China was a main topic of conversation at a two-day long US government hearing on global overcapacity, given it remains a primary source of overproduction in several sectors. The hearing, organized by the Office of the US Trade Representative (USTR) and US Department of Commerce, featured administration officials, Members of Congress, and representatives from US industry in sectors affected by overcapacity.
In his opening remarks on April 12 – the first day of the...
January 13, 2016
China received just two mentions in last night’s State of the Union address by President Obama, highlighted below for your reference:
“I told you earlier all the talk of America’s economic decline is political hot air. Well, so is all the rhetoric you hear about our enemies getting stronger and America getting weaker. The United States of America is the most powerful nation on Earth. Period. It’s not even close. We spend more on our military than the next...
January 5, 2015
Congress’ approval of the 2016 Omnibus spending bill on December 18 contained one significant, positive measure for the US-China relationship: an increase in China’s stake in the International Monetary Fund (IMF). Congress had delayed voting on an IMF reform package for several years, leading some critics in China to view the inaction as part of a containment strategy to limit China’s influence in international institutions.
IMF reform had been a long-...
December 16, 2015
The United States, China, and more than 50 other countries concluded negotiations on Wednesday over a final deal on an expanded Information Technology Agreement (ITA), according to a release from the US Trade Representative. The agreement will eliminate tariffs on 201 internationally-made IT products.
Negotiations to expand the agreement were launched in mid-2012. Since that time, formal negotiations continued in starts-and-stops over the course of...
December 9, 2015
Key Members of the House and Senate have agreed to remove certain currency provisions from a Customs Reauthorization bill. Those measures would have required the US Department of Commerce to levy trade remedies on countries deemed to be undervaluing their currencies. House and Senate Members participating on a conference committee on the bill instead offered text aimed at enhancing monitoring and engagement efforts when countries are found to be manipulating their...
December 8, 2015
The United States today announced that it is challenging China’s support for its domestic aircraft manufacturers at the World Trade Organization (WTO). US Trade Representative Michael Froman said today the United States would seek consultations with China under the WTO’s dispute settlement mechanism on China’s imposition of value-added taxes (VAT) on certain foreign aircraft. Consultations are the first step toward launching a formal dispute against another WTO member...
December 5, 2015
The House and Senate are moving forward with holding a conference committee next week on the Customs Reauthorization bill. The Senate version of the bill contains certain currency provisions – none of which are China-specific – and which may be removed in the final measure. Formal action on the bill has been dormant since July, though staff have reportedly been negotiating over text over that time period.
The House approved of a motion to proceed to conference...
July 20, 2015
A key issue holding up progress on the World Trade Organization’s (WTO) Information Technology Agreement (ITA) was resolved over the weekend, creating a path towards conclusion of the ITA negotiations, according to media reports. Negotiators from ITA member countries met in Geneva last week to seek resolution on a disagreement between South Korea and China regarding tariffs on liquid-crystal display (LCDs)—an issue that had held up ITA negotiations since December 2014. A...
Trade legislation made significant progress this week in Congress, but currency remains a key focus among many members. The Senate Finance Committee on Wednesday approved two amendments related to currency as part of a package of bills to renew Trade Promotion Authority (TPA). However, similar measures were not expected to be included in related bills under review in the House Ways and Means Committee on Thursday. Consideration by the full House and Senate is expected in the coming weeks....
The US Treasury Department in its latest exchange rate report did not cite China as a currency manipulator, but said that the renminbi (RMB) remains “significantly undervalued.” In its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies, Treasury said that China’s “real effective exchange rate appreciated by more than 10 percent in the past six months, the fastest pace since 2009.” However, Treasury noted that this appreciation does not go far enough, and that...
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