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The House Financial Services Committee and the Senate Banking Committee on Tuesday approved different versions of the Foreign Risk Review Modernization Act to expand the authority of the Committee on Foreign Investment in the United States.

IN TRADE

 “While the U.S. and China have struck a temporary truce, the fate of a pretty overlooked group remains far from certain.”

Tue, 2:30 PM

On the agenda: “Pressing bilateral issues related to automobiles, agricultural trade, and electronic payment services” and “U.S. concerns about Vietnam’s proposed cybersecurity law.”

Tue, 2:01 PM

The goal is “promoting the benefits of Anglo-American trade and helping lay the groundwork for an eventual trade agreement between our countries.”

Tue, 10:43 AM

The Commerce and State departments have floated new rules for firearms, other guns and ammunition.

Mon, 4:26 PM

European Trade Commissioner Cecilia Malmström does not believe the U.S. views Brussels’ offer to negotiate a limited trade agreement as a sufficient incentive to exempt the EU from Section 232 tariffs on steel and aluminum, she said on Tuesday.

The Senate Banking Committee on Tuesday approved an amendment to the Foreign Investment Risk Review Modernization Act that would prevent President Trump from modifying sanctions on Chinese telecommunications companies -- including ZTE, which the president has linked to trade talks with Beijing.

Brazil wants to modify a Section 232 quota deal with the U.S. -- one that could eliminate quotas on semi-finished steel imports -- but sources familiar with the arrangement say Brazilian officials have not heard from the U.S. since last month.

House Ways & Means Chairman Kevin Brady (R-TX) on Monday said he would not support a pared-down renegotiation of the North American Free Trade Agreement, breaking with Sen. John Barrasso (R-WY), who endorsed such an approach earlier that day.

The Organization for Economic Cooperation and Development is expected to approve Colombia’s accession into the group next week in Paris, sources told Inside U.S. Trade, despite continuing concerns outlined by the Office of the U.S. Trade Representative and industry groups.

The Trump administration is facing bipartisan criticism from lawmakers concerned about a provisional trade agreement with China.

World Trade Organization

NAFTA
  • Senate Majority Whip John Cornyn (R-TX) is circulating among his colleagues a letter that would warn the Trump administration against initiating a withdrawal from NAFTA when it gives Congress a new deal to vote on, multiple sources told Inside U.S. Trade.

  • The three NAFTA countries are still far from a deal, U.S. Trade Representative Robert Lighthizer said on Thursday, after Canadian Prime Minister Justin Trudeau said a broad agreement on auto rules of origin had been reached and suggested talks were in the final phase.