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Trade Preferences: Economic Issues and Policy Options [September 24, 2010]

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"Since 1974, Congress has created multiple trade preference programs designed to foster economic growth, reform, and development in less developed countries. These programs give temporary, non-reciprocal, duty-free U.S. market access to select exports of eligible countries. Congress conducts regular oversight of these programs, repeatedly revising and extending them. Two major issues face the 111th Congress: (1) the expiration of two preference programs by December 31, 2010; and (2) possible legislative action on broader reform of the preference programs based on comprehensive reviews in hearings held in both the House and the Senate earlier in this Congress. Congress established five trade preference programs. The Generalized System of Preferences (GSP) applies to developing countries as a whole. In addition, there are four regional programs established in the Andean Trade Preference Act (APTA), the Caribbean Basin Economic Recovery Act (CBERA); the Caribbean Trade Partnership Act (CBTPA), the African Growth and Opportunity Act (AGOA), and the Haitian Opportunity through Partnership Encouragement (HOPE) Act. Both the GSP and the ATPA are scheduled to expire on December 31, 2010."

Library of Congress. Congressional Research Service

Jones, Vivian Catherine; Hornbeck, J. F. (John F.); Villarreal, M. Angeles

2010-09-24
U.S.-Latin America Trade: Recent Trends and Policy Issues [June 25, 2010]

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"Trade is one of the more enduring issues in contemporary U.S.-Latin America relations. Latin America is far from the largest U.S. regional trade partner, but historically is the fastest growing one. Between 1998 and 2009, total U.S. merchandise trade (exports plus imports) with Latin America grew by 82% compared to 72% for Asia (driven largely by China), 51% for the European Union, 221% for Africa, and 64% for the world. Mexico composed 11.7% of total U.S. merchandise trade in 2009 and is the largest Latin American trade partner, accounting for 58% of the region's trade with the United States, the result of a long history of economic integration between the two countries. By contrast, the rest of Latin America together makes up only 8.3% of U.S. trade, leaving significant room for growth. Latin American countries have made noted progress in trade liberalization, reducing tariffs significantly and entering into their own regional agreements. This development presented an opportunity for the United States, which has supported deeper regional integration, in part because it has been widely viewed as beneficial for both economic and foreign policy reasons. The United States has implemented comprehensive bilateral or plurilateral reciprocal trade agreements with most of its important trade partners in Latin America. These include the North American Free Trade Agreement (NAFTA), the Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR), and bilateral FTAs with Chile and Peru. FTAs with Panama and Colombia have been signed but not implemented, pending congressional action."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2010-06-25
U.S.-Latin America Trade: Recent Trends and Policy Issues [Updated September 3, 2009]

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"Trade is one of the more enduring issues in contemporary U.S.-Latin America relations. Latin America is far from the largest U.S. regional trade partner, but it is the fastest growing one, with the current exception of Africa, which has had strong export growth based largely on the rise of petroleum prices through mid-2008. Latin American countries have made noted progress in trade liberalization, reducing tariffs significantly and entering into their own regional agreements over the past two decades, although the pace has slowed of late."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2009-09-03
Free Trade Area of the Americas: Major Policy Issues and Status of Negotiations [Updated July 15, 2008]

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This CRS report covers policy issues concerning a free trade area of the Americas. "In 1994, 34 Western Hemisphere nations met at the first Summit of the Americas, envisioning a plan to complete a Free Trade Area of the Americas (FTAA) by January 1, 2005. Nine years later, at the November 2003 Miami trade ministerial, the United States and Brazil, the FTAA co-chairs, brokered a compromise. It moved the FTAA away from the comprehensive, single undertaking principle, toward a two-tier framework comprising a set of 'common rights and obligations' for all countries, combined with voluntary plurilateral arrangements with country benefits related to commitments. So far, defining this concept has proven elusive, causing the FTAA talks to stall and the January 1, 2005 deadline to be missed. At the fourth Summit of the Americas held in November 2005, Brazil, Argentina, Uruguay, Paraguay, and Venezuela blocked an effort to restart negotiations, and should Venezuela become a full member of Mercosur, resistence to resuming FTAA negotiations may harden. This report follows the FTAA process and will be updated periodically."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2008-07-15
U.S.-Central America Free Trade Agreement (CAFTA): Challenges for Sub-Regional Integration [Updated June 1, 2004]

