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U.S. - China Relations [September 18, 2018]
"Many consider the relationship between the United States and the People's Republic of China (PRC or China) to be the world's most consequential bilateral relationship. The two countries lead the world in the size of their economies, their defense budgets, and their global greenhouse gas emissions. In 2017, they were each other's largest trading partners. Both nations are also permanent members of the United Nations Security Council. The Trump Administration has sought China's cooperation in reining in North Korea's nuclear and missile programs and curbing the flow of the deadly synthetic opioid fentanyl from China to the United States. Yet the Administration has also declared in its National Security Strategy (NSS) the return of 'great power competition' with China and Russia. The Administration has criticized the PRC's licit and illicit efforts to acquire advanced U.S. technology, its alleged efforts to 'lock[] countries into unsustainable and opaque debts and commitments' under Chinese President Xi Jinping's Belt and Road Initiative (BRI), its actions related to Taiwan, its activities in the South China Sea, and its repression of Muslim minorities in Xinjiang in China's northwest. Seeking changes in PRC economic policies, the United States has imposed tariffs on imports from China, to which China has responded with tariffs of its own."
Library of Congress. Congressional Research Service
Lawrence, Susan V.; Morrison, Wayne M.
2018-09-18
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U.S. - Taiwan Trade Relations [September 11, 2018]
"With a population of 23 million people, Taiwan has evolved to become a highly developed, dynamic, and globally competitive economy. In 2017, Taiwan's gross domestic product (GDP) on a purchasing power parity (PPP) basis was $1.2 trillion, making it the world's 21st largest economy. Its per capita GDP on a PPP basis (a common measurement of living standards) was 15% greater than Japan's and about 75% of the U.S. level. In 2017, Taiwan was the world's 18th largest trading economy. The World Economic Forum ranked Taiwan as the world's 15th most competitive economy in 2017. Taiwan is a major global producer of information and communications technology (ICT) products (e.g., notebook PCs, tablets, smartphones, and computer peripherals) and semiconductors."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-09-11
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Made in China 2025 Initiative: Economic Implications for the United States [August 29, 2018]
From the Document: "China's incomplete transition to a free market economy stands out as one of the biggest sources of trade friction with the United States. Recent proposals by the Chinese government, such as its 'Made in China 2025' (MIC 2025) initiative, appear to signal an expanded role by the government in the economy, which many fear could distort global markets and negatively affect U.S. firms. The Trump Administration has made MIC 2025 a major focus of its Section 301 actions (including increased tariffs) against China over its alleged distortive policies related to technology transfer, intellectual property, and innovation."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-08-29
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U.S.-China Trade Issues [August 2, 2018]
"The U.S.-China trade and economic relationship has expanded significantly over the past three decades. In 2017, China was the United States' largest U.S. merchandise trading partner (at $636 billion), third-largest export market ($130 billion), and largest source of imports ($506 billion). China is also the largest foreign holder of U.S. Treasury securities (at nearly $1.2 trillion as of May 2018). However, tensions between the two countries have grown sharply in recent years over a number of economic and trade issues."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-08-02
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Enforcing U.S. Trade Laws: Section 301 and China [August 2, 2018]
From the Document: "U.S. innovation and the intellectual property that it generates have been cited by various economists as a critical source of U.S. economic growth and global competitiveness. China has been a particular concern to U.S. IPR [intellectual property rights] stakeholders for many years. On August 14, 2017, President Trump directed the U.S. Trade Representative (USTR) to determine whether it should launch a Section 301 investigation into any of China's laws, policies, practices, or actions that may be unreasonable or discriminatory and that may be harming American intellectual property rights (IPR), innovation, or technology development. On August 18, 2017, the USTR announced it had decided to proceed with Section 301 case against China's IPR policies. On June 15, 2018, the White House announced its intent to impose 25% ad valorem tariffs on $50 billion worth of Chinese products."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-08-02
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China-U.S. Trade Issues [July 30, 2018]
