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High-Frequency Trading: Background, Concerns, and Regulatory Developments
This report provides an overview of high-frequency trading (HFT) in the equities and derivatives markets regulated by the SEC and the Commodity Futures Trading Commission (CFTC). It also examines the Flash Crash of 2010 and the role that HFT may have played, as well as recent regulatory developments.
Generalized System of Preferences: Background and Renewal Debate
This report presents, first, a brief history, economic rationale, and legal background leading to the establishment of the Generalized System of Preferences (GSP). Second, the report presents a discussion of U.S. implementation of the GSP, along with the present debate surrounding its renewal and legislative developments to date. Third, an analysis of the U.S. program's effectiveness and the positions of various stakeholders are presented. Fourth, implications of the expiration of the U.S. program and possible options for Congress are discussed.
Why Certain Trade Agreements Are Approved as Congressional-Executive Agreements Rather Than as Treaties
U.S. trade agreements such as the North American Free Trade Agreement (NAFTA), World Trade Organization agreements, and bilateral free trade agreements (FTAs) have been approved by majority vote of each house rather than by two-thirds vote of the Senate - that is, they have been treated as congressional-executive agreements rather than as treaties. The congressional-executive agreement has been the vehicle for implementing Congress's long-standing policy of seeking trade benefits for the United States through reciprocal trade negotiations. This report discusses this topic in brief.
The World Trade Organization: The Non-Agricultural Market Access (NAMA) Negotiations
This report looks at the evolution of the Doha Round World Trade Organization (WTO) negotiations, possible effects of the Non-Agricultural Market Access (NAMA) agreement, and major negotiating issues from a U.S. standpoint. NAMA refers to the cutting of tariff and non-tariff barriers (NTB) on industrial and primary products, basically all trade in goods which are not foodstuffs.
Why Certain Trade Agreements Are Approved as Congressional-Executive Agreements Rather Than as Treaties
U.S. trade agreements such as the North American Free Trade Agreement (NAFTA), World Trade Organization agreements, and bilateral free trade agreements (FTAs) have been approved by majority vote of each house rather than by two-thirds vote of the Senate - that is, they have been treated as congressional-executive agreements rather than as treaties. The congressional-executive agreement has been the vehicle for implementing Congress's long-standing policy of seeking trade benefits for the United States through reciprocal trade negotiations. This report discusses this topic in brief.
North American Free Trade Agreement: Notification for Renegotiation
This report discusses the fate of the North American Free Trade Agreement (NAFTA) after the Trump Administration sent a 90-day notification to Congress of its intent to begin talks with Canada and Mexico to renegotiate NAFTA.
Trade Adjustment Assistance (TAA) and Its Role in U.S. Trade Policy
This report looks at the background of Trade Adjustment Assistance (TAA) in the Trade Expansion Act of 1962, which was created by Congress. It then discusses how the 112th Congress is considering legislative action to extend the TAA - including two issues: how necessary or appropriate the extension is, and whether or not three proposed bills should be voted upon separately.
U.S.-Canada Wheat Trade Dispute
This report provides background for understanding the U.S. and Canadian wheat trade dispute, as well as timelines, rulings, and other details for the International Trade Commission (ITC) and World Trade Organization (WTO) cases brought by the United States against Canadian wheat trading practices and the Canadian Wheat Board (CWB).
Trade Adjustment Assistance for Firms: Economic, Program, and Policy Issues
As global economic competition heightens, many firms and workers face difficult adjustment problems. Congress has responded to these adjustment costs by authorizing four trade adjustment assistance (TAA) programs to assist trade-impacted workers, firms, farmers, and communities. This report discusses the TAA program for firms (TAAF). The TAAF program provides technical assistance to trade-affected firms to help them develop strategies and make other adjustments to remain competitive in the changing international economy.
Softwood Lumber Imports From Canada: Current Issues
This report discusses the softwood lumber (conifer wood) disputes between the U.S. and Canada. There have been five major disputes since the 1980s with the fifth dispute (Lumber V) having started in 2016 after the expiration of a 2006 softwood lumber agreement. The report provides background information on the dispute, summarizes the key issues leading to the tensions between the United States and Canada over softwood lumber, and examines current developments in Lumber V.
U.S. Trade Deficit and the Impact of Changing Oil Prices
This report provides an estimate of the initial impact of the changing oil prices on the nation's merchandise trade balance.
WTO Disciplines on U.S. Domestic Support for Agriculture
This report outlines the rules and disciplines the United States has committed to abide by as a member of the World Trade Organization (WTO).
U.S. International Trade: Trends and Forecasts
This report provides an overview of the current status, trends, and forecasts for U.S. import and export flows as well as certain trade balances. The purpose of this report is to provide current data and brief explanations for the various types of trade flows, along with a brief discussion of trends that help inform the discussion of the various policy issues mentioned above.
International Law and Agreements: Their Effect upon U.S. Law
This report provides an introduction to the roles that international law and agreements play in the United States. This includes the role of different branches of government play in navigating such laws.
