Category: NFTC In the News
China Politics May Block Trade Progress: US Expert
The United States likely will face stiffer headwinds in resolving trade issues with China as the Asian power enters a period of leadership change, a US trade expert said Friday. “We’re probably going to be facing a period of stasis,” said Bill Reinsch, head of the National Foreign Trade Council. “The Chinese are heading into that fairly lengthy period where they change their leadership and parcel out new positions.” Reinsch said that seven of the nine Politburo standing committee members will be replaced at the Communist Party’s 18th Congress in October 2012. In the meantime, much of China’s focus will be drawn internally amid jockeying and posturing to gain power. “That’s not a time when governments take bold initiatives in any direction. It’s a time when rhetoric escalates and you’ve got more loose cannons,” the president of the Washington-based business group said. “I don’t look for dramatic change.”
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World Trade Organisation Backs US In Tyre Dispute With China
Excerpt: In a high-profile case, the World Trade Organisation has sided with the US over tariffs the Barack Obama imposed last year on Chinese tyres. The decision is likely to stoke tensions in coming US-China trade talks… Trade experts say the US is unlikely to consider any complaints using the so-called section 421 safeguard against China again, since the remedy expires in December 2013. Both sides have 60 days to appeal the ruling. “My guess is that they will react angrily to the decision, and then it will probably go away,” said Bill Reinsch, president of the National Foreign Trade Council, which represents multinational corporations. He said the decision was no surprise since the legal issues involving the safeguard are clear.
U.S.-South Korea Free Trade Agreement
http://www.c-spanvideo.org/program/297020-3
William Reinsch of the National Foreign Trade Council (NFTC) talked about reaction to the recently announced trade deal between the United States and South Korea, and he responded to telephone calls and electronic communications. The NFTC, which represents companies such as Wal-Mart and General Electric, supports the pact despite concerns over jobs creation and issues such as human rights.
Obama Administration, South Korea Clinch Long-Awaited FTA
U.S.-S. Korea Free Trade Pact Signals Expanding Exports
Excerpt: U.S. officials are predicting an increase of $10 billion to $11 billion in exports to South Korea following the endorsement on Friday of a new free trade agreement. The deal now goes to the Senate for ratification. The “KORUS” free trade agreement has been in the works since the Bush administration, and some U.S. industry leaders feared delays would shut the U.S. out of the republic’s $1 trillion economy. South Korea now ranks No. 7 among U.S. trading partners, up a step from its position last year… “We view today’s announcement as a positive signal that the administration is committed to advancing the U.S. trade agenda,” said Chuck Dittrich, National Foreign Trade Council vice president. “It is with the same sense of urgency that we ask the administration to take action on the trade pacts with Colombia and Panama.”
http://www.joc.com/government-regulation/us-skorea-free-trade-pact-signals-expanding-exports
