The U.S. Chamber of Commerce and the American Chamber of Commerce in each of the countries that have signed onto the Indo-Pacific Economic Forum issued a joint statement strongly supporting the IPEF but also suggesting that tariff reductions be considered. "That is the best way to achieve the most meaningful benefits for American businesses, workers, and consumers," they said June 23.
As senators who support subsidies to build semiconductor chips in the U.S. continue to say the trade title differences are holding up the bill, and that it should drop out, House negotiators say it's not time to give up yet.
Rep. Dan Kildee, D-Mich., a member of the conference committee for the China package, said he has not talked to Sen. Chris Coons, D-Del, about his new bill to pair trade adjustment assistance renewal and a limited trade promotion authority for a free trade agreement with the United Kingdom. But, Kildee said, "I think trade adjustment is so important, I'm willing to put it on any train that will leave the station and reach Biden's desk." Kildee added that he would be cautious about agreeing to take TAA out of the China package. "But I would have to have a lot of certainty that this was not an off ramp, but an on ramp," he said.
Sen. Rob Portman, R-Ohio, in a bid to break the impasse in negotiations around the trade title in the China package, introduced a bill that would renew trade adjustment assistance and pass a limited trade promotion authority that could only be used for a free trade agreement with the U.K.
Trade ministers meeting at the World Trade Organization in Geneva agreed to a partial solution to harmful subsidies for fishing fleets, an intellectual property waiver for Covid vaccines, and to allow sale of commodities to the World Food Program even if the product is otherwise subject to export restrictions. The countries that attended the ministerial conference also agreed to extend the moratorium on tariffs on electronic transmissions.
Sen. Rob Portman, R-Ohio, said that he wants to get the conference negotiations done for the China package, because the U.S. Innovation and Competition Act (USICA) has "some important trade aspects."
The Ocean Shipping Reform Act, which would punish carriers who reject exports from West Coast ports if the Federal Maritime Commission deems those decisions as unreasonable, was signed into law June 16. The FMC is directed to begin a rulemaking on the matter. The law also puts the burden of proof on the reasonableness of demurrage and detention fees on ocean carriers, rather than the parties who were charged the fees.
Sen. Bill Cassidy, R-La., told an audience at the American Association of Exporters and Importers conference June 15 that his discussion draft of a Customs modernization bill elicited some consternation, but that it was shared because he was trying to figure out "how do we get stakeholders in a good place so that we can have a customs modernization package?"
A bipartisan group of lawmakers has crafted a new proposal for an outbound investment screening mechanism that will ensure the U.S. is “not ceding its manufacturing power in industries critical to our economic and national security.” The “refined proposal,” negotiated during the congressional conference for the Bipartisan Innovation Act, will be “robust” but also will address industry concerns, said the lawmakers, including Sens. John Cornyn, R-Texas, and Bob Casey, D-Pa., who originally proposed a version of the bill last year (see 2201140038). “We look forward to meaningful engagement in writing from stakeholders as we work to secure this bill in the conference report,” the lawmakers said.
The June 13 passing of bill that aims to force shipping companies to accept U.S. exports on the return trip to Asia, and which further codifies Federal Maritime Commission's attempts to police detention and demurrage charges, was hailed by politicians as an inflation solution and greeted with caution by industry players.