The Biden administration is going all out to push its infrastructure plan as an important counterweight to China, even as the president faces upcoming deadlines to make decisions that could impact trade in electric vehicle batteries and semiconductors -- two key sectors the administration has invoked in China competition.
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The Senate Foreign Relations Committee wants the U.S. to strengthen its relationships with Asia-Pacific and European allies by striking trade agreements that cover digital goods as well as more comprehensive deals, unveiling a sweeping bill on Thursday that also calls for cooperation with allies on technology-focused trade restrictions as a means to counter China’s growing global influence.
A bipartisan group of 29 lawmakers from Florida, Georgia and Michigan this week voiced support for a U.S. International Trade Commission Section 332 investigation into imports of cucumbers and squash from Mexico, the subject of a hearing on Thursday featuring government and industry witnesses.
New World Trade Organization rules aimed at reining in trade practices that harm the environment are likely to be negotiated only among a plurilateral group of members in the short term, a top Canadian agriculture official said on Wednesday, even as analysts push for countries to do more.
A group of Democratic lawmakers on Wednesday introduced a resolution that would direct the Office of the U.S. Trade Representative to resume Environmental Goods Agreement negotiations at the World Trade Organization within 90 days.
The Biden administration has proposed repealing a provision of the 2017 Tax Cuts and Jobs Act that subjects income derived from exports of intangible assets to a lower tax rate than physical assets, which the administration says encourages companies to offshore intellectual property.
National Foreign Trade Council President Rufus Yerxa will step down from his role in September after five years at the helm, he told Inside U.S. Trade on Wednesday.
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NAFTA
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The House on Thursday passed the U.S.-Mexico-Canada Agreement’s implementing bill 385-41, setting up the Trump administration's signature trade deal for Senate consideration – and ratification – in 2020.
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The Senate should not consider the U.S.-Mexico-Canada Agreement under Trade Promotion Authority fast-track procedure because the Trump administration has failed to comply with the law, Sen. Pat Toomey (R-PA) said on Thursday.
World Trade Organization
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The world must develop a preparedness and response system for the next pandemic, along with a financial framework and resilient supply chains, World Trade Organization Director-General Ngozi Okonjo-Iweala said on Friday, while also urging countries to improve vaccine access.
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New World Trade Organization rules aimed at reining in trade practices that harm the environment are likely to be negotiated only among a plurilateral group of members in the short term, a top Canadian agriculture official said on Wednesday, even as analysts push for countries to do more.
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