Global Trade & Economy

Schumer is concerned about a proposed deal allowing Japan's SoftBank to buy Sprint. Read more...

The European Union on Thursday displayed the first signs of daylight with the Obama administration on the goals of a major trade pact with the United States.

President Obama has made a “comprehensive” Transatlantic Trade and Investment Partnership a key plank of his efforts to double U.S. exports by the end of 2014.

The EU Parliament, however, voted 381 to 191 to exclude the cultural and audiovisual sectors from the commission's negotiating mandate, saying the subsidized sectors should continue to be protected.

In a separate 460-105 vote giving the commission the green light to begin talks, the lawmakers also said the negotiators should take into account European “values,” notably restrictions on genetically modified foods, cloning and protection of intellectual property rights, as well as the EU's labor and environmental standards.

A set of regulations contained in the Dodd-Frank financial reform law is having unintended consequences in war-torn central Africa, lawmakers and witnesses said during a hearing Tuesday on Capitol Hill.

An Energy Department official hinted Tuesday that approval of more natural gas exports could be coming in the next few months.

DOE signed off on a project last week allowing natural-gas exports to nations lacking a free-trade agreement (FTA) with the United States. Such deals face more scrutiny than those to FTA countries, as federal law requires them to be in the public interest.

DOE Acting Assistant Secretary of Fossil Energy Chris Smith noted that it took 60 days to green-light the project following the evaluation of public comments on a DOE-commissioned study on the economic impact of natural-gas exports.

Oil-and-gas companies are concerned about reporting requirements for doing business with Burma now that the United States has established relations with the country.

Companies are lobbying the State Department on the reporting issue as the administration works to build diplomatic ties. President Obama on Monday hosted Burmese President Thein Sein at the White House in the latest sign of growing cooperation.

Oil-and gas-firms are interested in buying blocs in the resource-rich Bay of Bengal off of Burma’s western coast. Burma has offered up several plots to European Union bidders in recent auctions, and U.S. firms are also beginning to show interest.

The nation's trade office will get its second acting chief trade negotiator within the past couple of months this week. 

Miriam Sapiro is expected to temporarily take over the top slot as U.S. Trade Representative (USTR) while Congress hashes out when it will consider the nomination of Mike Froman, currently a trade adviser at the White House, for the permanent spot, a senior administration official confirmed to The Hill on Monday.  

Froman has been making the rounds on Capitol Hill but the Senate Finance Committee hasn't scheduled a nomination hearing. 

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Business groups are stepping up their efforts in pushing for a renewal of fast-track authority to negotiate trade agreements.

The U.S. Chamber of Commerce and Business Roundtable were among several trade-focused groups that teamed up on Monday to launch the Trade Benefits America Coalition, which will help consolidate efforts in advocating for trade promotion authority (TPA). 

"The benefits of trade and trade agreements to the United States in today’s global marketplace are clear, and TPA is important to advancing trade deals to further support growth and jobs,” said John Engler, president of Business Roundtable.

The Energy department approved a proposal to send 1.4 billion cubic feet per day of natural gas overseas. 

Sen. James Inhofe (R-Okla.) will introduce legislation Wednesday calling for increased drilling on U.S. federal lands to displace Iranian oil on the world market, according to a copy of the bill obtained by The Hill.

The bill requires the president to establish enough “Iranian Oil Replacement Zones” on federal lands to produce 1.25 million barrels of oil per day — approximately the amount Iran exports every day.

An Inhofe aide told The Hill that would divert oil the U.S. imports from Saudi Arabia and elsewhere to nations that still buy Iranian crude, such as China, India and Japan. The goal is to give President Obama wiggle room to enforce full sanctions on Iranian oil by ending waivers awarded to some nations. 

Acting Energy Department (DOE) Secretary Daniel Poneman said the Obama administration is not backing down from requests that India eschew solar policies that it says might violate international trade rules.

At issue are Indian requirements that solar energy firms buy all inputs from domestic producers. The subcontinent says that will help grow its solar industry, but the U.S. contends local-content requirements are outlawed by the World Trade Organization (WTO).

“At this point our view is, we are in a discussion with India. Our views on … local content are clear, and we’re hoping we can work through this,” Poneman told The Hill on Tuesday after speaking at the U.S.-India Energy Partnership Summit in Washington, D.C.