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The volume of world merchandise trade turned up in the first quarter of 2024 after remaining flat throughout 2023, according to the latest trade statistics released by the WTO.
Merchandise trade …
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $75.1 billion in May, up $0.6 billion from $74.5 billion in April, revised.
May exports were $261.7 billion, $1.8 billion less than April exports. May imports were $336.7 billion, $1.2 billion less than April imports.
The May increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $100.2 billion and an increase in the services surplus of $0.3 billion to $25.1 billion.
On July 1-2, 2024, the United States and the Philippines met under the U.S.- Philippines Trade and Investment Framework Agreement (TIFA). The TIFA meeting was co-chaired by Assistant U.S. Trade Representative for Southeast Asia Sarah Ellerman and the Philippine Department of Trade and Industry Undersecretary for International Trade Group Allan Gepty.
During the TIFA meeting, the United States and the Philippines discussed a range of bilateral trade and investment issues, including agriculture, labor, government procurement, intellectual property, environment, automotive safety standards, and supply chains.
The Office of the United States Trade Representative (USTR) announced yesterday that Danielle Fumagalli will serve as Acting Assistant United States Trade Representative for Japan, Korea, and Asia-Pacific Economic Cooperation (APEC) Affairs. Ms. Fumagalli has most recently served as Deputy Assistant United States Trade Representative (DAUSTR) in the same office.
The FCC proposes to prohibit recognition and participation in its equipment authorization program for any certification body or test lab directly or indirectly owned or controlled by an entity on the Covered List.
The Covered List comprises entities identified as posing a national security risk. The FCC also plans to prevent reliance on any TCB or test lab with ownership ties to entities on this list.
Ways and Means Committee Chairman Jason Smith gets back to work July 9 with a hearing to advance legislation "to protect our supply chains from foreign control," and to address the "transformation of our once elite universities into incubators for extremism and harassment," according to a statement from his office.
Included is legislation compelling elite universities to admit "more American students," as well as tightening the eligibility of battery component subsidies in the Inflation Reduction Act.
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