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"On May 28, 2004, the United States signed the U.S.-Central America Free Trade Agreement (CAFTA) with Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. In addition, the Dominican Republic concluded a similar bilateral free trade agreement (FTA) with the United States on March 15, 2004, which is expected to be signed in July 2004 and integrated with CAFTA to be considered as a single legislative package. CAFTA was negotiated, in part, as a regional agreement in which all parties would be subject to the 'the same set of obligations and commitments,' but with each country defining its own separate schedules for market access on a bilateral basis. The flexibility of this framework allowed Costa Rica to negotiate longer, and for a slightly different arrangement than the other four Central American countries, each of which also negotiated separate schedules. It also allows for the Dominican Republic to be added at a later date. CAFTA is a comprehensive and reciprocal trade agreement, which distinguishes it from the CBI unilateral preferential arrangement between the United States and these countries. It defines detailed rules that would govern market access of goods, as well as services trade, government procurement, intellectual property, and investment."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2004-06-01
U.S.-Latin American Trade: Recent Trends [Updated May 11, 2004]

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"Since congressional passage of Trade Promotion Authority (TPA) in August 2002 (P.L. 107-210), the U.S.-Chile free trade agreement (FTA) has been implemented and negotiations have been concluded on the U.S.-Central America Free Trade Agreement (CAFTA). Congress will likely follow closely progress on other U.S.-Latin American trade initiatives, including new bilateral discussions begun with the Andean countries and Panama, and the Free Trade Area of the Americas (FTAA), scheduled to be concluded in January 2005. Congress defined trade negotiation objectives in TPA and trade agreements are enacted only after Congress passes implementing legislation. This report supports the congressional role in trade policy by providing an analytical overview of U.S.-Latin American trade data and trends, and will be updated."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2004-05-11
Latin America and the Caribbean: Issues for the 109th Congress [Updated January 24, 2006]

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"The Latin America and Caribbean region has made enormous strides over the past two decades in terms of political and economic development. While the region overall experienced an economic setback in 2002-2003, by the end of 2004, it had rebounded with an estimated growth rate of nearly 6% for the year, surpassing even the most optimistic predictions. Nevertheless, several nations face considerable challenges that could threaten political stability, including persistent poverty, violent guerrilla conflicts, autocratic leaders, drug trafficking, and increasing crime. Legislative and oversight attention to Latin America and the Caribbean in the 109th Congress has focused on continued counter-narcotics efforts, especially in the Andean region; trade issues, including consideration of several free trade agreements (FTAs); threats to democracy in such nations as Haiti and Venezuela; and efforts to foster political change in Cuba. Congress also has maintained an active interest in neighboring Mexico, focusing especially on border security and migration issues. Since 2000, the Andean Counterdrug Initiative (ACI) has been the primary U.S. program supporting the Colombian governments efforts to combat drug trafficking and terrorist activity perpetrated by guerrilla and paramilitary groups. The 109th Congress approved the Administrations request to continue ACI funding in FY2006 at approximately the same levels as in previous years."

Library of Congress. Congressional Research Service

Sullivan, Mark P.; Hornbeck, J. F. (John F.); Storrs, K. Larry (Keith Larry), 1937-

2005-11-16
Latin America and the Caribbean: Issues for the 109th Congress [Updated March 29, 2006]

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"The Latin America and Caribbean region has made enormous strides over the past two decades in terms of political and economic development. While the region overall experienced an economic setback in 2002-2003, it rebounded in 2004, with a growth rate of 5.9%. Estimates for 2005 show a growth rate of 4.3%. Nevertheless, several nations face considerable challenges that could threaten political stability, including persistent poverty, violent guerrilla conflicts, autocratic leaders, drug trafficking, increasing crime, and the rise of radical populism in several countries. Legislative and oversight attention to Latin America and the Caribbean in the second session of the 109th Congress are focusing on continued counter-narcotics efforts in the region; trade issues, including the possible consideration of implementing legislation for one or more free trade agreements; potential challenges to democracy in Venezuela and Bolivia; ongoing efforts to bring political stability and ameliorate poverty in Haiti; efforts to foster change in Cuba; and cooperation on border security, migration, and anti-terrorism measures, especially with Mexico. Since 2000, the Andean Counterdrug Initiative (ACI) has been the primary U.S. program supporting the Colombian government's efforts to combat drug trafficking and terrorist activity perpetrated by guerrilla and paramilitary groups. In the first session, the 109th Congress approved the Administration's request to continue ACI funding in FY2006 at approximately the same levels as in previous years, and the second session will be considering the FY2007 request for ACI funding."

