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Trade Dispute with China and Rare Earth Elements [June 28, 2019]
From the Background: "Since 2018, the United States and China have been engaged in a trade dispute resulting from U.S. use of Section 301 provisions (which deals with foreign trade barriers). The dispute has led to several rounds of tariff hikes. The United States has imposed 25% tariff hikes on $250 billion worth of products from China while China has hiked tariffs on $110 billion worth of U.S. products. On May 10, 2019, President Trump directed the U.S Trade Representative (USTR) to begin the processes of raising tariffs on essentially all remaining imports from China, which it valued at approximately $300 billion. A week later, the USTR published a list of Chinese products that could be subject to 25% 'ad valorem' tariffs. The notice specified that certain products, including rare earth elements (REEs), would not be included on the list."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-06-28
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Enforcing U.S. Trade Laws: Section 301 and China [Updated June 26, 2019]
From the Overview: "Concerns over China's policies on intellectual property (IP), technology, and innovation led the Trump Administration in August 2017 to launch a Section 301 investigation of those policies. Consequently, the United States has implemented three rounds of tariff increases on a total of $250 billion worth of Chinese products, while China has increased tariffs on $110 billion worth of U.S. products. The Trump Administration has threatened to increase tariffs on nearly all remaining imports from China."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-06-26
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [Updated June 25, 2019]
From the Summary: "Prior to the initiation of economic reforms and trade liberalization nearly 40 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 9.5% through 2018, a pace described by the World Bank as 'the fastest sustained expansion by a major economy in history.' Such growth has enabled China, on average, to double its GDP every eight years and helped raise an estimated 800 million people out of poverty. China has become the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves. This in turn has made China a major commercial partner of the United States. China is the largest U.S. merchandise trading partner, biggest source of imports, and third-largest U.S. export market. China is also the largest foreign holder of U.S. Treasury securities, which help fund the federal debt and keep U.S. interest rates low."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-06-25
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U.S.-China Trade Issues [Updated June 23, 2019]
From the Background: "The U.S.-China trade and economic relationship has expanded significantly over the past three decades. In 2018, China was the United States' largest U.S. merchandise trading partner (total trade at $660 billion), third-largest export market ($120 billion), and largest source of imports ($540 billion). China is also the largest foreign holder of U.S. Treasury securities (at $1.1 trillion as of April 2019 2018). However, tensions have grown sharply in recent years over a number of economic and trade issues."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-06-23
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Escalating U.S. Tariffs: Affected Trade [Updated June 21, 2019]
From the Document: "The trade practices of U.S. trading partners and the U.S. trade deficit are a focus of the Trump Administration. Citing these and other concerns, the President has imposed tariff increases under three U.S. laws. [...] While tariffs may benefit a limited number of import-competing firms, they also increase costs for downstream users of imported products (e.g., Ford estimates the metal tariffs cost the firm nearly $1 billion) and consumers (e.g., research by economists from the New York Federal Reserve estimates the tariffs in effect in 2018 cost the average household $414, which could grow to $831 with the recent 15% increase on Chinese imports), and may have broader negative effects on the U.S. economy, as well as several policy implications."
Library of Congress. Congressional Research Service
Williams, Brock R.; Morrison, Wayne M.; Hammond, Keigh E.
2019-06-21
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Escalating U.S. Tariffs: Timeline [Updated June 21, 2019]
From the Document: "The trade practices of U.S. trading partners and the U.S. trade deficit are a focus of the Trump Administration. Citing these and other concerns, the President has imposed tariff increases under three U.S. laws. [...] Increasing U.S. tariffs or imposing other import restrictions through these laws potentially opens the United States to complaints that it is violating its WTO [World Trade Organization] and free trade agreement (FTA) commitments. Several U.S. trading partners, including China and the European Union, have initiated dispute settlement proceedings and imposed retaliatory tariffs in response. The retaliatory actions also raise questions with regard to their adherence to WTO commitments, which the United States has raised at the WTO."
Library of Congress. Congressional Research Service
Williams, Brock R.; Morrison, Wayne M.; Hammond, Keigh E.