"Economic and trade reforms begun in 1979 have helped transform China into one of the world's biggest and fastest-growing economies. China's economic growth and trade liberalization, including comprehensive trade commitments made upon its entry to the World Trade Organization (WTO) in 2001, have led to a sharp expansion in U.S.-China commercial ties. Yet, bilateral trade relations have become increasingly strained in recent years over a number of issues, including China's mixed record on implementing its WTO obligations; infringement of U.S. intellectual property (such as through cyber-theft of U.S. trade secrets and forced technology requirements placed on foreign firms); increased use of industrial policies to promote and protect domestic Chinese firms; extensive trade and foreign investment restrictions; lack of transparency in trade rules and regulations; distortionary economic policies that have led to overcapacity in several industries; and its large merchandise trade surplus with the United States. China's economic and trade conditions, policies, and acts have a significant impact on the U.S. economy as whole as well as specific U.S. sectors and thus are of concern to Congress. This report provides an overview of U.S.-China commercial ties, identifies major issues of contention, describes the Trump Administration's trade policies toward China, and reviews possible outcomes."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-07-30
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Enforcing U.S. Trade Laws: Section 301 and China [July 23, 2018]
From the Document: "U.S. innovation and the intellectual property that it generates have been cited by various economists as a critical source of U.S. economic growth and global competitiveness. China has been a particular concern to U.S. IPR stakeholders for many years. On August 14, 2017, President Trump directed the U.S. Trade Representative (USTR) to determine whether it should launch a Section 301 investigation into any of China's laws, policies, practices, or actions that may be unreasonable or discriminatory and that may be harming American intellectual property rights (IPR), innovation, or technology development. On August 18, 2017, the USTR announced it had decided to proceed with Section 301 case against China's IPR policies. On June 15, 2018, the White House announced its intent to impose 25% ad valorem tariffs on $50 billion worth of Chinese products."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-07-23
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China-U.S. Trade Issues [July 6, 2018]
"Economic and trade reforms begun in 1979 have helped transform China into one of the world's biggest and fastest-growing economies. China's economic growth and trade liberalization, including comprehensive trade commitments made upon its entry to the World Trade Organization (WTO) in 2001, have led to a sharp expansion in U.S.-China commercial ties. Yet, bilateral trade relations have become increasingly strained in recent years over a number of issues, including China's mixed record on implementing its WTO obligations; infringement of U.S. intellectual property (such as through cyber-theft of U.S. trade secrets and forced technology requirements placed on foreign firms); increased use of industrial policies to promote and protect domestic Chinese firms; extensive trade and foreign investment restrictions; lack of transparency in trade rules and regulations; distortionary economic policies that have led to overcapacity in several industries; and its large merchandise trade surplus with the United States. China's economic and trade conditions, policies, and acts have a significant impact on the U.S. economy as whole as well as specific U.S. sectors and thus are of concern to Congress. This report provides an overview of U.S.-China commercial ties, identifies major issues of contention, describes the Trump Administration's trade policies toward China, and reviews possible outcomes."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-07-06
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Enforcing U.S. Trade Laws: Section 301 and China [June 25, 2018]
From the Document: "U.S. innovation and the intellectual property that it generates have been cited by various economists as a critical source of U.S. economic growth and global competitiveness. China has been a particular concern to U.S. IPR [intellectual property rights] stakeholders for many years. On August 14, 2017, President Trump directed the U.S. Trade Representative (USTR) to determine whether it should launch a Section 301 investigation into any of China's laws, policies, practices, or actions that may be unreasonable or discriminatory and that may be harming American intellectual property rights (IPR), innovation, or technology development. On August 18, 2017, the USTR announced it had decided to proceed with Section 301 case against China's IPR policies. On June 15, 2018, the White House announced its intent to impose 25% ad valorem tariffs on $50 billion worth of Chinese products."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-06-25
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Digital Trade and U.S. Trade Policy [May 11, 2018]
"The Internet-driven digital revolution is causing fundamental change to the U.S. and global economy, leading not only to new modes of communication and information-sharing, business models, and sources of job growth, but also to new policy challenges. Data and data flows form the foundation for innovation and engine of economic growth. Almost two-thirds of jobs created in the United States since 2010, required medium or advanced levels of digital skills.3 As digital information increases in importance in the U.S. economy, issues related to digital trade have become of growing interest to Congress."
