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COVID-19: China Medical Supply Chains and Broader Trade Issues [Updated October 8, 2020]
From the Summary: "The outbreak of Coronavirus Disease 2019 (COVID-19), first in China, and then globally, including in the United States, is drawing attention to the ways in which the U.S. economy depends on manufacturing and supply chains based in China. This report aims to assess current developments and identify immediate and longer range China trade issues for Congress. An area of particular concern to Congress is U.S. shortages in medical supplies-- including personal protective equipment (PPE) and pharmaceuticals--as the United States steps up efforts to contain COVID-19 with limited domestic stockpiles and insufficient U.S. industrial capacity. Because of China's role as a global supplier of PPE, medical devices, antibiotics, and active pharmaceutical ingredients, reduced exports from China have led to shortages of critical medical supplies in the United States. Exacerbating the situation, in early February 2020, the Chinese government nationalized control of the production and distribution of medical supplies in China--directing all production for domestic use--and directed the bureaucracy and Chinese industry to secure supplies from the global market. Once past the initial peak of its COVID-19 outbreak, the Chinese government appears to have prioritized certain countries and selectively released some medical supplies for overseas delivery."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Schwarzenberg, Andres B.; Sutherland, Michael D.
2020-10-08
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Global Economic Effects of COVID-19 [Updated January 8, 2021]
From the Summary: "In the months since the COVID-19 [coronavirus disease 2019] outbreak was first diagnosed, it has spread to over 200 countries and all U.S. states. The pandemic has negatively affected global economic growth beyond anything experienced in nearly a century. Estimates so far indicate the virus could reduce global economic growth to an annualized rate of -4.5% to -6.0% in 2020, with a partial recovery of a rate of 2.5% to 5.2% in 2021. [...] The full economic impact of the pandemic likely will remain unclear until the negative health effects peak. This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2021-01-08
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U.S. Export Control Reforms and China: Issues for Congress [Updated January 15, 2021]
From the Document: "Over the past two years, the U.S. government has reformed--through legislation, regulation, and licensing practices--the export control system that regulates dual-use exports (goods and technology that have both civilian and military uses). These changes largely aim to address concerns about China's attempts to seek global civilian and military leadership in advanced and emerging technologies through coordinated industrial policies. Some of these reforms have prompted U.S. business concerns because they tighten technology trade with China, which is a growing market for many firms. Other reforms--such as setting emerging technology controls, expanding controls on existing technologies of concern, and reforming the licensing process--are ongoing. Congress has an important role in overseeing the reforms it legislated and shaping the evolving U.S. export control regime."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Fergusson, Ian F.
2021-01-15
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U.S.-China Investment Ties: Overview [Updated January 15, 2021]
From the Background: "Investment is playing a growing role in U.S. commercial ties with the People's Republic of China (PRC or China). For many years, the PRC government invested much of its foreign exchange reserves in U.S. assets, particularly U.S. Treasury securities. China is the world's largest holder of foreign exchange reserves and had $3.2 trillion in reserves as of November 2020. [...] Since 1999, the PRC government has pushed an outward investment policy that has sought to diversify its overseas investments into hard assets by encouraging its companies--many of them state-tied firms--to invest overseas. These investments have targeted gaining access to critical raw materials and cutting-edge technology and establishing an overseas presence to expand infrastructure and create markets for Chinese goods and services. While a significant share of China's investment in the United States is in U.S. public and private securities, U.S. capital flowing into China largely has taken the form of foreign direct investment (FDI), in part due to China's restrictions on portfolio investment and investment rules that tie sales and procurement requirements or incentives to an investment or manufacturing presence. Initial U.S. investment in China focused on export-oriented manufacturing. Since the 1990s, U.S. investment has expanded into manufacturing, distribution, and services for the domestic market as well. In recent years, China has also sought to open gradually certain participation in its capital and debt markets to foreign investors."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.; Sutter, Karen M.
