreement
It is not permissible to issue policies in the joint names of Lessee and Lessor. Policies must be issued in the name of Lessee and the Lessors interest protected by the use of appropriate Endorsement.
Veterinary Health Certificate
Certificate issued by a qualified Veterinarian on the health and value of the animal. This is obtained at the time of insurance so that healthy animals are only insured and for their real value.
Void Policy
One which is inadmissible as evidence in a court of law (e.g. P.P.I. policy).
Voidable Contract
A contract, which is valid until it is treated as void by the aggrieved party, is a voidable contract

redpajama_set_name: RedPajamaCommonCrawl