{ "id": "R45474", "type": "CRS Report", "typeId": "REPORTS", "number": "R45474", "active": true, "source": "EveryCRSReport.com", "versions": [ { "source": "EveryCRSReport.com", "id": 614086, "date": "2020-01-17", "retrieved": "2020-01-22T13:55:40.028655", "title": "International Trade and Finance: Overview and Issues for the 116th Congress", "summary": "The U.S. Constitution grants authority to Congress to lay and collect duties and regulate foreign commerce. 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 116th Congress \nTo date, the 116th Congress has considered and passed legislation relating to a number of international trade and finance issues, in addition to conducting numerous hearings and other oversight of a wide variety of policy issues in this area. The House passed in December 2019, and the Senate passed in January 2020, the implementing legislation for the United States-Mexico Canada Trade Agreement (USMCA), a free trade agreement which would revise and modernize the North American Free Trade Agreement (NAFTA). The 116th Congress also reauthorized the Export-Import Bank, the U.S. export credit agency that helps finance U.S. exports, for a record seven years; funded the new U.S. Development Finance Corporation, which promotes private investment in developing countries, allowing the DFC to launch operations in January 2020; and approved U.S. participation in a capital increase at the World Bank. Congress also passed legislation to expand U.S. sanctions to advance a number of U.S. foreign policy objectives.\nBroad policy debates during the 116th Congress have included the impact of trade and trade agreements on the U.S. economy and jobs; the causes and consequences of the U.S. trade deficit; the implications of technological developments for U.S. trade policy; and the intersection of economics and national security. Among many others, the potentially more prominent issues in this area that the 116th Congress may continue focus on during its second session include: \nthe use and impact of unilateral tariffs imposed by the Trump Administration under various U.S. trade laws, as well as potential legislation that alters the authority granted by Congress to the President to do so;\nthe expiration of trade promotion authority (TPA) in 2021 and the terms under which it might be renewed;\nU.S. engagement with the World Trade Organization (WTO) and its dispute settlement body, proposals for WTO reform, and the future direction of the multilateral trading system;\nthe Administration\u2019s trade negotiations with the European Union, Japan, and the United Kingdom, as well as key provisions in trade agreements, including on intellectual property rights, labor, the environment, and dispute settlement;\nU.S.-China trade and economic relations and ongoing bilateral trade talks to address U.S. trade concerns, including with respect to investment, intellectual property rights protection, forced technology transfer, currency issues, and market access liberalization;\nthe future of U.S.-Asia trade and economic relations, given President Trump\u2019s withdrawal of the United States from the proposed Trans-Pacific Partnership (TPP) and China\u2019s expanding Belt and Road Initiative and trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP);\nthe Administration\u2019s use of quotas to achieve some of its trade objectives, and whether these actions represent a shift in U.S. policy towards \u201cmanaged trade;\u201d and\nmajor developments in the global economy and shifts in U.S. leadership of the global economy under the Trump Administration.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R45474", "sha1": "a80030c53cb6049767629c0557d32321aa8c319d", "filename": 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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 116th Congress \nDuring his first two years in office, President Trump has focused on reevaluating many U.S. international trade and economic policies and relationships. The President\u2019s focus on these issues could continue over the next two years. Broad policy debates during the 116th Congress may include the impact of trade and trade agreements on the U.S. economy, including U.S. jobs; the causes and consequences of the U.S. trade deficit; the implications of technological developments for U.S. trade policy; and the intersection of economics and national security. Among many others, the potentially more prominent issues in this area that the 116th Congress may consider are \nthe use and impact of unilateral tariffs imposed by the Trump Administration under various U.S. trade laws, as well as potential legislation that alters the authority granted by Congress to the President to do so;\nlegislation to implement the proposed United States-Mexico-Canada Trade Agreement (USMCA), which would revise and modernize the North American Free Trade Agreement (NAFTA);\nthe Administration\u2019s launch of bilateral trade negotiations with the European Union, Japan, and the United Kingdom, as well as key provisions in trade agreements, including on intellectual property rights, labor, the environment, and dispute settlement;\nU.S. engagement with the World Trade Organization (WTO), proposals for WTO reform, and the future direction of the multilateral trading system;\nU.S.