Trade Remedies: Antidumping

The U.S. Constitution grants to Congress the power to regulate trade with foreign nations and levy tariffs. Since 1922, U.S. law and foreign policy have favored applying tariffs and duties equally to all trading partners. This principle, known as most-favored-nation (MFN) treatment, has been central to the rules-based global trading system since 1947. One of… Continue Reading Trade Remedies: Antidumping

National Emergency Powers

The President of the United States has available certain powers that may be exercised in the event that the nation is threatened by crisis, exigency, or emergency circumstances (other than natural disasters, war, or near-war situations). Such powers may be stated explicitly or implied by the Constitution, assumed by the Chief Executive to be permissible… Continue Reading National Emergency Powers

Defense Production Act of 1950: History and Authorities

The Defense Production Act (DPA) of 1950 (P.L. 81-774, 50 U.S.C. §§4501 et seq.), as amended, confers upon the President a broad set of authorities to influence domestic industry in the interest of national defense. The authorities can be used across the federal government to shape the domestic industrial base so that, when called upon,… Continue Reading Defense Production Act of 1950: History and Authorities

Oil Market Effects from U.S. Economic Sanctions: Iran, Russia, Venezuela

  Economic sanctions imposed by the United States—through enacted legislation and executive action—on Iran, Russia, and Venezuela aim to pressure the ruling governments to change their behavior and policies. Currently, these sanctions aim to either eliminate (Iran) or restrict (Venezuela) crude oil trade of as much as 3.3 million to 4.0 million barrels per day… Continue Reading Oil Market Effects from U.S. Economic Sanctions: Iran, Russia, Venezuela

“Stage One” U.S.-Japan trade Agreements

On October 7, 2019, after six months of formal negotiations, the United States and Japan signed two agreements intended to liberalize bilateral trade. One, the U.S.-Japan Trade Agreement (USJTA), provides for limited tariff reductions and quota expansions to improve market access. The other, the U.S.-Japan Digital Trade Agreement, includes commitments pertaining to digital aspects of… Continue Reading “Stage One” U.S.-Japan trade Agreements

U.S.-Foreign Trade Zones: Background and Issues for Congress

  U.S. foreign-trade zones (FTZs) are geographic areas declared to be outside the normal customs territory of the United States. This means that, for foreign merchandise entering FTZs and reexported as different products, customs procedures are streamlined and tariffs do not apply. For products intended for U.S. consumption, full customs procedures are applied and duties… Continue Reading U.S.-Foreign Trade Zones: Background and Issues for Congress

G-20 and International Economic Cooperation

The Group of Twenty (G-20) is a forum for advancing international cooperation and coordination among 20 major advanced and emerging-market economies. The G-20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States, as well as the… Continue Reading G-20 and International Economic Cooperation

Bitcoin, Blockchain, and the Energy Sector

The popularity of cryptocurrencies such as Bitcoin and the underlying blockchain technology presents both challenges and opportunities to the energy sector. As interest in Bitcoin and other cryptocurrencies has increased, the energy demand to support cryptocurrency “mining” activities has also increased. The increased energy demand—when localized—can exceed the available power capacity and increase customers’ electricity… Continue Reading Bitcoin, Blockchain, and the Energy Sector

Addressing the Long-Run Deficit: A Comparison of Approaches

The growth of the national debt, which is considered unsustainable under current policies, continues to be one of the central issues of domestic federal policymaking. Addressing a federal budget deficit that is unsustainable over the long run involves choices. Fundamentally, the issues require deciding what government goods, services, and transfers are worth paying taxes for.… Continue Reading Addressing the Long-Run Deficit: A Comparison of Approaches

Advanced Nuclear Reactors: Technology Overview and Current Issues

An “advanced nuclear reactor” is defined in legislation enacted in 2018 as “a nuclear fission reactor with significant improvements over the most recent generation of nuclear fission reactors” or a reactor using nuclear fusion (P.L. 115-248). Such reactors include LWR designs that are far smaller than existing reactors, as well as concepts that would use… Continue Reading Advanced Nuclear Reactors: Technology Overview and Current Issues