Library of Congress. Congressional Research Service
Morrison, Wayne M.; Akhtar, Shayerah Ilias; Fefer, Rachel F.
2018-05-11
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China-U.S. Trade Issues [April 16, 2018]
"Economic and trade reforms begun in 1979 have helped transform China into one of the world's biggest and fastest-growing economies. China's economic growth and trade liberalization, including comprehensive trade commitments made upon its entry to the World Trade Organization (WTO) in 2001, have led to a sharp expansion in U.S.-China commercial ties. Yet, bilateral trade relations have become increasingly strained in recent years over a number of issues, including China's mixed record on implementing its WTO obligations; infringement of U.S. intellectual property (such as through cyber theft of U.S. trade secrets and forced technology requirements placed on foreign firms); increased use of industrial policies to promote and protect domestic Chinese firms; extensive trade and foreign investment restrictions; lack of transparency in trade rules and regulations; distortionary economic policies that have led to overcapacity in several industries; and its large merchandise trade surplus with the United States. China's economic and trade conditions, policies, and acts have a significant impact on the U.S. economy as whole as well as specific U.S. sectors and thus are of concern to Congress. This report provides an overview of U.S.-China commercial ties, identifies major issues of contention, describes the Trump Administration's trade policies toward China, and reviews possible outcomes."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-04-16
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China-U.S. Trade Issues [April 2, 2018]
"Economic and trade reforms begun in 1979 have helped transform China into one of the world's biggest and fastest-growing economies. China's economic growth and trade liberalization, including comprehensive trade commitments made upon its entry to the World Trade Organization (WTO) in 2001, have led to a sharp expansion in U.S.-China commercial ties. Yet, bilateral trade relations have become increasingly strained in recent years over a number of issues, including China's: mixed record on implementing its WTO obligations; infringement of U.S. intellectual property (such as through cyber theft of U.S. trade secrets and forced technology requirements placed on foreign firms); increased use of industrial policies to promote and protect domestic Chinese firms; extensive trade and foreign investment restrictions; lack of transparency in trade rules and regulations; distortionary economic policies that have led to overcapacity in several industries; and its large merchandise trade surplus with the United States. China's economic and trade conditions, policies, and acts have a significant impact on the U.S. economy as whole as well as specific U.S. sectors and thus are of concern to Congress. This report provides an overview of U.S.-China commercial ties, identifies major issues of contention, describes the Trump Administration's trade policies toward China, and reviews possible outcomes."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-04-02
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China-U.S. Trade Issues [March 14, 2018]
"Economic and trade reforms begun in 1979 have helped transform China into one of the world's biggest and fastest-growing economies. China's economic growth and trade liberalization, including comprehensive trade commitments made upon its entry to the World Trade Organization (WTO) in 2001, have led to a sharp expansion in U.S.-China commercial ties. Yet, bilateral trade relations have become increasingly strained in recent years over a number of issues, including China's: mixed record on implementing its WTO obligations; infringement of U.S. intellectual property (such as through cyber theft of U.S. trade secrets and forced technology requirements placed on foreign firms); increased use of industrial policies to promote and protect domestic Chinese firms; extensive trade and foreign investment restrictions; lack of transparency in trade rules and regulations; distortionary economic policies that have led to overcapacity in several industries; and its large merchandise trade surplus with the United States. China's economic and trade conditions, policies, and acts have a significant impact on the U.S. economy as whole as well as specific U.S. sectors and thus are of concern to Congress."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-03-14
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China-U.S. Trade Issues [January 23, 2018]
"Economic and trade reforms begun in 1979 have helped transform China into one of the world's biggest and fastest-growing economies. China's economic growth and trade liberalization, including comprehensive trade commitments made upon its entry to the World Trade Organization (WTO) in 2001, have led to a sharp expansion in U.S.-China commercial ties. Yet, bilateral trade relations have become increasingly strained in recent years over a number of issues, including China's: mixed record on implementing its WTO obligations; infringement of U.S. intellectual property (such as through cyber theft of U.S. trade secrets and forced technology requirements placed on foreign firms); increased use of industrial policies to promote and protect domestic Chinese firms; extensive trade and foreign investment restrictions; lack of transparency in trade rules and regulations; distortionary economic policies that have led to overcapacity in several industries; and its large merchandise trade surplus with the United States. China's economic and trade conditions, policies, and acts have a significant impact on the U.S. economy as whole as well as specific U.S. sectors and thus have been of concern to Congress. This report provides an overview of U.S.-China commercial ties, identifies major issues of contention, describes the Trump Administration's trade policies toward China, and reviews possible outcomes."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-01-23
