Daily Ag News Summary 02/13/2018

Presidential Trade Negotiation Authority Expiring

(WASHINGTON, DC) In 2015, Congress provided the President (Barack Obama) with Trade Promotion Authority (TPA). Under TPA, the Administration was given the right to enter into and sign trade agreements with other trading partners around the world. Though not a requirement to negotiate trade agreements, TPA does give negotiators and the other partner(s) to the agreement security in knowing that the U.S. Congress is unable to amend or change the agreement. Rather Congress may only accept or decline the final negotiated agreement.

However as part of the law from 2015 (TPA-2015), the President of the United States – now Donald J. Trump – can use the legislation to implement trade agreements reached before July 1, 2018. As the clock begins winding down on his authority, the President may request an extension of TPA until July 1, 2021. The extension goes into effect unless either the House or the Senate passes an extension disapproval resolution before the original TPA expires in less than 140 days.

Currently the Trump Administration is renegotiating both the North American Free Trade Agreement (NAFTA) and the Korean – United States Free Trade Agreement (KORUS) and is considering options that may exist for inclusion in the Trans-Pacific Partnership (TPP) – which Trump pulled out of during the early days of his presidency.