At the direction of the president, United States Trade Representative Robert Lighthizer recently notified Congress that the Trump Administration intends to negotiate three separate trade agreements with Japan, the European Union and the United Kingdom.
In officially notifying Congress, the U.S. Trade Representative (USTR) is following the procedures set out in the Bipartisan Congressional Trade Priorities and Accountability Act of 2015—often referred to as Trade Promotion Authority (TPA)—which requires ongoing consultations with Congress. These consultations ensure that USTR develops negotiating positions with the benefit of Congress’ views. USTR will also publish notices in the Federal Register requesting the public’s input on the direction, focus and content of the trade negotiations.
In accordance with TPA, USTR will publish objectives for the negotiations at least 30 days before formal trade negotiations begin.
U.S. goods and services trade with Japan totaled an estimated $283.6 billion in 2017. Exports were $114 billion; imports were $169.5 billion. The U.S. goods and services trade deficit with Japan was $55.5 billion in 2017.
U.S. goods and services trade with the EU totaled nearly $1.2 trillion in 2017. Exports totaled $527 billion; Imports totaled $627 billion. The U.S. goods and services trade deficit with the EU was $100 billion in 2017.
U.S. goods and services trade with United Kingdom totaled an estimated $235.9 billion in 2017. Exports were $125.9 billion; imports were $110.0 billion. The U.S. goods and services trade surplus with United Kingdom was $15.9 billion in 2017.