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Brexit and Outlook for U.S.- UK Trade Agreement [March 5, 2019]
From the Document: "The trade aspects of 'Brexit,' the expected withdrawal of the United Kingdom (UK) from the European Union (EU) on March 29, 2019, are of growing interest to Congress. The UK is a major U.S. trade partner, and uncertainty over Brexit presents commercial challenges for the nearly 43,000 U.S. companies exporting to the UK and for U.S. firms operating in the UK, including some 4,000 majority- owned subsidiaries (2016 data). Details about the future UK- EU trade relationship remain largely unknown, and it is uncertain when and to what extent the UK will regain control of its national trade policy-- a major objective for Brexit supporters. These factors directly shape prospects for a proposed bilateral U.S.- UK free trade agreement (FTA), supported by the Trump Administration and several Members of Congress."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2019-03-05
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U.S. - India Trade Relations [October 24, 2018]
"The United States and India view each other as important strategic partners to advance common interests regionally and globally. Bilateral trade in goods and services is about 2% of U.S. world trade, but tripled in value between 2005 and 2017, reaching $126 billion (Figure 1). The trade relationship is more consequential for India, for whom the United States was its second largest export market (16% share) after the European Union (EU, 17%), and third largest source of imports (6%) after China (17%) and the EU (10%) in 2017. U.S. - India foreign direct investment (FDI) is small but growing. Defense sales are significant in bilateral trade as well. Civilian nuclear commerce, stalled for years over differences on liability protections, has produced major potential U.S. supply contracts. Many observers believe bilateral commercial ties could be more extensive if trade and investment barriers were addressed. Bilateral trade frictions exist on numerous fronts, though the two sides are working to resolve some issues."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Kronstadt, K. Alan
2018-10-24
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Intellectual Property Rights (IPR) and International Trade [Updated March 13, 2019]
From the Document: "What is intellectual property (IP), and how is it protected? IP is a creation of the mind embodied in physical and digital objects. Intellectual property rights (IPR) are legal, private, enforceable rights that governments grant to inventors and artists. IPR generally provide timelimited monopolies to right holders to use, commercialize, and market their creations and to prevent others from doing the same without their permission (acts referred to as infringements). IPR are intended to encourage innovation and creative output. After these rights expire, other inventors, artists, and society at large can build on them."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Fergusson, Ian F.
2019-03-13
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Trump Administration's Proposed Removal of Generalized System of Preferences (GSP) Benefits for India and Turkey [March 15, 2019]
From the Document: "On March 4, 2019, President Trump notified Congress of his intent to terminate India's and Turkey's eligibility for the Generalized System of Preferences (GSP), a U.S. trade program that provides nonreciprocal, duty-free tariff treatment to certain products imported from designated beneficiary developing countries (BDCs), in order to grow and develop their economies. Potential eligibility changes are subject to annual review and public notice and comment. The President's determination on India arose from a review of the country's market access practices; for Turkey, it was due to the country's increased level of economic development. By law, the President must notify Congress at least 60 days before a GSP status change may take effect. Congress may hold hearings, work with the U.S. Trade Representative (USTR) on alternative strategies, and/or enact legislation to modify or reverse the President's determination."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Jones, Vivian Catherine
2019-03-15
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U.S. Trade Policy: Background and Current Issues [Updated July 22, 2019]
From the Document: "Congress plays a major role in U.S. trade policy through constitutional authority over tariffs and foreign commerce (Article 1, §8). Since World War II, U.S. trade policy has generally sought to: [1] liberalize markets by reducing trade and investment barriers through agreements and negotiations; [2] foster an open and nondiscriminatory rules-based trading system, including through the World Trade Organization (WTO); [3] enforce trade commitments and laws; [4] support economic growth; and [5] offer relief to U.S. firms and workers from import competition and 'unfair' foreign trade practices. The Trump Administration's trade policy actions continue to present legislative and oversight issues for the 116th Congress, including on: significant unilateral tariff actions, a renegotiated North American Free Trade Agreement (NAFTA), and economic engagement and confrontation with China and other trading partners."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Fergusson, Ian F.; Williams, Brock R.
