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U.S. Trade Policy Primer: Frequently Asked Questions [April 2, 2018]
"Congress plays a major role in U.S. trade policy through its legislative and oversight authority. Since the end of World War II, U.S. trade policy has focused on fostering an open, rules-based global trading system, liberalizing markets by reducing trade and investment barriers through negotiations and agreements, and enforcing trade commitments and related laws. International trade and investment issues can affect the overall health of the U.S. economy and specific sectors, the success of U.S. businesses, U.S. employment opportunities, and the overall standard of living of Americans. The benefits and costs of international trade and the future direction of trade policy are active areas of interest for many in Congress."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.
2018-04-02
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U.S.-Japan Trade Agreement Negotiations [February 28, 2019]
From the Document, "Under Trade Promotion Authority (TPA) procedures, on October 16, 2018, the Trump Administration gave Congress its official 90-day advance notification of intent to enter into trade agreement negotiations with Japan. As the fourth largest U.S. trade partner, Japan is a longstanding U.S. priority for trade negotiations, in particular following U.S. withdrawal from the proposed Trans-Pacific Partnership (TPP) in 2017, which included Japan. With initial TPA requirements met, official negotiations could start at any time. The precise scope of the negotiations remains somewhat uncertain but areas of focus likely include trade commitments on motor vehicles, agricultural goods, services, and potentially policies affecting exchange rates."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Williams, Brock R.
2019-02-28
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Iran: Efforts to Preserve Economic Benefits of the Nuclear Deal [Updated February 26, 2019]
"On May 8, 2018, President Trump announced that the United States would cease implementing U.S. commitments under the 2015 multilateral Joint Comprehensive Plan of Action (JCPOA) with Iran. On November 5, 2018, at the end of a 'wind down period,' all pre-JCPOA U.S. sanctions on foreign firms that conduct transactions in all of Iran's core economic sectors, including energy, banking, shipping, and manufacturing, went back into effect. These include sanctions on 'petroleum-related transactions' and transactions by foreign banks with Iran's Central Bank. In addition, foreign firms that transact business with entities designated by the United States for sanctions could face virtual exclusion from the U.S. economy."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Katzman, Kenneth; Mix, Derek E.
2019-02-26
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Efforts to Preserve Economic Benefits of the Iran Nuclear Deal [June 27, 2018]
"On May 8, 2018, President Donald Trump announced that the United States would cease implementing U.S. commitments under the 2015 multilateral Joint Comprehensive Plan of Action (JCPOA) with Iran. He indicated that, by the end of a 'wind down period' (by November 4, 2018), all U.S. sanctions in place prior to the JCPOA--which target foreign firms that conduct transactions in all of Iran's core economic sectors, including energy, banking, shipping, insurance, manufacturing, and hard currency trading--would go back into effect. These include sanctions on 'petroleum-related transactions' and transactions by foreign banks with Iran's Central Bank. Several hundred Iranian and third country entities will again be designated by the United States as sanctioned entities, meaning that foreign firms that transact business with these entities could face exclusion from the U.S. economy and financial system."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Katzman, Kenneth; Mix, Derek E.
2018-06-27
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U.S. Trade Policy Primer: Frequently Asked Questions [Updated January 29, 2019]
"Congress plays a major role in U.S. trade policy through its legislative and oversight authority. Since the end of World War II, U.S. trade policy has focused on fostering an open, rules-based global trading system, liberalizing markets by reducing trade and investment barriers through negotiations and agreements, and enforcing trade commitments and related laws. International trade and investment issues can affect the overall health of the U.S. economy and specific sectors, the success of U.S. businesses, U.S. employment opportunities, and the overall standard of living of Americans. The benefits and costs of international trade and the future direction of trade policy are active areas of interest for many in Congress. This report addresses frequently asked questions regarding U.S. trade policy and is intended to assist Members and staff who may be new to trade issues. The report provides context for basic trade concepts and data on key U.S. trade and investment trends. It also addresses how U.S. trade policy is formulated and describes the trade and investment policy tools used to advance U.S. objectives."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Akhtar, Shayerah Ilias; Casey, Christopher A. . . .
