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U.S.-Japan Trade Agreement Negotiations [Updated October 3, 2019]
From the Overview: "On September 25, 2019, President Trump and Prime Minister Abe announced they had finalized a limited bilateral trade agreement consisting of tariff cuts on agricultural and industrial goods and commitments on digital trade. The two sides stated their intent to begin negotiations on a more comprehensive deal after this initial agreement enters into force. [...] Notably, the limited agreement does not include trade commitments on motor vehicles, a long-standing area of bilateral tension. On May 17, 2019, following an investigation by the U.S. Department of Commerce under Section 232 of the Trade Expansion Act of 1962, President Trump proclaimed motor vehicle and parts imports, particularly from Japan and the EU, a threat to U.S. national security. [...] Alleviating the auto tariff threat was a key objective of Japan in the recent talks."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Williams, Brock R.
2019-10-03
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Escalating U.S. Tariffs: Timeline [Updated October 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 tariff increases under three U.S. laws: [1] Section 201 of the Trade Act of 1974 (Table 1) on U.S. imports of washing machines and solar products; [2] Section 232 of the Trade Expansion Act of 1962 (Table 2) on U.S. imports of steel and aluminum, and potentially motor vehicles/parts and titanium sponge (the President decided not to impose tariffs on uranium imports, after an investigation); and [3] Section 301 of the Trade Act of 1974 (Table 3) on U.S. imports from China."
Library of Congress. Congressional Research Service
Hammond, Keigh E.; Williams, Brock R.
2019-10-24
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Escalating U.S. Tariffs: Affected Trade [Updated October 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 unilateral tariff increases under three U.S. laws: [1] Section 201 of the Trade Act of 1974 on U.S. imports of washing machines and solar products; [2] Section 232 of the Trade Expansion Act of 1962 on U.S. imports of steel and aluminum, and potentially motor vehicles/parts and titanium sponge (the President decided not to impose tariffs on uranium imports, after an investigation); and [3] Section 301 of the Trade Act of 1974 on U.S. imports from China."
Library of Congress. Congressional Research Service
Hammond, Keigh E.; Williams, Brock R.
2019-10-24
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U.S.-China Tariff Actions by the Numbers [October 9, 2019]
From the Overview: "Since early 2018, the United States and China have imposed a series of tariffs against one another's products, and these tariffs now affect a majority of trade between the two countries. U.S. tariffs imposed under Section 301 of the Trade Act of 1974 (which followed an investigation on China's intellectual property rights [IPR] practices) and China's retaliatory tariffs affect the largest share of U.S.-China trade. Earlier U.S. tariffs (and Chinese retaliation) on steel and aluminum (Section 232) and solar panels and washing machines (Section 201) also affect U.S.-China trade. The Trump Administration argues that because they reduce U.S. demand for Chinese exports, the tariffs are an effective tool to pressure China to change its policies. The tariffs, however, also impose costs on U.S. stakeholders--U.S. tariffs increase the price U.S. firms and consumers pay on imports from China, while China's retaliatory tariffs disadvantage U.S. exporters by making U.S. products relatively more expensive in the Chinese market. [...] In order to provide a snapshot of the scale and scope of the escalating trade conflict, this report examines 2017 trade flows of affected products, before they were affected by the tariffs and trade-weighted average tariff increases."
Library of Congress. Congressional Research Service
Williams, Brock R.; Hammond, Keigh E.
2019-10-09
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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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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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Section 232 Investigations: Overview and Issues for Congress [November 21, 2018]
"On March 8, 2018, President Trump issued two proclamations imposing tariffs on U.S. imports of certain steel and aluminum products, respectively, using presidential powers granted under Section 232 of the Trade Expansion Act of 1962. Section 232 authorizes the President to impose restrictions on certain imports based on an affirmative determination by the Department of Commerce (Commerce) that the targeted products are being imported into the United States 'in such quantities or under such circumstances as to threaten to impair the national security.' Section 232 investigations and actions are important for Congress, as the Constitution gives it primary authority over international trade matters. In the case of Section 232, Congress has delegated to the President broad authority to impose limits on imports in the interest of U.S. national security. The statute does not require congressional approval of any presidential actions that fall within its scope. In the Crude Oil Windfall Profit Tax Act of 1980, however, Congress amended Section 232 by creating a joint disapproval resolution provision under which Congress can override presidential actions in the case of adjustments to petroleum or petroleum product imports."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Jones, Vivian Catherine; Hammond, Keigh E. . . .
