The U.S.-EU Trade and Technology Council has done some excellent work in technology, according to EU and U.S. trade officials, but it needs to tackle the "trade" part of its mission more directly. A discussion on Making a More Meaningful TTC also included executives from two technology industry associations, who were somewhat less laudatory about its results so far.
Sens. Todd Young, R-Ind., and Chris Coons, D-Del., reintroduced a bill that would give the president the authority to lower duties on non-import-sensitive goods made by a country that lost exports due to coercive actions, and increase duties on imports from the "foreign adversary" committing economic coercion. It would also give the administration the ability to waive some export financing requirements and expedite regulations to facilitate trade with the coerced parties.
In West Virginia, where the first House Ways and Means Committee hearing of the new Congress was held since the Republicans won the majority, the members asked questions of business owners, and were hosted by a mid-sized business that sells hardwood lumber to furniture makers, cabinetmakers and flooring manufacturers.
Japan brought up issues it has around the Inflation Reduction Act, while the U.S. asked Japan to increase its use of ethanol and have better regulatory transparency for "certain products and services," according to a readout of a trade discussion between the two countries released Feb. 3 by the Office of the U.S. Trade Representative.
Attorneys in the Latin American practice at Miller & Chevalier said that DOJ has been emphasizing the kind of corporate oversight it expects to prevent bribery cases, and said that the agency wants to see compensation structures that incentivize compliant behavior, the use of data analytics for monitoring employees, preserving data from personal cell phones, and, if there is a violation, conducting a root cause analysis.
Fourteen Republican senators, led by Florida's Sen. Marco Rubio, wrote to the treasury secretary and secretary of state as the Cabinet officials traveled to China to meet with President Xi Jinping.
Rep. Greg Steube, R-Fla., introduced a bill directing the administration to impose sanctions on an Iraqi militia group, Kata’ib Sayyid al-Shuhada, which he said conducted attacks against U.S. soldiers in Baghdad. The bill is called the Sanctioning Iranian-Backed Militia Terrorist Act.
Although those on the Senate Agriculture Committee hailed the 14% surge in agricultural exports in 2022, when the value reached an all-time high of $196 billion, a half-dozen senators pressed USDA Undersecretary of Trade and Foreign Agricultural Affairs Alexis Taylor on Mexico's plan to block the import of genetically modified corn.
Rep. Mike Gallagher, R-Wis., is working on a bill to revise certain aspects of the International Traffic in Arms Regulations, he said in a brief interview at the Capitol last week. There are a “lot of opportunities” under the Australia-U.K.-U.S. (AUKUS) partnership that “we haven’t realized right now,” Gallagher said, adding that the ITAR “remains a barrier to cooperation with the Aussies and the Brits.” It “makes no sense to me,” he said.
A former undersecretary of Commerce now at the Center for Strategic and International Studies, Bill Reinsch, said there has been relatively little impact on chip companies and chipmaking equipment companies from export controls on sales to China announced last October (see 2210070049).