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Taiwan: Issues for Congress [October 30, 2017]
"Taiwan, which officially calls itself the Republic of China (ROC), is an island democracy of 23 million people located across the Taiwan Strait from mainland China. It is the United States' tenth-largest trading partner. Since January 1, 1979, the U.S. relationship with Taiwan has been unofficial, a consequence of the Carter Administration's decision to establish diplomatic relations with the People's Republic of China (PRC) and break formal diplomatic ties with self-ruled Taiwan, over which the PRC claims sovereignty. The Taiwan Relations Act (TRA, P.L. 96-8; 22 U.S.C. 3301 et seq.), enacted on April 10, 1979, provides a legal basis for the unofficial U.S.- Taiwan relationship. It also includes commitments related to Taiwan's security. The PRC considers unofficiality in the U.S.-Taiwan relationship to be the basis for the U.S.-PRC relationship. Some Members of Congress have urged the executive branch to re-visit rules intended to distinguish the unofficial U.S.-Taiwan relationship from official U.S. relationships with diplomatic partners, in order to accord Taiwan greater dignity and respect."
Library of Congress. Congressional Research Service
Lawrence, Susan V.; Morrison, Wayne M.
2017-10-30
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [September 15, 2017]
"Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2017-09-15
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [August 30, 2017]
"Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2017-08-30
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China-U.S. Trade Issues [August 26, 2017]
"Economic and trade reforms begun in 1979 have helped transform China into one of the world's biggest and fastest-growing economies. China's economic growth and trade liberalization, including comprehensive trade commitments made upon its entry to the World Trade Organization (WTO) in 2001, have led to a sharp expansion in U.S.-China commercial ties. Yet, bilateral trade relations have become increasingly strained in recent years over a number of issues, including China's: mixed record on implementing its WTO obligations; infringement of U.S. intellectual property (such as through cyber-theft of U.S. trade secrets and forced technology requirements placed on foreign firms); increased use of industrial policies to promote and protect domestic Chinese firms (especially state-owned firms); extensive trade and foreign investment restrictions; lack of transparency in trade rules and regulations; distortionary economic policies that have led to overcapacity in several industries; and its large merchandise trade surplus with the United States. China's economic and trade conditions, policies, and acts have a significant impact on the U.S. economy as whole as well as specific U.S. sectors and thus are of concern to Congress. This report provides an overview of U.S.-China commercial ties identifies major issues of contention, describes the Trump Administration's trade policies toward China, and reviews possible outcomes."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2017-08-26
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [August 06, 2017]
"Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2017-08-06
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Digital Trade and U.S. Trade Policy [June 6, 2017]
"Congress has an important role to play in shaping global digital trade policy, from oversight of agencies charged with regulating cross-border data flows to shaping and considering legislation to implement new trade rules and disciplines through ongoing trade negotiations, and also working with the executive branch to identify the right balance between digital trade and other policy objectives, including privacy and national security [...] While no comprehensive agreement on digital trade exists in the World Trade Organization (WTO), other WTO agreements do cover some aspects of digital trade. Recent bilateral and plurilateral agreements have begun to address digital trade rules and barriers more explicitly. For example, the potential Trans-Pacific Partnership (TPP), Transatlantic Trade and Investment Partnership (T-TIP), and plurilateral Trade in Services Agreement (TiSA) are expected to address digital trade to varying degrees. Digital trade norms are also being discussed in forums such as the Group of 20 (G-20), the OECD [Organization for Economic Cooperation and Development], and the Asia-Pacific Economic Cooperation (APEC), providing the United States with multiple opportunities to engage in and shape global developments. With workers in the high-tech sector in every U.S. state and congressional district, Congress has an interest in ensuring the global rules and norms of the Internet economy are in line with U.S. laws and norms, and in establishing a U.S. trade policy on digital trade that advances U.S. interests."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Akhtar, Shayerah Ilias; Morrison, Wayne M.