Stealing Trade Secrets and Economic Espionage: An Overview of the Economic Espionage Act
This report discusses the theft of trade secrets, which is considered a federal crime when the information relates to a product in interstate or foreign commerce. Offenders face lengthy prison terms as well as heavy fines, and they must pay restitution.
Section 232 Steel and Aluminium Tariffs: Potential Economic Implications
This report discusses the new tariffs imposed by President Trump on steel and aluminium imports and their potential economic impacts.
United States Economic Relations with the Republic of China on Taiwan
This report discusses the United States economic ties with the Republic of China in Taiwan and analyzes Taiwan's economic growth since 1950 and their policies toward trade with countries that recognize the government of the People's Republic of China. U.S. policy options in the future regarding trade ties with Taiwan are also discussed.
U.S. Government Agencies Involved in Export Promotion: Overview and Issues for Congress
This report provides an overview of the federal agencies that participate in U.S. export promotion efforts and the issues that they raise for Congress. It proceeds first by discussing the coordination, budgets, and functions of federal government agencies involved in promoting exports. Next, the report provides an overview of the missions and activities of key federal government agencies that support exports. The last section of the report discusses agency-related issues for Congress.
International Illegal Trade in Wildlife: Threats and U.S. Policy
This report addresses illegal wildlife trade through several national and international venues and how this trade presents several potential environmental and national security threats to the United States. It also focuses on the international trade in terrestrial fauna, largely excluding trade in illegal plants, including timber, and fish.
[Not Over 'Til It's Over: TransCanada Denial of Keystone XL Permit]
This report discusses the TransCanada announcement that they planned to sue the United States under NAFTA agreements for rejecting the permit for the Keystone XL Pipeline. It also describes a suit in U.S. District Court regarding its view that the executive branch and the President don't have power over cross-border petroleum trade since Congress has passed general legislation regarding such matters as well as legislation approving the Keystone XL Pipeline which was vetoed by the President.
U.S. International Trade: Trends and Forecasts
This report discusses the U.S. trade deficit in light of the 2008 global financial crisis, with emphasis on international trade and U.S. trade policy, most recent developments in trade of goods and service, trade forecasts for the future, and how issues such as the U.S. trade deficit and international trade, particularly with China, are commonly perceived.
Arms Sales: Congressional Review Process
This report reviews the process and procedures that currently apply to congressional consideration of foreign arms sales proposed by the President. This includes consideration of proposals to sell major defense equipment, defense articles and services, or the re-transfer to third party states of such military items.
Presidential Permit Review for Cross-Border Pipelines and Electric Transmission
This report discusses the Presidential Permit review processes for cross-border energy infrastructure as implemented by these agencies: The Department of State for pipelines and similar facilities that transport liquids such as petroleum, petroleum products, and other hazardous liquids; The Federal Energy Regulatory Commission (FERC) for natural gas pipelines and associated facilities; and The Department of Energy (DOE) for electricity transmission lines and associated facilities. This report compares practices among these three agencies with respect to how they define a proposed project's scope (which dictates the array of associated impacts they will review), conduct environmental reviews, and make final decisions on permit applications. It also includes a discussion of recent efforts by Congress to change those permitting processes.
The Committee on Foreign Investment in the United States (CFIUS)
This report discusses the Committee on Foreign Investment in the United States (CFIUS) comprising nine members, two ex officio members, and other members as appointed by the President representing major departments and agencies within the federal executive branch. While the group generally has operated in relative obscurity, the proposed acquisition of commercial operations at six U.S. ports by Dubai Ports World in 2006 placed the group's operations under intense scrutiny by Members of Congress and the public.
The Exon-Florio National Security Test for Foreign Investment
This report covers the recent background of the Exon-Florio provision with special regards to issues faced in the 112th Congress. The Exon-Florio provision grants the President the authority to block proposed or pending foreign acquisitions of "persons engaged in interstate commerce in the United States" that threaten to impair the national security.
NAFTA and the Preliminary U.S.-Mexico Agreement
This report outlines the key provisions of the agreement between the U.S. and Mexico that is set to replace the North American Free Trade Agreement (NAFTA).
United States and Saudi Arabia Energy Relations
This report provides an overview of the U.S.-Saudi Arabia energy relationship that dates back to at least 1933. Since then, this relationship has witnessed the creation of the Arabian American Oil Company (Aramco), nationalization and ownership transfer of Aramco to Saudi Arabia (renamed Saudi Aramco), a Saudi-supported embargo of crude oil shipments to the United States, and various periods of energy cooperation. Today, the U.S.-Saudi energy relationship includes interests within three general categories: (1) energy trade, (2) business operations, and (3) global petroleum prices.
U.S. Trade and Investment Relationship with Sub-Saharan Africa: The African Growth and Opportunity Act and Beyond
Following the end of the apartheid era in South Africa in the early 1990s, the The United States sought to increase economic relations with sub-Saharan Africa. President Clinton instituted several measures that dealt with investment, debt relief, and trade. Congress required the President to develop a trade and development policy for Africa.
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