2019-01-29
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Trump Administration Tariff Actions: Frequently Asked Questions [February 22, 2019]
From the Document, "The Constitution grants Congress the sole authority over the regulation of foreign commerce. Over the past several decades, Congress has authorized the President to adjust tariffs and other trade restrictions in certain circumstances through specific trade laws. Using these delegated authorities under three trade laws, President Trump has imposed increased tariffs, largely in the range of 10% - 25%, on a variety of U.S. imports to address concerns related to national security, injury to competing industries, and China's trade practices on forced technology transfer and intellectual property rights, among other issues. Several U.S. trade partners argue that these tariff actions violate existing U.S. commitments under multilateral and bilateral or regional trade agreements and have imposed tariffs on U.S. exports in retaliation. Congress continues to actively examine and debate these tariffs, and several bills have been introduced either to expand, limit, or revise existing authorities."
Library of Congress. Congressional Research Service
Williams, Brock R.; Cimino-Isaacs, Cathleen D.; Fefer, Rachel F. . . .
2019-02-22
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Deadlines, Programs, and Regulations Mandated by FIRRMA [March 14, 2019]
From the Document: "On August 13, 2018, President Trump signed the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) (Subtitle A, Title XVII, P.L. 115-232). Various provisions became effective upon implementation, while interim rules for some provisions became effective on October 11, 2018. Among other items, FIRRMA required the Committee on Foreign Investment in the United States (CFIUS) to meet certain deadlines in programs and reporting and develop new regulations. In addition, in October 2018, the Treasury Department published in the Federal Register preliminary rules implementing certain provisions of FIRRMA through a pilot program, which took effect on November 10. FIRRMA's implementation may raise several questions for the 116th Congress, such as the extent to which modernization of CFIUS and its review of foreign direct investment transactions for their national security implications will safeguard U.S. national security interests, particularly those related to strategic competition for leading edge technology."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Cimino-Isaacs, Cathleen D.
2019-03-14
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Worker Rights Provisions in Free Trade Agreements (FTAs) [Updated August 23, 2019]
From the Overview: "Worker rights have become a prominent issue in U.S. FTA [Free Trade Agreement] negotiations. Some stakeholders believe worker rights provisions are necessary to protect U.S. workers from perceived unfair competition and to raise labor standards abroad. Others believe these rights are more appropriately addressed at the International Labor Organization (ILO) or through cooperative efforts and capacity building. Since 1988, Congress has included worker rights as a principal negotiating objective in Trade Promotion Authority (TPA) legislation. The United States has been in the forefront of using FTAs to promote core internationally-recognized worker rights. Labor provisions have evolved significantly since the North American Free Trade Agreement (NAFTA), moving from side agreements to integral chapters within FTA texts, with more provisions subject to enforcement mechanisms. The renegotiation of NAFTA, completed in September 2018, led to the new proposed U.S.-Mexico-Canada Agreement and a revised labor chapter."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Villarreal, M. Angeles
2019-08-23
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CFIUS Reform: Foreign Investment National Security Reviews [Updated August 6, 2019]
From the Overview: "Some Members of Congress, the Trump Administration, and some U.S. businesses have raised concerns over the risks to continued U.S. technological leadership to support national defense and economic security due to growing foreign direct investment (FDI), primarily by Chinese firms, in U.S. high-tech companies. On August 13, 2018, President Trump signed into law new rules governing foreign investment national security reviews. Known as the 'Foreign Investment Risk Review Modernization Act (FIRRMA) of 2018' (Title XVII, P.L. 115-232), the legislation amends the current process for the Committee on Foreign Investment in the United States (CFIUS) (under P.L. 110-49) to review, on behalf of the President, the national security implications of FDI in the United States."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Cimino-Isaacs, Cathleen D.
