{ "id": "R44717", "type": "CRS Report", "typeId": "REPORTS", "number": "R44717", "active": true, "source": "EveryCRSReport.com", "versions": [ { "source": "EveryCRSReport.com", "id": 579103, "date": "2018-03-05", "retrieved": "2018-04-03T13:47:18.092840", "title": "International Trade and Finance: Overview and Issues for the 115th Congress", "summary": "The U.S. Constitution grants authority to Congress to regulate commerce with foreign nations. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations, U.S. trade and economic relations with specific regions and countries, international institutions focused on trade, tariff and nontariff barriers, worker dislocation due to trade liberalization, enforcement of trade laws and trade agreement commitments, import and export policies, international investment, economic sanctions, and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government. \nIssues in the 115th Congress \nDuring the 2016 presidential campaign, U.S. trade policy and trade agreements received significant attention, particularly regarding the impact of trade agreements on the U.S. economy and workers. Among the more potentially prominent international trade and finance issues the 115th Congress is considering, or may consider, are:\nthe status of Trade Promotion Authority (TPA), which is authorized through 2021, provided the President requests an extension and Congress does not enact an extension disapproval resolution before July 2018; \nthe Administration\u2019s renegotiation of the North American Free Trade Agreement (NAFTA) and efforts to modify the U.S.-South Korea (KORUS) free trade agreement (FTA); \nU.S.-China trade relations, including investment issues, intellectual property rights (IPR) protection, forced technology transfer, currency issues, and market access liberalization;\nproposals to launch new bilateral FTAs, such as with the United Kingdom, Japan, or possibly with countries in Africa;\nthe future of U.S.-Asia trade and economic relations, given President Trump\u2019s withdrawal of the United States from the Trans-Pacific Partnership (TPP) and China\u2019s expanding Belt and Road Initiative;\nthe future status of trade negotiations launched under the Obama Administration, including for the proposed Transatlantic Trade and Investment Partnership (T-TIP) FTA with the European Union (EU) and the Trade in Services Agreement (TiSA);\noversight of World Trade Organization (WTO) agreements and negotiations, including the completed Trade Facilitation Agreement (TFA) and expansion of the Information Technology Agreement (ITA), as well as potential agreements on environmental goods and the WTO\u2019s future overall direction;\nthe Administration\u2019s enforcement of U.S. trade laws;\nthe effects of trade on the U.S. economy, jobs, and manufacturing, as well as policies that support U.S. workers and industries adversely affected by trade agreements;\ninternational finance and investment issues, including U.S. funding for and oversight of international financial institutions (IFIs), the creation of development and infrastructure banks by emerging economies, and U.S. negotiations on new bilateral investment treaties (BITs), notably with China and India; and\noversight of international trade and finance policies to support development and/or foreign policy goals, including trade preferences for sub-Sahara Africa and sanctions on Iran, North Korea, Russia, and other countries.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R44717", "sha1": "65567567fcbc322b170794dae6b0d668ff2f47f1", "filename": "files/20180305_R44717_65567567fcbc322b170794dae6b0d668ff2f47f1.html", "images": { "/products/Getimages/?directory=R/html/R44717_files&id=/3.png": "files/20180305_R44717_images_bbe0cce3f8de52728c4ba769aa9182728115115b.png", "/products/Getimages/?directory=R/html/R44717_files&id=/5.png": "files/20180305_R44717_images_8bcc461b8c1114a5ab2c84553b5cc14b27ba2bfb.png", "/products/Getimages/?directory=R/html/R44717_files&id=/7.png": "files/20180305_R44717_images_f0e059939afe010e478e0f331aab887801e1f957.png", "/products/Getimages/?directory=R/html/R44717_files&id=/2.png": "files/20180305_R44717_images_42b612ddb55dd554d3172e5e4c04b8074a3b18e7.png", "/products/Getimages/?directory=R/html/R44717_files&id=/8.png": "files/20180305_R44717_images_ea31a649473a1bb9d01788b1b9acd3481fa1379b.png", "/products/Getimages/?directory=R/html/R44717_files&id=/0.png": "files/20180305_R44717_images_610a03605ee0bbca4a8ef76bd4c5fc8414088d51.png", "/products/Getimages/?directory=R/html/R44717_files&id=/9.png": "files/20180305_R44717_images_7e851083dd424cf2418e8bffba6e62721bb6e979.png", "/products/Getimages/?directory=R/html/R44717_files&id=/1.png": "files/20180305_R44717_images_41ba5be2be8caa9be0cde44e17f255b6c7007ff0.png", "/products/Getimages/?directory=R/html/R44717_files&id=/6.png": "files/20180305_R44717_images_cd0b98036a421029bc40fbd3afa187a14cde782c.png", "/products/Getimages/?directory=R/html/R44717_files&id=/4.png": "files/20180305_R44717_images_feedf5fa07a6c78c0a388e665f5ac95a569e9d69.