Today, over 90 companies and associations sent a letter to the two new Chairmen of the House Ways and Means and Senate Finance Committee urging their leadership to move the long-stalled Miscellaneous Tariff Bill (MTB) as quickly as possible. (continue reading…)
As the Senate Finance and House Ways and Means Committees hold hearings today on “President Obama’s 2015 Trade Agenda,” manufacturers in the United States are emphasizing three key elements of a pro-manufacturing U.S. trade policy that will help unlock growth in manufacturing in the United States and the higher-paying jobs that manufacturing produces – opening global markets, increasing global competitiveness and leveling the playing field. through strong enforcement:
First it is critical to start with opening global markets as U.S. exporters face higher barriers in foreign markets than most of the rest of the world. According to the World Economic Forum’s “Global Trade Enabling Report 2014,” the United States faces higher tariffs for its exports than all but eight of the 138 countries reviewed, including China, Mexico, Canada and every member state in the European Union. To level the playing field and improve manufacturers’ ability to reach the 95 percent of consumers – who control more than 70 percent of global purchasing power – that are outside are borders, manufacturers are urging: (continue reading…)
Imbalances in the Global Trading System Say India and Brazil? Let’s Start with Manufacturing Tariffs
As the World Trade Organization (WTO) enters its third decade, WTO Director General Roberto Azevêdo is seeking to move forward on a long stalled global liberalization trade negotiations that began in Doha, Qatar, in November 2001. These ambitious, but long troubled talks had fallen apart as major emerging economies, starting with India Brazil and China, failed to commit to ambitious liberalization outcomes for their own economies. (continue reading…)
Manufacturers applaud President Obama’s call for swift action on Trade Promotion Authority (TPA) in tonight’s State of the Union address.
Quickly renewing this proven partnership between Congress and the Executive branch is essential to ensure America continues to lead to negotiating new trade agreements that eliminate barriers and open overseas markets for manufacturers and workers. (continue reading…)
U.S. Scores WTO Victory Against Discriminatory Argentine Import Restrictions; Manufacturers Look for Quick Redress
The World Trade Organization (WTO) Appellate Body issued a decision on January 15 finding Argentina’s import restrictions on U.S. and other imported goods breached the international trade rules that Argentina had adopted in joining the WTO.
Since 2012, Argentina had, through its Declaración Jurada Anticipada de Importación or “DJAI,” and other measures, imposed limits on imports and other trade restrictive measures that have limited the ability of U.S. manufacturers to export and participate successfully in the Argentine market. These measures are estimated to affect billions of dollars of U.S. exports each year. (continue reading…)
Today, the EU Commission’s release of its Commission Staff Report on the investor-state dispute settlement (ISDS) consultation launched last year provides some interesting statistics and is an important step in the EU’s process.
As the EU moves forward on its consultations with EU governments, the EU Parliament and stakeholders, it is important that the jobs and growth objective of TTIP be front and center. With more than $4.5 trillion in cross-border investment between the EU and the United States, investment is already a huge driver of jobs and growth, and as the NAM emphasized in its detailed comments to the EU consultation, ISDS and a strong TTIP investment chapter are important to continue to promote the stronger and increased transatlantic investment moving forward. (continue reading…)
Here is the summary for this month’s Global Manufacturing Economic Update:
The minutes of the Federal Open Market Committee’s December 16–17 meeting continue to reflect increased optimism about the U.S. economy, with relative strength in both output and labor markets. Federal Reserve participants expect U.S. real GDP growth of 2.6 to 3.0 percent in 2015, with the unemployment rate falling to 5.2 to 5.3 percent and core inflation remaining below its stated goal of 2.0 percent. At the same time, they expressed worries that global economic challenges might dampen growth here. Specifically, the minutes say the following on this topic:
Many participants regarded the international situation as an important source of downside risks to domestic real activity and employment, particularly if declines in oil prices and the persistence of weak economic growth abroad had a substantial negative effect on global financial markets or if foreign policy responses were insufficient. (continue reading…)
The typical trade opponents are at it again. But they’re still wrong on policy and out of step with the American people, President Obama and Congressional Leaders.
Just this week, Senators McConnell, Hatch and Thune pledged action on Trade Promotion Authority (TPA) from the U.S. Senate. House leadership has long supported the renewal of TPA and President Obama has pledged his commitment to work with lawmakers to pass TPA.
The simple truth is that Trade Promotion Authority is essential to open new overseas markets and level the playing field for manufacturers in the United States and the millions of workers they employ. (continue reading…)
The Bureau of Economic Analysis and the Census Bureau said that the U.S. trade deficit fell to its lowest level of 2014, down from $42.25 billion in October to $39.00 billion in November. The trade deficit’s decline, however, stemmed from reduced trade in goods in November. The decrease in goods imports (down from $200.19 billion to $195.01 billion) simply outpaced the decline in goods exports (down from $138.58 billion to $136.73 billion). Meanwhile, the service sector trade surplus narrowed marginally (down from $19.36 billion to $19.28 billion).
Petroleum trade flows helped to explain at least part of the decline in the November trade deficit. Petroleum exports increased from $7.17 billion to $8.27 billion; whereas, petroleum imports dropped from $16.87 billion to $15.84 billion. The Census Bureau said that the 188.87 million barrels of crude oil imported in November was the lowest level since February 1994, illustrating the changing dynamics that have come from the U.S.’s renewed energy abundance. It was also likely influenced by sharply lower crude oil prices. (continue reading…)
Want to Add Billions to U.S. Exports? Eliminate Discriminatory Barriers and Boost IP Protection in India
If India removed discriminatory barriers and improved intellectual property protection, U.S. exports to that country would rise by two-thirds (the equivalent of $14.4 billion, based on 2013 data) and U.S. investment would roughly double. That’s the stunning conclusion of a U.S. International Trade Commission (ITC) study out today on the impact of India’s trade, investment and industrial policies on the U.S. economy.
The ITC’s results confirm what manufacturers have long known – India’s unfair policies increasingly are harming U.S. exports of a wide array of products, costing jobs and growth in both countries. The results provide a powerful roadmap for change as U.S. and Indian officials continue to work toward stronger bilateral commercial ties through the U.S.-India Trade Policy Forum and the High-Level Working Group on Intellectual Property. (continue reading…)