2018-11-21
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Section 232 Investigations: Overview and Issues for Congress [September 11, 2018]
"On March 8, 2018, President Trump issued two proclamations imposing duties on U.S. imports of certain steel and aluminum products, using presidential powers granted under Section 232 of the Trade Expansion Act of 1962. Section 232 authorizes the President to impose restrictions on certain imports based on an affirmative determination by the Department of Commerce (Commerce) that the targeted products are being imported into the United States 'in such quantities or under such circumstances as to threaten to impair the national security.' Section 232 investigations and actions are important for Congress, as the Constitution gives it primary authority over international trade matters. In the case of Section 232, Congress has delegated the President broad authority to impose limits on imports in the interest of U.S. national security. The statute does not require congressional approval of any presidential actions that fall within its scope. In the Crude Oil Windfall Profit Tax Act of 1980, however, Congress amended Section 232 by creating a joint disapproval resolution provision under which Congress could override presidential actions in the case of adjustments to petroleum or petroleum product imports."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Jones, Vivian Catherine; Hammond, Keigh E. . . .
2018-09-11
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Section 232 Investigations: Overview and Issues for Congress [July 27, 2018]
"On March 8, 2018, President Trump issued two proclamations imposing duties on U.S. imports of certain steel and aluminum products, using presidential powers granted under Section 232 of the Trade Expansion Act of 1962. Section 232 authorizes the President to impose restrictions on certain imports based on an affirmative determination by the Department of Commerce (Commerce) that the targeted products are being imported into the United States 'in such quantities or under such circumstances as to threaten to impair the national security.' Section 232 investigations and actions are important for Congress as the Constitution gives it primary authority over international trade matters. In the case of Section 232, Congress has delegated the President broad authority to impose limits on imports in the interest of U.S. national security. The statute does not require congressional approval of any presidential actions that fall within its scope. In the Crude Oil Windfall Profit Tax Act of 1980, however, Congress amended Section 232 by creating a joint disapproval resolution provision under which Congress could override presidential actions in the case of adjustments to petroleum or petroleum product imports."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Jones, Vivian Catherine; Hammond, Keigh E. . . .
2018-07-27
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Section 232 Investigations: Overview and Issues for Congress [July 5, 2018]
"On March 8, 2018, President Trump issued two proclamations imposing duties on U.S. imports of certain steel and aluminum products, using presidential powers granted under Section 232 of the Trade Expansion Act of 1962. Section 232 authorizes the President to impose restrictions on certain imports based on an affirmative determination by the Department of Commerce (Commerce) that the targeted products are being imported into the United States 'in such quantities or under such circumstances as to threaten to impair the national security.' Section 232 investigations and actions are important for Congress as the Constitution gives it primary authority over international trade matters. In the case of Section 232, Congress has delegated the President broad authority to impose limits on imports in the interest of U.S. national security. The statute does not require congressional approval of any presidential actions that fall within its scope. In the Crude Oil Windfall Profit Tax Act of 1980, however, Congress amended Section 232 by creating a joint disapproval resolution provision under which Congress could override presidential actions in the case of adjustments to petroleum or petroleum product imports."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Jones, Vivian Catherine; Hammond, Keigh E. . . .
2018-07-05
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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
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U.S.-Japan Trade Agreement Negotiations [Updated April 26, 2019]
From the Overview: "In April 2019, the United States and Japan held their first round of negotiations toward a new bilateral trade agreement. The Trump Administration is pursuing the talks with Japan under U.S. Trade Promotion Authority (TPA) procedures, potentially allowing for expedited legislative consideration of a concluded agreement. As the fourth-largest U.S. trade partner, Japan is a long-standing U.S. priority for trade negotiations, in particular following the 2017 U.S. withdrawal from the proposed Trans-Pacific Partnership (TPP), which included Japan. The two parties continue to negotiate on the precise scope of the talks, but both sides appear to prioritize quick results over a more comprehensive negotiation. Key issues are likely to include trade commitments on motor vehicles, agricultural goods, and services, as well as areas where the two nations have largely similar goals, such as digital trade. Currency commitments are a priority among some U.S. stakeholders, but Japan opposes including them in the trade talks."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Williams, Brock R.
