The U.S. and Mexico have struck a deal on changes to the U.S.-Mexico-Canada Agreement, according to the Mexican president, putting the Trump administration’s signature trade pact one step closer to ratification. Meanwhile, in Geneva, the World Trade Organization’s appellate mechanism is set to grind to a halt this week.
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The Senate Finance Committee will not hold a mock markup of the U.S.-Mexico-Canada Agreement implementing bill, trade subcommittee Chairman John Cornyn (R-TX) said on Thursday, lamenting what he called a break from decades of precedent.
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In the late-stage U.S.-Mexico-Canada Agreement negotiations that ended this week, Mexico accepted a version of a labor enforcement mechanism and penalties for workers’ rights violations it had initially rejected because of a range of additional requirements that were attached to the proposals, Mexico’s chief trade negotiator told Inside U.S. Trade in an interview this week.
The European Commission on Thursday proposed an amendment to its trade enforcement law that would allow it to impose retaliatory tariffs on countries that block the resolution of a dispute at the World Trade Organization.
The Trump administration has until Sunday to decide whether to slap tariffs on $160 billion worth of Chinese goods, with a bevy of developments – domestically and with China – complicating that decision and leaving analysts to believe the administration will, at least for now, punt on the tariffs.
The leaders of the House Financial Services and Senate Banking Committees are continuing to debate the length of a reauthorization period for the Export-Import Bank, Sen. Kevin Cramer (R-ND) told Inside U.S. Trade.
The Ex-Im Bank’s charter is set to expire on Dec. 20, when a continuing resolution keeping the government funded will end.
The U.S.-Mexico-Canada agreement will not be brought to a vote in the Senate before it adjourns for the year, Senate Majority Mitch McConnell (R-KY) said on Tuesday, adding that the deal likely will be voted on after the Senate concludes its impeachment trial of President Trump.
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NAFTA
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"The USMCA trade agreement could be brought to the floor next week."
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The Senate Finance Committee will not hold a mock markup of the U.S.-Mexico-Canada Agreement implementing bill, trade subcommittee Chairman John Cornyn (R-TX) said on Thursday, lamenting what he called a break from decades of precedent.
World Trade Organization
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The European Commission on Thursday proposed an amendment to its trade enforcement law that would allow it to impose retaliatory tariffs on countries that block the resolution of a dispute at the World Trade Organization.
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For the first time in its nearly 25-year history, the World Trade Organization opened for business on Wednesday without a properly functioning mechanism to settle disputes among its membership, leaving WTO members, lawmakers and business groups wondering what’s next.
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