2019-07-22
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U.S.-EU Trade and Economic Issues [Updated August 28, 2019]
From the Introduction: "The United States and European Union (EU) are each other's largest trade and investment partners. Their ties are deep, but some barriers to trade and investment remain. Over the years, the two sides have sought to further liberalize trade and investment ties, enhance regulatory cooperation, and work together on international economic issues of joint interest, including through international institutions such as the World Trade Organization (WTO). The trading relationship is largely harmonious, but frictions emerge periodically due to the high level of commercial activity and disagreements on specific policy issues. U.S.-EU trade and economic relations face heightened tension now due to shifts in certain U.S. trade policy approaches under the Trump Administration."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2019-08-28
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Export-Import Bank: Overview and Reauthorization Issues [Updated August 9, 2019]
From the Document: "The Export-Import Bank of the United States (Ex-Im Bank or the Bank)--commonly referred to as the official export credit agency (ECA) of the United States--provides financing and insurance to facilitate the export of U.S. goods and services to support U.S. jobs. Ex-Im Bank, a wholly owned U.S. government corporation, operates pursuant to a renewable statutory charter (Export-Import Bank Act of 1945, as amended; 12 U.S.C. §635 et seq.), and also abides by international rules on ECA financing under the Organization for Economic Cooperation for Development (OECD)."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2019-08-09
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Proposed U.S.-EU Trade Agreement Negotiations [May 15, 2019]
From the Document: "On October 16, 2018, the Trump Administration notified Congress under Trade Promotion Authority (TPA) of new U.S. trade negotiations with the European Union (EU), the United States' largest trading partner [...]. The transatlantic economy is massive and highly integrated, but still features tariffs and nontariff barriers (NTBs) to trade and investment. U.S.-EU negotiations on a Transatlantic Trade and Investment Partnership (T-TIP) stalled after 15 rounds under the Obama Administration. The proposal for new talks followed a July 2018 U.S.-EU Joint Statement aiming to deescalate trade tensions. The new talks have not formally started, and their outlook is uncertain. Congress may seek to monitor and shape the trade negotiations, and could consider implementing legislation for a potential final free trade agreement (FTA)."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.; Akhtar, Shayerah Ilias; Johnson, Renée
2019-05-15
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USMCA: Intellectual Property Rights (IPR) [Updated January 6, 2020]
From the Background: "The United States-Mexico-Canada Agreement (USMCA) is a proposed free trade agreement (FTA) negotiated among the three parties to update and replace the 1994 North American Free Trade Agreement (NAFTA). [...] USMCA would make notable changes to NAFTA provisions on intellectual property (IP)--creations of the mind embodied in physical and digital objects. IPR [intellectual property rights] are time-limited rights that governments grant to inventors and artists to exclude others from using their inventions and creations without permission. [...] IP-intensive goods and services are an important part of U.S. trade with Canada and Mexico. The United States has expressed concern over certain IPR policies in both countries in recent years."
Library of Congress. Congressional Research Service
Fergusson, Ian F.; Akhtar, Shayerah Ilias
2020-01-06
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U.S.-India Trade Relations [Updated February 14, 2020]
From the Document: "The United States and India view one another as important strategic partners to advance common interests regionally and globally. […] The trading relationship is more consequential for India; in 2018, the United States was its second largest goods export market (16.0% share) after the European Union (EU, 17.8%), and third largest goods import supplier (6.3%) after China (14.6%) and the EU28 (10.2%). U.S.-India foreign direct investment (FDI) is small, but growing. Defense sales also are significant in bilateral trade. Civilian nuclear commerce, stalled for years over differences on liability protections, has produced major potential U.S. supply contracts. The Trump Administration takes issue with the U.S. trade deficit with India, and has criticized India for a range of 'unfair' trading practices. Indian Prime Minister Modi's first term fell short of many observers' expectations, as India did not move forward with anticipated market-opening reforms, and instead increased tariffs and trade restrictions. Modi's strong electoral mandate may embolden the Indian government to press ahead with its reform agenda with greater vigor. Slowing economic growth in India raises concerns about its business environment."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Kronstadt, K. Alan
2020-02-14
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U.S. International Development Finance Corporation (DFC) [February 20, 2020]
From the Document: "The U.S. International Development Finance Corporation (DFC), a wholly owned U.S. government corporation, is charged with promoting private investment in developing countries to support U.S. global development goals and economic interests. DFC seeks to transform U.S. support for private sector investment in less-developed countries. Part of the U.S. policy response to China's state-directed overseas financing model and its Belt and Road Initiative (BRI), DFC aims to promote a U.S. model that is market-driven and emphasizes transparency, environmental and social safeguards, and debt sustainability for partner countries. DFC aims to 'ensure projects produce positive developmental impacts, apply best practices with respect to environmental and social safeguards, and respect human rights, including worker rights.'"
