	Overview1

During the first session of the 115th Congress, Congress faced numerous international trade and finance policy issues. Continued focus on the U.S.-China economic relationship, and economic sanctions against Iran, Cuba, North Korea, Russia, and other countries also have been of interest to Congress. President Trump's withdrawal of the United States from the Trans-Pacific Partnership (TPP) free trade agreement (FTA) among 12 Asia-Pacific nations, alongside a stated preference for negotiating bilateral rather than multi-party trade agreements were notable developments in the Trump Administration's policy approach to U.S. trade agreements. These decisions, in addition to the evolving global landscape on trade agreements, including a recently-concluded, revised TPP (now called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)) among the 11 parties, without the United States, raise potentially significant legislative and policy issues for Congress, including: (1) potential congressional consideration of legislation to implement a revised NAFTA, (2) the economic and strategic rationale for U.S. participation in multi-party and other FTAs, (3) the extent to which past U.S. FTAs should be modernized or revised and, if so, in what manner, (4) how much priority should be placed in U.S. trade policy on new FTA and multilateral trade agreements, and (5) the effect of FTAs not including the United States on U.S. economic and broader interests, and the appropriate U.S. response to the proliferation of agreements. The U.S.-China trade and economic relationship is complex and wide-ranging. The Role of Congress in International Trade and Finance

The U.S. Constitution assigns authority over foreign trade to Congress. In 2015, Congress authorized new TPA, through 2021, provided the President requests an extension and Congress does not enact an extension disapproval resolution before July 1, 2018. These include such areas as U.S. trade agreement negotiations, tariffs and nontariff barriers, trade remedy laws, import and export policies, economic sanctions, and the trade policy functions of the federal government. The United States generally seeks IP commitments that exceed the minimum standards of the World Trade Organization (WTO) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement), known as "TRIPS-plus." Trade finance and promotion activities also may support U.S. foreign policy goals. International Trade Administration (ITA) of U.S. Department of Commerce

Part of the Department of Commerce, the International Trade Administration (ITA) is charged with "creat[ing] prosperity by strengthening the international competitiveness of U.S industry, promoting trade and investment, and ensuring fair trade and compliance with trade laws and agreements." International Financial Institutions (IFIs) and Markets

Since World War II, governments have created and used formal international institutions and more informal forums to discuss and coordinate economic policies. In engaging on these issues, Congress may 
conduct oversight of the renegotiation of the North American Free Trade Agreement (NAFTA), and potentially consider implementing legislation for a revised NAFTA, and oversight of modification of the KORUS FTA; consider new bilateral trade agreement negotiations, including with the UK or Japan; examine the status of trade negotiations launched under the previous Administration, including the potential Transatlantic Trade and Investment Partnership (T-TIP) with the European Union (EU), a potential plurilateral Trade in Services Agreement (TiSA), and ongoing discussions at the WTO, as well as the future implications of the TPP without U.S. participation; conduct oversight and take possible legislative action concerning a range of other trade issues, including U.S. trade relations with China and other major economies, as well as U.S. export and import policies and programs; and monitor developments in capital flows and global debt levels, the international financial institutions and U.S. funding levels, the evolution of the AIIB, and other countries' exchange rate policies, among other international finance issues.
The U.S. Constitution grants authority to Congress to regulate commerce with foreign nations. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations, U.S. trade and economic relations with specific regions and countries, international institutions focused on trade, tariff and nontariff barriers, worker dislocation due to trade liberalization, enforcement of trade laws and trade agreement commitments, import and export policies, international investment, economic sanctions, and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government.
Issues in the 115th Congress
During the 2016 presidential campaign, U.S. trade policy and trade agreements received significant attention, particularly regarding the impact of trade agreements on the U.S. economy and workers. Among the more potentially prominent international trade and finance issues the 115th Congress is considering, or may consider, are:
the status of Trade Promotion Authority (TPA), which is authorized through 2021, provided the President requests an extension and Congress does not enact an extension disapproval resolution before July 2018; the Administration's renegotiation of the North American Free Trade Agreement (NAFTA) and efforts to modify the U.S.-South Korea (KORUS) free trade agreement (FTA); U.S.-China trade relations, including investment issues, intellectual property rights (IPR) protection, forced technology transfer, currency issues, and market access liberalization; proposals to launch new bilateral FTAs, such as with the United Kingdom, Japan, or possibly with countries in Africa; the future of U.S.-Asia trade and economic relations, given President Trump's withdrawal of the United States from the Trans-Pacific Partnership (TPP) and China's expanding Belt and Road Initiative; the future status of trade negotiations launched under the Obama Administration, including for the proposed Transatlantic Trade and Investment Partnership (T-TIP) FTA with the European Union (EU) and the Trade in Services Agreement (TiSA); oversight of World Trade Organization (WTO) agreements and negotiations, including the completed Trade Facilitation Agreement (TFA) and expansion of the Information Technology Agreement (ITA), as well as potential agreements on environmental goods and the WTO's future overall direction; the Administration's enforcement of U.S. trade laws; the effects of trade on the U.S. economy, jobs, and manufacturing, as well as policies that support U.S. workers and industries adversely affected by trade agreements; international finance and investment issues, including U.S. funding for and oversight of international financial institutions (IFIs), the creation of development and infrastructure banks by emerging economies, and U.S. negotiations on new bilateral investment treaties (BITs), notably with China and India; and oversight of international trade and finance policies to support development and/or foreign policy goals, including trade preferences for sub-Sahara Africa and sanctions on Iran, North Korea, Russia, and other countries.