Washington Update

April 24th, 2015
Stephanie Henry

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....

April 10th, 2015
Stephanie Henry

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...

February 19th, 2015
Stephanie Henry

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...

February 10th, 2015
Stephanie Henry

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...

January 22nd, 2015
Stephanie Henry

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...

November 5th, 2014
Stephanie Henry

Though China did not play a major role in many congressional midterm elections, the makeup of the new Congress may impact US-China commercial and trade issues in 2015.
 
At the start of the 114th Congress in January, republicans will hold at least 52 seats in the Senate—retaking the majority and thus the chairmanships for each committee. That will impact the legislative agenda and the issues that are prioritized in the coming year. Republicans also strengthened their majority in...

October 16th, 2014
Stephanie Henry

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...

October 16th, 2014
Stephanie Henry

October 16

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...

October 1st, 2014
Stephanie Henry

Erin Ennis, vice president of the US-China Business Council (USCBC), testified today before the interagency Trade Policy Staff Committee on a wide range of issues, including competition enforcement, regulatory transparency, intellectual property rights (IPR), and China’s broader compliance with its World Trade Organization (WTO) commitments.

In her testimony, Ennis said China remains a valuable market for US companies, but one that could be more valuable if market barriers and...

October 1st, 2014
Stephanie Henry

 

Erin Ennis, vice president of the US-China Business Council (USCBC), testified today before the interagency Trade Policy Staff Committee on a wide range of issues, including competition enforcement, regulatory transparency, intellectual property rights (IPR), and China’s broader compliance with its World Trade Organization (WTO) commitments.

In her testimony, Ennis said China remains a valuable market for US companies, but one that could be more valuable if market barriers...

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