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U.S.-European Union Trade Relations: Issues and Policy Challenges [Updated May 1, 2006]
"The United States and European Union (EU) share a huge and mutually beneficial economic partnership. Not only is the U.S.-EU trade and investment relationship the largest in the world, it is arguably the most important. Agreement between the two economic superpowers has been critical to making the world trading system more open and efficient. [...] Major U.S.-EU trade challenges can be grouped into five categories: (1) complying with WTO [World Trade Organization] rulings; (2) resolving longstanding trade disputes involving aerospace production subsidies and beef hormones; (3) dealing with different public concerns over new technologies and new industries; (4) fostering cooperative competition policies; and (5) strengthening the multilateral trading system."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2006-05-01
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U.S.-European Union Trade Relations: Issues and Policy Challenges [Updated January 26, 2006]
"The United States and European Union (EU) share a huge and mutually beneficial economic partnership. Not only is the U.S.-EU trade and investment relationship the largest in the world, it is arguably the most important. Agreement between the two economic superpowers has been critical to making the world trading system more open and efficient. [...] Major U.S.-EU trade challenges can be grouped into five categories: (1) complying with WTO [World Trade Organization] rulings; (2) resolving longstanding trade disputes involving aerospace production subsidies and beef hormones; (3) dealing with different public concerns over new technologies and new industries (4) fostering cooperative competition policies; and (5) strengthening the multilateral trading system."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2006-01-26
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Future of the Eurozone and U.S. Interests [January 10, 2011]
From the Summary: "Seventeen of the European Union's 27 member states share an economic and monetary union (EMU) with the euro as a single currency. Based on a gross domestic product (GDP) and global trade and investment shares comparable to the United States, these countries (collectively referred to as the Eurozone) are a major player in the world economy and can affect U.S. economic and political interests in significant ways. Given its economic and political heft, the evolution and future direction of the Eurozone is of major interest to Congress, particularly committees with oversight responsibilities for U.S. international economic and foreign policies. Uncertainty about the future of the Eurozone grew in early 2010 as a result of the onset of a sovereign debt crisis in Greece that spread to Ireland later in the year. These concerns, in turn, took on added significance because the euro is considered a cornerstone of the European integration process. One important cause of the crisis stemmed from flaws in the architecture of the currency union, including the fact that the EMU provides for a common central bank (the European Central Bank or ECB), and thus a common monetary policy, but leaves fiscal policy up to the member countries. Weak enforcement of fiscal discipline, over time, led to rising public debts, contributing to the 2010 Eurozone debt crisis. The problems were compounded by rapid expansion private sector debt in a number of countries, most notably Ireland."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.; Jackson, James K., 1949-; Nelson, Rebecca M.
2011-01-10
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International Trade and Finance: Key Policy Issues for the 112th Congress [January 21, 2011]
From the Summary: "The 112th Congress faces a full agenda of international trade and finance issues. Early in 2011, the Obama Administration is expected to ask Congress to approve a free trade agreement (FTA) with South Korea and possibly FTAs with Colombia and Panama. The Administration is seeking to conclude the much larger 10-year-old World Trade Organization's (WTO's) Doha Round of multilateral trade negotiations, which, if completed, would also require congressional approval. The Administration is also negotiating a Trans-Pacific Partnership (TPP) Agreement, a regional FTA that currently includes nine countries on both sides of the Pacific. A U.S.-South Korea Free Trade Agreement (KORUS FTA) was first negotiated by President George W. Bush's Administration and signed on June 30, 2007. The Obama Administration did not submit it for approval in the 111th Congress due to opposition from U.S. automakers and beef producers. In early December 2010, U.S. trade negotiators won further concessions on autos from the South Korean government, which may allow President Obama to decide to submit the agreement to Congress in 2011. Any vote on this proposed agreement would take place under Trade Promotion Authority (TPA), which allows implementing bills for trade agreements to be considered under expedited legislative procedures--limited debate, no amendments, and an up or down vote. While the proposed KORUS FTA is covered by TPA, which expired on July 1, 2007, many experts argue that TPA would have to be renewed if the United States is to be a credible negotiator at the WTO Doha Round and the TPP discussions. Any trade debate in the 112th Congress will likely revolve around the perceived effects of trade and FTAs on U.S. stakeholders. Proponents are likely to argue that the FTAs will improve access to foreign markets, increase trade, and create jobs. Critics are likely to assert that the agreements favor corporations over workers, and place downward pressure on wages and labor standards."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2011-01-21
