Many members are asking the Senate Finance Committee chairman about renewing trade preferences programs, he told International Trade Today. Chairman Ron Wyden, D-Ore., said he recognizes the importance of renewing the Generalized System of Preferences benefits program and the Miscellaneous Tariff Bill, but was evasive about whether he would support clean renewals, or would require that an extension of Trade Adjustment Assistance accompany the bills.
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Rep. Adrian Smith, R-Neb., who was the top Republican on the House Ways and Means Trade Subcommittee, will take the chairmanship of the subcommittee now that Republicans are in the majority. The announcement was made Jan. 26. He issued a statement that said American consumers and producers are sitting on "the sidelines of the global economy because of the Biden administration’s failure to put forward a proactive trade agenda."
A Republican Ways and Means Committee member said renewing the Generalized System of Preferences benefits program and the Miscellaneous Tariff Bill would require his committee and the Senate Finance Committee to come to an agreement on what they can support before the House moves a bill.
The ranking Republican on the Senate Finance Committee said he was disappointed that renewing the Generalized System of Preferences benefits program and the Miscellaneous Tariff Bill didn't make it into year-end legislation in December. Sen. Mike Crapo, R-Idaho, said in a hallway interview at the Capitol that "for me, it's a very, very high priority. We really need to get it done."
Hundreds of companies, as well as trade groups from agriculture, retailers and manufacturing, have told the Office of the U.S. Trade Representative that the Section 301 tariffs on $350 million in Chinese goods have not achieved their aim, have hurt U.S. businesses and, often, have not even moved production to other countries in Asia or to Mexico.
A study sponsored by five trade groups said that while tariffs of 7.5% to 25% on Chinese consumer goods imports have caused some trade diversion out of China, the primary result has been higher prices for customers.
U.S. Trade Representative Katherine Tai and Indian Commerce Minister Piyush Goyal did not announce any breakthroughs after their Jan. 11 meeting, but their joint statement pointed to some trade irritants that might be resolved in the future.
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International Trade Today is providing readers with the top stories from last week in case they were missed. All articles can be found by searching on the titles or by clicking on the hyperlinked reference number.