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U.S . - Japan Announce New Limited Trade Negotiations [October 17, 2018]
"On September 26, 2018, President Trump and Japanese Prime Minister Abe announced plans to enter into formal bilateral negotiations for a 'United-States Japan Trade Agreement on goods, as well as on other key areas including services, that can produce early achievements.' The announcement appeared to end a nearly two-year stalemate, in which Japan was resisting U.S. pressure to enter into bilateral trade talks, and at least temporarily suspended the threat of new U.S. tariffs against Japanese motor vehicles and auto parts. While the joint statement offers few details on overall negotiating objectives, both sides committed that, in conducting negotiations, they will 'respect positions of the other government' on market access outcomes in the auto and agricultural sectors, in particular--namely, the U.S. goal of creating production and jobs in the U.S. auto sector and the Japanese goal of protecting its agricultural sector."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Williams, Brock R.
2018-10-17
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World Trade Organization (WTO): U.S. Participation at Risk? [July 31, 2018]
"In a break from past administrations, the Trump Administration has expressed doubt over the value of the World Trade Organization (WTO) to the U.S. economy. The United States was a key architect of the WTO--the 164-member international organization established in 1995 that oversees global trade rules and trade liberalization negotiations, and resolves trade disputes. In late June, media reports suggested that President Trump was considering withdrawing the United States from the WTO; U.S. officials have since said talks of withdrawal are 'premature' and an 'exaggeration.' Congress has recognized the WTO as the 'foundation of the global trading system,' and plays a direct legislative and oversight role over WTO agreements. [...] Some U.S. frustrations with the WTO are not new and many are shared by other trading partners. But the Administration's overall approach has spurred new questions regarding the future of U.S. leadership (and participation) in the WTO, as well as the role of Congress in U.S. trade policy. In particular, recent U.S. actions to raise tariffs against major trading partners unilaterally and to potentially obstruct the functioning of the dispute settlement system, have prompted concerns that the United States may undermine the effectiveness and credibility of the institution that it helped to create."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.
2018-07-31
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Labor Enforcement Issues in U.S. FTAs [September 7, 2018]
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 labor principles of the International Labor Organization (ILO). As mandated by Congress through trade promotion authority (TPA), recent U.S. FTAs also subject labor chapters to the same dispute settlement procedures as all other obligations. Some Members view strong worker rights 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 a part of the debate over the TransPacific Partnership (TPP) and in the NAFTA renegotiation."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.
2018-09-07
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Iran's Expanding Economic Relations with Asia [November 29, 2017]
"Since multilateral sanctions on Iran were lifted in January 2016 under the Iran nuclear agreement (Joint Comprehensive Plan of Action, JCPOA), foreign firms have begun to resume business with Iran. Iranian leaders seem to be counting on expanded economic ties with the major East Asian economies to help Iran emerge from the years of international sanctions, diversify its economy away from reliance on hydrocarbon products, and become a regional trading hub. Expanding ties with Asia is politically easy for Iran because the major Asian countries remained engaged in Iran's economy even during the 2010-2016 multilateral sanctions regime (see CRS [Congressional Research Service] Report RS20871, Iran Sanctions)."
Library of Congress. Congressional Research Service
Katzman, Kenneth; Cimino-Isaacs, Cathleen D.
2017-11-29
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World Trade Organization: Overview and Future Direction [November 29, 2018]
"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."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Fefer, Rachel F.; Fergusson, Ian F.
2018-11-29
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Iran: Efforts to Preserve Economic Benefits of the Nuclear Deal [November 8, 2018]
"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, 700 Iranian and third country entities have again been designated by the United States as sanctioned entities, meaning that foreign firms that transact business with these entities could face virtual exclusion from the U.S. economy. The non-U.S. parties to the JCPOA--the United Kingdom, France, Germany, Russia, China, the European Union (EU) and Iran--opposed the U.S. move and have sought to preserve the accord. The outcome of their efforts may depend on the degree to which Iran perceives that it continues to receive economic benefits of the agreement. To date, Iran has continued to comply with the JCPOA, while pressing the EU and other parties to the JCPOA to provide assurances of continued economic engagement with Iran."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Katzman, Kenneth; Mix, Derek E.