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U.S.-European Union Trade Relations: Issues and Policy Challenges [Updated March 17, 2006]
"The United States and European Union (EU) share a huge and mutually beneficial economic partnership. Not only is the U.S.-EU trade and investment relationship the largest in the world, it is arguably the most important. Agreement between the two economic superpowers has been critical to making the world trading system more open and efficient. Given a huge level of commercial interactions, trade tensions and disputes are not unexpected. In the past, U.S.-EU trade relations have witnessed periodic episodes of rising trade tensions and even threats of a trade war, only to be followed by successful efforts at dispute settlement. Resolution of U.S.-EU trade disputes has become increasingly difficult in recent years. Part of the problem may be due to the fact that the U.S. and the EU are of roughly equal economic strength and neither side has the ability to impose concessions on the other. Another factor may be that many bilateral disputes now involve clashes in domestic values, priorities, and regulatory systems where the international rules of the road are inadequate to provide a sound basis for effective and timely dispute resolution."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2006-03-17
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U.S.-French Commercial Ties [April 7, 2008]
"U.S. commercial ties with France are extensive, mutually profitable, and growing. With over $1.2 billion in commercial transactions taking place between the two countries 'every day' of the year, each country has an increasingly large stake in the health and openness of the other's economy. France is the 9th largest merchandise trading partner for the United States and the United States is France's largest trading partner outside the European Union. In 2006, 62% or $38 billion of bilateral trade occurred in major industries such as aerospace, pharmaceuticals, medical and scientific equipment, electrical machinery, and plastics where both countries export and import similar products. […] The foreign policy dispute, however, appears not to have had much impact on sales of products such as French wines, perfumes and toiletries, travel goods and handbags, and cheeses that are most prone to being boycotted. While some public opinion polls at the time suggested support for economic boycotts as a way of expressing opposition to France's position on Iraq, an economic backlash appears not to have materialized. Effective boycotts would jeopardize thousands of jobs on both sides of the Atlantic. This report will be updated as needed. See also its companion report, CRS [Congressional Research Service] Report RL32464, 'France: Factors Shaping French Policy, and Issues in U.S.-French Relations', by Paul Gallis."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2008-04-07
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U.S.-French Commercial Ties [May 19, 2006]
"U.S. commercial ties with France are extensive, mutually profitable, and growing. With over $1 billion in commercial transactions taking place between the two countries 'every day' of the year, each country has an increasingly large stake in the health and openness of the other's economy. France is the 9th largest merchandise trading partner for the United States and the United States is France's largest trading partner outside the European Union. In 2005, 60% or $32.5 billion of bilateral trade occurred in major industries such as aerospace, pharmaceuticals, medical and scientific equipment, electrical machinery, and plastics where both countries export and import similar products. […] The foreign policy dispute, however, appears 'not' to have had much impact on sales of products such as French wines, perfumes and toiletries, travel goods and handbags, and cheeses that are most prone to being boycotted. While some public opinion polls suggest support for economic boycotts as a way of expressing opposition to France's position on Iraq, an economic backlash appears not to have materialized. Effective boycotts would jeopardize thousands of jobs on both sides of the Atlantic. This report will be updated as needed. See also its companion report, 'France: Factors Shaping French Policy, and Issues in U.S.-French Relations' (CRS Report RL32464), by Paul Gallis."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2006-05-19
