Author : United States Department of the Treasury
Publisher :
ISBN 13 : 9781689854597
Total Pages : 44 pages
Book Rating : 4.8/5 (545 download)
Book Synopsis Report to Congress: Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States by : United States Department of the Treasury
Download or read book Report to Congress: Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States written by United States Department of the Treasury and published by . This book was released on 2019-05-28 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global growth decelerated in the second half of 2018, weighed down by slowing activity in China and the euro area, though growth in the United States remained strong. More recent data suggest that the global slowdown persisted in early 2019, with signs of sluggish growth across several major regions of the global economy. While there is good reason to think that at least part of this weakness will prove transitory - in the United States, strong underlying fundamentals are likely to sustain solid growth going forward, and China's growth appears to be stabilizing on the back of recently enacted support measures - major economies should proactively pursue policies that will bolster confidence and help raise both near-term and medium-term growth.The Administration's focus is on helping American workers and businesses to thrive, raising productivity, and increasing real median incomes. Following the first major reform of the U.S. tax code in three decades, the United States saw business investment and productivity accelerate notably in 2018. The President's Budget for FY 2020, released in March, aims to bring down the U.S. fiscal deficit over the medium term by curtailing spending, with the deficit falling to 2.6 percent of GDP by 2024 under the Administration's proposals and policies.The Administration is working actively to dismantle unfair barriers to trade and achieve fairer and more reciprocal trade with major U.S. trading partners. This includes combatting unfair currency practices that facilitate competitive advantage, such as unwarranted intervention in currency markets. The U.S.-Mexico-Canada trade agreement incorporates commitments that all three countries will avoid unfair currency practices and publish related economic information. Additionally, in March, Korea for the first time reported publicly on its foreign exchange intervention. Treasury welcomes this important development in Korea's foreign exchange practices.