2018-11-08
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Deadlines, Programs, and Regulations Mandated by FIRRMA [Updated May 2, 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 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
Cimino-Isaacs, Cathleen D.; Jackson, James K., 1949-
2019-05-02
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CFIUS Reform: Foreign Investment National Security Reviews [Updated May 2, 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
Cimino-Isaacs, Cathleen D.; Jackson, James K., 1949-
2019-05-02
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U.S.-Japan Trade Agreement Negotiations [Updated April 26, 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. As the fourth-largest U.S. trade partner, Japan is a long-standing U.S. priority for trade negotiations, in particular following the 2017 U.S. withdrawal from the proposed Trans-Pacific Partnership (TPP), which included Japan. 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."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Williams, Brock R.
2019-04-26
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World Trade Organization: Overview and Future Direction [Updated February 15, 2019]
"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."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Fefer, Rachel F.; Fergusson, Ian F.
2019-02-15
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International Trade and Finance: Overview and Issues for the 116th Congress [Updated January 28, 2019]
"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
Nelson, Rebecca M.; Schwarzenberg, Andres B.; Akhtar, Shayerah Ilias . . .
2019-01-28
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EU-Japan FTA: Implications for U.S. Trade Policy [February 7, 2019]
"In July 2018, the European Union (EU) and Japan signed a free trade agreement (FTA) after 18 rounds of talks since 2013. Following ratification in December, the agreement entered into force in February 2019. The EU and Japan account for about 40% of global trade and 30% of global GDP [Gross domestic product]. Japanese and EU officials respectively touted the FTA as the 'world's largest, free, industrialized economic zone' and 'most important bilateral trade agreement ever concluded by the EU.' EU Trade Commissioner Cecelia Malmström framed it in strategic terms as a 'powerful signal' to the world 'that Japan and the EU are partners' and stand together 'to defend free and fair and sustainable trade in a climate where that is not taken for granted.'"
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.
2019-02-07
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Export Restrictions in Response to the COVID-19 Pandemic [May 15, 2020]
From the Document: "In response to the COVID-19 [coronavirus disease 2019] pandemic, countries all over the world, including the United States, have imposed temporary restrictions on exports of certain medical goods and some foodstuffs in order to mitigate potential shortages of key supplies. Many measures are not explicit bans, but vary from licensing requirements to mandates for sales to the state. These restrictions have raised debate about the consistency of such actions with World Trade Organization (WTO) rules and the potential impact on the global trading system. Some markets depend heavily on countries that have implemented restrictions. Most leading exporters are also major importers of critical supplies, with integrated supply chains at risk. The proliferation of such measures has prompted some countries to commit to limit restrictions or to abide by certain principles in their temporary application. Members of Congress have weighed in on both sides of the issue, both in terms of the immediate disruption from COVID-19, but also on the future of supply chains."
Library of Congress. Congressional Research Service
Casey, Christopher A.; Cimino-Isaacs, Cathleen D.
2020-05-15
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U.S.-Japan Relations [Updated April 29, 2020]
From the Overview: "Japan, a U.S. treaty ally since 1951, is a significant partner of the United States in several foreign policy areas, particularly security and trade issues. Shared security goals range from meeting the challenge of an increasingly powerful China to countering threats from North Korea. The mutual defense treaty grants the U.S. military the right to base U.S. troops--currently numbering around 50,000-- and other military assets on Japanese territory in return for a U.S. pledge to protect Japan's security. The two countries collaborate across multiple bilateral, regional, and multilateral institutions on issues such as science and technology, global health, energy, and agriculture. Japan also is the fifth largest U.S. trading partner (fourth largest if European Union [EU] countries are considered separately) and second largest source of foreign direct investment in the United States. Japanese investors are the largest foreign holder of U.S. Treasury securities. Despite their shared security concerns and the personal rapport that has developed between Prime Minister Shinzo Abe and President Donald Trump, significant policy differences between Washington and Tokyo have emerged."
