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WEEKLY ECONOMIC UPDATE

July 2 – July 6

CHART OF THE WEEK

Barriers to Digital Trade around the World

Many countries’ laws and regulations have created barriers to e-commerce and digital services. These trade barriers disadvantage U.S. businesses exporting and operating in foreign countries. Although many of these laws and regulations are promoted as protections for individual rights or national security, the rules often protect domestic businesses from foreign competition. New mass markets for consumer products have formed with the political integration of Europe and the economic advancement of China. Both the EU and Chinese governments have used their control over market access to set requirements that act as trade barriers.

JEC’s hearing last week explored The Need for U.S. Leadership on Digital Trade.

CHAIRMAN’S UPDATE

During JEC’s hearing on digital trade, Chairman Erik Paulsen observed:

"We must be vigilant to preserve the principles that have already led to great prosperity throughout the world in the digital trade arena. That means addressing, swiftly and clearly, the excessive burdens foreign governments place on American digital products, so that we are not unfairly disadvantaged and can compete on the merits. That also means negotiating new agreements that protect not just American’s economic interests, but allow the free exchange of culture and ideas throughout the world.

"The world is a better place thanks to American ideas and commerce. Keeping the global digital marketplace open means continuing the fight for that better world."

LAST WEEK

News & Commentary

Robots Run the Farm, but You Can Eat Only So Much (Wall Street Journal—by JEC witness Mark Mills of the Manhattan Institute)

Some Economists Boost Estimates for U.S. Growth (Wall Street Journal)

President Trump: Accept Germany’s Offer to Drop Auto Tariffs (Economics21)

Report Finds All European Union Countries Failing Paris Climate Targets (CEI)