2019-04-26
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TPP Countries Conclude Agreement Without U.S. Participation [January 29, 2018]
"On November 11, 2017, the 11 remaining signatories of the Trans-Pacific Partnership (TPP) agreement, excluding the United States, announced the outlines of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). On January 23, 2018, the parties announced they had concluded negotiations on the CPTPP and plan to sign the pact in early March. The CPTPP would be a vehicle to enact much of the TPP, signed by these countries and the United States in February 2016 from which President Trump withdrew in January 2017. The withdrawal was the first action under the President's new trade policy approach, which includes a stated preference for bilateral free trade agreement (FTA) negotiations over multiparty agreements like TPP, a critical view of many existing U.S. FTAs, and a prominent focus on bilateral U.S. trade deficits as an indicator of the health of trade relationships. The Trump Administration has also been engaged, since August 2017, in a renegotiation of the North American Free Trade Agreement (NAFTA) with Canada and Mexico, two TPP signatories and CPTPP participants. On January 5, 2018, the Administration began official talks with South Korea on potential modifications to the U.S.-South Korea FTA (KORUS)."
Library of Congress. Congressional Research Service
Fergusson, Ian F.; Williams, Brock R.
2018-01-29
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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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U.S.-Japan Relations [Updated May 20, 2019]
From the Document: "Japan is a significant partner of the United States in a number of foreign policy areas, particularly security issues, which range from hedging against Chinese military modernization to countering threats from North Korea. The U.S.-Japan military alliance, formed in 1952, grants the U.S. military the right to base U.S. troops--currently numbering around 50,000--and other military assets on Japanese territory in return for a U.S. pledge to protect Japan's security. Japan also is the United States' fourth largest overall trading partner and second largest source of foreign direct investment, and Japanese investors are the second largest foreign holder of U.S. Treasuries. For the first year of the Trump presidency, bilateral relations remained strong, at least on the surface, throughout several visits and leaders' meetings, cemented by common approach to North Korea. Japanese Prime Minister Shinzo Abe, Japan's longest-serving post-war leader, and President Trump presented a united front on dealing with Pyongyang's nuclear weapon test and multiple missile launches. Abe wholeheartedly endorsed the Trump Administration's 'maximum pressure' approach."
Library of Congress. Congressional Research Service
Chanlett-Avery, Emma; Manyin, Mark E.; Williams, Brock R.
2019-05-20
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Section 232 Investigations: Overview and Issues for Congress [Updated April 2, 2019]
From the Document: "On March 8, 2018, President Trump issued two proclamations imposing tariffs on U.S. imports of certain steel and aluminum products, respectively, using presidential powers granted under Section 232 of the Trade Expansion Act of 1962. Section 232 authorizes the President to impose restrictions on certain imports based on an affirmative determination by the Department of Commerce (Commerce) that the targeted products are being imported into the United States 'in such quantities or under such circumstances as to threaten to impair the national security.' Section 232 investigations and actions are important for Congress, as the Constitution gives it primary authority over international trade matters. [...] This report provides an overview of Section 232, analyzes the Trump Administration's Section 232 investigations and actions, and considers potential policy and economic implications and issues for Congress. To provide context for the current debate, the report also includes a discussion of previous Section 232 investigations and a brief legislative history of the statute."
Library of Congress. Congressional Research Service
Fefer, Rachel F.; Hammond, Keigh E.; Jones, Vivian Catherine . . .
