Government/Policy
2019 Trade Policy Emphasizes Rebalance
Written by Sandy Williams
March 5, 2019
The Trump administration released its 2019 Annual Trade Policy Agenda and 2018 Annual Report on Feb. 28, outlining its trade policies and initiatives for 2019.
The report details how the administration is “rebalancing trade to benefit Americans.” Priorities for 2019 include:
- Supporting national security through economic security and free, fair and reciprocal trade relations
- Strengthening the U.S. economy through tax cuts, job creation, and regulatory reform
- Negotiating trade deals, including:
- Extending the Trade Promotion Authority (TPA) until 2021
- Confirming nominees for Deputy U.S. Trade Representatives
- Continuing renegotiating NAFTA and KORUS, leading to ratification of the agreements
- Establishing trade agreement with the United Kingdom, Japan and the European Union
- Negotiating other bilateral trade agreements, including Indo-Pacific and African regions
- Defending and enforcing U.S trade laws, including the use of Sections 201, 301, 232, and AD/CVD investigations
- Reforming the World Trade Organization
U.S. Trade Representative Robert Lighthizer said in his submission of the agenda and 2018 annual report that “globalization was not working as advertised for too many Americans.”
“In outlining the President’s Trade Policy Agenda, we wish to emphasize three major points. First, President Trump inherited a deeply flawed global trading system that put U.S. companies and workers at an unfair disadvantage – and discouraged true market competition. Second, under President Trump’s leadership, the Administration has undertaken a major revision of U.S. trade obligations – as well as much stricter enforcement of U.S. trade laws – to create a fairer and more efficient global economy. Third, the Administration will continue pursuing new trade deals – and stronger enforcement – throughout 2019.
“In just two years, we have significantly re-written major trade deals with Korea, Mexico, and Canada,” said Lighthizer. “We have undertaken dramatic new enforcement efforts to stop unfair trading practices by China and other countries. We are aggressively enforcing U.S. trade laws, including by bringing cases under trade agreements, relevant U.S. laws, and at the WTO. We are ensuring that countries receiving benefits under the GSP program live up to eligibility standards set by Congress. These actions and many others are contributing to a stronger U.S. economy, which has generated more jobs and higher wages for American workers.”
Sandy Williams
Read more from Sandy WilliamsLatest in Government/Policy
Price on Trade: The foolishness of free trade with controlled economies
It was only a matter of time before a shutdown happened. And, no, we aren’t talking about the federal government’s lapse in appropriations. On Oct. 9, Beijing announced a series of restrictions that will effectively shut down exports of rare earth elements, magnets, and certain downstream products vital to advanced manufacturing.
Trump pulls plug on trade talks with Canada after anti-tariff Reagan ad
US President Donald Trump took to social media late Thursday night to announce he was canceling trade talks with Canada.
Leibowitz: Renewed trade war with China over rare earths
On Oct.10, President Trump announced major increases in tariffs on Chinese goods. The trigger was a new regime of export controls on rare earth metals and products using those elements, including magnets, capital equipment, and catalysts for catalytic converters in cars and trucks.
Industry piles on new Section 232 steel derivative inclusion requests
The Department of Commerce received 97 submissions from producers, manufacturers, and groups seeking Section 232 tariff coverage for steel and aluminum derivative products.
Price on Trade: New EU steel tariffs don’t mean the US should weaken its stance
Any steel imports into the EU that exceed the new, lower quota level would be subject to a 50% tariff, which represents a major increase from the EU’s current 25% out-of-quota tariff. This move would largely align the EU’s steel tariff rate with Canada and the United States.