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U.S.-European Union Trade Relations: Issues and Policy Challenges [Updated May 12, 2003]
"Resolution of U.S.-EU disputes has become increasingly difficult in recent years. Part of the problem may be due to the fact that the U.S. and the EU are of roughly equal economic strength and neither side has the ability to impose concessions on the other. Another factor may be that many bilateral disputes now involve clashes in domestic values, priorities, and regulatory systems where the international rules of the road are inadequate to provide a basis for effective and timely dispute resolution. [...] The major U.S.-EU trade and investment policy challenges can be grouped into six categories: (1) avoiding a 'big ticket' trade dispute associated with tax breaks for U.S. exporters; (2) resolving longstanding trade disputes involving protection for domestic producers of airplanes and steel; (3) dealing with different public concerns over new technologies and new industries (4) fostering a receptive climate for mergers and acquisitions; (5) strengthening the multilateral trading system; and (6) reaching understandings on foreign policy sanctions that have a trade impact."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2003-05-12
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U.S.-European Union Trade Relations: Issues and Policy Challenges [Updated January 27, 2003]
"Resolution of U.S.-EU disputes has become increasingly difficult in recent years. Part of the problem may be due to the fact that the U.S. and the EU are of roughly equal economic strength and neither side has the ability to impose concessions on the other. Another factor may be that many bilateral disputes now involve clashes in domestic values, priorities, and regulatory systems where the international rules of the road are inadequate to provide a basis for effective and timely dispute resolution. [...] The major U.S.-EU trade and investment policy challenges can be grouped into six categories: (1) avoiding a 'big ticket' trade dispute associated with tax breaks for U.S. exporters; (2) resolving longstanding trade disputes involving protection for domestic producers of airplanes and steel; (3) dealing with different public concerns over new technologies and new industries (4) fostering a receptive climate for mergers and acquisitions; (5) strengthening the multilateral trading system; and (6) reaching understandings on foreign policy sanctions that have a trade impact."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2003-01-27
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U.S.-European Union Trade Relations: Issues and Policy Challenges [Updated December 16, 2002]
"The United States and European Union (EU) share a huge and mutually beneficial economic partnership. Not only is the U.S.-EU trade and investment relationship the largest in the world, it is arguably the most important. Agreement between the two economic superpowers has been critical to making the world trading system more open and efficient. [...] The major U.S.-EU trade and investment policy challenges can be grouped into six categories: (1) avoiding a 'big ticket' trade dispute associated with tax breaks for U.S. exporters; (2) resolving longstanding trade disputes involving protection for domestic producers of airplanes and steel; (3) dealing with different public concerns over new technologies and new industries (4) fostering a receptive climate for mergers and acquisitions; (5) strengthening the multilateral trading system; and (6) reaching understandings on foreign policy sanctions that have a trade impact."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2002-05-21
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U.S.-European Union Trade Relations: Issues and Policy Challenges [Updated June 9, 2003]
"Resolution of U.S.-EU disputes has become increasingly difficult in recent years. Part of the problem may be due to the fact that the U.S. and the EU are of roughly equal economic strength and neither side has the ability to impose concessions on the other. Another factor may be that many bilateral disputes now involve clashes in domestic values, priorities, and regulatory systems where the international rules of the road are inadequate to provide a basis for effective and timely dispute resolution. [...] The major U.S.-EU trade and investment policy challenges can be grouped into five categories: (1) avoiding a 'big ticket' trade dispute associated with tax breaks for U.S. exporters; (2) resolving longstanding trade disputes involving protection for domestic producers of airplanes and steel; (3) dealing with different public concerns over new technologies and new industries (4) fostering a receptive climate for mergers and acquisitions; and (5) strengthening the multilateral trading system."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2003-06-09
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U.S.-European Union Trade Relations: Issues and Policy Challenges [Updated May 21, 2002]