2021-01-15
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China's 'One Belt, One Road' Initiative: Economic Issues [January 22, 2021]
From the Document: "President Xi Jinping of the People's Republic of China (PRC or China) in 2013 launched an ambitious and multifaceted foreign economic policy initiative--'One Belt, One Road'--to expand China's global economic reach and influence. In 2015, Beijing changed the English name to the 'Belt and Road Initiative (BRI)', possibly to deflect from its focus on developing China-centered and controlled global ties in a hub and spoke format. In October 2020, the Communist Party of China's Central Committee reaffirmed the effort's central role in national economic development and securing China's supply chains. A January 2021 White Paper, 'International Development Cooperation in the New Era', issued by China's cabinet, highlights the initiative's role as a platform for China's global commercial activity."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Schwarzenberg, Andres B.; Sutherland, Michael D.
2021-01-22
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Global Economic Effects of COVID-19 [Updated February 19, 2021]
From the Summary:"In the months since the COVID-19 [coronavirus disease 2019] outbreak was first diagnosed, it has spread to over 200 countries and all U.S. states. The pandemic has negatively affected global economic growth beyond anything experienced in nearly a century. Estimates so far indicate the virus could reduce global economic growth to an annualized rate of -4.5% to -6.0% in 2020, with a partial recovery of a rate of 2.5% to 5.2% in 2021. Major advanced economies, which comprise 60% of global economic activity, are forecasted to operate below their potential output level through at least 2024. Compared with the synchronized nature of the global economic slowdown in the first half of 2020, the global economy showed signs of a two-track recovery in the third quarter of 2020 with developed economies experiencing a nascent recovery and economic growth in developing economies lagging behind. A resurgence in infectious cases in Europe, the United States, and various developing economies since September renewed calls for lockdowns and curfews and threatened to weaken or delay a sustained economic recovery into at least the first or second quarters of 2021. [...] The full economic impact of the pandemic likely will remain unclear until the negative health effects peak. This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2021-02-19
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De-Dollarization Efforts in China and Russia [July 23, 2021]
From the Document: "For more than a decade, China and Russia have sought to reduce their use of the U.S. dollar, or 'de-dollarize' their economies, in an effort to shield their economies from U.S. sanctions, reduce exposure to the effects of U.S. economic and monetary policy, and assert global economic leadership. While China and Russia have somewhat reduced their dollar use, both countries, as do most countries, still rely heavily on the dollar. China holds significant dollar reserves, and does not allow its currency, the renminbi (RMB), to be traded freely in foreign exchange markets. This limits the RMB's use in cross-border transactions and has constrained China's broader de-dollarization efforts. Russia's ruble is not widely used abroad, and global energy markets (Russia's main exports) are traditionally denominated in dollars. Over time, however, if de-dollarization efforts gain traction, there could be implications for the U.S. economy, U.S. sanctions, and U.S. global economic leadership."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Sutter, Karen M.
2021-07-23
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Global Economic Effects of COVID-19 [Updated July 9, 2021]
From the Summary: "The COVID-19 [coronavirus disease 2019] viral pandemic continues to be a highly personal, individual experience that is also an unprecedented globally shared phenomenon with wide-ranging repercussions. The pandemic has disrupted lives across all countries and communities and negatively affected global economic growth in 2020 beyond anything experienced in nearly a century. Estimates indicate the virus reduced global economic growth in 2020 to an annualized rate of -3.4% to -7.6%, with a recovery of 4.2% to 5.6% projected for 2021. Global trade is estimated to have fallen by 5.3% in 2020, but is projected to grow by 8.0% in 2021. According to a consensus of forecasts, the economic downturn in 2020 was not as negative as initially estimated, due in part to the fiscal and monetary policies governments adopted in 2020. Generally, economic growth forecasts captured the decline and subsequent rebound in economic growth over the second and third quarters of 2020, but have been challenged since by the prolonged nature of the health crisis and its continuing impact on the global economy."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Nelson, Rebecca M.; Weiss, Martin A. . . .