2017-06-06
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China-U.S. Trade Issues [April 24, 2017]
"Economic and trade reforms begun in 1979 have helped transform China into one of the world's fastest-growing economies. China's economic growth and trade liberalization, including comprehensive trade commitments made upon its entry to the World Trade Organization (WTO) in 2001, have led to a sharp expansion in U.S.-China commercial ties. Yet, bilateral trade relations have become increasingly strained in recent years over a number of issues, including a large and growing U.S. trade deficit with China, resistance by China to appreciate its currency to market levels, China's mixed record on implementing its WTO obligations, infringement of U.S. intellectual property (including through cyber theft of U.S. trade secrets), and numerous Chinese industrial policies that appear to impose new restrictions on foreign firms or provide unfair advantages to domestic Chinese firms (such as subsidies). As a presidential candidate, Donald Trump pledged to take a tougher stance against China to induce it to eliminate trade and economic policies deemed harmful to U.S. economic interests and/or inconsistent with WTO rules. This report provides an overview of U.S.-China commercial relations, including major trade disputes."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2017-04-24
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China-U.S. Trade Issues [March 6, 2017]
"U.S.-China economic ties have expanded substantially over the past three decades. Total U.S.-China merchandise trade rose from $2 billion in 1979 (when economic reforms began) to $579 billion in 2016. China is currently the United States' second-largest merchandise trading partner, its third-largest export market, and its biggest source of imports. According to one source, China is a $400 billion market for U.S. firms when U.S. services exports to China, sales by U.S. foreign affiliates in China, and re-exports of U.S. products through Hong Kong to China are factored in. Many U.S. firms view participation in China's market as critical to staying globally competitive. [...] This report provides background and analysis of U.S.-China commercial ties, including history, trends, issues, and outlook."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2017-03-06
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China-U.S. Trade Issues [February 9, 2017]
"U.S.-China economic ties have expanded substantially over the past three decades. Total U.S.-China merchandise trade rose from $2 billion in 1979 (when economic reforms began) to $579 billion in 2016. China is currently the United States' second-largest merchandise trading partner, its third-largest export market, and its biggest source of imports. According to one source, China is a $400 billion market for U.S. firms when U.S. services exports to China, sales by U.S. foreign affiliates in China, and re-exports of U.S. products through Hong Kong to China are factored in. Many U.S. firms view participation in China's market as critical to staying globally competitive. [...] This report provides background and analysis of U.S.-China commercial ties, including history, trends, issues, and outlook."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2017-02-09
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Digital Trade and U.S. Trade Policy [January 13, 2017]
"As the rules of global Internet develop and evolve, digital trade has risen in prominence on the global trade and economic agenda, but multilateral trade agreements have not kept pace with the complexities of the digital economy. The economic impact of the Internet was estimated to be $4.2 trillion in 2016, making it the equivalent of the fifth-largest national economy. According to one source, the volume of global data flows grew 45-fold from 2005 to 2014, faster than international trade or financial flows. Congress has an important role to play in shaping global digital trade policy, from oversight of agencies charged with regulating cross-border data flows to shaping and considering legislation to implement new trade rules and disciplines through ongoing trade negotiations, and also working with the executive branch to identify the right balance between digital trade and other policy objectives, including privacy and national security. Digital trade includes end-products like movies and video games and services such as email. Digital trade also enhances the productivity and overall competitiveness of an economy. According to the U.S. International Trade Commission, U.S. domestic and international digital trade added 3.4 -4.8% ($517.1-$710.7 billion) to the U.S. gross domestic product (GDP) in 2011. The Department of Commerce found that in 2014, digitally delivered services accounted for more than half of U.S. services trade."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Akhtar, Shayerah Ilias; Morrison, Wayne M.
