With the Trump administration seeking to reorient U.S. trade policy toward bilateral agreements, bilateral trade deficits have been put forward as a marker of the health — or lack thereof — of U.S. commercial relations with a given country. USCIB has taken up this issue in a recent statement to the Department of Commerce.
In its statement, USCIB said: “On the specific issue of trade deficits, particularly bilateral deficits (or surpluses) with individual countries, USCIB supports the view of most mainstream economists, who are convinced that trade deficits are a product of broader macroeconomic factors, not trade policy, and that the trade balance should not be viewed as a straightforward indicator of a country’s economic health. While it is useful to address trade barriers that impede access for U.S. goods and services exporters to specific markets, we should not set up bilateral trade balances as the metric of successful trade policies.”
Furthermore, the USCIB statement argued for greater attention to trade in services, not just goods, in any analysis of trade balances. “In the United States, services account for almost 80% of GDP, and services jobs account for more than 80% of private sector employment,” USCIB said. “Accordingly, a trade policy focused solely on trade deficits in manufacturing is misleading.”
The Commerce Department is expected to hold hearings on trade deficits later this week.




This year’s United Nations High-Level Political Forum on sustainable development will be held from July 10-17 under the auspices of the Economic and Social Council. The theme for the forum will be “Eradicating poverty and promoting prosperity in a changing world” focusing on the following Sustainable Development Goals (SDGs):
USCIB Vice President for Investment Policy Shaun Donnelly was the closing keynote speaker at the American Committees on Foreign Relations (ACFR) 22nd annual conference in Washington, April 28. The overall conference theme this year was “Commerce, Investment and Trade: American Prosperity in an Uncertain World.”
USCIB’s Director for Customs and Trade Facilitation Megan M. Giblin spoke at the spring meeting of the American Bar Association Section of International Law event last Friday, April 28. The event featured more than 60 panels highlighting different aspects of the theme of the conference – “New Leaders, New Laws: 2017 and Beyond.” Giblin spoke on a panel titled “U.S. Measures to Combat Human Trafficking; Responses in the Corporate World,” along with Alice Kipel of U.S. Customs and Border Protection (CBP), Ken Kennedy of U.S. Immigration and Customs Enforcement and Eric Gottwald of the International Human Rights Forum. The panel was tied to the topic of forced labor and the provisions of the Trade Facilitation and Trade Enforcement Act (TFTFA) of 2016, which repealed the “consumptive demand” clause in 19 U.S.C. §1307. The focus was on what happens at the ICE and CBP levels on the issue of forced labor, the work industry is carrying out as members are getting caught up in the import prohibition tied to the issuance of Withhold Release Orders (WROs) by the CBP Commissioner, as well as the matter of submissions made by, for example, Civil Society Organizations seeking action under 19 U.S.C. §1307.