2021-07-09
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China's Recent Trade Measures and Countermeasures: Issues for Congress [September 20, 2021]
From the Introduction: "This report assesses a set of interrelated trade laws, regulations, and policies that the government of the People's Republic of China (PRC or China) has adopted since 2020 that are designed to enhance its control over a wide range of commercial activity, within and outside of China, and to counter the reach of certain economic and national security-related policies and authorities of the United States and other governments. China, for example, has adopted a new law on export controls and related technology catalogues, new measures on the security review of foreign investment, measures to create and operationalize a list of 'unreliable entities,' 'blocking measures,' and a related anti-sanctions law, all of which seek to broadly limit the extraterritorial applications of U.S. and other foreign laws and policies of concern to China. The Chinese government also has drafted regulations that seek to enhance its control over critical materials such as rare earth elements (REEs), as well as data and scientific research."
Library of Congress. Congressional Research Service
Sutter, Karen M.
2021-09-20
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Global Economic Effects of COVID-19 [Updated October 4, 2021]
From the Summary: "The COVID-19 [coronavirus disease 2019] viral pandemic is an unprecedented global phenomenon that is also a highly personal experience with wide-ranging effects. On September 20, 2021, U.S. viral deaths surpassed the 675,446 total from the 1918 Spanish flu, the previous worst U.S. pandemic-related death total on record. The pandemic has disrupted lives across all countries and communities and negatively affected global economic growth in 2020 beyond anything experienced in nearly a century. Estimates indicate the virus reduced global economic growth in 2020 to an annualized rate of around -3.2%,with a recovery of 6.0% projected for 2021. Global trade is estimated to have fallen by 5.3% in 2020, but is projected to grow by 8.0% in 2021. According to a consensus of forecasts, the economic downturn in 2020 was not as negative as initially estimated, due in part to the fiscal and monetary policies governments adopted in 2020. In most countries, economic growth fell sharply in the second quarter of 2020, rebounded quickly in the third quarter, and has been mostly positive since. Although lessening, the total global economic effects continue to mount. [...] This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Nelson, Rebecca M.; Weiss, Martin A. . . .
2021-10-04
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International Trade and Finance: Overview and Issues for the 116th Congress [Updated January 17, 2020]
From the Document: "The U.S. Constitution grants authority to Congress to lay and collect duties and regulate foreign commerce. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations, U.S. trade and economic relations with specific regions and countries, international institutions focused on trade, tariff and nontariff barriers, worker dislocation due to trade liberalization, enforcement of trade laws and trade agreement commitments, import and export policies, international investment, economic sanctions, and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.; Nelson, Rebecca M.; Akhtar, Shayerah Ilias . . .
2020-01-17
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Trump Administration Tariff Actions: Frequently Asked Questions [Updated December 15, 2020]
From the Introduction: "The U.S. Constitution grants Congress the sole authority to regulate foreign commerce and therefore impose tariffs, but through various trade laws, Congress has delegated authority to the President to modify tariffs and other trade restrictions under certain circumstances. [...] The Trump Administration's tariff actions raise a number of issues for Congress and have been the focus of congressional debate. Such issues include the effect of the tariffs on U.S. economic activity, such as increases in the price of imported goods, affecting both U.S. consumers and producers, as well as diminished competitiveness of U.S. exports in foreign markets as a result of tariff retaliation. The tariff actions, their frequent modifications, and the exemption application process have also created uncertainty for U.S. businesses. In addition, questions over whether the Trump Administration's tariff actions adhere to congressional intent for the use of delegated tariff authority, in part due to broadly defined statutory criteria, have led to debate in Congress over potential legislative reforms. Congress may also consider how these tariff actions affect the multilateral trading system and the U.S. role and leadership in that system, U.S. bilateral trade relations, and whether tariff increases are an appropriate tool in the negotiation of broader trade reforms."
Library of Congress. Congressional Research Service
Williams, Brock R.; Casey, Christopher A.; Cimino-Isaacs, Cathleen D. . . .
