On July 19, 2021, the United States and Vietnam announced an agreement on currency practices. The announcement was made following a high-level meeting between U.S. Treasury Secretary Yellen and Vietnamese State Bank Governor Hong and in the context of rising U.S. concern over Vietnam’s foreign exchange market interventions. The agreement aims to address the currency

On June 29, 2021, U.S. Trade Representative for Labor, Joshua Kagan, and U.S. Department of Labor’s Deputy Undersecretary for International Affairs, Thea Lee, met with their counterparts from Mexico and Canada for the first USMCA Labor Council meeting.

Key areas of discussion as outlined by USTR included:

  • USMCA’s requirement that each party prohibit the importation

On June 17, 2021, the House Ways and Means Committee advanced the Generalized System of Preferences and Miscellaneous Tariff Bill Modernization Act of 2021. The announced legislation follows Senate passage of similar GSP and MTB provisions, as well as Section 301 provisions in the Trade Act of 2021 as part of the omnibus U.S. Innovation

On June 15, 2021, the U.S. and EU announced a commitment to address steel and aluminum excess capacity issues including section 232 tariffs and retaliatory measures by the end of the year. This announcement follows the May 17th, 2021 statement from the European Commission Executive Vice President’s  outlining the EU’s decision to temporarily

On June 15, 2021, Unites States Trade Representative Katherine Tai and European Commission Executive Vice President Valdis Dombrovskis announced an outline to resolve the 20 year old large civil aircraft dispute and suspend tariffs on $115 billion in related products for a period of five years. The announcement follows President Biden’s first in person meetings

On June 13, 2021, leaders from the U.S., U.K., Canada, Japan, France, Germany, and Italy (the G7) — announced their joint actions to support and strengthen free and fair trade. The joint actions emphasized efforts to combat forced labor in global supply chains as well as other initiatives to review trade policies to further women’s

On June 8, 2021, the Senate voted 68 to 32 to approve The American Innovation and Competition Act. The Act is an omnibus package of bills that took over a year to negotiate.

Major pieces of Legislation include:

  1. The Endless Frontier Act;
  2. the Strategic Competition Act;
  3. the Trade Act of 2021;
  4. the

On May 26, 2021, the United States Trade Representative (USTR) proposed new measures to address forced labor on fishing vessels as part of the World Trade Organization’s (WTO) agreement on curbing harmful fisheries subsidies. The negotiations, which began last year were delayed due to COVID-19. Negotiations restarted in April of 2021 with WTO Director-General Ngozi

On May 17, 2021, European Commission Executive Vice President Valdis Dombrovskis announced that the European Union will temporarily suspend the increase of its rebalancing measures related to the Unites States’ Section 232 steel and aluminum tariffs. The tariffs, previously scheduled to go into effect on June 1, 2021, would increase duties on U.S. products