The Custom-House

Where do the Presidential Candidates Stand on Trade?

Isaac Sorkin and Abigail Jones, apparently working under the direction of Lael Brainard, have prepared a very nice table on the candidates' trade positions for the Brookings Institution: Candidate Issue Index: Trade.

Sorkin and Jones have looked through voting records and statements to compile brief explanations of the candidates' positions on trade in general, NAFTC, China, FTAs, Doha, and trade adjustment assistance.  Four Democrats and four Republicans are included.

Here's one of the pages as an example of the format (of course not every one is still in).  If you click on the image the text is larger:

How did Congress vote?

The Brookings Institution  offers a neat chart showing the outcomes of key Congressional trade votes from 1974 to 2007: Tracking Trade Votes.

   

What Did Bush Say About Trade this Week?

President Bush called on Congress to pass the Korean trade agreement in his State of the Union speech Monday night (along with the Columbian and Panamanian agreements).  The key trade paragraphs are printed at the end of this post.  He argued that the agreements would open new overseas markets, leveling the trading field by getting foreign countries to lower their barriers to our levels.  He argued that the agreements would support U.S. strategic interests.  He also endorsed reform and reauthorization of trade adjustment assistance. 

Bush followed up and elaborated his arguments in a speech on trade to employees of the Robinson Helicopter Company in Torrance California on Wednesday: President Bush Discusses Trade and Economy .  This should have been a receptive audience.  Robinson earns significant revenues from overseas sales.  Bush argued (my summary, not necessarily his words):

Baucus's New Condition for Approving Trade Agreements

Max Baucus, the Chairman of the Senate Finance Committee, said that he would not take up any of the three bilateral trade agreements (with Columbia, Panana, and South Korea) without action on expanded and reauthorized Trade Adjustment Assistance.  The Chairman of the Senate Finance Committee is in a position to make a very credible threat.

Baucus was speaking to a gathering at the Peterson Institute in Washington; here's the transcript of his remarks: Remarks Before the Peterson Institute Regarding Trade Adjustment Assistance (January 30, 2008):

Russia and the WTO

William Cooper goes over the issues raised for the U.S. by Russia's efforts to join the World Trade Organization: Russia’s Accession to the WTO (Congressional Research Service, January 7, 2008).  Here's the executive summary:

Two Reports on Sovereign Wealth Funds

The Congressional Research Service released two reports on sovereign wealth funds this past month.  Martin Weiss provided an overview of the issues they raise in Sovereign Wealth Funds: Background and Policy Issues for Congress (January 28).  Michael Martin focused on the China Investment Corporation in China’s Sovereign Wealth Fund (January 22, 2008).

How does the American public prioritize trade issues?

From a January Pew Center poll (Global Warming Falls Still Farther on Republicans' Policy Agenda, Carroll Doherty, Pew Center, January 30, 2008):

   

Although it suggests that trade is a low priority, it's unclear to what extent the issues are distict for voters. Democratic politicians have certainly seen a jobs and trade nexus.

Treasury's Role in Protecting U.S. National Security

Deputy treasury Secretary Robert Kimmitt spoke to the cadets at the Virginia Military Academy on Tuesday about the Treasury Department's recent role in protecting U.S. National Security.  That role has grown considerably since the Reagan Administration. 

The following extract from his speech (A Department Transformed: Treasury's Role in National Security , January 29, 2008) has some general background remarks, and case studies of Treasury's work with Iraq and Iran (illustrating the both the constructive and punitive dimensions of Treasury's efforts):

The Korean Navy's Indian Ocean Aspirations

Trading countries like to protect their trade routes (China's growing navy, July 16, 2007; India wants to protect its sea lanes too, July 17, 2007).

South Korea is no exception.  Mingi Hyun over at the 'Manoeuvre' in Maritime Asia weblog has posted on the Korean response in a U.S. invitation to help protect joint U.S. and Korean interests in the Indian Ocean: USN-ROKN to Pursue Joint Operations in Indian Ocean (January 27, 2008):

New Executive Order on National Security Reviews of FDI

A Presidential Executive Order issued Wednesday will affect the way the U.S. will evaluate the security risks associated with foreign direct investment: Executive Order: Further Amendment of Executive Order 11858 Concerning Foreign Investment in the United States (January 23, 2008 - the text of the order is at the end of this post)

A Presidential Executive Order issued Wednesday will affect the way the U.S. will evaluate the security risks associated with foreign direct investment: Executive Order: Further Amendment of Executive Order 11858 Concerning Foreign Investment in the United States (January 23, 2008 - the text of the order is at the end of this post)