2019-06-21
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U.S. Trade Friction with China Intensifies [June 19, 2019]
From the Document: "Commercial relations between the United States and China are experiencing an increasing level of tension and uncertainty. In August 2017, the Trump Administration launched a Section 301 investigation of Chinese policies relating to technology transfer, intellectual property, and innovation policies deemed harmful to U.S. economic interests. In March 2018, the Administration announced it would take specified action against China in response to such policies, including increased tariffs. The Administration subsequently raised tariffs on three tranches of import products from China, (with estimated combined worth of $250 billion). China imposed retaliatory tariff increase on three tranches of imported products from the United States (with estimated combined worth of $110 billion). On February 14, 2019, President Trump tweeted that trade negotiations with China were in 'advanced stages' and suggested that an agreement could soon be reached."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-06-19
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Enforcing U.S. Trade Laws: Section 301 and China [Updated June 11, 2019]
From the Overview: "Concerns over China's policies on intellectual property (IP), technology, and innovation led the Trump Administration in August 2017 to launch a Section 301 investigation of those policies. Consequently, the United States has implemented three rounds of tariff increases on a total of $250 billion worth of Chinese products, while China has increased tariffs on $110 billion worth of U.S. products. The Trump Administration has threatened to increase tariffs on nearly all remaining imports from China."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-06-11
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Escalating U.S. Tariffs: Timeline [Updated June 5, 2019]
From the Document: "The trade practices of U.S. trading partners and the U.S. trade deficit are a focus of the Trump Administration. [...] Congress delegated aspects of its constitutional authority to regulate foreign commerce to the President through these trade laws. These statutory authorities allow presidential action, based on agency investigations, to take various actions, including import restrictions to address specific concerns (see text box). They have been used infrequently in the past two decades, in part due to the 1995 creation of the World Trade Organization (WTO) and its enforceable dispute settlement system. [...] Increasing U.S. tariffs or imposing other import restrictions through these laws potentially opens the United States to complaints that it is violating its WTO and free trade agreement (FTA) commitments. Several U.S. trading partners, including China and the European Union, have initiated dispute settlement proceedings and imposed retaliatory tariffs in response. The retaliatory actions also raise questions with regard to their adherence to WTO commitments, which the United States has raised at the WTO."
Library of Congress. Congressional Research Service
Williams, Brock R.; Hammond, Keigh E.; Morrison, Wayne M.
2019-06-05
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Escalating U.S. Tariffs: Affected Trade [Updated June 5, 2019]
From the Document: "The trade practices of U.S. trading partners and the U.S. trade deficit are a focus of the Trump Administration. [...] The multiple tariff increases applied to date, ranging from 10% to 45%, affect approximately 10% ($267.5 billion) of U.S. annual imports (Figure 1). While the Administration has taken some steps to reduce the scale of imports affected by the tariffs (i.e., by exempting Canada and Mexico from the steel and aluminum duties and creating processes by which certain products may be excluded), the general trend is an escalation of tariff actions."
Library of Congress. Congressional Research Service
Williams, Brock R.; Morrison, Wayne M.; Hammond, Keigh E.
2019-06-05
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China's Currency Policy [Updated May 24, 2019]
From the Document: "China's policy of intervening in currency markets to control the value of its currency, the renminbi (RMB), against the U.S. dollar and other currencies has been of concern for many in Congress over the past decade or so. Some Members charge that China 'manipulates' its currency in order to make its exports significantly less expensive, and its imports more expensive, than would occur if the RMB were a freely traded currency. Some argue that China's 'undervalued currency' has been a major contributor to the large annual U.S. merchandise trade deficits with China (which totaled $419 billion in 2018) and the decline in U.S. manufacturing jobs. Legislation aimed at addressing 'undervalued' or 'misaligned' currencies has been introduced in several congressional sessions. On May 23, 2019, the U.S. Department of Commerce published a notice in the Federal Register proposing to make an undervalued currency (as determined by the U.S. Department of Treasury) an actionable subsidy under U.S. countervailing duty proceedings."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-05-24
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Escalating Tariffs: Timeline [Updated May 24, 2019]
From the Document: "The trade practices of U.S. trading partners and the U.S. trade deficit are a focus of the Trump Administration. Citing these and other concerns, the President has imposed tariffs under three U.S. laws that allow the Administration to take such action: (1) Section 201 (Table 1) on U.S. imports of washing machines and solar products; (2) Section 232 (Table 2) on U.S. imports of steel and aluminum, and potentially autos, uranium, and titanium sponge; and (3) Section 301 (Table 3) on U.S. imports from China. Congress delegated aspects of its constitutional authority to regulate foreign commerce to the President through these trade laws. These statutory authorities allow presidential action, based on agency investigations, to take various actions, including import restrictions to address specific concerns (see text box). They have been used infrequently in the past two decades, in part due to the 1995 creation of the World Trade Organization (WTO) and its enforceable dispute settlement system."
Library of Congress. Congressional Research Service
Williams, Brock R.; Morrison, Wayne M.; Hammond, Keigh E.