2019-08-06
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Labor Enforcement Issues in U.S. FTAs [Updated August 23, 2019]
From the Background: "Labor provisions in free trade agreements (FTAs)--both in the U.S. and globally--were first included in the North American Agreement on Labor Cooperation (NAALC), the side agreement to the 1994 North American Free Trade Agreement (NAFTA). Since then provisions have evolved from commitments not just to enforce a country's own domestic labor laws, but also to adopt and enforce core principles of the International Labor Organization (ILO). [...] U.S. FTAs have set precedents both in terms of the scope and enforceability of labor provisions. An ILO report found as of 2016, 77 out of 267 FTAs globally included labor provisions, compared to 21 in 2005. Unlike U.S. practice, the majority of agreements do not subject labor provisions to dispute settlement. Most provide a framework for dialogue, capacity building, and monitoring, rather than link violations to economic consequences, such as trade sanctions. In cases where dispute settlement is applicable, such mechanisms have been rarely invoked; countries largely aim to solve disputes via cooperative consultations."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.
2019-08-23
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U.S.-Japan Trade Agreement Negotiations [Updated June 5, 2019]
From the Overview: "In April 2019, the United States and Japan held their first round of negotiations toward a new bilateral trade agreement. The Trump Administration is pursuing the talks with Japan under U.S. Trade Promotion Authority (TPA) procedures, potentially allowing for expedited legislative consideration of a concluded agreement. [...] The two parties continue to negotiate on the precise scope of the talks, but both sides appear to prioritize quick results over a more comprehensive negotiation. Key issues are likely to include trade commitments on motor vehicles, agricultural goods, and services, as well as areas where the two nations have largely similar goals, such as digital trade. Currency commitments are a priority among some U.S. stakeholders, but Japan opposes including them in the trade talks. On May 17, 2019, following an investigation by the U.S. Department of Commerce, President Trump proclaimed U.S. motor vehicle and parts imports, particularly from Japan and the EU, a threat to U.S. national security. [...] Given that motor vehicles are the top Japanese export to the United States, U.S. import restrictions on the sector would likely create a strong backlash from Japan. President Trump has stated he is using the threat of auto tariffs to influence broader U.S.-Japan trade negotiations, but it is unclear what auto outcomes the President seeks as part of the FTA [free trade agreement] talks."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Williams, Brock R.
2019-06-05
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World Trade Organization [Updated December 6, 2019]
From the Overview: "The World Trade Organization (WTO) was established on January 1, 1995, following the ratification of the Uruguay Round Agreements, and today includes 164 members. It succeeded the 1947 General Agreement on Tariffs and Trade (GATT), created as part of the post-WWII effort to build a stable, open international trading system. The WTO has three basic functions: (1) administers existing agreements; (2) serves as a negotiating forum for new trade liberalization and rules; and (3) provides a mechanism to settle disputes. The multiple WTO agreements cover trade in goods, services, and agriculture; remove tariff and nontariff barriers; and establish rules on government practices that directly relate to trade--for example, trade remedies, technical barriers to trade (TBT), intellectual property rights (IPR), and government procurement (Table 1). The agreements are based on the principles of nondiscrimination among countries--most-favored nation (MFN) treatment, national treatment, fair competition, and transparency of trade rules and regulations. Some exceptions, however, such as preferential treatment for developing countries and regional and bilateral trade agreements outside the WTO, are allowed."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Fefer, Rachel F.
2019-12-06
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USMCA: Labor Provisions [Updated January 10, 2020]
From the Overview: "The proposed U.S.-Mexico-Canada Agreement (USMCA), signed in late 2018, requires implementing legislation that must be approved by Congress before it can enter into force. [...] Labor issues were a major congressional concern throughout the USMCA negotiations and remained an issue after the three countries concluded the agreement in September 2018. In response, the U.S. Trade Representative (USTR) and some Members of the House of Representatives negotiated changes to the USMCA; most of the changes were dedicated to labor modifications. USTR then negotiated the amendments with Canada and Mexico."