Library of Congress. Congressional Research Service

Sullivan, Mark P.; Hornbeck, J. F. (John F.); Cook, Colleen W.

2006-03-29
Latin America and the Caribbean: Issues for the 109th Congress [Updated May 26, 2005]

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"The Latin America and Caribbean region has made enormous strides over the past two decades in terms of political and economic development. While the region overall experienced an economic setback in 2002-2003, by the end of 2004, it had rebounded with an estimated growth rate of 5.5% for the year, surpassing even the most optimistic predictions. Nevertheless, several nations face considerable challenges that could threaten political stability, including persistent poverty, violent guerrilla conflicts, autocratic leaders, drug trafficking, and increasing crime."

Library of Congress. Congressional Research Service

Sullivan, Mark P.; Seelke, Clare Ribando; Hornbeck, J. F. (John F.)

2005-05-26
Latin America and the Caribbean: Issues for the 108th Congress [Updated August 22, 2003]

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The Latin American and Caribbean region has made enormous strides over the past two decades in political development, with all countries but Cuba led by democratically-elected heads of state. Bush Administration officials maintain that U.S. policy toward Latin America has three overarching goals: strengthening security; promoting democracy and good governance; and stimulating economic development. In contrast, others maintain that the United States has an active policy toward Latin America and point to the considerable assistance and support provided to Colombia and its neighbors as they combat drug trafficking and terrorist groups. They also point to the momentum toward free trade in the region through negotiation of free trade agreements, and to increased bilateral and regional cooperation on security issues. With regard to trade, Congress approved implementing legislation for a bilateral free trade agreement with Chile in July 2003. Congressional oversight also may focus on negotiations for a Free Trade Area of the Americas agreement, scheduled for completion in January 2005, and on negotiations for a free trade agreement with Central America. This report, which will be updated periodically, examines issues in U.S. policy toward Latin America and the Caribbean, focusing especially on the role of Congress and congressional concerns.

Library of Congress. Congressional Research Service

Sullivan, Mark P.; Hornbeck, J. F. (John F.); Veillette, Connie

2003-08-22
U.S. Financial Crisis: Lessons From Chile [September 29, 2008]

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This CRS report examines the Chilean banking crisis which occurred during the mid-1980's and compares it to the current U.S. financial crisis. More specifically, according to the report, "Chile's response to its 1981-84 systemic banking crisis has been held up as one example. The cost was comparable relative to the size of its economy to that facing the U.S. Government today. In 1985, Central Bank losses to rescue financially distressed financial institutions were estimated to be 7.8% of GDP (equivalent to approximately $1 trillion in the United States today). The policy options Chile chose had similarities as well as differences from those contemplated in the United States today. Their relevance is debatable, but they do highlight an approach that succeeded in eventually stabilizing and returning the Chilean banking sector to health, while keeping the credit markets functioning throughout the crisis."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2008-09-29
Dominican Republic-Central America-United States Free Trade Agreement (DR-CAFTA) [Updated January 3, 2005]

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"On May 28, 2004, the United States, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua signed the U.S.-Central America Free Trade Agreement (CAFTA). On August 5, 2004, the Dominican Republic, having completed separate negotiations with the United States, was added to the agreement in a subsequent signing by all parties. The new agreement was titled the Dominican Republic- Central America-United States Free Trade Agreement, or the DR-CAFTA. Since negotiations began in January 2003, it has been a complicated and controversial agreement, becoming more so in September 2004, when the Dominican Republic passed a revenue bill that included a 25% tax on beverages that contain high-fructose corn syrup. With this breech of the proposed DR-CAFTA, the USTR recommended that the Dominican Republic be excluded from the implementing legislation unless this tax is changed. Some Members of Congress have come out against this option."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2005-01-03
Latin America and the Caribbean: Issues for the 108th Congress [Updated December 20, 2004]

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"The Latin American and Caribbean region has made enormous strides over the past two decades in political development, with all countries but Cuba having regular free and fair elections for head of state. But several nations have faced considerable challenges that have threatened political stability, including economic decline and rising poverty, violent guerrilla conflicts, drug trafficking, and increasing crime. Bush Administration officials maintain that U.S. policy toward Latin America has three overarching goals: strengthening security; promoting democracy and good governance; and stimulating economic development. Some observers argue that the Administration has not been paying enough attention to the region and to instability in several countries. They maintain that the United States, faced with other pressing foreign policy problems like the war in Iraq and the global anti-terrorist campaign, has fallen back to a policy of benign neglect of the region. In contrast, others maintain that the United States has an active policy toward Latin America and point to the considerable assistance and support provided to Colombia and its neighbors as they combat drug trafficking and terrorist groups. They also point to the momentum toward free trade in the region through negotiation of numerous free trade agreements, and to increased bilateral and regional cooperation on security issues."