"The United States and European Union (EU) share a huge and mutually beneficial economic partnership. Not only is the U.S.-EU trade and investment relationship the largest in the world, it is arguably the most important. Agreement between the two economic superpowers has been critical to making the world trading system more open and efficient. [...] The major U.S.-EU trade and investment policy challenges can be grouped into six categories: (1) avoiding a 'big ticket' trade dispute associated with tax breaks for U.S. exporters; (2) resolving longstanding trade disputes involving protection for domestic producers of airplanes and steel; (3) dealing with different public concerns over new technologies and new industries (4) fostering a receptive climate for mergers and acquisitions; (5) strengthening the multilateral trading system; and (6) reaching understandings on foreign policy sanctions that have a trade impact."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2002-05-21
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U.S.-European Union Trade Relations: Issues and Policy Challenges [Updated March 27, 2002]
"The United States and European Union (EU) share a huge and mutually beneficial economic partnership. Not only is the U.S.-EU trade and investment relationship the largest in the world, it is arguably the most important. Agreement between the two economic superpowers has been critical to making the world trading system more open and efficient. At the same time, a confluence of old and new trade disputes, entailing U.S. retaliation and EU threats of counter-retaliation have increased trade tensions in recent years. A final ruling issued January 14, 2002 by the World Trade Organization (WTO) against a U.S. export tax benefit figures prominently in current trade disputes, along with the EU's failure to approve pending applications for new biotechnology crops and the imposition of U.S. steel restraints in March. [...] The major U.S.-EU trade and investment policy challenges can be grouped into six categories: (1) avoiding a 'big ticket' trade dispute associated with tax breaks for U.S. exporters; (2) resolving longstanding trade disputes involving protection for domestic producers of airplanes and steel; (3) dealing with different public concerns over new technologies and new industries (4) fostering a receptive climate for mergers and acquisitions; (5) strengthening the multilateral trading system; and (6) reaching understandings on foreign policy sanctions that have a trade impact."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2002-03-27
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U.S.-European Union Trade Relations: Issues and Policy Challenges [Updated March 4, 2002]
"Resolution of U.S.-EU disputes has become increasingly difficult in recent years. Part of the problem may be due to the fact that the U.S. and the EU are of roughly equal economic strength and neither side has the ability to impose concessions on the other. Another factor may be that many bilateral disputes now involve clashes in domestic values, priorities, and regulatory systems where the international rules of the road are inadequate to provide a basis for effective and timely dispute resolution. [...] The major U.S.-EU trade and investment policy challenges can be grouped into six categories: (1) avoiding a 'big ticket' trade dispute associated with tax breaks for U.S. exporters; (2) resolving longstanding trade disputes involving protection for domestic producers of airplanes and steel; (3) dealing with different public concerns over new technologies and new industries (4) fostering a receptive climate for mergers and acquisitions; (5) strengthening the multilateral trading system; and (6) reaching understandings on foreign policy sanctions that have a trade impact."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2002-03-04
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U.S.-French Commercial Ties [July 7, 2004]
"U.S. commercial ties with France are extensive, mutually profitable, and growing. With approximately $1 billion in commercial transactions taking place between the two countries every business day of the year, each country has an increasingly large stake in the health and openness of the other's economy. [...] Most U.S. trade and investment transactions with France, dominated by multinational companies, are non-controversial. Nevertheless, three prominent issues -- agriculture, government intervention in corporate activity, and the war in Iraq -- have contributed to increased bilateral tensions in recent years. The most pointed perhaps arose in early 2003 with reports of U.S. consumer boycotts of French goods and calls from some Members of Congress for trade retaliation against France (and Germany) due to foreign policy differences over the Iraq War. The foreign policy dispute, however, appears not to have had much impact on sales of products such as French wines, perfumes and toiletries, travel goods and handbags, and cheeses that are most prone to being boycotted. While some public opinion polls suggest support for economic boycotts as a way of expressing opposition to France's position on Iraq, a substantial economic backlash appears unlikely due to the high degree of economic integration. Effective boycotts would jeopardize thousands of jobs on both sides of the Atlantic. This report will not be updated."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2004-07-07
