US and China finalize tariffs on $16 billion of goods; more tariffs on the horizon while talks are pushed back by the administration
On Wednesday, the United States and China finalized their lists of $16 billion worth of goods on which they will impose 25 percent tariffs against each other starting August 23. Once the tariffs on the $16 billion of goods go into effect, the US and China will have imposed tariffs on a total of $50 billion of goods from each side. The United States...
CFIUS reform bill passed by the House
Changes to US reviews of foreign investment in the United States moved forward this week with the House of Representatives’ passage of the National Defense Authorization Act (NDAA). The bill includes a revised version of the Foreign Investment Risk Review Modernization Act (FIRRMA) that expands the scope of the Committee on Foreign Investment in the United States (CFIUS) authority to review foreign transactions, and strengthens US export...
Congress likely to vote on CFIUS reform bill next week
Differences between the House and Senate versions of Foreign Investment Risk Review Modernization Act (FIRRMA) have been resolved during negotiations on the National Defense Authorization Act (NDAA) this week, with a total of 20 changes to the bill. The changes expand the scope of CFIUS authority to review foreign entities’ minority investments in US companies, real estate transactions near US government facilities, and other...
United States argues WTO insufficient to address concerns about China’s trade policies
At the seventh review of China’s trade policies at the World Trade Organization (WTO) -- part of a regular process for all WTO members -- US Ambassador Dennis Shea stated that while China’s unfair and distortive trade practices needed a “reckoning”, the WTO rules are insufficient to deal with China’s state-led policies and any negotiation to change WTO rules would take too long. “The best solution...
The US-China trade battle escalated early Friday morning, as the United States imposed tariffs on $34 billion in imported Chinese goods, and China responded in kind with retaliatory tariffs worth the same amount. As Washington Update goes to press, however, it is unclear when the United States will follow through on President Trump’s directive to identify an additional $200 billion in Chinese imports to target for tariffs in counter-retaliation.
The US-China Business Council issued a...
White House chooses CFIUS over executive action on investment restrictions
As reported previously to USCBC members, President Trump announced Wednesday that he had decided against using much-anticipated new measures to restrict Chinese access to US technology and instead to use existing tools. Trump said that changes to US foreign investment rules expected to soon pass Congress in the form of the Foreign Investment Risk Review Modernization Act (FIRRMA), will “modernize our tools for...
US and China threaten further tariffs; no talks scheduled yet
Following President Donald Trump’s directive this week that the Office of the US Trade Representative identify another $200 billion to $400 billion worth of Chinese goods for tariffs, China’s Ministry of Commerce announced Tuesday that it would respond “quantitatively and qualitatively” to any additional tariffs levied on Chinese exports to the US. USCBC issued a statement on Tuesday urging both governments to begin...
Secretary of State to briefly visit China after North Korea summit
The State Department announced Thursday that Secretary of State Mike Pompeo will make a brief stopover in Beijing on his return from the planned Trump-Kim summit in Singapore on June 12. The visit will take place on June 14, when Pompeo is expected to discuss issues of interest to both countries, likely focusing on the North Korea meeting and other strategic issues. USCBC sources have indicated he is only expected to...
Ross eyes energy and agriculture deals on China trip
Commerce Secretary Wilbur Ross is scheduled to be in Beijing June 2-4 to continue discussions between the US and China over trade issues, following recent meetings in DC and earlier in Beijing. News reports indicate his agenda will focus on finalizing deals in the energy and agricultural sector, which were noted as outcomes of Chinese Vice Premier Liu He’s visit earlier this month.
Ross...
CFIUS and export control reform bills move forward
The most recent version of the bill to reform the Committee on Foreign Investment in the US (CFIUS), along with a bill to reform export controls, were added to the Senate’s defense bill, now titled the John S. McCain National Defense Authorization Act for Fiscal Year 2019. The measure would expand the scope of deals covered by CFIUS. The export controls bill, introduced in February by Representative Edward Royce (R...
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