Planning yet to begin for presidential meeting as China announces additional responses to US pressure
Despite comments by President Donald Trump this week about an anticipated meeting with President Xi Jinping, plans of a presidential meeting at the G20 in late June do not appear to be underway. USCBC sources have indicated that to date neither side has taken the usual first step of officially requesting a meeting. While time is short for preparations to be made, both governments...
Treasury expands review of foreign investment in US “critical technology” through pilot program
On Wednesday, the Department of the Treasury announced the launch of a pilot program to implement a key provision of the Foreign Investment Risk Review Modernization Act (FIRRMA) focusing on acquisitions of critical technologies.
The pilot program will “assess and address” the risks to US national security stemming from foreign investors’ efforts to obtain US critical technologies...
After the introduction of currency legislation in the House and Senate last week, it appears unlikely that the House will take up a standalone bill, though the issue may be included in Trade Promotion Authority (TPA) sought by President Obama to finalize Trans-Pacific Partnership (TPP) negotiations. Rep. Paul Ryan (R-WI), Chairman of the House Ways and Means Committee, has been vocal in opposing the bill, calling it a “counterproductive tactic [that] would trigger higher tariffs on any...
Critics of China’s currency policies introduced legislation today in the House and Senate that would allow the imposition of tariffs on imports from countries considered to be currency manipulators. The House bill mirrors currency legislation that passed the House in 2010. The latest Senate bill takes a narrower approach, but still raises similar issues that the Senate’s 2011 currency bill created in regards to the United States’ World Trade Organization (WTO) compliance. The US-China...
Trade Views of New Additions to Key Committees in the 114th Congress
Key House and Senate committees involved in implementing the US trade agenda are taking shape in the 114th Congress, and will play an important role in the work ahead. New members of Congress in the House gained posts on key committees having jurisdiction over trade and foreign affairs issues, while several new and returning Senators will take new posts on the Senate Foreign Relations and Finance Committees. USCBC...
October 16, 2014 - The US Treasury Department on Wednesday said China’s currency remains “significantly undervalued,” but did not label it a currency manipulator in its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies. Instead, Treasury observed “some renewed willingness” by Chinese regulators to allow RMB appreciation and reduce intervention, following China’s commitment to do so at the July 2014 Strategic & Economic Dialogue. Treasury has not labelled...
Continuing a 20 year-long trend, the US Treasury Department this week did not name China a currency manipulator, though said China’s currency remains “significantly undervalued.” In its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies, the Treasury Department said China’s currency had appreciated 2.9 percent against the dollar over the course of 2013, but did not appreciate “as fast or by as much as is needed.” The report also raised concern over recent...
Members of the House Ways and Means Committee today asked US Trade Representative Michael Froman about the potential impact of the Shanghai Free Trade Zone (FTZ) on US-China trade negotiations, and raised concerns over China’s agricultural restrictions, currency, and participation in international trade negotiations during a hearing on the Obama Administration’s 2014 Trade Agenda.
On the Shanghai FTZ, Froman noted USTR is monitoring the openings there closely, and remarked that the...
The US Treasury Department declined to label China a currency manipulator in its latest Semi-Annual Report to Congress on International Economic and Exchange Rate Policies, released on Wednesday, but acknowledged China’s currency remains “significantly undervalued.” In its report, Treasury noted that China's real exchange rate has appreciated 12 percent against the US dollar since June 2010, and by 45 percent against the dollar since 2005. However, the report states that there is “evidence...