Library of Congress. Congressional Research Service
Villarreal, M. Angeles; Cimino-Isaacs, Cathleen D.
2020-01-10
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World Trade Organization: Overview and Future Direction [Updated December 6, 2019]
From the Introduction: "The World Trade Organization (WTO) is an international organization that administers the trade rules and agreements negotiated by its 164 members to eliminate trade barriers and create nondiscriminatory rules to govern trade. It also serves as an important forum for resolving trade disputes. The United States was a major force behind the establishment of the WTO in 1995 and the rules and agreements that resulted from the Uruguay Round of multilateral trade negotiations (1986-1994). The WTO encompassed and expanded on the commitments and institutional functions of the General Agreement on Tariffs and Trade (GATT), which was established in 1947 by the United States and 22 other nations. Through the GATT and WTO, the United States and other countries sought to establish a more open, rules-based trading system in the postwar era, with the goal of fostering international economic cooperation, stability, and prosperity worldwide. Today, the vast majority of world trade, approximately 98%, takes place among WTO members. [...] This report provides background history of the WTO, its organization, and current status of negotiations. The report also explores concerns some have regarding the WTO's future direction and key policy issues for Congress."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Fefer, Rachel F.; Fergusson, Ian F.
2019-12-06
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CFIUS: New Foreign Investment Review Regulations [Updated February 21, 2020]
From the Overview: "On January 13, 2020, the Department of the Treasury issued final regulations to implement key parts of the Foreign Investment Risk Review Modernization Act (FIRRMA) (Title XVII, P.L. 115-232), which are intended to 'strengthen and modernize' the national security review of foreign direct investment (FDI) transactions by the Committee on Foreign Investment in the United States (CFIUS) (under P.L. 110-49). CFIUS is an interagency body comprising nine Cabinet members and others as appointed. The regulations, which largely concern CFIUS's expanded review of certain real estate and noncontrolling investments, became effective on February 13, 2020. These rules were widely anticipated by various stakeholders for clarifying key aspects of FIRRMA."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Jackson, James K., 1949-
2020-02-21
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CFIUS Reform Under FIRRMA [Updated February 21, 2020]
From the Overview: "Some Members of Congress, the Trump Administration, and some U.S. businesses have raised concerns over the risks to continued U.S. technological leadership to support national defense and economic security due to growing foreign direct investment (FDI), primarily by Chinese firms, in U.S. high-tech companies. On August 13, 2018, President Trump signed into law new rules governing foreign investment national security reviews. Known as the 'Foreign Investment Risk Review Modernization Act (FIRRMA) of 2018' (Title XVII, P.L. 115-232), the legislation amends the current process for the Committee on Foreign Investment in the United States (CFIUS) (under P.L. 110-49) to review, on behalf of the President, the national security implications of FDI in the United States."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Cimino-Isaacs, Cathleen D.
2020-02-21
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World Trade Organization: Overview and Future Direction [Updated October 2, 2019]
From the Introduction: "The World Trade Organization (WTO) is an international organization that administers the trade rules and agreements negotiated by its 164 members to eliminate trade barriers and create nondiscriminatory rules to govern trade. It also serves as an important forum for resolving trade disputes. [...] With growing debate over the role and future direction of the WTO, a number of issues may be of interest to Congress, including the value of U.S. membership and leadership in the WTO, whether new U.S. negotiating objectives or oversight hearings are needed to address prospects for new WTO reforms and rulemaking, and the relevant authorities and the impact of potential WTO withdrawal on U.S. economic and foreign policy interests. This report provides background history of the WTO, its organization, and current status of negotiations. The report also explores concerns some have regarding the WTO's future direction and key policy issues for Congress."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Fergusson, Ian F.; Fefer, Rachel F.
