Commentary By
Tori Whiting is the Jay Van Andel trade economist in the Thomas A. Roe Institute for Economic Policy Studies at The Heritage Foundation.
U.S. Trade Representative Katherine Tai and European Commission Executive Vice President Valdis Dombrovskis announced a deal May 17 that many are calling a “cease-fire” on the multiyear dispute over U.S. tariffs on steel and aluminum imports.
The European Union was set to double retaliatory tariffs next month on several American products, including whiskey and wine, but agreed to forego its plans. Instead, the two sides will conduct bilateral discussions on global steel and aluminum overcapacity.
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Advancing trade freedom for Americans should be a key objective for the Biden Administration and Congress. When U.S. tariffs and non-tariff barriers are low, families, individuals, and businesses have access to more affordable and diverse products. New free trade agreements that lower barriers at home and abroad are an integral tool for advancing trade freedom. Congress has the power to regulate trade under the Constitution, but it has delegated some of its power to the executive branch to aid in the negotiation and passage of trade agreements.
In the past, Congress has only delegated the authority to modify tariff rates. However, in recent years, it has expanded the executive branch’s authority through the passage of Trade Promotion Authority (TPA), which establishes a cooperative process between the two branches for entering into trade agreements. Under various iterations of TPA, Congress and the executive have worked together to pass 14 trade agreements since
/PRNewswire/ Today at a virtual webinar the Economic Policy Institute unveiled a groundbreaking study that shows the overwhelming positive economic impact.
A trade judge has blocked domestic steel producers from backing the U.S. Department of Commerce in six suits challenging the agency's refusal to waive national security tariffs on certain imports, saying the companies lack a direct stake in the cases.