Global Trade & Economy

More than a dozen U.S. business groups are banding together to resolve what they argue is a sharp rise in discriminatory trade practices by India.

The National Association of Manufacturers (NAM) and the Chamber of Commerce’s Global Intellectual Property Center (GIPC) on Tuesday helped launch a new alliance that is urging the Obama administration to work toward solutions to widespread problems they say are benefiting India's businesses at the expense of U.S. jobs.

"India’s unfair trade practices against U.S. manufactured exports is putting jobs at risk and harming American manufacturing workers,” said Linda Dempsey, NAM's vice president for international economic affairs.

The group is specifically asking Secretary of State John Kerry, who is heading to India this month, to immediately engage at the highest levels of the Indian government to stop practices that they say are undermining the long-standing trade relationship. 

President Obama said the first round of negotiations on a $5 trillion trans-Atlantic trading zone will begin in July.

A top Senate Democrat is pressing the Obama administration to release the negotiation text of an Asia-Pacific trade deal. 

Sen. Elizabeth Warren (D-Mass.) sent a letter on Thursday to President Obama's nominee to become the nation's top trade negotiator, expressing concern about the lack of transparency of the Trans-Pacific Partnership (TPP), an agreement that could be completed later this year. 

In her letter, Warren asked White House official Michael Froman, whose nomination to become the next U.S. Trade Representative has been sent to the full Senate, for a commitment that he will release the bracketed text if he is confirmed by the Senate. 

"The public should know what's happening," Warren told The Hill on Thursday. "There are powerful public policy implications and the idea of not releasing the text over a backlash is backward." 

Two-thirds of the Democratic freshmen in the House warned that they're against giving President Obama special powers to unilaterally negotiate trade deals. 

The comments come as the U.S. Trade Representative is negotiating a major trade deal with Pacific rim countries and is about to start trade talks with the European Union. In a letter to the top Democrat on the trade panel, Rep. Sander Levin (D-Mich.), the 36 Democrats led by Rep. Mark Pocan (D-Wis.) shared their “serious concerns” about the “extreme secrecy” surrounding the Trans-Pacific Partnership talks.

“Given the vast scope of today’s ‘trade’ agreements, we do not believe that a broad delegation of Congress’ constitutional trade authority is generally appropriate,” the letters states. “We believe it is critical that Congress maintains its authority to ensure American trade agreements are a good deal for the American people.”

The Senate Finance Committee on Tuesday approved by voice vote President Obama's nominee to lead the nation's trade office.

The panel unanimously agreed to send Michael Froman's nomination to become the next U.S. Trade Representative to the full Senate. 

“Mr. Froman is the right man to lead USTR," said Senate Finance Committee Chairman Max Baucus (D-Mont.). 

"He has the experience and the knowledge to help  tackle America’s ambitious trade agenda. I am glad he got such strong support in committee," he said.  

The amount of technically recoverable United States oil-and-gas reserves is 35 percent greater than in 2011, the U.S. Energy Information Administration (EIA) said Monday.

The report credited the spike to new geologic and well-drilling results, as well as the adoption of hydraulic fracturing.

The U.S. clocked in at second behind Russia in global technically recoverable shale oil reserves, with 58 billion barrels. It registered fourth behind China, Argentina and Algeria, with 665 trillion cubic feet of technically recoverable shale gas.

President Obama and Chinese President Xi Jinping have forged an agreement to reduce the use hydrofluorocarbons, the White House announced.

“Even foreign countries have had a say in drafting our law,” Sessions said

Senate Democrats and Republicans pressed the White House on Thursday to clamp down a growing rash of illegal trade practices among several major partners. 

Lawmakers singled out India, Japan and China for a broad range of violations, including currency manipulation and theft of intellectual property, they argue are hampering efforts to increase U.S. exports and grow the economy. 

The questions were raised during a nomination hearing for Michael Froman, who is up for the position of U.S. Trade Representative, at the Senate Finance Committee. 

Panel ranking member Orrin Hatch (R-Utah) questioned Froman about whether India could be denied participation in the General System of Preferences (GSP), which provides help to nations trying to pick up their exports, for failing to protect intellectual property and turning inward toward domestic firms. 

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Senate Finance Committee lawmakers took brief aim at the financial holdings of President Obama's nominee to lead the trade office during a nomination hearing on Thursday. 

Senate Finance Chairman Max Baucus (D-Mont.) and panel ranking member Orrin Hatch (R-Utah) each grilled Michael Froman on his holdings — about $500,000 in an investment fund in the Cayman Islands he opened while working in the financial industry. 

Froman, who has been the president's top trade adviser since he took office in 2009, explained that while working for Citigroup he invested in an international fund offered to employees that "allowed me to diversify my portfolio."

"All earnings, gains or losses, are passed on to individual investors and I paid every penny of taxes on the fund."