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Brown, Nick M.
2020-02-20
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U.S.-EU Trade and Investment Ties: Magnitude and Scope [Updated February 18, 2020]
From the Introduction: "The United States and European Union (EU) have extensive and globally significant trade and investment ties that have evolved since World War II. These ties have deepened with the growth of global supply chains, trade in services, and cross-border investment. The transatlantic economy is a dominant force; in 2018, the United States and the EU28 accounted for nearly half of world gross domestic product (GDP) (current U.S. dollars), 11% of world population, one-fifth of world goods exports (excluding intra-EU), and more than half of global foreign direct investment (FDI). The withdrawal of the United Kingdom (UK) from the EU on January 31, 2020 ('Brexit') brings changes to U.S.-EU trade and investment ties, but the United States and EU will remain each other's largest trade and investment partners."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2020-02-18
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USMCA: Labor Provisions [September 12, 2019]
From the Overview: "The proposed U.S.-Mexico-Canada Agreement (USMCA), signed in late 2018, requires implementing legislation that must be approved by both houses of Congress before it can enter into force. Labor issues are one of the major policy issues of interest for some Members of Congress as they consider the final agreement. The USMCA would revise and strengthen labor provisions of the 1994 North American Free Trade Agreement (NAFTA), and require Mexico to enact certain changes to its domestic labor laws."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2019-09-12
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U.S. Trade and Development Agency (TDA) [Updated September 10, 2019]
From the Background: "The U.S. Trade and Development Agency (TDA) is an independent U.S. government export promotion and foreign assistance agency. TDA aims to support U.S. jobs by linking U.S. firms to export opportunities for development projects in developing and middle-income countries through funding 'pre-export' assistance. TDA is authorized permanently under the Foreign Assistance Act of 1961 (FAA), as amended (22 U.S.C. §2421), and operates under the Secretary of State's policy guidance. In 1992, Congress established TDA as an independent agency (P.L. 102-549), but its predecessor dates to the 1980s. The TDA Director is appointed by the President, by and with the Senate's advice and consent. President Trump's continued request for funding to eliminate TDA, as well as other legislative and policy developments, may intensify debate over the arguments for and against TDA, its role in supporting U.S. exports, and its relationship to other federal agencies."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2019-09-10
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Brexit: Status and Outlook [October 4, 2019]
From the Document: "After the 2016 referendum in which 52% of voters in the United Kingdom (UK) favored leaving the European Union (EU), 'Brexit' was originally scheduled to occur on March 29, 2019. In early 2019, however, Parliament repeatedly rejected the withdrawal agreement negotiated between Prime Minister Theresa May's government and the EU without supporting any alternative. In April 2019, the EU granted the UK an extension until October 31, 2019. [...] The dynamics of Brexit are likely to evolve in relation to pivotal events and deadlines in October 2019. Possible scenarios include a new withdrawal agreement, another extension, a no-deal Brexit, and an early general election in the UK."
Library of Congress. Congressional Research Service
Mix, Derek E.; Archick, Kristin; Akhtar, Shayerah Ilias
2019-10-04
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Export-Import Bank of the United States (Ex-Im Bank) [Updated January 15, 2020]
From the Document: "Ex-Im Bank, the official U.S. export credit agency (ECA), provides financing and insurance to facilitate the export of U.S. goods and services to support U.S. jobs, pursuant to a renewable, general statutory charter (Export-Import Bank Act of 1945, as amended; 12 U.S.C. §635 'et seq.'). It aims to provide support for U.S. exports when the private sector is unwilling or unable to do so and/or to counter foreign ECA financing. The Bank is demand-driven, fee-based, and backed by the U.S. government's full faith and credit."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2020-01-15
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U.S.-Turkish Trade Relations [Updated January 15, 2020]
From the Document: "Turkey, a NATO ally and emerging market straddling Europe and the Middle East, offers potential for U.S. trade and investment. U.S.-Turkish trade ties are relatively weak overall, and their further expansion depends on a number of economic and political factors. At a time of continued bilateral tension, Congress is monitoring U.S.-Turkish trade ties and related policy developments more intensively, as well as considering possible sanctions against Turkey."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2020-01-15
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Brexit: Status and Outlook [Updated January 9, 2020]
From the Document: "After the 2016 referendum in which 52% of voters in the United Kingdom (UK) favored leaving the European Union (EU), 'Brexit' was originally scheduled to occur on March 29, 2019. In early 2019, Parliament repeatedly rejected the withdrawal agreement negotiated between then-Prime Minister Theresa May's government and the EU. Boris Johnson became prime minister in July 2019, following May's resignation. Given continued political deadlock over Brexit in the UK, the EU granted the UK three deadline extensions, with the most recent lasting until January 31, 2020."
