New Senate Finance Committee Chairman Ron Wyden (D-Ore.) said his panel is looking down many economic avenues to convince Russia to step back from its move into Crimea.
In his first hearing as the head of the committee, Wyden said his committee is "now looking at every possible economic lever to pressure Russia to step back from its unprovoked incursion into Crimea."
A stalemate, especially over agriculture tariffs, is holding up progress on trade pact.
A bipartisan group of senators urged the top U.S. trade official to keep negotiations open on an Asia-Pacific trade deal until there is an agreement with Japan that provides greater market access to U.S. products.
A top Russian economic official said his country is ramping up efforts to boost trade and investment opportunities for U.S. businesses.
Alexey Ulyukaev, the Russian minister of economic development, said his country and the United States are somewhere between “good and not good” on trade and investment issues so “there is a lot of room for development.”
Sen. Max Baucus appears to be on a glide path to become the next ambassador to China.
The Montana Democrat laid out a broad agenda during his confirmation hearing on Tuesday before the Senate Foreign Relations Committee. His plan is focused on promoting economic cooperation, security and human rights issues between the United States and China.
"It is imperative that America be deeply involved in the Asia-Pacific," Baucus said.
Senate Republicans criticized the Obama administration for not being more involved in an effort to build support for passage of trade promotion authority (TPA) legislation.
Senate Finance Committee ranking member Orrin Hatch (R-Utah) was among several Republicans who complained that U.S. Trade Representative Michael Froman did not accept an invitation to testify before the panel on Thursday to discuss their recently introduced fast-track legislation.
Two senators reiterated on Wednesday the importance of adding currency manipulation provisions into an Asia-Pacific trade deal.
Sens. Debbie Stabenow (D-Mich.) and Lindsey Graham (R-S.C.), co-chairmen of the bipartisan Senate Manufacturing Caucus, continued to press the Obama administration as to whether the issue will be addressed in the ongoing Trans-Pacific Partnership (TPP) talks.
U.S. trade officials said they made strides on several key economic issues during meetings in China this week.
U.S. Trade Representative Michael Froman and Commerce Secretary Penny Pritzker said Friday that they reached agreements with Chinese officials on intellectual property rights, government procurement, and regulatory obstacles.