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How can changes in US regulations affect the global market?
U.S. Trade Representative Catherine Tay has waived U.S. demands for digital trade as part of World Trade Organization (WTO) negotiations to allow Congress to regulate large technology companies, according to a report released by the U.S. Department of Commerce. This is reported by the Reuters news agency, referring to the transcript of the talks.
The United States is withdrawing proposals made in 2019 by the Trump administration insisting that WTO e-commerce rules allow free cross-border data flows and prohibit national requirements for data localization and software source code verification. The move has angered some lawmakers and business groups, who said it would put American companies at a disadvantage.
The US is reviewing its approach to trade rules in sensitive areas such as data and source code. The US representative said that the country's policy should take into account the goals of regulation, "striking a balance between the right to regulate in the public interest and the need to address anti-competitive behavior in the digital economy.
This decision is in line with the Biden administration's desire to strengthen regulation of large technology companies. However, the Senate called the decision a "victory for China," arguing that the measure would strengthen China's model of Internet censorship and state surveillance.
However, a number of lawmakers welcomed the decision, wishing to limit the power of large technology companies. Democratic Senator Elizabeth Warren of Massachusetts said that Representative Tai rejects attempts by lobbyists of large technology companies to use trade deals to oppose regulation.
However, the U.S. Chamber of Commerce believes that the principles of digital commerce that the Office of Trade Affairs rejected were approved by Congress and helped make American technology companies "the envy of the world."
U.S. Trade Representative Catherine Tay has waived U.S. demands for digital trade as part of World Trade Organization (WTO) negotiations to allow Congress to regulate large technology companies, according to a report released by the U.S. Department of Commerce. This is reported by the Reuters news agency, referring to the transcript of the talks.
The United States is withdrawing proposals made in 2019 by the Trump administration insisting that WTO e-commerce rules allow free cross-border data flows and prohibit national requirements for data localization and software source code verification. The move has angered some lawmakers and business groups, who said it would put American companies at a disadvantage.
The US is reviewing its approach to trade rules in sensitive areas such as data and source code. The US representative said that the country's policy should take into account the goals of regulation, "striking a balance between the right to regulate in the public interest and the need to address anti-competitive behavior in the digital economy.
This decision is in line with the Biden administration's desire to strengthen regulation of large technology companies. However, the Senate called the decision a "victory for China," arguing that the measure would strengthen China's model of Internet censorship and state surveillance.
However, a number of lawmakers welcomed the decision, wishing to limit the power of large technology companies. Democratic Senator Elizabeth Warren of Massachusetts said that Representative Tai rejects attempts by lobbyists of large technology companies to use trade deals to oppose regulation.
However, the U.S. Chamber of Commerce believes that the principles of digital commerce that the Office of Trade Affairs rejected were approved by Congress and helped make American technology companies "the envy of the world."