Library of Congress. Congressional Research Service
Mix, Derek E.; Akhtar, Shayerah Ilias; Archick, Kristin
2020-01-09
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Brexit: Status and Outlook [Updated January 13, 2020]
From the Document: "After the 2016 referendum in which 52% of voters in the United Kingdom (UK) favored leaving the European Union (EU), 'Brexit' was originally scheduled to occur on March 29, 2019. In early 2019, Parliament repeatedly rejected the withdrawal agreement negotiated between then-Prime Minister Theresa May's government and the EU. Boris Johnson became prime minister in July 2019, following May's resignation. Given continued political deadlock over Brexit in the UK, the EU granted the UK three deadline extensions, with the most recent lasting until January 31, 2020."
Library of Congress. Congressional Research Service
Mix, Derek E.; Archick, Kristin; Akhtar, Shayerah Ilias
2020-01-13
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Brexit: Status and Outlook [Updated October 30, 2019]
From the Document: "After the 2016 referendum in which 52% of voters in the United Kingdom (UK) favored leaving the European Union (EU), 'Brexit' was originally scheduled to occur on March 29, 2019. In early 2019, however, Parliament repeatedly rejected the withdrawal agreement negotiated between Prime Minister Theresa May's government and the EU without supporting any alternative. Given continued political deadlock over Brexit in the UK, the EU has granted the UK three deadline extensions. The most recent extension lasts until January 31, 2020."
Library of Congress. Congressional Research Service
Mix, Derek E.; Akhtar, Shayerah Ilias; Archick, Kristin
2019-10-30
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Brexit: Status and Outlook [Updated February 13, 2020]
From the Document: "The United Kingdom (UK) formally withdrew from membership in the European Union (EU) on January 31, 2020. Under the withdrawal agreement negotiated by the two sides, the UK is to continue applying EU rules during a transition period scheduled to run through the end of 2020. During the transition period, the UK and the EU are expected to begin negotiating the terms of their future relationship, including trade and economic relations as well as cooperation on foreign policy, security, and a range of other issues."
Library of Congress. Congressional Research Service
Mix, Derek E.; Archick, Kristin; Akhtar, Shayerah Ilias
2020-02-13
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Brexit and Outlook for U.S.-UK Free Trade Agreement [Updated February 12, 2020]
From the Introduction: "Brexit--the withdrawal of the United Kingdom (UK) from the European Union (EU)--occurred on January 31, 2020. During the transition period, currently expected to last until the end of the 2020, the UK remains a member of the EU single market and customs union, and therefore subject to EU rules. The UK and EU aim to negotiate an agreement on their future trade and economic relationship. The outcome of the negotiations directly shapes prospects for a potential bilateral U.S.-UK free trade agreement (FTA), which is supported by the Trump Administration and many Members of Congress."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2020-02-12
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U.S.-India Trade Relations [Updated October 2, 2019]
From the Document: "The United States and India view one another as important strategic partners to advance common interests regionally and globally. [...] The Trump Administration, which views bilateral trade balances as an indicator of the health of a trading relationship, takes issue with the U.S. trade deficit with India, and has criticized India for a range of 'unfair' trading practices that restrict U.S. exports to and investment in India. Indian Prime Minister Modi's first term fell short of many observers' expectations, as India did not move forward with anticipated market-opening reforms, and instead increased tariffs and trade restrictions. Modi's strong electoral mandate may embolden the Indian government to press ahead with its reform agenda with greater vigor. Recent slowing economic growth in India raises concerns about India's business environment."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Kronstadt, K. Alan
2019-10-02
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U.S.-EU Trade and Investment Ties: Magnitude and Scope [July 20, 2018]
"The United States and European Union (EU) (and its predecessors) have deep and extensive trade and investment ties that have evolved since World War II. Their ties have broadened as the EU's membership has grown, and have deepened with the growth of global supply chains, trade in services, and cross-border investment. The transatlantic economy is a dominant force globally, accounting for 46% of global GDP (current U.S. dollars), 11% of world population, one-third of goods trade, over half of global foreign direct investment (FDI), and the highest level of cross-border data flows."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2018-07-20
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U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [January 20, 2012]