2019-05-24
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Enforcing U.S. Trade Laws: Section 301 and China [Updated May 23, 2019]
From the Overview: "Concerns over China's policies on intellectual property (IP), technology,and innovation led the Trump Administration in August 2017 to launch a Section 301 investigation of those policies. Consequently, the United States has implemented three rounds of tariff increases on a total of $250 billion worth of Chinese products, while China has increased tariffs on $110 billion worth of U.S. products. The Trump Administration has threatened to increase tariffs on nearly all remaining imports from China."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-05-23
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Digital Trade and U.S. Trade Policy [May 21, 2019]
From the Document: "The rapid growth of digital technologies in recent years has created new opportunities for U.S. consumers and businesses but also new challenges in international trade. For example, consumers today access e-commerce, social media, telemedicine, and other offerings not imagined thirty years ago. Businesses use advanced technology to reach new markets, track global supply chains, analyze big data, and create new products and services. New technologies facilitate economic activity but also create new trade policy questions and concerns. Data and data flows form a pillar of innovation and economic growth."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Akhtar, Shayerah Ilias; Morrison, Wayne M.
2019-05-21
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Made in China 2025 Initiative: Economic Implications for the United States [Updated April 12, 2019]
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.
2019-04-12
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U.S.-China Relations [Updated April 11, 2019]
From the Document: "United States and the People's Republic of China (PRC or China) Are This Year Marking the 40th Anniversary of Their Establishment of Diplomatic Relations. Both Are Permanent Members of the United Nations Security Council. Today, They Lead the World in the Size of Their Economies, Their Defense Budgets, and Their Global Greenhouse Gas Emissions. In 2018, They Were Each Other's Largest Trading Partners."
Library of Congress. Congressional Research Service
Lawrence, Susan V.; Morrison, Wayne M.; Langan-Marmur, Jonah
2019-04-11
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U.S.-China Trade Issues [Updated April 8, 2019]
From the Document: "The U.S.-China trade and economic relationship has expanded significantly over the past three decades. In 2018, China was the United States' largest U.S. merchandise trading partner (total trade at $660 billion), third-largest export market ($120 billion), and largest source of imports ($540 billion). China is also the largest foreign holder of U.S. Treasury securities (at $1.1 trillion year-end 2018). However, tensions have grown sharply in recent years over a number of economic and trade issues."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-04-08
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Enforcing U.S. Trade Laws: Section 301 and China [Updated April 8, 2019]
From the Document: "Concerns over China's policies on intellectual property (IP), technology, and innovation policies led the Trump Administration in August 2017 to launch a Section 301 investigation of those policies. Since then, the United States has implemented three rounds of tariff increases under Section 301 on a total of $250 billion worth of Chinese products, while China has increased tariffs on $110 billion worth of U.S. products. Several rounds of talks have been held to resolve the trade dispute."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-04-08
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U.S.-Taiwan Trade Relations [Updated March 25, 2019]
From the Document: "With a population of 23.6 million people, Taiwan has evolved to become a highly developed, dynamic, and globally competitive economy. In 2018, Taiwan's gross domestic product (GDP) on a purchasing power parity (PPP) basis was $1.25 trillion, making it the world's 22[nd]-largest economy. Its per capita GDP on a PPP basis (a common measurement of living standards) was 19% greater than Japan's and about 85% of the U.S. level. In 2018, Taiwan was the world's 21st-largest trading economy for goods and services. The World Economic Forum ranked Taiwan as the world's 13th-most competitive economy in 2018, and the World Bank ranked Taiwan the 15th-best economy in terms of the ease of doing business. Taiwan is a major global producer of information and communications technology (ICT) products and semiconductors."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-03-25
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Enforcing U.S. Trade Laws: Section 301 and China [Updated March 25, 2019]
From the Document: "Concerns over China's policies on intellectual property (IP), technology, and innovation policies led the Trump Administration in August 2017 to launch a Section 301 investigation of those policies. Since then, the United States has implemented three rounds of tariff increases under Section 301 on a total of $250 billion worth of Chinese products, while China has increased tariffs on $110 billion worth of U.S. products. Several rounds of talks have been held to resolve the trade dispute."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-03-25
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Enforcing U.S. Trade Laws: Section 301 and China [Updated March 13, 2019]
From the Document: "Concerns over China's policies on intellectual property (IP), technology, and innovation policies led the Trump Administration in August 2017 to launch a Section 301 investigation of those policies. Since then, the United States has implemented three rounds of tariff increases under Section 301 on a total of $250 billion worth of Chinese products, while China has increased tariffs on $110 billion worth of U.S. products. Several rounds of talks have been held to resolve the trade dispute."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-03-13
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U.S.-China Trade Issues [Updated March 11, 2019]