Library of Congress. Congressional Research Service
Chanlett-Avery, Emma; Manyin, Mark E.; Williams, Brock R. . . .
2020-04-29
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WTO: Ministerial Delay, COVID-19, and Ongoing Issues [Updated April 22, 2020]
From the Overview: "Due to the coronavirus pandemic (COVID-19), the World Trade Organization (WTO) canceled its 12th Ministerial Conference (MC12) planned for June 2020. The biennial meeting, which usually involves active U.S. participation, was widely anticipated as an action-forcing event for the WTO, amid serious challenges facing the multilateral trading system. Some members hoped key results for ongoing negotiations could help preserve the WTO's relevance. In addition, a dispute settlement (DS) crisis continues, with the Appellate Body ceasing to operate in December 2019 and no consensus on solutions. Broader reforms of the institution also remain under active discussion, including some U.S. proposals. While MC12 and other meetings were suspended, members are attempting to continue some WTO operations virtually. The WTO can play a unique role in coordinating global trade responses, which could be critical in mitigating the grim global economic and trade outlook in the wake of COVID-19."
Library of Congress. Congressional Research Service
Fergusson, Ian F.; Cimino-Isaacs, Cathleen D.; Fefer, Rachel F.
2020-04-22
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WTO: Ministerial Delay, COVID-19, and Ongoing Issues [Updated May 15, 2020]
From the Overview: "Due to the coronavirus pandemic (COVID-19), the World Trade Organization (WTO) canceled its 12th Ministerial Conference (MC12) planned for June 2020. The biennial meeting, which usually involves active U.S. participation, was widely anticipated as an action-forcing event for the WTO amid serious challenges facing the multilateral trading system. Some members had hoped key results for ongoing negotiations could help bolsterthe WTO's relevance. In addition, a dispute settlement (DS) crisis continues, with the Appellate Body ceasing to operate in December 2019, and no consensus on solutions. Broader reforms of the institution also remain under active discussion, including some U.S. proposals. While MC12 and other meetings were suspended, members are attempting to continue some WTO operations virtually. Members will also face selecting new leadership, as WTO Director-General Azevêdo announced plans to step down in fall 2020, a year before his term's end. [...] Members of Congress have expressed support for ongoing WTO reform effort, sought clarification on the positions of the Administration, and proposed trade-related legislation in response to COVID-19. In May, some Members introduced joint resolutions to withdraw from the WTO."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Fefer, Rachel F.; Fergusson, Ian F.
2020-05-15
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Trump Administration Tariff Actions: Frequently Asked Questions [Updated December 15, 2020]
From the Introduction: "The U.S. Constitution grants Congress the sole authority to regulate foreign commerce and therefore impose tariffs, but through various trade laws, Congress has delegated authority to the President to modify tariffs and other trade restrictions under certain circumstances. [...] The Trump Administration's tariff actions raise a number of issues for Congress and have been the focus of congressional debate. Such issues include the effect of the tariffs on U.S. economic activity, such as increases in the price of imported goods, affecting both U.S. consumers and producers, as well as diminished competitiveness of U.S. exports in foreign markets as a result of tariff retaliation. The tariff actions, their frequent modifications, and the exemption application process have also created uncertainty for U.S. businesses. In addition, questions over whether the Trump Administration's tariff actions adhere to congressional intent for the use of delegated tariff authority, in part due to broadly defined statutory criteria, have led to debate in Congress over potential legislative reforms. Congress may also consider how these tariff actions affect the multilateral trading system and the U.S. role and leadership in that system, U.S. bilateral trade relations, and whether tariff increases are an appropriate tool in the negotiation of broader trade reforms."
