This week in TradeinAction: Happy World Trade Month! On the US side, the new US government has passed its first 100 days in office and the Senate has passed a $1 trillion spending bill that would keep the government running until September.
On the European side, the second round of French presidential elections is scheduled for this weekend. In the context of the European Month of Culture, US lawmakers announced the introduction of the bipartisan Congressional European Union (EU) Caucus for the 115th Congress earlier this week. In other news, the European Commission reached an agreement with Athens on the Greek Stability Support Programme after months of negotiations.
SPOTLIGHT
A New Era for US Infrastructure
President Trump has compared the state of US infrastructure to that of the developing world and said his infrastructure plan which envisages a $1 trillion spend over ten years, is nearly completed. Legislators on both sides of the aisle in Washington agree on the need to modernize airports, roads, bridges and the like, but they have yet to reach common ground on how to pay for it. Join me on May 17 at the Atlantic Council Washington DC to engage with experts on the current and potential investment opportunities in US infrastructure. Register here.
TRADE
News: Treasury Secretary Mnuchin Says it will Take 2 Years for the US Economy to Grow as Fast as Trump Promised, Bob Bryan, Business Insider
News: Canada’s Trade Deficit Narrows Sharply as Energy Exports Jump, The Globe and Mail
Video: A Conversation with Steven Mnuchin, Secretary, US Department of the Treasury, Milken Institute
Analysis: Wilbur Ross Demands Results after ‘Endless’ Dialogue on Trade Deficit, Shawn Donnan, Financial Times
Interview: Commerce Secretary Wilbur Ross Talks Trade, Trump And Taxes, Squawk Box CNBC
Blog: Exploring the First Principles of Trade, John G. Murphy, US Chamber of Commerce
Speech: Azevêdo: Trade Can Help Energize Economic Recovery, World Trade Organization
Explainer: Why We’re Advocating for More Global Trade, J.D. Harrison, US Chamber of Commerce
Guide: The Federal Budget Process, Politico
News: Everything You Need to Know About the Government’s $1.1 Trillion Spending Bill, Fortune
Opinion: Trading Up? What Trump’s NAFTA Could Look Like, Jane Clayson, Wbur
Statement: Commissioner Moscovici on the Negotiations with Greece, European Commission
Opinion: Keeping Greece Afloat, The Wall Street Journal
TWEET/FACTOID OF THE WEEK
Did you know that….the persistent US trade deficit is not actually the result of any one or even some collection of countries’ discrete misbehaviors? Whether the recently accused is Germany, Mexico, Japan, or China, their particular roles in mathematically contributing to the US trade deficit is confined to only a relative few years when compared to the duration of the deficit. Read more on what trade deficits really tell us about economies. (US Chamber of Commerce)
GLOBALIZATION
Opinion: Does Digital Globalization Make The World Really Flat? Ajitabh Das, Forbes
Podcast: President Trump’s World View Puts The Brakes On Globalization, Steve Inskeep, NPR
Opinion: Future of Globalization: The Localization Parallel, Jin Suk Park, Global Network Perspectives
Opinion: The New Globalization- Going Beyond the Rhetoric, Arindam Bhattacharya, Dinesh Khanna, Christoph Schweizer, Aparna Bijapurkar, BCG
WHAT WE ARE READING
Opinion: Trump’s First 100 Days: Should Investors Take Notice? Libby Cantrill, Pimco Blog
Opinion: Macron, Le Pen and the battle for the idea of France, Simon Kuper, New Atlanticist
Blog: Can the Rust Belt become the ‘Brain Belt’? Simon Montlake, Christian Science Monitor
Analysis: France’s Constitutional Conundrum, Alexandre, Aubard, New Atlanticist
Op-ed: Economics, not Identity, is Key to Reviving American Liberalism, Rana Foroohar, Financial Times
UPCOMING
EVENTS
May 10: Trade Backlash and the WorldTrade Organization, Brookings
May 11: The Future of the US Trade and Development Agency, CSIS
May 15: Future of the European Economy after the French Election, Peterson Institute of International Economics
May 17: A New Era for US Infrastructure? Event and Reception, Atlantic Council
May 18: Invest in America! 2017 Summit, US Chamber of Commerce
Your Newsletter Team:
Marie Kasperek, Associate Director, Global Business & Economics, Atlantic Council
Please send us suggested news stories, opinion pieces, publications, and upcoming events that you would like us to highlight! Email mkasperek@AtlanticCouncil.org with your ideas and suggestions.
The views expressed in this newsletter and linked external articles and content do not necessarily reflect the opinions of the Atlantic Council, its staff, or its sponsors.