Library of Congress. Congressional Research Service

Sullivan, Mark P.; Hornbeck, J. F. (John F.); Seelke, Clare Ribando

2004-12-20
Trade Promotion Authority (TPA) and the Role of Congress in Trade Policy [November 4, 2010]

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"On July 1, 2007, Trade Promotion Authority (TPA--previously fast track), expired. TPA is the authority Congress grants to the President to enter into certain reciprocal (free) trade agreements (FTAs), and to have their implementing bills considered under expedited legislative procedures, provided he observes certain statutory obligations in negotiating them. TPA defines how Congress has chosen to exercise its constitutional authority over a particular aspect of trade policy, while presumably giving the President added leverage to exercise his authority to negotiate trade agreements by effectively assuring U.S. trade partners that final agreements will be given swift and unamended consideration. TPA reflects years of debate, cooperation, and compromise between Congress and the Executive Branch in finding a pragmatic accommodation to the exercise of each branch's respective authorities over trade policy. The core provisions of the fast track legislative procedures have not changed since first enacted in 1974, although Congress has expanded trade negotiation objectives, oversight, and presidential notification requirements. While early versions of fast track/TPA received broad bipartisan support, renewal efforts have become increasingly controversial as fears have grown over the negative effects of trade, and as the trade debate has become more partisan and constituent driven, culminating in a party-line vote on the 2002 renewal. Debate on TPA renewal may center on clarifying key aspects of: the congressional role in making trade policy; Congress's oversight of trade negotiations; trade agreement enforcement; and further refinement of trade negotiation objectives on labor, environment, and public health issues, among others."

Library of Congress. Congressional Research Service

Cooper, William H., 1949-; Hornbeck, J. F. (John F.)

2010-11-04
Trade Adjustment Assistance (TAA) and Its Role in U.S. Trade Policy [July 20, 2011]

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"Congress created Trade Adjustment Assistance (TAA) in the Trade Expansion Act of 1962 to help workers and firms adjust to economic dislocation that may be caused by trade liberalization. Although most economists agree that there are substantial national gains from trade, backers of TAA argue that the government has an obligation to help those hurt by policy-driven trade opening. In addition, as an alternative to policies that might otherwise restrict imports, it can provide assistance, while supporting freer trade and diminishing prospects for potentially costly tension (retaliation) among trade partners. Often controversial, it is still strongly debated some 50 years later, on equity, efficiency, and budgetary grounds, but may still serve a pragmatic legislative function. For those Members concerned with the negative effects of trade, it can provide a countervailing response to help maintain what is often slim majority support of highly contested trade legislation. For these reasons, it has been central to U.S. trade policy for the past half century. […] Opponents of TAA consider it a costly and ineffective response to dislocation from imports, and so would like to see it debated and voted on as a separate bill. Supporters of TAA and especially the extended The American Recovery and The investment Act (ARRA) benefits (now lapsed) see the implementing bill as perhaps the best, if not only opportunity, to reauthorize TAA in the near future, given resistance in a Congress intently focused on deficit reduction. Those supporting TAA and not the U.S.-South Korea (KORUS) Free Trade Agreement (FTA) might also prefer to see separate votes on the two issues."

Library of Congress. Congressional Research Service

Rover, Laine Elise; Hornbeck, J. F. (John F.)

2011-07-20
Trade Promotion Authority (TPA) and the Role of Congress in Trade Policy [August 9, 2012]

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"On July 1, 2007, Trade Promotion Authority (TPA--previously know[n] as fast track) expired. TPA is the authority Congress grants to the President to enter into certain reciprocal trade agreements, and to have their implementing bills considered under expedited legislative procedures, provided the President observes certain statutory obligations. TPA defines how Congress has chosen to exercise its constitutional authority over a particular aspect of trade policy, while giving the President added leverage to negotiate trade agreements by effectively assuring U.S. trade partners that final agreements will be given timely and unamended consideration. TPA reflects decades of debate, cooperation, and compromise between Congress and the executive branch in finding a pragmatic accommodation to the exercise of each branch's respective authorities. The expedited legislative procedures have not changed since first enacted into permanent law as sections 151-154 of the Trade Act of 1974. Congress, however, has required that the authority to use TPA be periodically reauthorized, and at times has chosen to revise trade negotiation objectives, the consultative mechanism, and presidential notification requirements."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.); Cooper, William H., 1949-