2019-10-02
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U.S.-Japan Trade Agreement Negotiations [Updated September 12, 2019]
From the Overview: "In April 2019, the United States and Japan held their first round of negotiations toward a new bilateral trade agreement. [...] In August, President Trump and Prime Minister Abe announced they reached an agreement on 'core principles' of a trade agreement covering agricultural market access, some industrial goods tariffs, and rules on digital trade. Both sides have released few details on the exact terms, but indicate they aim to finalize and sign the deal by late September. The announced deal reportedly does not cover trade commitments on motor vehicles, a long-standing area of bilateral tension. [...] President Trump has stated he is using the threat of increased U.S. auto tariffs to influence the broader negotiations."
Library of Congress. Congressional Research Service
Williams, Brock R.; Cimino-Isaacs, Cathleen D.
2019-09-12
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CFIUS Reform: Foreign Investment National Security Reviews [Updated October 3, 2019]
From the Overview: "Some Members of Congress, the Trump Administration, and some U.S. businesses have raised concerns over the risks to continued U.S. technological leadership to support national defense and economic security due to growing foreign direct investment (FDI), primarily by Chinese firms, in U.S. high-tech companies. On August 13, 2018, President Trump signed into law new rules governing foreign investment national security reviews. Known as the 'Foreign Investment Risk Review Modernization Act (FIRRMA) of 2018' (Title XVII, P.L. 115-232), the legislation amends the current process for the Committee on Foreign Investment in the United States (CFIUS) (under P.L. 110-49) to review, on behalf of the President, the national security implications of FDI in the United States."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Cimino-Isaacs, Cathleen D.
2019-10-03
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U.S.-Japan Trade Agreement Negotiations [Updated October 3, 2019]
From the Overview: "On September 25, 2019, President Trump and Prime Minister Abe announced they had finalized a limited bilateral trade agreement consisting of tariff cuts on agricultural and industrial goods and commitments on digital trade. The two sides stated their intent to begin negotiations on a more comprehensive deal after this initial agreement enters into force. [...] Notably, the limited agreement does not include trade commitments on motor vehicles, a long-standing area of bilateral tension. On May 17, 2019, following an investigation by the U.S. Department of Commerce under Section 232 of the Trade Expansion Act of 1962, President Trump proclaimed motor vehicle and parts imports, particularly from Japan and the EU, a threat to U.S. national security. [...] Alleviating the auto tariff threat was a key objective of Japan in the recent talks."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Williams, Brock R.
2019-10-03
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Deadlines, Programs, and Regulations Mandated by FIRRMA [Updated October 3, 2019]
From the Overview: "On August 13, 2018, President Trump signed the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) (Subtitle A, Title XVII, P.L. 115-232). Various provisions became effective upon implementation, while interim rules for some provisions became effective on October 11, 2018. Among other items, FIRRMA required the Committee on Foreign Investment in the United States (CFIUS) to meet certain deadlines in programs and reporting and develop new regulations. In October 2018, the Department of the Treasury published in the 'Federal Register' preliminary rules implementing certain provisions of FIRRMA through a pilot program, which took effect on November 10. FIRRMA's implementation may raise several questions for the 116th Congress, such as the extent to which modernization of CFIUS and its review of foreign direct investment transactions for their national security implications will safeguard U.S. national security interests, particularly those related to strategic competition for leading edge technology."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Cimino-Isaacs, Cathleen D.