Library of Congress. Congressional Research Service
Williams, Brock R.; Casey, Christopher A.; Cimino-Isaacs, Cathleen D. . . .
2020-12-15
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Regional Comprehensive Economic Partnership: Status and Recent Developments [Updated November 19, 2020]
From the Document: "The Regional Comprehensive Economic Partnership (RCEP) is a regional trade agreement between the ten members of the Association of Southeast Asian Nations (ASEAN) and five of their individual FTA [free trade agreement] partners--Australia, China, Japan, New Zealand, and South Korea. After eight years of challenging talks, the agreement was signed on November 15, 2020, at the 4th RCEP Summit, hosted by Vietnam. Many viewed RCEP's signing as an achievement for the multilateral trading system, which faces myriad challenges, including a global economic slowdown and rising protectionism and trade disputes. It also follows the recent entry into force of 'mega-regional' trade deals, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP or TPP-11), which includes seven RCEP members [...]. Although RCEP is generally less comprehensive than other agreements, including TPP-11, its members constitute approximately 30% of global trade and GDP, giving it the potential to restructure some trade patterns and supply chains in Asia through lower trade costs and streamlined rules. As RCEP enters into force, Congress might consider how U.S. commercial interests could be affected by an agreement that allows firms from other developed economies to make supply chains more efficient, as well as the impact of the perceived diminishing U.S. role in shaping trade rules and economic integration in the region and globally."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Sutherland, Michael D.
2020-11-19
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Section 307 and U.S. Imports of Products of Forced Labor: Overview and Issues for Congress [December 7, 2020]
From the Summary: "The International Labor Organization (ILO) estimates that as of 2016, nearly 25 million adults and children worked in forced labor, also known as labor trafficking. Section 307 of the Tariff Act of 1930 (19 U.S.C. §1307) prohibits U.S. imports of any product that was mined, produced, or manufactured wholly or in part by forced labor, including forced or indentured child labor. Amid concerns in recent decades over the statute's lack of use and increasing interest in combatting human trafficking, Congress amended Section 307 in 2015 to make it easier to block the entry of products of forced labor by removing the 'consumptive demand' exception. This exception had permitted imports of goods that were not domestically produced in such quantities as to meet U.S. consumption needs. Since 2016, enforcement of Section 307 has increased in frequency and scope, and to date U.S. Customs and Border Protection (CBP) has issued 26 'withhold release orders' (WROs), which bar entry of certain goods made by forced labor. While WROs were typically limited to specific manufacturers and producers, CBP recently has issued broader industry- and countrywide orders. WROs are one of several congressionally mandated forced labor and anti-human trafficking measures. [...] This report provides background and analysis on Section 307 and CBP processes, trends regarding its use, and key issues for Congress regarding Section 307 enforcement and U.S. trade policy."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Casey, Christopher A.; O'Regan, Katarina C.
2020-12-07
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U.S.-Japan Trade Agreement Negotiations [Updated December 18, 2020]
From the Overview: "On October 7, 2019, after six months of formal negotiations, the United States and Japan signed two agreements 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 described as 'stage one' of a broader U.S.- Japan trade agreement, but further talks have yet to materialize. The Trump 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. The status of the pending second stage bilateral talks remains of interest to Congress but is uncertain under both Japan's new Suga Administration and the incoming Biden Administration. As the fourth-largest U.S. trade partner, Japan has been a high priority for U.S. trade negotiations, especially as recent Japanese free trade agreements (FTAs), including with the European Union (EU) and the TPP-11 (successor to the Trans-Pacific Partnership (TPP) following U.S. withdrawal), lower Japan's tariffs on imports from several countries, placing U.S. exporters at a disadvantage."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Williams, Brock R.
2020-12-18
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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