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R44717", "sha1": "4052820fbc0d62b220a1ddd61968835be4416ff9", "filename": "files/20180305_R44717_4052820fbc0d62b220a1ddd61968835be4416ff9.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4866, "name": "U.S. Trade Policy Overview" } ] }, { "source": "EveryCRSReport.com", "id": 463526, "date": "2017-08-21", "retrieved": "2017-10-02T22:43:02.474683", "title": "International Trade and Finance: Overview and Issues for the 115th Congress", "summary": "The U.S. Constitution grants authority to Congress to regulate commerce with foreign nations. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations; U.S. trade and economic relations with specific regions and countries; international institutions focused on trade; tariff and nontariff barriers; worker dislocation due to trade liberalization; enforcement of trade laws; import and export policies; international investment; economic sanctions; and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government. \nMajor Actions in the 114th Congress\nThe 114th Congress passed legislation that\nrenewed Trade Promotion Authority (TPA) through July 1, 2021 (subject to passage of an extension disapproval resolution in 2018), allowing implementing legislation for trade agreements to be considered under expedited legislative procedures, provided that certain statutory requirements are met; \nreauthorized Trade Adjustment Assistance (TAA), the Export-Import Bank (Ex-Im Bank), and several U.S. trade preference programs on a multi-year basis; \nreauthorized the U.S. Customs and Border Protection (CBP); and \nauthorized U.S. participation in quota and governance reforms at the International Monetary Fund (IMF).\nAdditionally, Congress continued its oversight of the Administration\u2019s ongoing trade agreements and negotiations, and maintained economic sanctions against Iran, Cuba, Russia, and other countries, among other actions. Members also introduced a range of legislation on international trade and finance issues.\nIssues in the 115th Congress \nDuring the 2016 presidential campaign, U.S. trade policy and trade agreements received significant attention, particularly regarding the impact of trade agreements on the U.S. economy and workers. Among the more potentially prominent international trade and finance issues the 115th Congress is considering, or may consider \nthe effects of trade on the U.S. economy, jobs, and manufacturing, as well as policies that support U.S. workers and industries adversely affected by trade agreements;\nproposals to renegotiate the North American Free Trade Agreement (NAFTA) and potentially other U.S. free trade agreements (FTAs) and launch new bilateral free trade negotiations, such as with the United Kingdom and Japan;\nthe future of U.S. trade policy in Asia, given President Trump\u2019s withdrawal of the United States from the Trans-Pacific Partnership (TPP);\nU.S.-China trade relations, including investment issues, intellectual property rights (IPR) protection, forced technology transfer, currency issues, and market access liberalization;\nthe status of trade negotiations launched under the Obama Administration, including for the proposed Transatlantic Trade and Investment Partnership (T-TIP) FTA with the European Union (EU) and the Trade in Services Agreement (TiSA);\noversight of World Trade Organization (WTO) agreements and negotiations, including the completed Trade Facilitation Agreement (TFA) and expansion of the Information Technology Agreement (ITA), as well as potential agreements on environmental goods;\nresponses to currency manipulation and the enforcement of U.S. trade laws;\ninternational finance and investment issues, including U.S. funding for and oversight of international financial institutions (IFIs), the creation of development and infrastructure banks by emerging economies, and U.S. negotiations on new bilateral investment treaties (BITs), notably with China and India; and\noversight of international trade and finance policies to support development and/or foreign policy goals, including sanctions on Iran, North Korea, Russia, and other countries.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R44717", "sha1": "132d27313e16df0d49a7e519dc7b214c293b7a6c", "filename": "files/20170821_R44717_132d27313e16df0d49a7e519dc7b214c293b7a6c.html", "images": { "/products/Getimages/?directory=R/html/R44717_files&id=/2.png": "files/20170821_R44717_images_dff207ebc31557c8ecc7b68df3db3fb071ac85e7.png", "/products/Getimages/?directory=R/html/R44717_files&id=/3.png": "files/20170821_R44717_images_963582f39e8f3a80dc33d1f23033883419eb20e2.png", "/products/Getimages/?directory=R/html/R44717_files&id=/0.png": "files/20170821_R44717_images_b7fd338a67a82e0bd8908341b0759c10e6f892ad.png", "/products/Getimages/?directory=R/html/R44717_files&id=/1.png": "files/20170821_R44717_images_94d5e757da03de5255c6d9c6a8a7482a05d7fc98.png", "/products/Getimages/?directory=R/html/R44717_files&id=/5.png": "files/20170821_R44717_images_085ebce59f6deb31c13b1200607460ac76e26624.png", "/products/Getimages/?directory=R/html/R44717_files&id=/4.png": "files/20170821_R44717_images_7941a7c19731f43cfa4d7388800cc364613d99f7.