2020-12-15
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Global Economic Effects of COVID-19 [Updated June 17, 2021]
From the Overview: "The World Health Organization (WHO) first declared COVID-19 [coronavirus disease 2019] a world health emergency in January 2020; on March 11 it announced the viral outbreak was officially a pandemic, the highest level of health emergency. Since then, the emergency evolved into a global public health and economic crisis that affected the $90 trillion global economy beyond anything experienced in nearly a century. [...] By early March 2020, the focal point of infections shifted from China to Europe, especially Italy, but by April, the focus had shifted to the United States, where the number of infections had been accelerating. By April 2021, India and Brazil emerged as viral hot spots with the number of infections and deaths reaching daily record levels in those countries. [...] The infection has sickened over 174 million people globally with over 3.7 million fatalities. The United States reported that by mid-June 2021, over 33 million Americans had been diagnosed and nearly 600,000 had died from the virus. [...] During the G-7 (Group of Seven) summit in England on June 11, 2021, the United States and the other G-7 leaders announced they would provide a combined total of 1 billion doses of the COVID-19 vaccine in addition to lifesaving medical supplies, oxygen, diagnostics, therapeutics, and personal protective equipment (PPE) to low and middle income developing countries."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2021-06-17
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Semiconductors, CHIPS for America, and Appropriations in the U.S. Innovation and Competition Act (S. 1260) [January 13, 2022]
From the Document: "Semiconductors, or computer chips, enable nearly all industrial activities, including systems that undergird U.S. industrial competitiveness and national security. They are instrumental in technologies that address a wide spectrum of national needs, such as defense weapon systems, medical equipment, automobiles, industrial machinery, consumer electronics, and environmental systems. [...] Six U.S.-headquartered or foreign-owned semiconductor manufacturing companies currently operate 20 fabrication facilities, or fabs, in the United States. However, with the movement of many U.S. firms toward a fabless model (companies that design, but do not manufacture, semiconductors), the U.S. share of semiconductor fabrication capacity was 12% in 2020, down from 13.8% in 2015, continuing a long-term decline from around 40% in 1990. [...] The following sections of this In Focus discuss selected authorization provisions in Title XCIX '(Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America)' of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (2021 NDAA, P.L. [Public Law] 116-283), as well as related appropriations provisions included in the proposed United States Innovation and Competition Act (USICA, S. 1260). No House bills include CHIPS for America appropriations."
Library of Congress. Congressional Research Service
Sargent, John F., Jr.; Sutter, Karen M.
2022-01-13
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U.S. Export Controls and China [Updated March 24, 2022]
From the Document: "Since 2018, Congress and the executive branch have revised--through legislation, regulation, and licensing practices--the U.S. export control system that regulates dual-use exports (goods and technology that may have both civilian and military uses). Much of the legislative reform has focused on controlling emerging and foundational technologies, strengthening other technology controls and licensing practices, engaging multilaterally to ensure U.S. controls are effective, and considering the impact of controls on the U.S. economy, including the foreign availability of U.S. products subject to control. Many of these changes were efforts to address concerns about the People's Republic of China's (PRC or China) pursuit of civilian and military leadership in advanced technologies through U.S. commercial ties. Congress plays a key role in overseeing the reforms it enacted and shaping the U.S. export control regime to address U.S. national security and foreign policy concerns, including those posed by China."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Casey, Christopher A.
2022-03-24
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U.S.-China Trade Relations [Updated March 2, 2022]
From the Document: "The People's Republic of China (PRC or China) is the second-largest global economy and an important global market for the United States. At the same time, U.S. firms face significant trade barriers, unfair practices, and a lack of reciprocity in key areas. China's state-driven economic, trade, investment, and technology practices and the challenges they pose to U.S. economic and technology leadership are of concern to many in Congress. China continues to require the transfer of critical U.S. capabilities to China to operate in strategic areas. Many of China's practices distort markets and undermine fair competition in China and globally as PRC firms expand in areas that China restricts domestically. China's system blurs state and corporate interests, enabling the government to deploy trade tools (e.g., antidumping, antitrust, standards, and procurement), economic coercion, and espionage to advantage its firms and advance China's industrial and other policies. The state's expanding role in commercial activity--including an intensification of industrial policies and enactment of a set of interrelated national economic security policies and data restrictions since 2020--appear to have increased the risks of U.S. commercial ties with China even as some U.S. firms are increasing their exposure."