2019-04-02
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Trans-Pacific Partnership (TPP) Countries: Comparative Trade and Economic Analysis [June 10, 2013]
"The Trans-Pacific Partnership (TPP) is a proposed regional free trade agreement (FTA) among 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam. The negotiating partners have expressed an interest in allowing this proposed 'living agreement' to cover new trade topics and to include new members that are willing to adopt the proposed agreement's high standards. Japan is the most recent country to seek entry into the TPP. The Administration gave Congress notice of its intent to negotiate with Japan in the TPP on April 24, 2013. The TPP negotiations have been of significant interest to Congress. Congressional involvement includes consultations with U.S. negotiators on and oversight of the details of the negotiations, and eventual consideration of legislation to implement the final trade agreement. In assessing the TPP negotiations, Members may be interested in understanding the potential economic impact and significance of TPP and the economic characteristics of the other TPP countries as they evaluate the potential impact of the proposed TPP on the U.S. economy and the commercial opportunities for expansion into TPP markets. This report provides a comparative economic analysis of the TPP countries and their economic relations with the United States. It suggests that the TPP negotiating partners encompass great diversity in population, economic development, and trade and investment patterns with the United States. This economic diversity and inclusion of fast-growing emerging markets presents both opportunities and challenges for the United States in achieving a comprehensive and high standard regional FTA among TPP countries."
Library of Congress. Congressional Research Service
Williams, Brock R.
2013-06-10
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U.S.-South Korea Free Trade Agreement (KORUS FTA): Provisions and Implementation [September 16, 2014]
"President Obama signed the legislation implementing the U.S.-South Korea Free Trade Agreement (KORUS FTA) on October 21, 2011 (P.L. 112-41), and the Korean National Assembly passed the agreement on November 22, 2011. The KORUS FTA entered into force on March 15, 2012. With the KORUS FTA now in force for over two years, focus has shifted from the debate over its passage to its implementation, economic impact, and effect on future U.S. FTAs. Some U.S. companies have argued that certain aspects of the KORUS agreement are not being implemented appropriately, citing issues related to rules of origin verification, express delivery shipments, data transfers, and pending auto regulations. In addition, a widening trade deficit with South Korea since the implementation of the agreement has led some observers to argue the agreement has not benefitted the U.S. economy, but it is difficult to distinguish the KORUS FTA's impact on U.S.- South Korea trade patterns from the impact of other economic variables. As the largest of the recently passed U.S. FTA's, perceptions of the KORUS FTA's economic impact and concerns over its implementation may influence congressional debate in the new FTAs now under negotiation, specifically the Trans-Pacific Partnership (TPP), which South Korea has signaled an interest in joining, and the Transatlantic Trade and Investment Partnership (T-TIP) between the United States and the European Union."
Library of Congress. Congressional Research Service
Williams, Brock R.; Manyin, Mark E.; Jurenas, Remy . . .
2014-09-16
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Japan-U.S. Relations: Issues for Congress [September 24, 2014]
"Japan is a significant partner for the United States in a number of foreign policy areas, particularly in U.S. security priorities, which range from hedging against Chinese military modernization to countering threats from North Korea. The post-World War II alliance has long been an anchor of the U.S. security role in Asia. The alliance facilitates the forward deployment of about 50,000 U.S. troops and other U.S. military assets based in Japan. In addition, Japan's participation in the Trans-Pacific Partnership (TPP) talks could enhance the credibility and viability of the proposed trade pact, which could be a core component of Administration efforts to 'rebalance' U.S. foreign policy priorities toward the Asia-Pacific region. After years of turmoil, Japanese politics has entered a period of stability with the December 2012 election victory of current Prime Minister Shinzo Abe and his Liberal Democratic Party (LDP). New elections are not required to be held until 2016. The LDP's recent election wins have given it control over both chambers, thereby giving Abe more political room to pursue controversial initiatives that the United States has encouraged such as joining the proposed TPP trade pact and increasing the Japanese military's capabilities and flexibility. The political continuity in Tokyo has allowed Abe to reinforce his agenda of revitalizing the Japanese economy and boosting the U.S.-Japan alliance, both goals that the Obama Administration has actively supported."
Library of Congress. Congressional Research Service
Chanlett-Avery, Emma; Manyin, Mark E.; Rinehart, Ian E. . . .
