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ARTICLE · 09 FEBRUARY 2023

Will Changes In Congress Finally Bring Trade Legislation?

Crowell & Moring LLP
Crowell & Moring LLP
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The Trade Adjustment Assistance (TAA) was extended by one year in the fiscal year 2023 omnibus following its expiration at the end of June 2022.

United StatesInternational Law
John B. Brew
John B. Brew
Simeon Yerokun
Simeon Yerokun
Emily Devereaux
Emily Devereaux

Congress failed to pass much needed and anticipated trade legislation last session. Issues the new House and Senate must face include: the extension of the Trade Adjustment Assistance, the future of the Trade Promotion Authority, renewed Generalized System of Preferences, and a new Miscellaneous Tariff Bill.

The Future of the Trade Adjustment Assistance and Trade Promotion Authority

The Trade Adjustment Assistance (TAA) was extended by one year in the fiscal year 2023 omnibus following its expiration at the end of June 2022. The TAA is a top Democratic party priority that may be used as a bargaining tool for the potential renewal of the Generalized System of Preferences (GSP) and the new Miscellaneous Tariff Bill (MTB). Senator Ron Wyden (D-OR) hopes this extension could also lead to a long-term package of "other expired trade initiatives."

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