2017-01-13
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China-U.S. Trade Issues [December 21, 2016]
"U.S.-China economic ties have expanded substantially over the past three decades. Total U.S.-China trade rose from $2 billion in 1979 (when economic reforms began) to $599 billion in 2015. In 2015, China was the United States' second-largest trading partner, its third-largest export market, and its biggest source of imports. According to one source, China is a $400 billion market for U.S. firms when U.S. services exports to China, sales by U.S. foreign affiliates in China, and reexports of U.S. products through Hong Kong to China are factored in. Many U.S. firms view participation in China's market as critical to staying globally competitive. [...] China is the second largest foreign holder of U.S. Treasury securities ($1.1 trillion as of October 2016), and its purchases of U.S. government debt help keep U.S. interest rates low. Despite growing commercial ties, the bilateral economic relationship has become increasingly complex and often fraught with tension. From the U.S. perspective, many trade tensions stem from China's incomplete transition to a free market economy. While China has significantly liberalized its economic and trade regimes over the past three decades, it continues to maintain (or has recently imposed) a number of state-directed policies that appear to distort trade and investment flows. [...] There are different views on how the United States could better address commercial disputes with China. [...] This report provides background and analysis of U.S.-China commercial ties, including history, trends, issues, and outlook."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2016-12-21
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U.S. Trade Concepts, Performance, and Policy: Frequently Asked Questions [March 25, 2016]
"Congress plays a major role in U.S. trade policy through its legislative and oversight authority. There are a number of major trade issues that are currently the focus of Congress. For example, bills were introduced in the 113th Congress to reauthorize Trade Promotion Authority (TPA), the U.S. Generalized System of Preferences (GSP), and the U.S. Export-Import Bank, and legislative action on these issues could be forthcoming in the 114th Congress. Additionally, Congress has been involved with proposed free trade agreements (FTAs), including the Trans-Pacific Partnership (TPP) involving the United States and 11 other countries and the Transatlantic Trade and Investment Partnership (TTIP) between the United States and the European Union (EU). Also of interest to Congress are current plurilateral negotiations for a Trade in Services Agreement (TISA) and an updated multilateral Information Technology Agreement (ITA) in the World Trade Organization (WTO). Trade and investment policies of major U.S. trading partners (such as China), especially when they are deemed harmful to U.S. economic interests, are also of continued concern to Congress. Recent improved U.S. relations with Cuba have resulted in the introduction of several bills to boost bilateral commercial ties. The costs and benefits of trade to the U.S. economy, firms, workers, and constituents, and the future direction of U.S. trade policy, are the subject of ongoing debates in Congress. This report provides information and context for these and many other trade topics."
Library of Congress. Congressional Research Service
Morrison, Wayne M.; Jackson, James K., 1949-; Jones, Vivian Catherine . . .