2012-08-09
Trade Adjustment Assistance for Firms: Economic, Program, and Policy Issues [February 4, 2008]

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"Economists generally agree that trade liberalization enhances the economic welfare of all trade partners, but in compelling firms and workers to face stiffer global competition, can also cause adjustment problems. Congress has responded by authorizing three programs to assist trade-impacted workers, firms, and farmers. This report focuses on the trade adjustment assistance (TAA) program for firms, which provides technical assistance to trade-affected firms to help them develop strategies to remain competitive in the changing international economy. TAA program authorization lapsed on October 1, 2007 and was operating under a temporary extension through December 31, 2007. The House has passed a second three-month extension and a new five-year reauthorization bill. Neither bill has been passed in the Senate. This report will be updated periodically."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2008-02-04
Haiti: Legislative Responses to the Food Crisis and Related Development Challenges [May 22, 2008]

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"Haiti faces several interrelated challenges, the most immediate being a deepening food crisis that in April 2008 led to deadly protests and the ouster of Haiti's prime minister. Haiti also suffers from a legacy of poverty, unemployment, and underdevelopment that is compounding security problems for its new and fragile democracy. The Bush Administration has responded by redirecting some development assistance to help the Haitian government stabilize rice prices and to support job creation programs. On May 16, 2008, the Administration announced that it would send $20 million worth of emergency food to Haiti. The 110th Congress is also considering supplemental appropriations for food aid and increasing debt relief for Haiti. Specifically, in April 2008, the House unanimously passed an amendment to the Jubilee Act (H.Amdt. 993 to H.R. 2634) that recommends immediate cancellation of Haiti's outstanding multilateral debts. In May 2008, the House and Senate also passed the Food, Conservation, and Energy Act of 2008 (H.R. 2419), the Farm Bill. Title XV includes the Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act of 2008, which provides tariff preferences for U.S. imports of Haitian apparel. This report, which will be updated, follows the current situation in Haiti and key legislative initiatives designed to help address Haiti's many challenges."

Library of Congress. Congressional Research Service

Seelke, Clare Ribando; Hornbeck, J. F. (John F.)

2008-05-22
Trade Adjustment Assistance (TAA) and Its Role in U.S. Trade Policy [October 7, 2011]

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"Congress created Trade Adjustment Assistance (TAA) in the Trade Expansion Act of 1962 to help workers and firms adjust to dislocation that may be caused by increased trade liberalization. It is justified now, as it was then, on grounds that the government has an obligation to help the 'losers' of policy-driven trade liberalization. In addition, TAA is presented as an alternative to policies that would restrict imports, and so provides assistance while bolstering freer trade and diminishing prospects for potentially costly tension (retaliation) among trade partners. As in the past, critics strongly debate the merits of TAA on equity, efficiency, and budgetary grounds. Nonetheless, TAA still appears to serve what is now a historically pragmatic legislative function: it remains important for forging a compromise on national trade policy. […] On September 22, 2011, the Senate agreed to the amended bill, 70-27, after which it was sent to the House. In separate action, the House Ways and Means Committee favorably reported out all three FTA [free trade agreement] implementing bills on October 3, 2011. On October 6, 2011, the House Committee on Rules issued a closed rule covering all four bills. Senate amendment to H.R. 2832 is expected to be taken up by the House on October 12, 2011, along with implementing bills for the three FTAs. H.R. 2832, as amended, will be considered under a rule that waives all points of order and allows for one hour of debate. The bill requires simple majority to pass, and having already been agreed to in the Senate, House passage would then allow it to be sent to the President for signature."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.); Rover, Laine Elise

2011-10-07
Argentina's Sovereign Debt Restructuring [Updated October 19, 2004]

