Freight Rail Strike Deadline Pushed into December
A railroad group and a labor union involved in U.S. rail worker contract negotiations have agreed to extend a potential strike deadline until December 4, 2022, moving the potential for a rail strike until December 5 at the earliest. The National Carriers’ Conference Committee (NCCC) and the International Brotherhood of Teamsters (BMWED) extended the current cooling off period that previously was set to expire November 19. Read more from Reuters.
U.S. May Revoke Russia’s “Market Economy” Status
The Commerce Department is expected to formally revoke Russia’s “market economy” status, as soon as next week. Politico reports that a “department official confirmed Commerce would announce the decision this week, but stopped short of saying what it would be.” Russia was declared a market economy in 2002 during the Bush Administration. It was an important step that allowed Russia to later join the World Trade Organization.
GOP Control of House May Impact Biden Trade Agenda
This week’s midterm elections may give Republicans control of the House of Representatives next year, which could lead to more trade liberalization in the Biden Administration’s trade policy strategy. As Politico’s Doug Palmer reports, “The shift in power could make it easier for the Biden Administration to pivot from a policy strategy that has veered away from negotiating traditional free trade agreements over concerns about losing support from union and other blue collar voters who responded favorably to former President Donald Trump’s attacks on the pacts.” See the latest election results.