2016-03-25
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China's Recent Stock Market Volatility: What Are the Implications? [February 11, 2016]
"China's two main stock markets, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE), experienced rapid price increases from about mid-2014 to mid-2015. However, from June 12 to July 7, 2015, the Shanghai and Shenzhen Composite Indices fell by 32% and 40%, respectively. The Chinese government intervened to halt the slide via stock purchases and other measures. Stock prices later stabilized, but experienced sharp declines in mid-August 2015 and again in early 2016. The volatility of China's stock exchanges, and the government's interventionist policies to regulate them, has raised concerns over the health of the Chinese economy as well as the government's commitments to implement free market reforms. Such concerns may have contributed to recent volatility in global stock exchanges."
Library of Congress. Congressional Research Service
Morrison, Wayne M.; Nelson, Gabriel M.
2016-02-11
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Trans-Pacific Partnership: Strategic Implications [February 4, 2016]
From the report summary: "On February 4, 2016, Ministers of the 12 countries participating in the Trans Pacific Partnership (TPP) negotiations signed the proposed free trade agreement (FTA). TPP is one of the Obama Administration's signature trade policy initiatives, an effort to reduce and eliminate trade and investment barriers and establish new rules and disciplines to govern trade and investment among the 12 countries. TPP proponents, including Administration officials, argue that the proposed TPP would have substantial strategic benefits for the United States in addition to its direct economic impact. They argue that the agreement would enhance overall U.S. influence in the economically dynamic Asia-Pacific region and advance U.S. leadership in setting and modernizing the rules of commerce in the region and potentially in the multilateral trading system under the World Trade Organization (WTO). [...] China is not a TPP member, but features prominently in discussion of the agreement's potential strategic effects. Some argue that China is attempting to create a regional order that seeks to minimize U.S. presence and power. In this line of reasoning, the TPP serves as a counter to growing Chinese economic and political influence, implying that failure to conclude TPP could, in effect, allow China to shape regional rules of commerce and diplomacy through its own trade and investment initiatives. Others, however, argue that TPP is complementary to other FTAs and trade agreements throughout the region, including those championed by China, and that new members--possibly including China--will be critical for the TPP to influence regional norms."
Library of Congress. Congressional Research Service
Williams, Brock R.; Dolven, Ben; Fergusson, Ian F. . . .
2016-02-04
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Trans-Pacific Partnership: Strategic Implications [February 3, 2016]
From the Summary: "On October 5, 2015, Ministers of the 12 Trans Pacific Partnership (TPP) countries announced conclusion of their free trade agreement (FTA) negotiations. The agreement is one of the Obama Administration's signature trade policy initiatives, an effort to reduce and eliminate trade and investment barriers and establish new rules and disciplines to govern trade and investment among the 12 countries. TPP proponents, including Administration officials, argue that the proposed TPP would have substantial strategic benefits for the United States in addition to its direct economic impact. They argue that the agreement would enhance overall U.S. influence in the economically dynamic Asia-Pacific region and advance U.S. leadership in setting and modernizing the rules of commerce in the region and potentially in the multilateral trading system under the World Trade Organization (WTO)."
Library of Congress. Congressional Research Service
Williams, Brock R.; Dolven, Ben; Fergusson, Ian F. . . .
2016-02-03
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Taiwan's January 2016 Elections: A Preview [January 12, 2016]
"Taiwan voters will go to the polls on January 16, 2016, to elect a new president and all members of Taiwan's legislature,
the Legislative Yuan. Tsai Ing-wen, the presidential candidate of Taiwan's largest opposition party, the Democratic
Progressive Party (DPP), holds a strong lead in public opinion polls. Her party is in a tight race with the ruling
Kuomintang (KMT or Nationalist Party) for control of the legislature. The elections may determine whether an eight-year
period of relative calm in relations between Taiwan (whose formal name is the Republic of China or ROC) and the
People's Republic of China (PRC) continues, or comes to an end. The United States has interests in supporting Taiwan's
democracy, in strong commercial ties with Taiwan, and in peace and stability across the Taiwan Strait."
Library of Congress. Congressional Research Service
Lawrence, Susan V.; Morrison, Wayne M.
2016-01-12