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"In December 2001, after four years of deepening recession and mounting social unrest, Argentina's government collapsed and ceased all debt payments. Argentina has failed to pay before, but this time it registered the largest sovereign default in history. Argentina must restructure over $100 billion owed to domestic and foreign bondholders, including $10 billion held by U.S. investors. A final offer made in June 2004 amounted to a 75% reduction in the net present value of this debt, and although an improved offer is expected by year-end, it is still the largest proposed write-down in the history of sovereign restructurings, which foreign bondholders have rejected. Regardless of how Argentina's debt is finally resolved, it will likely represent an unprecedented loss for bondholders. This will have widespread repercussions not only for creditors, but for Argentina's long-term financial sustainability, developing country debt markets, guidelines for future sovereign debt restructurings, and the International Monetary Fund (IMF). All of these issues have been the subject of congressional hearings focused on evaluating the causes and ongoing repercussions of Argentina's financial crisis."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2004-10-19
Trade Adjustment Assistance for Firms: Economic, Program, and Policy Issues [January 28, 2013]

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"Although trade liberalization can enhance the economic welfare of all trade partners, it also causes difficult adjustment problems for some import-competing firms and workers. Congress has responded to these problems with trade adjustment assistance (TAA) programs for workers, firms, and farmers. This report discusses the TAA for Firms (TAAF) program and related policy issues. Congress first authorized TAA in the Trade Expansion Act of 1962 (P.L. 87-794), including a new firm and industry assistance program, now administered by the Economic Development Administration (EDA) of the U.S. Department of Commerce. It provides technical assistance to help trade-affected firms make strategic adjustments to improve their competitiveness in a dynamic global economy. The 111th Congress reauthorized a more extensive TAA program for firms that expanded eligibility to services firms, increased authorized funding levels, provided greater flexibility for a firm to demonstrate eligibility for assistance, established new oversight and evaluation criteria, created a new position of Director of Adjustment Assistance for Firms, and required submission to Congress of a detailed annual report on the TAAF program. Congress allowed those expanded provisions to expire on February 13, 2011, but the 112th Congress, in passing the Trade Adjustment Assistance Extension Act of 2011 (P.L. 112-4), extended the firms program through December 31, 2013,with many, of the enhanced program provisions reinstated retroactively, including extending benefits to services firms. It is funded annually at $16 million."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2013-01-28
Argentina's Defaulted Sovereign Debt: Dealing with the 'Holdouts' [March 7, 2013]

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"In December 2001, Argentina suffered a severe financial crisis, leading to the largest sovereign debt default in history. In 2005, after prolonged, contentious, and unsuccessful attempts to restructure the debt, Argentina abandoned the negotiation process and made a unilateral offer. The terms were highly unfavorable to creditors, but $62.3 billion of the $81.8 billion in principal owed was exchanged. A diverse group of 'holdouts' representing $18.6 billion did not tender their bonds, and some have opted to litigate instead. These actions resulted in attachment orders against Argentine assets, leaving the country unable to access the international credit markets and mired in litigation. Holdout creditors also lobbied against Argentina's debt policy, which has triggered actions by the U.S. government and legislation in previous Congresses. […] The Argentine government filed its final papers before the appellate court on February 1, 2013, arguing that it would not be able to fulfill a court order requiring full payment to litigant holdouts. It did, however, suggest that to meet the concern over equal treatment it could arrange to reopen the previous bond exchange to allow those who did not participate in it to reconsider their position. Some holdouts have suggested that this may be an acceptable option. The issue remains unresolved pending outcome from the February 27, 2013, court proceedings. This report reviews Argentina's financial crisis, the bond exchanges of 2005 and 2010, ongoing litigation, prospects for a final solution, related U.S. legislation, and broader policy issues. These include lessons on the effectiveness and cost of Argentina's default strategy, the ability to force sovereigns to meet their debt obligations, and options for avoiding future defaults like Argentina's."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2013-03-07
U.S.-Panama Free Trade Agreement [November 8, 2012]

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"On June 28, 2007, the United States and Panama signed a free trade agreement (FTA) after two and a half years and 10 rounds of negotiations. Negotiations formally concluded on December 16, 2006, with an understanding that changes to labor, environment, and intellectual property rights chapters would be made pursuant to future congressional input. These changes were agreed to and the FTA was signed in time to be considered under Trade Promotion Authority (TPA) legislation, which expired on July 1, 2007. TPA allows Congress to consider certain trade agreement implementing bills under expedited procedures. Panama's legislature ratified the FTA 58 to 4 on July 11, 2007, but neither the 110th nor the 111th Congress took up the agreement. Eventually, the 112th Congress considered the FTA implementing bill. On July 7, 2011, the House Ways and Means and Senate Finance Committees held simultaneous 'mock markups,' where they informally approved draft implementing bills. On October 3, 2011, the Obama Administration transmitted final implementing legislation and supporting documents to both houses, as required under TPA. Following committee action, on October 12, 2011, the House agreed to the implementing bill (H.R. 3079) 300-129, followed by the Senate 77-22. President Obama signed the implementing bill into law on October 21, 2011 (P.L. 112-43, 125 Stat. 427), but the FTA would not enter into force for another year. Panama required that time to complete changes in law necessary to bring it into compliance with the provisions of the FTA. On October 22, 2012, the United States Trade Representative (USTR) exchanged notes with Panama providing for entry into force of the FTA. President Obama implemented the agreement by proclamation on October 29, 2012, and the FTA entered into force on October 31, 2012."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2012-11-08
Trade Preferences: Economic Issues and Policy Options [February 24, 2011]

