U.S. Trade Representative Katherine Tai said she and U.K. Secretary of State for International Trade Kemi Badenoch talked about how to strengthen the U.S.-U.K. trade relationship, how to reform the World Trade Organization, and how to confront "the challenges posed by non-market economies."
Dozens of firms, large and small -- along with trade groups from agriculture and manufacturing -- asked the U.S. Trade Representative to retain or even increase Section 301 tariffs on their competitors' exports. The companies that said the Section 301 tariffs are providing leverage and leveling the playing field included a number of politically important and large steel industry players, such as Nucor, U.S. Steel and Cleveland-Cliffs. Opponents argued in the same docket that the tariffs had not met their aim, were driving inflation, or having unintended consequences on manufacturers (see 2301180029).
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.
The top trade official in the EU, Valdis Dombrovskis, said that he would talk about the changes they want to the Inflation Reduction Act during his planned meeting with U.S. Trade Representative Katherine Tai on Jan. 17. He said there have been improvements on how the tax credits for electrical vehicles will be applied, but said, "We're continuing to work on supplies and inputs into batteries and how to make some progress there," as well as other areas.
The U.S. readout of the first round of negotiations for the 21st Century Trade Initiative with Taiwan said the two sides reached consensus in a number of areas, and will continue to negotiate on trade facilitation, good regulatory practices, domestic regulation of services and approaches to boost small companies and fight corruption.
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FDA on Jan. 12 signed a Mutual Recognition Agreement with Switzerland’s Agency for Therapeutic Products (Swissmedic) that will allow the U.S. and Switzerland to rely on each other’s inspections of pharmaceutical and veterinary drug facilities, avoiding the need for duplicate inspections, FDA said in a statement that day. Prior to the MRA’s entry into force, FDA still must “determine whether Swissmedic is capable of conducting inspections that meet U.S. requirements, and Swissmedic must make a similar determination with respect to the FDA meeting Swiss requirements,” FDA said. The MRA includes privisons on when the regulators intend to accept official good manufacturing practice documents from the other; how regulators will transmit the documents; and the establishment of two committees “to facilitate the effective functioning of the MRA,” said a release from the Office of the U.S. Trade Representative, which also signed the agreement.
Senate Finance Committee member Bill Cassidy, R-La., wants the government to greatly expand its tariff liberalization, to cover many South American and Central American countries and to cover goods made in factories that moved from China to the Western Hemisphere.
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.