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Globalization, Worker Insecurity, and Policy Approaches [July 31, 2008]
"Today's global economy, or what many call globalization, has a growing impact on the economic futures of American companies, workers, and families. Increasing integration with the world economy makes the U.S. and other economies more productive. For most Americans, this has translated into absolute increases in living standards and real disposable incomes. However, while the U.S. economy as a whole benefits from globalization, it is not always a win-win situation for all Americans. Rising trade with low-wage developing countries not only increases concerns of job loss, but it also leads U.S. workers to fear that employers will lower their wages and benefits in order to compete. Globalization facilitated by the information technology revolution expands international trade in a wider range of services, but also subjects an increasing number of U.S. white collar jobs to international competition. Also, globalization may benefit some groups more than others, leading some to wonder whether the global economy is structured to help the few or the many."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2008-07-31
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Europe's Preferential Trade Agreements: Status, Content, and Implications [March 22, 2010]
"Preferential trade agreements (PTAs) comprise a variety of unilateral, bilateral, or regional arrangements which favor member parties over non-members by extending tariff and other non-tariff preferences. The most prevalent PTA today is a free trade agreement (FTA), such as the North American Free Trade Agreement (NAFTA) or the U.S.-Australian FTA. PTAs are excepted under certain circumstances from the non-discrimination clause of the multilateral world trading system. The World Trade Organization (WTO) permits countries to enter into PTAs under certain conditions, but the criteria are very elastic, and the examination by the WTO as to their consistency with WTO rules has not been rigorous. The main dispute is whether PTAs serve as a building block or a stumbling block for further multilateral trade liberalization. If PTAs, on balance, create more trade (by allowing production to shift to the more competitive producers in the agreement) than they divert (by shifting trade from lower-cost non-PTA members to higher-cost members because of tariff preferences extended to members), they are said to be a building block or complement for the world trading system. On the other hand, if the converse is true, PTAs are considered to be a stumbling block for the multilateral trading system. However, it is very difficult to determine quantitatively whether trade creation or trade diversion dominates in any particular PTA. This is because the effects of the agreements on the patterns of trade and investment can depend on the content of the PTA as well as the size and magnitude of the barriers being reduced."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2010-03-22
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Trade Conflict and the U.S.-European Union Economic Relationship [Updated July 26, 2006]
This report is an update from the April 11, 2007 report by the same author. "The United States and the European Union (EU) share a huge, dynamic, and mutually beneficial economic partnership. Not only is the U.S.-EU trade and investment relationship the largest in the world, but it is also arguably the most important. Agreement between the two partners in the past has been critical to making the world trading system more open and efficient. Given the high level of U.S.-EU commercial interactions, trade tensions and disputes are not unexpected. […] Conflicts over hormone-treated beef, bio-engineered food products, protection of the audio-visual sector, and aircraft hushkits, for example, are rooted in different U.S.-EU regulatory approaches, as well as social preferences. […] In sum, U.S.-EU bilateral trade conflicts do not appear to be as ominous and threatening as the media often portray, but they are not ephemeral distractions either. Rather they appear to have real, albeit limited, economic and political consequences for the bilateral relationship. From an economic perspective, the disputes may also be weakening efforts of the two partners to provide strong leadership to the global trading system." The document includes the following figures and tables: Figure (1), U.S. Exports of Services by Region/Country, 2005; Figure (2), U.S. Exports of Goods by Region/Country, 2005; Table (1), World Merchandise Trade, 2004; Table (2), World Gross Domestic Product, 2003.