2014-09-24
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Trans-Pacific Partnership Negotiations and Issues for Congress [January 24, 2013]
"The Trans-Pacific Partnership (TPP) is a potential free trade agreement (FTA) among 11, and perhaps more, countries. The United States and 10 other countries of the Asia-Pacific region-- Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam--are negotiating the text of the FTA. Canada and Mexico participated for the first time in the Auckland round of negotiations in December 2012, and Japan and Thailand are also considering the possibility of joining. With 29 chapters under negotiation, the TPP partners envision the agreement to be 'comprehensive and high-standard,' in that they seek to eliminate tariffs and non-tariff barriers to trade in goods, services, and agriculture, and to establish rules on a wide range of issues including foreign direct investment and other economic activities. They also strive to create a '21st-century agreement' that addresses new and cross-cutting issues presented by an increasingly globalized economy. […] This report examines the issues related to the proposed TPP, the state and substance of the negotiations (to the degree that the information is publically available), the specific areas under negotiation, the policy and economic contexts in which the TPP would fit, and the issues for Congress that the TPP presents. The report will be revised and updated as events warrant."
Library of Congress. Congressional Research Service
Williams, Brock R.; Jurenas, Remy; Cooper, William H., 1949- . . .
2013-01-24
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U.S. International Trade: Trends and Forecasts [October 19, 2012]
"The global financial crisis and the U.S. recession, during the 19 months from December 2007 through June 2009, caused the U.S. trade deficit to decrease, or lessen, from August 2008 through May 2009. Since then it has begun to increase again as recovery has commenced. The financial crisis caused U.S. imports to drop faster than U.S. exports, but that trend has reversed as U.S. demand for imports recovers. […] Areas to watch in 2012 in international trade include the energy and transportation sectors. In energy, unconventional oil and gas production are increasing U.S. domestic supply, reducing imports, and increasing exports. In transportation, U.S. automakers appear to be exporting well to growth markets such as China. […] This report provides an overview of the current status, trends, and forecasts for U.S. import and export flows as well as certain trade balances. The purpose of this report is to provide current data and brief explanations for the various types of trade flows, along with a brief discussion of trends that help inform the discussion of the various policy issues mentioned above."
Library of Congress. Congressional Research Service
Donnelly, J. Michael; Williams, Brock R.
2012-10-19
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U.S. Trade and Investment Relations with sub-Saharan Africa and the African Growth and Opportunity Act [November 14, 2012]
"Following the end of the apartheid era in South Africa in the early 1990s, the United States sought to increase economic relations with sub-Saharan Africa (SSA). President Clinton instituted several measures that dealt with investment, debt relief, and trade. Congress passed legislation that required the President to develop a trade and development policy for Africa. Between 1960 and 1973, Africa's economic growth was relatively strong, followed by a period of stagnation and decline for the subsequent two decades in many SSA countries. Current perspectives, however, indicate that many of the fastest-growing countries in the world are on the African continent, and the International Monetary Fund (IMF) projects that the SSA region will grow in terms of real GDP [Gross Domestic Product] by 5.3% in 2012 and 2013. In 2000, Congress approved new U.S. trade and investment legislation for SSA in the African Growth and Opportunity Act (AGOA; Title I, P.L. [Public Law] 106-200). According to U.S. trade statistics, U.S. trade with SSA has comprised 1% to 2% of U.S. total trade with the world. AGOA extends preferential treatment to U.S. imports from eligible countries that are pursuing market reform measures. Data show that U.S. imports under AGOA are mostly energy products, but imports of other products have grown significantly. AGOA mandated that U.S. officials meet regularly with their counterparts in SSA, and 11 of these meetings have been held to date. The 11th AGOA Forum was held from June 14 to June 15, 2012, in Washington, DC."
Library of Congress. Congressional Research Service
Jones, Vivian Catherine; Williams, Brock R.
2012-11-14
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Trans-Pacific Partnership (TPP) Countries: Comparative Trade and Economic Analysis [January 29, 2013]
"The Trans-Pacific Partnership (TPP) is a proposed regional free trade agreement (FTA) currently under negotiation between Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam. The negotiating partners have expressed an interest in allowing this proposed 'living agreement' to cover new trade topics and to include new members that are willing to adopt the proposed agreement's high standards. Canada and Mexico are the most recent countries to join the negotiations and Japan has participated in consultations with the partner countries about the possibility of joining. […] This report provides a comparative economic analysis of the TPP countries and their economic relations with the United States. It suggests that the TPP negotiating partners encompass great diversity in population, economic development, and trade and investment patterns with the United States. This economic diversity and inclusion of fast-growing emerging markets presents both opportunities and challenges for the United States in achieving a comprehensive and high standard regional FTA among TPP countries."