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"Since 1974, Congress has created multiple trade preference programs designed to foster economic growth and development in less developed countries. These programs give temporary, non-reciprocal, duty-free U.S. market access to select exports of eligible countries. Congress conducts regular oversight of these programs, often revising and extending them. The 112th Congress may consider two major issues relating to trade preference programs: (1) the expiration of the Generalized System of Preferences (GSP) on December 31, 2010; and (2) continued extension of the Andean Trade Preference Act beyond February 12, 2010. The 112th Congress may also consider broader reform of the preference programs based on comprehensive reviews in hearings held in both the House and the Senate in the 111th Congress."

Library of Congress. Congressional Research Service

Villarreal, M. Angeles; Hornbeck, J. F. (John F.); Jones, Vivian Catherine

2011-02-24
Trade Preferences: Economic Issues and Policy Options [November 14, 2012]

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"Since 1974, Congress has created multiple trade preference programs designed to foster economic growth, reform, and development in less developed countries. These programs give temporary, non-reciprocal, duty-free U.S. market access to select exports of eligible countries. Congress has repeatedly revised and extended these programs. The 112th Congress passed extensions to three trade preference programs: (1) the Generalized System of Preferences (GSP) which expired on December 31, 2010 and was renewed retroactively from that date to July 31, 2013 (P.L. 112-40); (2) the Andean Trade Preference Act (ATPA) for Colombia and Ecuador until July 31, 2013 (P.L. 112-42); and (3) a 'third-country fabric' provision in the African Growth and Opportunity Act (AGOA) until September 30, 2015 (P.L. 112-163). Since the GSP and ATPA programs were only extended until the end of July 2013, Congress may consider further renewal of these programs in the first session of the 113th Congress, along with possible trade preference reform options. Three bills in the 112th Congress, S. 105, S. 1244, and H.R. 2387, propose a new trade preference program that would provide duty-free and reduced tariff treatment for certain apparel from the Philippines. Other bills in the 112th Congress proposing preference programs include S. 1443, which would provide trade preferences for selected Asian and South Pacific countries. […] This report discusses the major U.S. trade preference programs, their possible economic effects, stakeholder interests, and legislative options."

Library of Congress. Congressional Research Service

Jones, Vivian Catherine; Hornbeck, J. F. (John F.); Villarreal, M. Angeles

2012-11-14
International Trade and Finance: Key Policy Issues for the 113th Congress [January 4, 2013]

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"Article I, Section 8, of the U.S. Constitution grants authority over the regulation of foreign commerce to Congress. Congress exercises this authority in a variety of ways, including through the consideration of legislation to approve trade agreements and authorize trade programs and through oversight of trade policy more generally. Policy issues cover such areas as: U.S. trade negotiations; tariffs; nontariff barriers; worker dislocation from trade liberalization, trade remedy laws; import and export policies; international investment, economic sanctions; and the trade policy functions of the federal government. Congress also has an important role in international finance. For example, it has the authority over the level of U.S. financial commitments to international financial institutions and oversight responsibilities over trade- and finance-related agencies of the U.S. Government. The 112th Congress approved U.S. bilateral free trade agreements (FTAs) with Colombia, Panama, and South Korea, extended the Trade Adjustment Assistance (TAA) programs through December 31, 2013, and reauthorized the Generalized System of Preferences (GSP) through July 31, 2013. In addition, Congress authorized permanent normal trade relations (PNTR) status for Russia and Moldova, reauthorized the U.S. Export-Import Bank, and approved full U.S. participation in general capital increases for the World Bank and four regional development banks. It also conducted oversight of the Eurozone sovereign debt crisis. The 113th Congress may revisit many of these issues and address new ones. This report provides an overview of key international trade and finance policy issues, including the ones listed below."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.); Irace, Mary A.