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2006-07-26
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Trade Liberalization Challenges Post-CAFTA [November 30, 2005]
This Congressional Research Service report summarizes the impact of the Bush Administration on the Central American Free Trade Agreement, highlighting congressional challenges and considerations for future trade agreements. "Since taking office in January 2001, President Bush has supported trade liberalization through negotiations on multiple fronts: globally, regionally, and bilaterally. During this period, Congress has approved five free trade agreements (FTAs) that the Bush Administration has negotiated and signed. The FTAs are designed to promote broad economic and political objectives, both domestic and foreign. However, the debate in Congress over the last FTA approved - the Central American Free Trade Agreement (CAFTA) - was contentious, sparking concerns about how Congress might consider future trade liberalizing agreements. This report analyses some of the challenges that became apparent in the aftermath of a divisive trade debate and how they could affect consideration of future trade agreements. This report will not be updated."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2005-11-30
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Japan's Free Trade Agreement Program [August 22, 2005]
This report discusses Japan's free trade outlook as applicable to robust auto and steel companies and probable agricultural reforms. "Japan's trade policy historically has centered on multilateral negotiations and dispute settlement mechanisms. Over the past five years, however, Japan has shifted course somewhat by seeking free trade agreements (FTAs) with a number of countries, mostly in Asia. An FTA is an agreement between two countries or regional groupings to eliminate or reduce tariffs and other barriers on trade in goods and services. Non-members find their exports discriminated against. The pursuit of FTAs is occurring worldwide. The U.S. has an aggressive program and has FTAs in place with two Asian-Pacific countries - Singapore and Australia - and is negotiating one with Thailand. Europe has been pursuing a similar course for years. China and 10 members of the Association of Southeast Asian Nations (ASEAN) began implementing a partial FTA this year. Now Japan is trying to catch up. By freeing up trade in goods and services, Japan hopes to energize its economy, as well as to better compete with China for influence in Asia - objectives that seem to support U.S. interests."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2005-08-22
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Future of the Eurozone and U.S. Interests [January 17, 2012]
"Seventeen of the European Union's 27 member states share an economic and monetary union (EMU) with the euro as a single currency. Based on a gross domestic product (GDP) and global trade and investment shares comparable to those of the United States, these countries (collectively referred to as the Eurozone) are a major player in the world economy and can affect U.S. economic and political interests in significant ways. Given its economic and political heft, the evolution and future direction of the Eurozone is of major interest to Congress, particularly committees with oversight responsibilities for U.S. international economic and foreign policies. [...] If the Eurozone survives largely in its current form or strengthens, the impact on U.S. interests is likely to be minimal. However, if Greece or any other Eurozone member were to default on its debt, it could lead to another wave of credit freeze-ups and instability in the European banking sector that weakens a slow growing U.S. economy. Longer term, if the Eurozone were to break up in a way that undermines the functioning of Europe's single market, or resurrects national divisions, the impact on U.S. economic and political interests could be deeper and more damaging."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.; Jackson, James K., 1949-; Mix, Derek E.
2012-01-17
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Future of the Eurozone and U.S. Interests [September 16, 2011]
"Seventeen of the European Union's 27 member states share an economic and monetary union (EMU) with the euro as a single currency. Based on a gross domestic product (GDP) and global trade and investment shares comparable to those of the United States, these countries (collectively referred to as the Eurozone) are a major player in the world economy and can affect U.S. economic and political interests in significant ways. Given its economic and political heft, the evolution and future direction of the Eurozone is of major interest to Congress, particularly committees with oversight responsibilities for U.S. international economic and foreign policies. Uncertainty about the future of the Eurozone began in early 2010 as a result of the onset of a sovereign debt crisis in Greece. Subsequently, concerns spread that Ireland, Portugal, Spain, and Italy also lacked sustainable fiscal positions. Fearing possible defaults, markets began demanding substantially higher interest rates for their bonds. The debt problems of these countries, while different, now constitute a serious risk to the European banking system, the viability of the euro, and the European integration process. Moreover, the debt crisis has intensified as the Eurozone economy stagnated during the second quarter of 2011, creating problems not only for Europe, but also for the world economy."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.; Jackson, James K., 1949-; Nelson, Rebecca M.
