Trade Issues : An Overview

This book includes CRS reports on various security, trade and oil issues such as the OPEC and Non-OPEC Crude Oil Production Agreement, in which, in an effort to stabilize declining oil prices, the OPEC announced an agreement that would reduce crude oil production by approximately 1.2 million barrels per day (bpd) for 6 months starting January 1, 2017. The second chapter presents data on US merchandise (goods) trade with its Free Trade Agreement (FTA) partner countries. It also discusses the issues involved in using bilateral merchandise trade balances as a standard for measuring the economic effects of a particular FTA. The third chapter is a report that examines the differences in the trade data from the People's Republic of China and the United States. There is a large and growing difference between the official trade statistics released by the US and the People's Republic of China. According to the US, the 2017 bilateral merchandise trade deficit with China was $375.3 billion. According to China, its trade surplus with the US was $275.8 billion – a $99.5 billion difference. The next chapter focuses on discussions of trade and trade agreements, including the role that trade plays in the US economy. The last three chapters examine Frequently Asked Questions of the Trade Promotion Authority (TPA); China's Retaliatory Tariffs on Selected US Agricultural Products (according to an unofficial translation of the list issued by the USDA Foreign Agricultural Service, China imposed an additional 25% tariff on US pork products, and an additional 15% tariff on certain varieties of US fresh and dried fruit, nuts, wine and ginseng), and the US engagement in significant civilian nuclear cooperation with other countries (which must adhere to a framework agreement that meets specific requirements under Section 123 of the Atomic Energy Act (AEA). In conclusion, WiMAX or Worldwide Interoperability for Microwave Access, based on IEEE 802.16, is proposed as the standard for broadband wireless access (BWA) over a large metropolitan area. WiMAX has received widespread support from both the computer and telecom industries worldwide, making this technology particularly cost-effective. Flexible bandwidths and different modulation schemes enable WiMAX systems to adaptive change of the speed and capacity of the wireless connection based on the demand.