ON OUR DESKS

  • Assisted and advised on compliance with Russia related sanctions.
  • Provided information on public comments submitted to the EU regarding its proposed Corporate Sustainability Reporting Directive (CSRD).
  • Researching and advising on federal incentive programs relating to critical minerals.

How can we help you? Email any IBC counsellor for assistance or consult our issues list to find the expert you’re looking for. 


WIBC DISCUSSIONS

In case you missed it:

  • Germany’s G7 priorities and U.S.-Germany relations with the Head of the German Embassy’s Economic Department Hardy Boeckle (Contact: Steve Ziehm)

Up next: Register for upcoming WIBC discussions here

WIBC discussions are open to WIBC members only. Not a member? Contact Christina for membership inquiries


YOU NEED TO KNOW

Russia-Ukraine 

The United States announced an additional $1.3 billion in aid to Ukraine and banned Russian vessels from entering U.S. ports. Biden said he will be requesting further supplemental appropriations from Congress next week. Treasury designated entities and individuals involved in attempts to evade sanctions and  issued guidance on agricultural and humanitarian trade. 

European Council President Charles Michel met with Ukrainian President Volodymyr Zelenskyy in Kyiv on April 20 to discuss maintaining maximum pressure on Russia. An expected 6th EU sanctions package may include further restrictions on imports of Russian oil and could be announced following France’s second-round of presidential voting April 24.

(Contact: Pat Sheehy)

 

IMF/World Bank spring meetings

The IMF released its World Economic Outlook, forecasting slower global economic growth than previously predicted and continuing inflation, and its Global Financial Stability Report. Speaking at the GFSR release, Director of the IMF’s Monetary and Capital Markets Department Tobias Adrian said that inflation is “well above target in the majority of countries” and is “the single most important challenge of our time…”. He called for central banks to tighten monetary policy, countries to responsibly manage regulation, create an inter-operable global payments system, and transition to a greener finance system. The IMF also announced a new Resilience and Security Trust to address “structural challenges – including climate change and pandemic preparedness” in developing countries. 

The reports were announced on the margins of this week’s spring IMF/World Bank meetings, which were disrupted by fallout of Russia’s war in Ukraine. Russia blocked the IMF steering committee from approving a communique, and Treasury Secretary Yellen led a walk-out from the G20 finance ministers meeting to protest Russian attendance. The World Bank used its spring meeting to raise $3 billion in aid for Ukraine, including $500 million from the U.S.

Other notable developments included: a joint statement on food security that called for the coordination of “the provision of emergency food supplies, financial support, increased agricultural production, and open trade,” a G20 agreement to establish a fund to address global pandemic preparedness, and the seventh meeting of the Coalition of Finance Ministers for Climate Action, which Secretary Yellen attended.

(Contact: Ethan Knecht, Pat Sheehy, Scott Seaman)

 

Climate action and business

Speaking at Brookings on April 18, contributing authors to the IPCC’s third report on climate change, professors Dana Fisher and Max Boykoff, emphasized the UN Intergovernmental Panel on Climate Change’s (IPCC) argument that corporate interests are blocking implementation of technologies and processes available to combat climate change. Dr. Boykoff invoked the claim  that nearly two-thirds of greenhouse gas emissions come from 90 global companies. The IPCC’s summary for policymakers recommends strengthening instruments that incorporate adaptation such as policy and legal frameworks, behavioral incentives, and economic instruments that address market failures, such as climate risk disclosure.

In other climate developments, Commerce Secretary Raimondo announced the establishment of a Commerce Department Climate Council “to integrate climate considerations into its policies, strategic planning, and programs.” In China, the State Council stressed the need to support coal as a main energy source and announced plans to increase China’s coal capacity by 300 million tons this year to ensure adequate energy supplies after power shortages last year. 

