As the Biden administration charts a course for a transformative “worker-centered trade policy” in 2024, the global trade landscape braces for seismic shifts. With Congress grappling with a deluge of pending legislation, here’s a riveting look at the key international trade policies that will command attention this year.
An Ever Closer Eye on Supply Chains: Unraveling a Global Web
In a high-stakes gambit, U.S. Secretary of Commerce Gina Raimondo lays her cards on the table, signaling a bold move to fortify the Department of Commerce’s budget for export control. As geopolitical complexities intertwine with concerns about forced labor and child labor in the supply chain, companies face a maze of challenges from disrupted freight routes in the east to drought-related shipping woes in the Western Hemisphere. The imperative, according to Doreen Edelman of Lowenstein Sandler LLP, is for companies to meticulously map their supply chains, considering every twist from raw materials to end-users.
International Trade Policies To Watch In 2024: A Tug of War at the World Trade Stage
Amid the fray, the U.S. stands firm on its outlier position at the World Trade Organization (WTO). While the world anticipates a revamped dispute settlement process, the U.S. prioritizes reining in the scope of arbitration, especially on matters touching national security. With talks led by Deputy Permanent Representative of Guatemala Marco Molina gaining “momentum,” the real battlegrounds are yet to be crossed. Will the WTO ministerial yield significant breakthroughs, or will the dispute reform talks remain mired in deadlock?
E-Commerce Regulations: Unraveling the Digital Threads
The U.S. Trade Representative’s recent maneuver to distance itself from long-standing positions on international digital trade regulation sends shockwaves. With proposals on the table and the U.S. withdrawing its support, the spotlight is on the evolving tech landscape. U.S. Trade Representative Katherine Tai defends the move as a strategic pause, triggering applause from progressives but drawing ire from industry players like the U.S. Chamber of Commerce. Is this a calculated step or a perilous pivot in the high-stakes digital trade chessboard?
Still Looking for a Steel Deal: A Metallurgical Tango with Europe
As the U.S. and the European Union engage in a dance of diplomacy over the Global Arrangement on Steel and Aluminum, deadlines shift, and truces extend. The specter of national security tariffs on steel and aluminum imports lingers, while Europe insists on incorporating its Carbon Border Adjustment Mechanism. With an extended truce until March 31, 2025, both sides tread cautiously through upcoming elections. Amid this diplomatic ballet, can a compromise be struck, or is it a missed opportunity for the beleaguered global steel industry?
International Trade Policies To Watch In 2024: A Bipartisan Trade Package on the Horizon?
On Capitol Hill, trade bills have made waves but face committee languishing. As the 118th Congress embarks on its second session, the prospect of a bipartisan trade package looms. The Leveling the Playing Field Act 2.0 takes center stage, promising an all-encompassing approach to address unfair practices, particularly by China. With bills like the RESTRICT Act and revived de minimis bill in the fray, the question lingers: Will Congress transform these proposals into impactful legislation, or are they destined to remain on a wishlist?