2019-10-03
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CFIUS: New Foreign Investment Review Regulations [October 16, 2019]
From the Overview: "On September 17, 2019, the Department of the Treasury proposed regulations for public notice and comment to implement key parts of the Foreign Investment Risk Review Modernization Act (FIRRMA) (Title XVII, P.L. 115-232), which 'strengthens and modernizes' the national security review of foreign direct investment (FDI) transactions by the Committee on Foreign Investment in the United States (CFIUS) (under P.L. 110-49). CFIUS is an interagency body comprising nine Cabinet members and others as appointed. The draft regulations initiate provisions that would affect how certain real estate and noncontrolling investments will be scrutinized. These regulations were widely anticipated by various stakeholders for clarifying key aspects of FIRRMA."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Jackson, James K., 1949-
2019-10-16
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Section 307 and Imports Produced by Forced Labor [November 14, 2019]
From the Document: "Section 307 of the Tariff Act of 1930 (19 U.S.C. §1307) prohibits the importation of any product that was mined, produced, or manufactured wholly or in part by forced labor, including forced or indentured child labor. U.S. Customs and Border Protection (CBP) is charged with enforcing the prohibition. U.S. customs law has contained prohibitions against importing goods produced by certain categories of labor since the end of the nineteenth century. Beginning in 1890, the United States prohibited imports of goods manufactured with convict labor. In 1930, Congress expanded this prohibition in Section 307 of the Tariff Act to include any (not just manufactured) products of forced labor. Although a few Members of Congress brought up humanitarian concerns during debate, the central legislative concern was with protecting domestic producers from competing with products made with forced labor. As such, Section 307 allowed the admission of products of forced labor if it could be shown that no comparable product was made in the United States or the level of domestic production did not meet domestic demand ('consumptive demand' provision)."
Library of Congress. Congressional Research Service
Casey, Christopher A.; Cimino-Isaacs, Cathleen D.; O'Regan, Katarina C.
2019-11-14
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Regional Comprehensive Economic Partnership: Status and Recent Developments [November 19, 2019]
From the Document: "The Regional Comprehensive Economic Partnership (RCEP) is a prospective trade agreement between the ten members of the Association of Southeast Asian Nations (ASEAN) and five of their major FTA [free trade agreement] partners--Australia, China, Japan, New Zealand, and South Korea. [...] India, the primary holdout in recent negotiations, announced its withdrawal from the pact, though indicated it may consider rejoining. Despite India's announcement, the other RCEP members indicated that they aim to sign the deal in 2020. The text or exact details of the agreement are not yet public, limiting analysis of its implications, though some members have released general summaries. [...] Although RCEP is not considered likely to be as comprehensive as other agreements in terms of the scope and depth of prospective commitments, its current members constitute about 30% of global trade and GDP [gross domestic product], giving it the potential to restructure some trade patterns in Asia. As these initiatives advance without U.S. participation, Congress may consider how U.S. commercial interests in the region, as well as the U.S. role in shaping trade rules and economic integration efforts in the Indo-Pacific and globally, could be affected."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Sutherland, Michael D.
2019-11-19
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Labor Enforcement Issues in U.S. FTAs [Updated March 2, 2020]
From the Document: "Labor provisions in free trade agreements (FTAs)--both in the U.S. and globally--were first included in the North American Agreement on Labor Cooperation (NAALC), the side agreement to the 1994 North American Free Trade Agreement (NAFTA). Since then, provisions have evolved from commitments not just to enforce a country's own domestic labor laws, but also to adopt and enforce core principles of the International Labor Organization (ILO). As requested by Congress through trade promotion authority (TPA), recent U.S. FTAs also subject labor chapters to the same dispute settlement (DS) procedures as other obligations, although with minor modifications. Some Members of Congress view strong labor provisions in U.S. FTAs as an important issue and they have raised concerns over FTA partner compliance with labor commitments and the U.S. record of enforcement. These issues were part of the debate over the proposed Trans-Pacific Partnership (TPP) and in the renegotiation of NAFTA as the U.S.- Mexico-Canada Agreement (USMCA), for which Congress passed implementing legislation in early 2020."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.