From the Document: "The U.S.-China trade and economic relationship has expanded significantly over the past three decades. In 2018, China was the United States' largest U.S. merchandise trading partner (total trade at $660 billion), third-largest export market ($120 billion), and largest source of imports ($535 billion). China is also the largest foreign holder of U.S. Treasury securities (at $1.1 trillion year-end 2018). However, tensions have grown sharply in recent years over a number of economic and trade issues."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-03-11
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Enforcing U.S. Trade Laws: Section 301 and China [Updated February 28, 2019]
From the Document: "Concerns over China's policies on intellectual property (IP), technology, and innovation policies led the Trump Administration in August 2017 to launch a Section 301 investigation of those policies. Since then, the United States has implemented three rounds of tariff increases under Section 301 on a total of $250 billion worth of Chinese products, while China has increased tariffs on $110 billion worth of U.S. products. Several rounds of talks have been held to resolve the trade dispute."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-02-28
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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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Enforcing U.S. Trade Laws: Section 301 and China [Updated January 29, 2019]
From the Document: "Concerns over China's policies on intellectual property (IP), technology, and innovation policies led the Trump Administration in August 2017 to launch a Section 301 investigation of those policies. Since then, the United States has implemented three rounds of tariff increases under Section 301 on a total of $250 billion worth of Chinese products (and has threatened tariff increases on an additional $267 billion worth of Chinese goods) while China has increased tariffs on $110 billion worth of U.S. products. On December 1, 2018, the two sides announced some progress in resolving the dispute."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2019-01-29
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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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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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China's Currency Policy [October 22, 2018]
"China's policy of intervening in currency markets to control the value of its currency, the renminbi (RMB), against the U.S. dollar and other currencies has been of concern for many in Congress over the past decade or so. Some Members charge that China 'manipulates' its currency in order to make its exports significantly less expensive, and its imports more expensive, than would occur if the RMB were a freely traded currency. Some argue that China's 'undervalued currency' has been a major contributor to the large annual U.S. merchandise trade deficits with China (which totaled an estimated $375 billion in 2017) and the decline in U.S. manufacturing jobs. Bills to address foreign currencies deemed to be undervalued have been introduced in every Congress since 2003. China has often been the main target of such legislation, although in recent years, the currency policies of other countries have also come under scrutiny. In the 115th Congress, H.R. 2039 would clarify that U.S. countervailing measures (dealing with government subsidies) could be applied against 'fundamentally undervalued currencies.' As a presidential candidate, Donald Trump stated that he would label China as a 'currency manipulator'on day one."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-10-22
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China's Status as a Nonmarket Economy (NME) [October 22, 2018]
"When China joined the World Trade Organization (WTO) in 2001, it agreed to allow other WTO members to continue to use an alternative (surrogate country) methodology for assessing prices and costs on products subject to anti-dumping (AD) measures. This occurred because other WTO members argued that distortions in the Chinese economy caused by government intervention would make it impractical in many cases to use Chinese prices and costs for determining dumping margins. China contends that language in its WTO accession protocol required all WTO members to terminate their use of the alternative methodology by December 11, 2016, including the United States, which has classified China as a nonmarket economy (NME) for trade remedy cases since 1981. The United States and other WTO members argue that that the WTO language did not automatically obligate them to extend market economy status (MES) to China. On December 12, 2016, China initiated a WTO dispute settlement case against the United States and the European Union over their failure to afford China MES."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2018-10-22
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Escalating Tariffs: Potential Impacts [September 24, 2018]
"Concerns over trading partner trade practices and the U.S. trade deficit have been a focus of the Trump Administration. For a timeline of recent actions, see CRS [Congressional Research Service] Insight IN10943, Escalating Tariffs: Timeline. Citing these concerns and others, the President has imposed tariffs under three U.S. laws and authorities (Figure 1) that allow the Administration to unilaterally impose trade restrictions: (1) Section 201 on U.S. imports of washing machines and solar products; (2) Section 232 on U.S. imports of steel and aluminum, and potentially autos and uranium, and (3) Section 301 on U.S. imports from China. Annual U.S. imports of goods subject to the additional tariffs, which range from 10% to 50%, totaled $282 billion in 2017 (Table 1). All formally proposed tariffs are now in effect, but the President has informally raised the prospect of tariffs on an additional $267 billion of U.S. annual imports from China, and, pending a Section 232 investigation, approximately $361 billion of U.S. auto and parts imports. While the tariffs may benefit import-competing U.S. producers, they are also likely to increase costs for downstream users of imported products and consumers. The Administration could be using the tariffs in part to pressure affected countries into broader trade negotiations, such as the U.S.- EU trade liberalization talks, but it is unclear what specific outcomes the Administration is seeking."
Library of Congress. Congressional Research Service
Williams, Brock R.; Morrison, Wayne M.; Hammond, Keigh E.
2018-09-24