"In order to support democratic political transitions and stability in the Middle East and North Africa (MENA), policymakers in Congress and elsewhere are discussing potentially using U.S. trade and investment to bolster long-term economic growth in the region. For example, President Obama has called for the creation of a 'Trade and Investment Partnership Initiative' in the MENA region, and some Members of Congress have called for deeper economic ties with Arab countries undergoing profound change. This report analyzes policy approaches that the Congress might consider concerning U.S.-MENA trade and investment."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Bolle, Mary Jane; Akhtar, Shayerah Ilias
2012-01-20
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U.S. International Trade: Trends and Forecasts [March 6, 2009]
"The U.S. trade deficit is shrinking primarily because the global financial crisis is causing U.S. imports to drop faster than U.S. exports. The global simultaneous recession, however, implies that exporting countries cannot rely on increased foreign demand to make up for slack demand at home. Even though U.S. imports are projected to decline, companies competing with imports are still likely to face diminishing demand as the domestic economy shrinks. These conditions imply that the political forces to protect domestic industry from imports are likely to intensify both in the United States and abroad. [...]. Trade deficits are a concern for Congress because they may generate trade friction and pressures for the government to do more to open foreign markets, to shield U.S. producers from foreign competition, or to assist U.S. industries to become more competitive. Overall U.S. trade deficits reflect excess spending (a shortage of savings) in the domestic economy and a reliance on capital imports to finance that shortfall. Capital inflows serve to offset the outflow of dollars used to pay for imports. Movements in the exchange rate help to balance trade. The rising trade deficit (when not matched by capital inflows) places downward pressure on the value of the dollar which, in turn, helps to shrink the deficit by making U.S. exports cheaper and imports more expensive. Central banks in countries such as China, however, have intervened in foreign exchange markets to keep the value of their currencies from rising too fast. [...]. This report will be updated periodically."
Library of Congress. Congressional Research Service
Nanto, Dick Kazuyuki; Akhtar, Shayerah Ilias; Donnelly, J. Michael
2009-03-06
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U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [March 4, 2013]
"U.S. interest in deepening economic ties with certain countries in the Middle East and North Africa (MENA) has increased in light of the political unrest and transitions that have swept the region since early 2011. Policymakers in Congress and the Obama Administration are discussing ways that U.S. trade and investment can bolster long-term economic growth in the region. In May 2011, President Obama announced the MENA 'Trade and Investment Partnership Initiative' (MENA-TIP), through which various federal government agencies are engaged in efforts to enhance trade and investment with the region. Such activities are in line with long-standing U.S. trade policy goals and measures. Some Members of Congress have called for deeper economic ties with MENA countries undergoing political change. However, continued political uncertainty and changing security environments in the region have prompted greater scrutiny of U.S. engagement. This report analyzes policy approaches that Congress might consider concerning U.S.-MENA trade and investment."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Bolle, Mary Jane; Nelson, Rebecca M.
2013-03-04
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U.S. International Trade: Tends and Forecasts [November 26, 2008]
"This report provides an overview of the current status, trends, and forecasts for U.S. international trade. The purpose of this report is to provide current data and brief explanations for the various types of trade flows, particularly U.S. exports, along with a short discussion of particular trends and points of contention related to trade policy."
Library of Congress. Congressional Research Service
Nanto, Dick Kazuyuki; Akhtar, Shayerah Ilias; Donnelly, J. Michael
2008-11-26
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U.S. International Trade: Trends and Forecasts [Updated September 5, 2008]
"This report provides an overview of the current status, trends, and forecasts for U.S. international trade. The purpose of this report is to provide current data and brief explanations for the various types of trade flows, particularly U.S. exports, along with a short discussion of particular trends and points of contention related to trade policy."
Library of Congress. Congressional Research Service
Nanto, Dick Kazuyuki; Akhtar, Shayerah Ilias; Donnelly, J. Michael
2008-09-05
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U.S. International Trade: Trends and Forecasts [Updated May 30, 2008]
"This report provides an overview of the current status, trends, and forecasts for U.S. international trade. The purpose of this report is to provide current data and brief explanations for the various types of trade flows, particularly U.S. exports, along with a short discussion of particular trends and points of contention related to trade policy."
Library of Congress. Congressional Research Service
Nanto, Dick Kazuyuki; Akhtar, Shayerah Ilias; Donnelly, J. Michael
2008-05-30