(Contact: Scott Seaman, Chris Benscher)

 

Global coordination on China

In Brussels on April 21, in advance of the U.S.-EU Dialogue on China, Deputy Secretary of State Wendy Sherman harshly criticized China’s support for Russia and its practice of economic retaliation against countries and companies that do not toe China’s party line. Sherman said China’s practices seek to undermine nations’ political autonomy, coerce businesses, steal intellectual property, silence human rights defenders, and bend the rules of the international system. During the Dialogue, which took place alongside a similar consultation on the Indo-Pacific, Sherman discussed with EEAS Secretary General Stefano Sannino Chinese support for Russia, maintaining peace and stability in the Taiwanese strait, Chinese stances and activities in multilateral fora, and human rights in China, including in Xinjiang. 

Relatedly, Senate Foreign Relations Committee Chairman Bob Menendez (D-NJ) led a delegation to Australia where they discussed China, Ukraine support and Russia sanctions, and the AUKUS nuclear submarine agreement.

(Contact: Scott Seaman)

 

Quick takes

  • At the first meeting on April 18 of a revived U.S.-Mexico High-Level Economic Dialogue (HLED), Under Secretary José Fernandez led an interagency delegation focused on strengthening integration between the two countries rather than resolving trade disputes, such as the electricity reform or lithium nationalization. The next cabinet-level HLED is scheduled for the fall.
  • The United States and six APEC economies  established a Global Cross-Border Privacy Rules (CBPR) Forum, which Secretary Raimondo said will “help companies demonstrate compliance with internationally recognized data privacy standards.”
  • Taiwan’s top trade negotiator reportedly told USTR Katherine Tai that Taipei would like to start talks on a bilateral trade agreement. The USTR readout on the discussion made no mention of the topic. 
  • The U.S. Trade and Development Agency and the Asian Development Bank announced a new framework for collaboration on public procurement and project preparation for infrastructure priorities in Asia.

NOTICES, BILLS & HEARINGS

Federal Register Notices

Legislation

House 

  • H.R.7503 (Buchanan, R-FL) American Innovation Act of 2022

Hearings

House

  • State Department Foreign Policy Priorities/Budget April 27/28, 9:00 a.m
  • Defense Budget April 27, 10:30 a.m.
  • U.S. Security Assistance April 28, 9:00 a.m.
  • Outlook on Taiwan April 28, 3:00 p.m.
  • U.S. Global Climate Action Competitiveness April 29, 10:00 a.m. 

Senate

  • Nomination of U.S. Ambassadors to the UK, Denmark, and Malta April 27, 10:00 a.m.

WHO’S WHO

Arrivals

  • Grant Harris, Assistant Secretary of Commerce for Industry and Analysis
  • Joel Myer, Deputy Assistant Secretary of Homeland Security for Strategic Initiatives
  • Nahid Bhadelia, Visiting Fellow for Pandemic Response, White House OSTP
  • Laura Lee Burkett, Legislative Director, Senator Deb Fisher (R-NE)
  • Sean McClintock, National Security Advisor, Senator Catherine Cortez Masto (D-NV)

Want more scoops on personnel moves? Find the full Who’s Who here.


UPCOMING EVENTS

  • Under Secretary of State Fernandez visits Chile, April 22-23
  • French presidential election second round, April 24
  • U.S.-UK Dialogue on Trade, April 24-26 (Aberdeen, Scotland)
  • Assistant Secretary for European and Eurasian Affairs Donfried visits the Western Balkans, April 25-29
  • ECOSOC Development Financing Forum, April 25-28 (New York City)
  • House and Senate in session, April 25-29
  • COP 15 on Biological Diversity, April 25 – May 8 (Kunming, China)
  • FAO Council, April 26-30 (Rome)
  • WTO Director-General Ngozi Okonjo-Iweala visits Washington (USTR, Congress), April 27-29
  • U.S.-ASEAN Summit, May 12-13 (Washington, DC)

Looking farther ahead? Find our international calendar here.