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Vietnam not to blame for trade deficit: US firms - VnExpress International

Vietnam not to blame for trade deficit: US firms
By Quynh Trang January 1, 2021 | 10:15 pm GMT+7
Workers at a footwear factory in Hanoi. Photo by Reuters.
Several American businesses and organizations worry about risks of the U.S. applying tariffs on Vietnam s exports, citing the U.S. s large trade deficit is not due to currency valuation.
In December 2020, the U.S. Trade Representative (USTR) office organized a hearing to gather opinions from U.S. businesses and organizations regarding suspicions that Vietnam s increasing trade surplus with the U.S. was caused by deliberate undervaluation of the Vietnamese dong.
The U.S. Department of Treasury has labeled Vietnam and Switzerland as currency manipulators in a report issued on December 16, though this action on its own would not automatically activate tariffs or sanctions. ....

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Companies urge USTR to leave Vietnam currency matters to Treasury

POLITICO
Companies urge USTR to leave Vietnam currency matters to Treasury
U.S. Trade Representative Robert Lighthizer s probe is seen as an intrusion into a policy space that traditionally has been overseen by the Treasury Department.
U.S. Trade Representative Robert Lighthizer launched the currency probe in October under Section 301 of the 1974 Trade Act. | Anna Moneymaker/The New York Times via AP
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American companies urged USTR on Tuesday to drop an investigation into Vietnam’s currency practices that could lead to tariffs on a wide range of Vietnam goods, and turn the matter over to the Treasury Department to pursue. ....

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Biz Groups Tell 2nd Circ. To Enforce $2.7B Nigeria Award

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Biz Groups Tell 2nd Circ. To Enforce $2.7B Nigeria Award
Law360 (December 23, 2020, 4:16 PM EST) Business groups including the U.S. Chamber of Commerce have told the Second Circuit it must enforce Exxon and Shell units $2.7 billion arbitral win against Nigeria s state-owned oil company, arguing courts don t have unbridled authority to shred an international arbitral award to protect local interests.
In an amicus brief Tuesday, the National Foreign Trade Council and the National Association of Manufacturers joined the Chamber of Commerce in defending ExxonMobil Corp. and Royal Dutch Shell PLC units right to the sum they were awarded following a dispute with Nigeria s state-owned oil company over a deepwater drilling deal. The groups argued a Nigerian court. ....

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Biden's trade chief brings long experience on China

Biden's trade chief brings long experience on China
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