2011-09-16
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International Trade and Finance: Key Policy Issues for the 112th Congress [December 30, 2010]
"The 112th Congress faces a full agenda of international trade and finance issues. Early in 2011, the Obama Administration is expected to ask Congress to approve a free trade agreement (FTA) with South Korea and possibly FTAs with Colombia and Panama. The Administration is seeking to conclude the much larger ten year-old World Trade Organization's (WTO) Doha Round of multilateral trade negotiations, which, if completed, would also require congressional approval. The Administration is also negotiating a Trans-Pacific Partnership (TPP) Agreement, a regional FTA that currently includes nine countries on both sides of the Pacific. A U.S.-South Korea Free Trade Agreement (KORUS FTA) was first negotiated by President George W. Bush's Administration and signed on June 30, 2007. The Obama Administration did not submit it for approval in the 111th Congress due to opposition from U.S. automakers and beef producers. In early December 2010, U.S. trade negotiators won further concessions on autos from the South Korean government, which may allow President Obama to decide to submit the agreement to Congress in 2011. Any vote on this proposed agreement would take place under Trade Promotion Authority (TPA), which allows implementing bills for trade agreements to be considered under expedited legislative procedures--limited debate, no amendments, and an up or down vote. While the proposed KORUS FTA is covered by TPA, which expired on July 1, 2007, many experts argue that TPA would have to be renewed if the United States is to be a credible negotiator at the WTO Doha Round and the TPP discussions. Any trade debate in the 112th Congress will likely revolve around the perceived effects of trade and FTAs on U.S. stakeholders."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2010-12-30
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International Trade and Finance: Key Policy Issues for the 112th Congress, 2nd Session [February 8, 2012]
"During the first session of the 112th Congress, Congress approved three long-stalled free trade agreements (FTAs) with South Korea, Colombia, and Panama. Passage of these FTAs was facilitated by agreement to consider legislation extending the Trade Adjustment Assistance (TAA) program that is designed to assist workers displaced by foreign trade. All four bills passed by wide margins. The TAA bill also renewed the General System of Preferences (GSP), a program that allows certain duty-free imports from eligible developing countries. In addition, Congress authorized full U.S. participation in general capital increases (GCIs) at the World Bank and four other regional development banks. With these issues resolved, Congress may address other international trade and finance issues in the second session. In addition to monitoring implementation of the three FTAs passed in 2011, the most prominent issues include the ongoing Trans-Pacific Partnership (TPP) FTA negotiations, Russia's accession to the WTO [World Trade Organization], the Doha Round stalemate and alternative WTO approaches to trade liberalization, China trade and currency developments, the Administration's trade reorganization proposal, trade sanctions, customs reauthorization, export promotion, trade finance, and the impact that the Eurozone crisis could have on the U.S. economy."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2012-02-08
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International Trade and Finance: Key Policy Issues for the 112th Congress [January 7, 2011]
"The 112th Congress faces a full agenda of international trade and finance issues. Early in 2011, the Obama Administration is expected to ask Congress to approve a free trade agreement (FTA) with South Korea and possibly FTAs with Colombia and Panama. The Administration is seeking to conclude the much larger ten year-old World Trade Organization's (WTO) Doha Round of multilateral trade negotiations, which, if completed, would also require congressional approval. The Administration is also negotiating a Trans-Pacific Partnership (TPP) Agreement, a regional FTA that currently includes nine countries on both sides of the Pacific. [...] As in the 111th Congress, many bills are expected to be introduced in the 112th Congress to address concerns over China's economic policies and boost U.S. exports to China. Legislation encouraging the Administration to take stronger action against China's alleged currency misalignment passed the House by a large bipartisan margin (348-79), but was not acted on in the Senate. These bills and others may be reintroduced in 2011. On the finance side, requests to increase contributions to the International Monetary Fund (IMF) and several multilateral development banks, including the World Bank, are likely to enter into discussions of the 112th Congress. Congress may also monitor Europe's sovereign debt crisis, particularly the budget support the IMF is providing and the related $173 billion exposure of U.S. banks to four heavily indebted European countries--Greece, Ireland, Portugal, and Spain."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2011-01-07
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Morocco-U.S. Free Trade Agreement [Updated April 13, 2005]
From the Summary: "The United States and Morocco reached agreement on March 2, 2004, to create a free trade agreement (FTA). The FTA is intended to strengthen bilateral ties, boost trade and investment flows, and bolster Morocco's position as a moderate Arab state. More than 95% of bilateral trade in consumer and industrial products will become duty-free upon entry into force of the agreement. The Senate approved implementing legislation (S. 2677) on July 2, 2004 by a vote of 85-13 and the House approved identical legislation (H.R. 4842) on July 22, 2004 by a vote of 323-99. The next day, the Senate passed House approved H.R. 4842 without amendment by unanimous consent. The legislation was signed by President Bush into law (P.L.108-302) on August 3, 2004. While the Moroccan Parliament ratified the FTA in January 2005, King Mohammed VI has not yet signed the legislation. This report will be updated later this year."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2005-04-13
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Future of the Eurozone and U.S. Interests [September 14, 2010]
"Sixteen of the European Union's 27 member states share an economic and monetary union (EMU) with the euro as a single currency. Based on a gross domestic product (GDP) and global trade and investment shares comparable to the United States, these countries (collectively referred to as the Eurozone) are a major player in the world economy and can affect U.S. economic and political interests in significant ways. Given its economic and political heft, the evolution and future direction of the Eurozone is of major interest to Congress, particularly committees with oversight responsibilities for U.S. international economic and foreign policies. Uncertainty about the future of the Eurozone grew in early 2010 as a result of the onset of a sovereign debt crisis in Greece that was intensified by fears that the crisis could spread to other heavily-indebted Eurozone members. These concerns, in turn, took on added significance because the euro is considered a cornerstone of the European integration process. One important cause of the crisis stemmed from flaws in the architecture of the currency union, including the fact that the EMU provides for a common central bank (the European Central Bank or ECB), and thus a common monetary policy, but leaves fiscal policy up to the member countries. Weak enforcement of fiscal discipline, over time, led to rising public debts, contributing to the 2010 Eurozone debt crisis."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.; Jackson, James K., 1949-; Nelson, Rebecca M.
