India argued this week that a move by the U.S. to end India’s benefits under the Generalized System of Preferences would be “discriminatory, arbitrary and detrimental” to the country -- and could violate World Trade Organization rules.
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“We cannot and will not allow Turkey to be wrongly blamed for America's economic challenges.”
Thu, 10:53 AM
Sen. Perdue: “We made serious strides in solving issues in the bill. President Trump should not have his hands tied as he engages in major negotiations dealing with trade and the denuclearization of the Korean Peninsula.”
Wed, 8:12 PM
Kimberly Reed was nominated last year to serve as the bank board's first vice president, but was blocked by Sen. Toomey.
Wed, 5:14 PM
Ross: “No reason for tariffs to increase the price of steel by far more than the percentage of the tariff. And yet that's what has been happening ... clearly [as] a result of antisocial behavior by participants in the industry.”
Wed, 3:09 PM
Malmström: “The unilateral and unjustified decision of the U.S. to impose steel and aluminum tariffs on the EU means that we are left with no other choice.”
Wed, 12:32 PM
Members of the Senate Finance Committee on Wednesday asked Commerce Secretary Wilbur Ross to justify the administration’s decision to initiate a Section 232 investigation into imports of autos and auto parts, but Ross offered little new information.
Senators on Wednesday said they were divided on the appropriate legislative action to take in response to the administration's use of Section 232 of the 1962 Trade Expansion Act to enact tariffs on imports, with some advocating an amendment to must-pass legislation and others supporting a stand-alone bill or no action at all.
Commerce Secretary Wilbur Ross on Wednesday said his agency was turning a corner in assessing requests for product exclusions from Section 232 tariffs on steel and aluminum and defended the administration against accusations from Senate Finance Committee members that the process has been burdensome and ineffective.
Following President Trump's threat of tariffs on $200 billion of Chinese goods this week, Li Kexin, a minister in China’s U.S. embassy, said he believes more negotiations with the U.S. are likely because they are the only way to resolve trade tensions.
Almost 60 business groups this week urged leaders of the Senate Finance and House Ways & Means committees to reset the balance of trade authority between Congress and the executive branch, warning that the failure to do so could undermine economic growth.
President Trump’s decision to consider tariffs on an additional $200 billion worth of Chinese goods is a “purely defensive” move by the administration to defend against Beijing’s economic aggression in pursuit of the “crown jewels” of American technology, White House trade adviser Peter Navarro said on Tuesday.
NAFTA
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Secretary of State Mike Pompeo on Monday said he was hopeful that NAFTA “agreements” would be ripe for announcement in the coming weeks, defended President Trump’s use of tariffs and accused Chinese leaders of not being serious when claiming to champion economic openness and globalization.
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Agriculture Secretary Sonny Perdue on Friday said the administration believes it can secure a deal on the North American Free Trade Agreement with Mexico first, then sort out the remaining issues with Canada and potentially finalize a trilateral deal this summer.
China
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President Trump on Monday night upped the ante in his administration’s trade feud with China by ordering U.S. Trade Representative Robert Lighthizer to identify $200 billion worth of Chinese goods for additional 10 percent tariffs.
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Secretary of State Mike Pompeo on Monday said he was hopeful that NAFTA “agreements” would be ripe for announcement in the coming weeks, defended President Trump’s use of tariffs and accused Chinese leaders of not being serious when claiming to champion economic openness and globalization.
World Trade Organization
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India this week pledged to maintain its agricultural domestic support systems despite U.S. allegations that they violate World Trade Organization rules.
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World Trade Organization Deputy Director-General Alan Wolff this week urged members to “rededicate” themselves to the multilateral organization as it faces strains from unilateral action by the U.S., trade retaliation, the rise of China, the potential for the Appellate Body to become defunct and declining trust in its rules.
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Azevêdo, others call “trade policy cooperation and coordination ... more than ever of utmost importance.”
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July 6 eyed as new deadline for China trade settlement
With Section 301 tariffs on roughly $34 billion of Chinese products set to go into effect on July 6, China analysts, former trade officials and outside advisers to the administration are eyeing a new deadline for a negotiated settlement to be reached.
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