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R44717", "sha1": "537549f3478bf65423b270b201f1c1dd08d04517", "filename": "files/20170821_R44717_537549f3478bf65423b270b201f1c1dd08d04517.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4866, "name": "U.S. Trade Policy Overview" } ] }, { "source": "EveryCRSReport.com", "id": 457821, "date": "2016-12-21", "retrieved": "2017-01-03T22:39:08.446297", "title": "International Trade and Finance: Overview and Issues for the 115th Congress", "summary": "The U.S. Constitution grants authority to Congress to regulate commerce with foreign nations. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations; U.S. trade and economic relations with specific regions and countries; international institutions focused on trade; tariff and nontariff barriers; worker dislocation due to trade liberalization; enforcement of trade laws; import and export policies; international investment; economic sanctions; and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government. \nMajor Actions in the 114th Congress\nThe 114th Congress passed legislation that:\nrenewed Trade Promotion Authority (TPA) through July 1, 2021 (subject to passage of an extension disapproval resolution in 2018), allowing implementing legislation for trade agreements to be considered under expedited legislative procedures, provided that certain statutory requirements are met; \nreauthorized Trade Adjustment Assistance (TAA), the Export-Import Bank (Ex-Im Bank), and several U.S. trade preference programs on a multi-year basis; \nreauthorized the U.S. Customs and Border Protection (CBP); and \nauthorized U.S. participation in quota and governance reforms at the International Monetary Fund (IMF).\nAdditionally, Congress continued its oversight of the Administration\u2019s ongoing trade agreements and negotiations, and maintained economic sanctions against Iran, Cuba, Russia, and other countries, among other actions. Members also introduced a range of legislation on international trade and finance issues.\nPossible Issues in the 115th Congress \nDuring the 2016 presidential election campaign, U.S. trade policy and trade agreements received significant attention, particularly regarding the impact of trade agreements on the U.S. economy and workers. Among the more potentially prominent international trade and finance issues the 115th Congress may consider are: \nthe effects of trade on the U.S. economy, jobs, and manufacturing, as well as policies that support U.S. workers and industries adversely affected by trade agreements;\nthe future of U.S. trade policy in Asia, given President-elect Donald Trump\u2019s November 2016 statement he intends to \u201cissue our notification of intent to withdraw from the Trans-Pacific Partnership\u201d (TPP);\nthe status of negotiations for the proposed Transatlantic Trade and Investment Partnership (T-TIP) FTA with the European Union (EU);\nproposals to renegotiate or withdraw from existing FTAs, including the North American Free Trade Agreement (NAFTA), or launch new bilateral trade negotiations, such as with the United Kingdom;\noversight of World Trade Organization (WTO) agreements and negotiations, including the completed Trade Facilitation Agreement (TFA) and expansion of the Information Technology Agreement (ITA), as well as potential agreements on environmental goods and trade in services;\nU.S.-China trade relations, including investment issues, intellectual property rights (IPR) protection, currency issues, and market access liberalization;\nresponses to currency manipulation and the enforcement of U.S. trade laws;\ninternational finance and investment issues, including oversight of international financial institutions (IFIs), the creation of development and infrastructure banks by emerging economies, and U.S. negotiations on new bilateral investment treaties (BITs), notably with China and India; and\noversight of international trade and finance policies to support development and/or foreign policy goals, including sanctions on Iran, Cuba, North Korea, Russia, and other countries.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R44717", "sha1": "f0c47fe537e814b5edaac7b6dba0ef0d3bf1d736", "filename": "files/20161221_R44717_f0c47fe537e814b5edaac7b6dba0ef0d3bf1d736.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R44717", "sha1": "fe52ce0e2b0c1d752e4c23856b8cae115670f14a", "filename": "files/20161221_R44717_fe52ce0e2b0c1d752e4c23856b8cae115670f14a.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 4866, "name": "U.S. Trade Policy Overview" } ] } ], "topics": [ "Asian Affairs", "Economic Policy", "Foreign Affairs", "Industry and Trade", "Intelligence and National Security" ] }