2010-09-14
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World Trade Organization (WTO): Issues in the Debate on Continued U.S. Participation (June 16, 2010)
"Following World War II, the United States led efforts to establish an open and nondiscriminatory trading system with the expressed goal of raising the economic well-being of all countries and bolstering world peace. These efforts culminated in the creation of the General Agreement on Tariffs and Trade (GATT) in 1948, a provisional agreement on tariffs and trade rules that governed world trade for 47 years. The World Trade Organization (WTO) succeeded the GATT in 1995 and today serves as a permanent body that administers the rules and agreements negotiated and signed by 153 participating parties, as well as a forum for dispute settlement and negotiations. Section 125 of the Uruguay Round Agreements (P.L. 103-465), which is the law that approved and implemented the agreements reached during the Uruguay Round of multilateral trade negotiations, provided that the U.S. Trade Representative (USTR) must submit to Congress every five years a report that analyzes the costs and benefits of continued U.S. participation in the WTO. The USTR submitted its report to Congress on March 1, 2010, triggering a 90 legislative day timetable in which any Member of Congress may introduce a privileged joint resolution withdrawing congressional approval of the WTO Agreement (to date no withdrawal resolution has been introduced in the 111th Congress)."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.; Fergusson, Ian F.
2010-06-16
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Global Economic Downturn and Protectionism [August 26, 2009]
"In today's severe global economic downturn, concerns are being raised that countries may try to improve their own trade positions in order to help domestic industries at the expense of others by imposing measures that artificially increase their exports or restrict imports. Such efforts are considered by some to be a form of 'protectionism' and are often referred to as beggar-thy neighbor policies. This report develops three scenarios to approximate different dimensions of the relationship between the global economic downturn and protectionism. The scenarios are not predictions, but descriptions of how and why pressures for protection could be manifested and transmitted under different circumstances and assumptions."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.
2009-08-26
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U.S.-Thailand Free Trade Agreement Negotiations [Updated November 3, 2005]
"President Bush and Thai Prime Minister Thaskin on October 19, 2003, agreed to negotiate a bilateral free trade agreement (FTA). The Bush Administration notified Congress on February 12, 2004, that it intends to begin the negotiations, prompting a 90-day consultation period with Congress and the private sector. Five negotiating rounds have taken place to date, the most recent September 26- September 30, 2005, in Hawaii. U.S. trade officials hope to conclude the negotiations by early 2006. In the notification letter sent to the congressional leadership, then-U.S. Trade Representative Robert Zoellick put forth an array of commercial and foreign policy gains that could be derived from the agreement. The letter states that an FTA would be particularly beneficial to U.S. agricultural producers who have urged the administration to move forward, as well as to U.S. companies exporting goods and services to Thailand and investing there. Mr. Zoellick also alluded to sensitive issues that will need to be addressed: trade in automobiles, protection of intellectual property rights, and labor and environmental standards."
Library of Congress. Congressional Research Service
Ahearn, Raymond J.; Morrison, Wayne M.
2005-11-03