2020-03-02
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International Trade and Finance: Overview and Issues for the 116th Congress [Updated January 17, 2020]
From the Document: "The U.S. Constitution grants authority to Congress to lay and collect duties and regulate foreign commerce. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations, U.S. trade and economic relations with specific regions and countries, international institutions focused on trade, tariff and nontariff barriers, worker dislocation due to trade liberalization, enforcement of trade laws and trade agreement commitments, import and export policies, international investment, economic sanctions, and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.; Nelson, Rebecca M.; Akhtar, Shayerah Ilias . . .
2020-01-17
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U.S.-Japan Trade Agreement Negotiations [Updated January 16, 2020]
From the Overview: "On October 7, 2019, after six months of formal negotiations, the United States and Japan signed two agreements intended to liberalize bilateral trade. The U.S.- Japan Trade Agreement (USJTA) provides for limited tariff reductions and quota expansions to improve market access. The U.S.-Japan Digital Trade Agreement covers rules on digital aspects of international commerce. The agreements, which took effect on January 1, 2020, without formal action by Congress, constitute what the Trump and Abe Administrations envision as 'stage one' of a broader U.S.- Japan trade agreement, with future negotiations expected in coming months. The Administration used delegated tariff authorities in Trade Promotion Authority (TPA) to proclaim the USJTA provisions, while the digital trade agreement, which did not require changes to U.S. law, was treated as an Executive Agreement."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Williams, Brock R.
2020-01-16
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Deadlines, Programs, and Regulations Mandated by FIRRMA [Updated January 14, 2020]
From the Overview: "On August 13, 2018, President Trump signed the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) (Subtitle A, Title XVII, P.L. 115-232). Various provisions became effective upon implementation, while interim rules for some provisions became effective on October 11, 2018. Among other items, FIRRMA required the Committee on Foreign Investment in the United States (CFIUS) to meet certain deadlines in programs and reporting and develop new regulations. In October 2018, the Department of the Treasury published in the 'Federal Register' preliminary rules implementing certain provisions of FIRRMA through a pilot program, which took effect on November 10. FIRRMA's implementation may raise several questions for the 116th Congress, such as the extent to which modernization of CFIUS and its review of foreign direct investment transactions for their national security implications will safeguard U.S. national security interests, particularly those related to strategic competition for leading edge technology. Final regulations were published January 13, 2020, and are expected to be implemented by February 13, 2020, on certain real estate transactions and noncontrolling investments."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Cimino-Isaacs, Cathleen D.
2020-01-14
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CFIUS: New Foreign Investment Review Regulations [Updated January 14, 2020]
From the Overview: "On January 13, 2020, the Department of the Treasury issued final regulations after public notice and comment to implement key parts of the Foreign Investment Risk Review Modernization Act (FIRRMA) (Title XVII, P.L. 115-232), which 'strengthens and modernizes' the national security review of foreign direct investment (FDI) transactions by the Committee on Foreign Investment in the United States (CFIUS) (under P.L. 110-49). CFIUS is an interagency body comprising nine Cabinet members and others as appointed. The draft regulations initiate provisions that would affect how certain real estate and noncontrolling investments will be scrutinized. These regulations were widely anticipated by various stakeholders for clarifying key aspects of FIRRMA."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.
2020-01-14
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CFIUS Reform: Foreign Investment National Security Reviews [Updated January 14, 2020]
From the Overview: "Some Members of Congress, the Trump Administration, and some U.S. businesses have raised concerns over the risks to continued U.S. technological leadership to support national defense and economic security due to growing foreign direct investment (FDI), primarily by Chinese firms, in U.S. high-tech companies. On August 13, 2018, President Trump signed into law new rules governing foreign investment national security reviews. Known as the 'Foreign Investment Risk Review Modernization Act (FIRRMA) of 2018' (Title XVII, P.L. 115-232), the legislation amends the current process for the Committee on Foreign Investment in the United States (CFIUS) (under P.L. 110-49) to review, on behalf of the President, the national security implications of FDI in the United States."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Cimino-Isaacs, Cathleen D.
2020-01-14