Library of Congress. Congressional Research Service
Sutter, Karen M.
2022-03-02
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U.S.-Taiwan Trade Relations [Updated March 7, 2022]
From the Document: "Taiwan is a top U.S. trade partner and a key link in global technology and manufacturing supply chains, supporting both the U.S. and China markets. Taiwan's economy is highly dependent on global trade, with exports accounting for almost 70% of gross domestic product (GDP). Taiwan faces economic challenges, such as labor mismatches and energy and water shortages, and is seeking to generate growth in emerging technologies (e.g., biotechnology) and semiconductor research, design, and fabrication. Taiwan is seeking to reduce its economic dependence on the People's Republic of China (PRC or China), including through trade diversification and on-shoring of some production. Central to these efforts are actions by both the U.S. and Taiwan governments to deepen trade, investment, and technology ties."
Library of Congress. Congressional Research Service
Sutter, Karen M.
2022-03-07
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China's Economy: Current Trends and Issues [Updated April 6, 2022]
From the Document: "The People's Republic of China (PRC or China) was the first major economy to announce a return to economic growth in June 2020 since the outbreak of the Coronavirus Disease 2019 (COVID-19) pandemic; its economic performance since then has been uneven. Repeated lockdowns under zero-COVID tolerance policies have periodically disrupted manufacturing and transportation. Tightened border controls have curtailed two-way goods and services trade, tourism, and student and business travel. Weak domestic demand and debt pressures, particularly in the property sector, are also constraining growth. In 2021, China relied on government spending and exports to boost economic growth by 8.1%, from a low 2020 base of 2.2% growth. The PRC government targets 5.5% growth for 2022, while the International Monetary Fund (IMF) projects 4.8% growth. Some economists assess China may struggle to meet these targets due to domestic constraints and global economic pressures with Russia's invasion of Ukraine."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Sutherland, Michael D.
2022-04-06
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China's Economic and Trade Ties with Russia [May 24, 2022]
From the Document: "Two developments in February 2022--the announcement by leaders of the People's Republic of China (PRC or China) and the Russian Federation (Russia) of a strategic partnership that 'knows no limits' and Russia's renewed invasion of Ukraine with tacit PRC support--may raise new considerations for Congress about the deepening China-Russia ties. China's trade, financial, and technology ties with Russia may affect the strength of U.S.-led efforts to constrain Russia, including through sanctions and export controls. China's alignment with Russia also appears to be part of broader efforts to create alternative global systems in trade, finance, and technology that could intensify and challenge the liberal global economic order. Also see CRS In Focus IF12100, 'China-Russia Relations.'"
Library of Congress. Congressional Research Service
Sutter, Karen M.; Sutherland, Michael D.
2022-05-24
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U.S.-China Phase One Trade Deal [May 27, 2022]
From the Document: "On January 15, 2020, President Donald J. Trump signed a trade agreement with Vice Premier Liu He of the People's Republic of China (PRC or China) that sought to resolve some long-standing U.S. government and business concerns about China's unfair trade, investment, and technology practices. The negotiations were conducted in response to actions, including imposing tariffs, that the U.S. government took under Section 301 of the Trade Act of 1974 (19 U.S.C. [United States Code] §2411). The deal is called the 'Phase One' agreement because it was to be the first of subsequent agreements to address key U.S. concerns. Many experts assess that PRC negotiators pushed most issues identified by USTR [U.S. Trade Representative] to future talks, but the deal has several commitments from China that were difficult to secure and could help shape U.S. trade policy going forward."
Library of Congress. Congressional Research Service
Sutter, Karen M.
2022-05-27
