Trade War

The giant container ship that blocked the Suez Canal for six days was freed Monday, but another bottleneck in the supply chain remains, this one in Southern California.

Experts boarded the massive container ship Tuesday that had blocked Egypt’s vital Suez Canal and disrupted global trade for nearly a week, seeking answers to a single question that could have billions of dollars in legal repercussions: What went wrong?

U.S. Trade Representative Katherine Tai on Monday told European officials she wanted to develop "a more positive and productive" trade relationship with Europe, despite disputes over aircraft subsidies and digital services taxes, USTR said.

The U.S. isn't ready to lift tariffs on Chinese imports in the near future, but might be open to trade negotiations with Beijing, according to U.S. Trade Representative Katherine Tai.

Bourbon, Tennessee whiskey and rye whiskey were left out of a recent breakthrough to start rebuilding trade relations between the U.S. and European Union in the wake of Donald Trump's presidency. While tariffs were suspended on some spirits, the EU's 25% tariff on American whiskey remains in place, and the rate is set to double to 50% in June in the industry's largest export market.

The Senate confirmed Katherine Tai as the top U.S. trade envoy in an overwhelming bipartisan vote on Wednesday . She will be the first Asian American and first woman of color to hold the position.

"We want a demand for our product," Hein told FOX Business' Jeff Flock. "We would like to grow a crop, get a fair price for it. We don’t want government help." 

Exports in dollar terms skyrocketed 154.9% in February compared with a year earlier, while imports gained 17.3%