The G20 is "firmly committed to open trade and investment, expanding markets and resisting protectionism in all its forms, which are necessary conditions for sustained global economic recovery, jobs and development," G20 leaders said in their closing statement: "We underline the importance of an open, predictable, rules-based, transparent multilateral trading system and are committed to ensure the centrality of the World Trade Organization."
"It is clear that still more can and should be done to boost agriculture exports," said an Obama Administration report on America's agricultural economy released June 11. "The President's National Export Initiative has opened new markets for U.S. agricultural products and services and contributed to a historic level of agricultural exports." it said, and free trade agreements with Korea, Panama, and Colombia are projected to boost U.S. agricultural exports by $2.3 billion per year. The report noted that many sectors of the U.S. economy are running trade deficits, but American agriculture has enjoyed a trade surplus, with record levels of farm exports at $137.4 billion for fiscal year 2011.
President Barack Obama signed into law HR-2072, the "Export-Import Bank Reauthorization Act of 2012," which reauthorizes Export-Import Bank activities, increases the Bank's exposure cap, and makes other modifications to the Bank's authorities. The White House fact sheet on the May 30 signing said the legislation will allow the Export-Import Bank to continue financing U.S. exports to meet global competition. In addition to the reauthorization, the bill extends its lending limits and requires negotiations and several export studies (See ITT's Online Archives 12051817).
"Unnecessary differences and overly burdensome regulatory standards serve as significant barriers to trade," the G8 leaders said in their final statement after their meeting that ended May 20. As a result, the statement said, "we support efforts towards regulatory coherence and better alignment of standards to further promote trade and growth."
The national emergency with respect to the stabilization of Iraq declared in Executive Order 13303 of May 22, 2003, and modified several times since, is to continue in effect beyond May 22, 2012, President Barack Obama said in a message to Congress May 18. The emergency would automatically end if the President didn't extend it annually. The notice makes no changes in any provisions, including those affecting trade.
President Barack Obama issued an executive order declaring a national emergency to deal with the threat that "certain members of the Government of Yemen and others" are to security and stability. Among other things, the order says property and interests of those people in the U.S. or that come into the possession or control of any U.S. person may not be transferred, paid, exported, withdrawn, or otherwise dealt in. The executive order doesn't identify any specific individuals or organizations.
The Obama Administration voiced concern with H.R. 5326, the 2013 Commerce, Justice, and Science and Related Agencies Appropriations Act for reducing funding levels for several agencies, some of which are trade-related. If the President were presented with H.R. 5326, his senior advisors would recommend that he veto the bill, a press release said.
The White House has authorized additional steps to prevent "activities intended to evade U.S. economic and financial sanctions with respect to Iran and Syria," President Barack Obama said in a May 1 letter to the Speaker of the House. He said the steps are pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA).
The U.S. and Japan will cooperate more closely to strengthen the security and resiliency of the global supply chain and promote the timely, efficient flow of legitimate commerce, according to a White House fact sheet on U.S.-Japan Cooperative Initiatives issued along with a joint statement after President Obama met with Japanese Prime Minister Noda.
No "breakthrough announcement" on the Trans Pacific Partnership (TPP) trade deal is likely during Japanese Prime Minister Noda’s visit to Washington this week, a senior Obama administration official said in a briefing with reporters. "What the President believes and what I expect you will continue to hear is that he thinks that eliminating the barriers to trade between the first and the third-largest economies in the world could be a historic opportunity and that it carries great potential benefits," the official said. "The TPP countries have all said that they are prepared to meet the agreement’s very high standards. And it is an extremely complicated process. So I think that the pace of the process between the U.S. and Japan will be determined by how -- in the consultations that are underway -- folks in Japan find ways to address the key issues. I know that they will -- or I believe that they will certainly discuss the issue of TPP" during the visit, he said.