-China trade relations, including investment issues, intellectual property rights protection, forced technology transfer, currency issues, and market access liberalization;\nthe future of U.S.-Asia trade and economic relations, given President Trump\u2019s withdrawal of the United States from the proposed Trans-Pacific Partnership (TPP) and China\u2019s expanding Belt and Road Initiative;\nthe Administration\u2019s use of quotas to achieve some of its trade objectives, and whether these actions represent a shift in U.S. policy towards \u201cmanaged trade\u201d;\nmonitoring the implementation of legislation passed by the 115th Congress, including changes to the Committee on Foreign Investment in the United States (CIFUS) and export controls, as well as the creation of a new U.S. International Development Finance Corporation;\nre-authorization of the Export-Import Bank, the U.S. export credit agency that helps finance U.S. exports;\noversight of international trade and finance policies to support foreign policy goals, including sanctions on Iran, North Korea, Russia, and other countries;\nshifts in U.S. leadership of international economic policy coordination at the Group of 7 (G-7) and the Group of 20 (G-20) under the Trump Administration;\nlegislation to fund the Administration\u2019s commitment to increase U.S. contributions to the World Bank, as well as potential U.S.-led reforms to the institution; and\nmajor developments in financial markets, including the impact of other countries\u2019 exchange rate polices on the U.S. economy, high levels of debt in emerging markets, potential economic crises, and the role of the U.S. dollar in the global economy.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R45474", "sha1": "126eea295a9a0cc1346e2e750c5cd9423dcda3e1", "filename": "files/20190128_R45474_126eea295a9a0cc1346e2e750c5cd9423dcda3e1.html", "images": { "/products/Getimages/?directory=R/html/R45474_files&id=/16.png": "files/20190128_R45474_images_d191bc09fcb3855b9837c564accf31b3eab83ffe.png", "/products/Getimages/?directory=R/html/R45474_files&id=/2.png": "files/20190128_R45474_images_b2d4d06033a034eb8365bc19cef02fa7b1833fc3.png", "/products/Getimages/?directory=R/html/R45474_files&id=/8.png": "files/20190128_R45474_images_838afac2ce42df452cd867a259c94f2b64a6014a.png", "/products/Getimages/?directory=R/html/R45474_files&id=/14.png": "files/20190128_R45474_images_c4465312f530f92eaa23c8b17a0d24b984165875.png", "/products/Getimages/?directory=R/html/R45474_files&id=/18.png": "files/20190128_R45474_images_5b89e263f467f288e77b37ca5bf71add364a0731.png", "/products/Getimages/?directory=R/html/R45474_files&id=/19.png": "files/20190128_R45474_images_0e7b5185820590a02383e114b1a13439279c7383.png", "/products/Getimages/?directory=R/html/R45474_files&id=/17.png": "files/20190128_R45474_images_7dbddc0c58a79ca4736ef3dbe3c5dc28ee1278af.png", "/products/Getimages/?directory=R/html/R45474_files&id=/11.png": "files/20190128_R45474_images_af2b9236404dec794b115c00d9163f85db468757.png", "/products/Getimages/?directory=R/html/R45474_files&id=/10.png": "files/20190128_R45474_images_317ac6b6becc4f14eb967d07a464bd01444afef5.png", "/products/Getimages/?directory=R/html/R45474_files&id=/1.png": "files/20190128_R45474_images_24f27538d88a9c9e7b4ab8402bb8534bf57833a1.png", "/products/Getimages/?directory=R/html/R45474_files&id=/9.png": "files/20190128_R45474_images_c1ac7c56b713f0858d3749b8ff1ae11be59beb95.png", "/products/Getimages/?directory=R/html/R45474_files&id=/0.png": "files/20190128_R45474_images_059bb83e566ca869aca2ec93df3d0e42fd5ab80c.png", "/products/Getimages/?directory=R/html/R45474_files&id=/13.png": "files/20190128_R45474_images_7d136d27bf7bc54362ddcc260656f01bdb6d9173.png", "/products/Getimages/?directory=R/html/R45474_files&id=/7.png": "files/20190128_R45474_images_b67b171b67a0368a18bb083a362aa4a08e56f93f.png", "/products/Getimages/?directory=R/html/R45474_files&id=/12.png": "files/20190128_R45474_images_e0ae5e236cd8acfa3ba3cea31a283ed52904d3ba.png", "/products/Getimages/?directory=R/html/R45474_files&id=/5.png": "files/20190128_R45474_images_e3ef9756f742a2f5cae4e5839f70ab10ed47ec4b.png", "/products/Getimages/?directory=R/html/R45474_files&id=/4.png": "files/20190128_R45474_images_4c84ed7046f79f86ff61a8af1c58d1cb7bade826.png", "/products/Getimages/?directory=R/html/R45474_files&id=/15.png": "files/20190128_R45474_images_7df8ef7561c9fc830ee945f93f464347d4d0da4b.png", "/products/Getimages/?directory=R/html/R45474_files&id=/3.png": "files/20190128_R45474_images_aa86907feae8dedbecb3c8554c4e2bbfcc121bdc.png", "/products/Getimages/?directory=R/html/R45474_files&id=/6.png": "files/20190128_R45474_images_7e10685d94683ac6c738baa57a45695009555733.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R45474", "sha1": "0704fd2a2e03d641c880e269d037fa5aa410c17d", "filename": "files/20190128_R45474_0704fd2a2e03d641c880e269d037fa5aa410c17d.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4763, "name": "Export Policy" }, { "source": "IBCList", "id": 4764, "name": "Foreign Investment" }, { "source": "IBCList", "id": 4765, "name": "Trade Agreements & WTO" }, { "source": "IBCList", "id": 4854, "name": "International Financial Institutions" }, { "source": "IBCList", "id": 4865, "name": "Import Policy" }, { "source": "IBCList", "id": 4866, "name": "U.S. Trade Policy Overview" } ] } ], "topics": [ "Asian Affairs", "Economic Policy", "Foreign Affairs", "Industry and Trade", "Intelligence and National Security", "National Defense" ] }