2013-01-04
Trade Primer: Qs and As on Trade Concepts, Performance, and Policy [January 18, 2013]

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"The 113th Congress may have a full legislative and oversight agenda on international trade. This may include consideration of legislation to reauthorize Trade Promotion Authority (TPA) and implementation of a possible Trans-Pacific Partnership (TPP) trade agreement. Congress may also pay close attention to the new negotiation for an International Services Agreement and developments in the Doha Development Round, both under the auspices of the World Trade Organization (WTO). There is also discussion of beginning trade negotiations for a U.S.- European Union free trade agreement (FTA). Other issues might include enhanced enforcement of U.S. trade agreements and trade relations with China. This report provides information and context for these and many other trade topics. It is intended to assist Members and staff who may be new to trade issues. For more details on specific trade issues facing the 113th Congress see CRS Report R42882, 'International Trade and Finance: Key Policy Issues for the 113th Congress,' coordinated by Mary A. Irace and J. F. Hornbeck. This report is divided into four sections in a question-and-answer format: trade concepts; U.S. trade performance; formulation of U.S. trade policy; and trade and investment issues. Additional suggested readings are provided in an appendix."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.); Bolle, Mary Jane; Cooper, William H., 1949- . . .

2013-01-18
Argentina's Defaulted Sovereign Debt: Dealing with the 'Holdouts' [February 6, 2013]

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From the Document: "In December 2001, Argentina suffered a severe financial crisis, leading to the largest sovereign debt default in history. In 2005, after prolonged, contentious, and unsuccessful attempts to restructure the debt, Argentina abandoned the negotiation process and made a unilateral offer. The terms were highly unfavorable to creditors, but $62.3 billion of the $81.8 billion in principal owed was exchanged. A diverse group of 'holdouts' representing $18.6 billion did not tender their bonds and some have opted to litigate instead. These actions resulted in attachments orders against Argentine assets, leaving the country unable to access the international credit markets and mired in litigation. Holdout creditors also lobbied against Argentina's debt policy, which has triggered actions by the U.S. government and legislation in Congress (H.R. 1798 and S. 912 in the 112th Congress). The lingering effects of the debt default became a legacy problem for Argentina. The government decided to open another bond exchange in 2010 to deal with remaining holdouts, on slightly less favorable terms than before. Argentina reduced its outstanding defaulted debt by another $12.4 billion. […] This report reviews Argentina's financial crisis, the bond exchanges of 2005 and 2010, ongoing litigation, prospects for a final solution, related U.S. legislation, and broader policy issues. These include lessons on the effectiveness and cost of Argentina's default strategy, the ability to force sovereigns to meet debt their obligations, and options for avoiding future defaults like Argentina's."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2013-02-06
Free Trade Area of the Americas: Status of Negotiations and Major Policy Issues [Updated May 21, 2001]

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"At the second Summit of the Americas in Santiago, Chile (April 1998), 34 Western Hemisphere nations agreed to initiate formal negotiations to create a Free Trade Area of the Americas (FTAA) by 2005. The negotiating groups completed a draft agreement in January 2001, which was presented at the third Summit of the Americas held in Quebec City on April 20-22, 2001. President Bush expressed strong support for the FTAA and concrete progress has been made in moving it forward. Yet, differences in priorities among the countries are becoming increasingly evident, suggesting that the FTAA faces many policy hurdles in both the U.S. Congress and the hemisphere."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.)

2001-05-21
Trade Promotion Authority (TPA) and the Role of Congress in Trade Policy [January 14, 2013]

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"On July 1, 2007, Trade Promotion Authority (TPA--previously known as fast track) expired. TPA is the authority Congress grants to the President to enter into certain reciprocal trade agreements, and to have their implementing bills considered under expedited legislative procedures, provided the President observes certain statutory obligations. TPA defines how Congress has chosen to exercise its constitutional authority over a particular aspect of trade policy, while giving the President added leverage to negotiate trade agreements by effectively assuring U.S. trade partners that final agreements will be given timely and unamended consideration. […] Should Congress decide to consider reauthorizing TPA, it has many options including, but not limited to (1) taking no action; (2) extending temporarily; (3) revising and renewing; or (4) granting permanent authority. How this issue evolves also depends on a host of political and economic variables, including congressional action on reinvigorating a 'political compact' that sits at the center of a well-functioning TPA process."

Library of Congress. Congressional Research Service

Hornbeck, J. F. (John F.); Cooper, William H., 1949-

2013-01-14

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