In 2005 the United States incurred a record merchandise trade deficit of $766 billion on a census basis and $782 billion on a balance-of-payments basis (BoP). A surplus in services trade of $58 billion gave a deficit of $724 billion on goods and services (BoP) for the year — up to $108 billion or 17.2% from the $618 billion deficit in 2004.

Omnibus energy legislation (H.R. 4) that is now in conference would expand energy tax incentives significantly. The House passed the bill on August 2, 2001, and the Senate approved its version April 25, 2002. Several energy tax issues are addressed in these bills: 1) tax incentives to increase the supply of oil and gas, and the demand for coal; 2) energy tax issues relating to energy conservation and energy efficiency; 3) energy tax issues relating to alternative fuels; 4) selected issues relating to electricity restructuring; and 5) expiring energy tax provisions.

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The entry into force, on January 1, 1994, of the North American Free Trade Agreement (NAFTA) has eliminated the advantage that the beneficiaries of the Caribbean Basin Economic Recovery Act (CBERA) and related provisions of the Caribbean Basin Initiative (CBI) had enjoyed in trade with the United States relative to Mexico, and gave Mexico an increasingly significant competitive edge over the CBERA countries. The scheduled further implementation of the NAFTA would have resulted in a substantial advantage to Mexico over the CBERA countries and vitiate in part the purpose of the CBERA.

Among the current issues in U.S.-Egyptian relations are the shared concerns over the terrorist attacks against Egyptian police, religious, government, and tourist facilities, and what those attacks maysignal for Egypt’s domestic stability. The two nations may disagree over Egypt’s interpretation of applying human rights practices to Islamic terrorists. The two countries disagree over the speed and depth, but not the need for some of Egypt’s economic reforms. Egypt and the United States agree on the importance of the Egyptian-Israeli peace treaty, the need to continue current Arab-Israel peace talks, and the need for regional stability. The two nations agree on Egypt’s determination to introduce democratic reforms to Egypt.

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Launching satellites into orbit, once the exclusive domain of the U.S. and Soviet governments, today is an industry in which companies in the United States, Europe, China, Russia, Ukraine, Japan, and India compete. In the United States, the National Aeronautics and Space Administration (NASA) continues to be responsible for launches of its space shuttle, and the Air Force has responsibility for launches associated with U.S. military and intelligence satellites, but all other launches are conducted by private sector companies. Since the early 1980s, Congress and successive Administrations have taken actions, including passage of several laws, to facilitate the U.S. commercial space launch services business. The Federal Aviation Administration (FAA) regulates the industry.

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