Library of Congress. Congressional Research Service
Williams, Brock R.
2013-01-29
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U.S. Trade Policy: Background and Current Issues [Updated July 22, 2019]
From the Document: "Congress plays a major role in U.S. trade policy through constitutional authority over tariffs and foreign commerce (Article 1, §8). Since World War II, U.S. trade policy has generally sought to: [1] liberalize markets by reducing trade and investment barriers through agreements and negotiations; [2] foster an open and nondiscriminatory rules-based trading system, including through the World Trade Organization (WTO); [3] enforce trade commitments and laws; [4] support economic growth; and [5] offer relief to U.S. firms and workers from import competition and 'unfair' foreign trade practices. The Trump Administration's trade policy actions continue to present legislative and oversight issues for the 116th Congress, including on: significant unilateral tariff actions, a renegotiated North American Free Trade Agreement (NAFTA), and economic engagement and confrontation with China and other trading partners."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Fergusson, Ian F.; Williams, Brock R.
2019-07-22
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U.S.-Japan Trade Agreement Negotiations [February 28, 2019]
From the Document, "Under Trade Promotion Authority (TPA) procedures, on October 16, 2018, the Trump Administration gave Congress its official 90-day advance notification of intent to enter into trade agreement negotiations with Japan. As the fourth largest U.S. trade partner, Japan is a longstanding U.S. priority for trade negotiations, in particular following U.S. withdrawal from the proposed Trans-Pacific Partnership (TPP) in 2017, which included Japan. With initial TPA requirements met, official negotiations could start at any time. The precise scope of the negotiations remains somewhat uncertain but areas of focus likely include trade commitments on motor vehicles, agricultural goods, services, and potentially policies affecting exchange rates."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Williams, Brock R.
2019-02-28
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South Korea: Background and U.S. Relations [Updated May 20, 2019]
From the Document: "South Korea (officially the Republic of Korea, or ROK) is one of the United States' most important strategic and economic partners in Asia. The U.S.-ROK Mutual Defense Treaty, signed in 1953 at the end of the Korean War, commits the United States to help South Korea defend itself, particularly from North Korea (officially the Democratic People's Republic of Korea, or DPRK). Approximately 28,500 U.S. troops are based in the ROK, which is included under the U.S. 'nuclear umbrella.' The U.S.-ROK economic relationship is bolstered by the U.S.- South Korea Free Trade Agreement (KORUS FTA). South Korea is the United States' seventh-largest trading partner, and the United States is South Korea's second-largest trading partner, behind China."
Library of Congress. Congressional Research Service
Manyin, Mark E.; Chanlett-Avery, Emma; Williams, Brock R.
2019-05-20
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Escalating U.S. Tariffs: Timeline [Updated September 12, 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.; Hammond, Keigh E.
2019-09-12
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Escalating U.S. Tariffs: Affected Trade [Updated September 12, 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. [...] While tariffs may benefit a limited number of import-competing firms, they also increase costs for downstream users of imported products and consumers and may have broader negative effects on the U.S. economy, as well as several policy implications. The multiple tariff increases applied to date, ranging from 10% to 45%, affect approximately 15% of U.S. annual imports. This amounts to $393.3 billion of imports using 2018 annual data; notably, the tariffs went into effect at various times in 2018 and 2019."
Library of Congress. Congressional Research Service
Williams, Brock R.; Hammond, Keigh E.
2019-09-12
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U.S.-Japan Trade Agreement Negotiations [Updated September 12, 2019]
From the Overview: "In April 2019, the United States and Japan held their first round of negotiations toward a new bilateral trade agreement. [...] In August, President Trump and Prime Minister Abe announced they reached an agreement on 'core principles' of a trade agreement covering agricultural market access, some industrial goods tariffs, and rules on digital trade. Both sides have released few details on the exact terms, but indicate they aim to finalize and sign the deal by late September. The announced deal reportedly does not cover trade commitments on motor vehicles, a long-standing area of bilateral tension. [...] President Trump has stated he is using the threat of increased U.S. auto tariffs to influence the broader negotiations."
Library of Congress. Congressional Research Service
Williams, Brock R.; Cimino-Isaacs, Cathleen D.
2019-09-12
