White House levy to protect US makers from cheap imports likely to inflame trade tensions
The US president, Joe Biden, has announced a 100% tariff on Chinese-made electric vehicles as part of a package of measures designed to protect US manufacturers from cheap imports.
In a move that is likely to inflame trade tensions between the world’s two biggest economies, the White House said it was imposing more stringent curbs on Chinese goods worth $18bn.
Continue reading...President likely to add sectors such as electric vehicles, batteries and solar cells to range of levies set up under Donald Trump
Joe Biden is expected as early as next week to announce fresh tariffs on Chinese trade, with levies focused on strategic sectors including electric vehicles, in a review of measures first put into place under Donald Trump.
An announcement planned for Tuesday will keep the blanket tax rises introduced by the president’s predecessor but supplement them with targeted levies on industries connected to EVs, including batteries and solar cells, according to reports.
Continue reading...Chinese premier meets Emmanuel Macron and Ursula von der Leyen for talks, with trade and Ukraine on agenda
The trilateral meeting has kicked off.
Xi Jinping has arrived at the Élysée palace.
Continue reading...Trade bodies say ongoing confusion about when checks will come in is ‘incredibly challenging’
Businesses have described Britain’s Brexit border plans as being in “complete disarray” after it emerged the introduction of some checks on EU imports will be delayed.
Post-Brexit border rules, due to come into force on 30 April, will require many meat, dairy and plant products from the EU to be physically checked at government border control posts (BCPs).
Continue reading...Fees of up to £145 on EU animal and plant products through Dover and Folkestone begin on 30 April
Trade groups have warned that consumers could see a rise in food prices after the UK government announced the introduction of post-Brexit charges on imports of EU food and plant products later this month.
The government has published details of fees – known as the common user charge – which will apply to small imports of animal products and plants, such as sausages, cheese and yoghurt, entering the UK from the EU through the port of Dover and through Eurotunnel at Folkestone.
Continue reading...Output improves to 20-month high and job losses slow but global problems continue to restrict foreign orders
A jump in domestic orders helped pull UK factories out of almost two years of contraction last month, according to a leading business survey.
Output from the manufacturing sector improved to a 20-month high in March, marking the end of a period of shrinking activity that started in July 2022.
Continue reading...Prime minister Anthony Albanese says China’s duties on Australian bottled wine will come to an end from Friday
China has dropped tariffs on Australian wine, a long-awaited decision heralded by the Albanese government as validation of its “calm and consistent approach” with the superpower on a series of controversial trade disputes.
In a statement on Thursday the prime minister, Anthony Albanese, foreign minister, Penny Wong, and trade minister, Don Farrell, said they had been informed that from Friday, China’s duties on Australian bottled wine would come to an end. Australia would, in turn, discontinue its legal proceedings in the World Trade Organization, the government said.
Continue reading...Costs are escalating amid delays, according to British Chambers of Commerce research that shows UK exporters have also been hit
More than half of UK retailers and exporters have been affected by the disruption to Red Sea trade from Houthi rebel attacks on cargo ships, research by a leading business lobby group suggests.
The price of shipping a container from Asia to Europe has gone up by as much as 300% for some businesses, while logistical delays have added up to three to four weeks to delivery times, according to the survey by the British Chambers of Commerce (BCC).
Continue reading...Authority weighs up legal action against government over new checks on imported meat taking place 22 miles inland
The Port of Dover could become a target for criminals smuggling illegal and diseased meat into the country under new post-Brexit plans that will involve lorries from the continent being checked 22 miles inland, the port’s health authority has warned.
The Dover Port Health Authority (DPHA) is now considering legal action against the government over its decision to end physical checks of imported meat at a post within the port. Instead, lorries will be directed to a new checking facility half an hour’s drive up the M20 at Sevington, Ashford.
Continue reading...Plummeting food prices feed steep annual drop amid renewed calls to stimulate economy and offset weakening demand
China’s consumer prices fell at their fastest pace in 15 years in January, as the world’s second-largest economy sank deeper into deflation amid weakening demand.
Data released on Thursday showed that China’s consumer price index tumbled last month, falling by 0.8% compared with a year earlier. It marks the fourth consecutive month of declines, as well as the sharpest drop since September 2009, when the global economy was still grappling with aftershocks from the 2008 banking crisis.
Continue reading...Both banks deny helping Tehran-controlled oil firm PCC to move money in breach of sanctions
Two of the UK’s largest lenders, Santander UK and Lloyds Banking Group, allegedly held bank accounts for front companies that helped Iranian entities evade US sanctions, according to reports.
The news has rattled investors, who sold off shares in the two banks on Monday morning, amid fears that the lenders could face penalties if they are found to have in any way assisted Iran’s state-controlled Petrochemical Commercial Company (PCC).
Continue reading...Live, rolling coverage of business, economics and financial markets as Canada says UK was unwilling to give access to agricultural products
Shares in US chipmaker Intel have slumped in pre-market trading after it revealed a weaker forecast of earnings.
Chipmakers have been flying in recent years as shortages followed by the huge hype over artificial intelligence – which is hungry for processing power – prompted investors to pile into the sector.
Although Intel beat estimates, investors’ disappointment in Intel’s datacentre GPU story’s growth can be primarily attributed to the slower-than-expected product delivery and ramp-up.
Continue reading...Exclusive: NFU warns blanket import checks from April could fuel long delays and damage future crops
The UK’s fruit and flower growers face an “existential threat” from new post-Brexit border checks that could damage business and affect next year’s crops, the country’s biggest farming body has said.
The National Farmers’ Union (NFU) warned that changes to import rules in April, which will impose checks at the border for nearly all young plants coming into the country, could cause long delays and result in plants being damaged or destroyed.
Continue reading...Experts warn of economic impact of sustained shipping attacks and Middle East tensions
Oil prices have hit $80 (£62.83) as fears grew about the economic impact of disruption to international trade through the Red Sea and escalating tensions in the Middle East.
Raising concerns about a possible inflation shock for the world economy, Brent crude prices jumped by about 4% to a high of $80.75 a barrel on Friday, while US West Texas Intermediate crude also increased after US and UK airstrikes against Houthi rebel sites in Yemen.
Continue reading...Delays in delivery of parts result in suspension of manufacturing at factory near Berlin for two weeks
The electric car manufacturer Tesla is to halt most production at its factory near Berlin for two weeks because of delays in deliveries of parts because of attacks on ships in the Red Sea.
Shipping delays in the Red Sea, caused by attacks by Iranian-backed Houthi militants, has caused Tesla to suspend most production at its German factory from 29 January to 11 February.
Continue reading...Secretary general urges countries to increase investment to avoid falling behind on climate action and sustainable development
The world faces a protracted period of weak economic growth that will undermine progress on sustainable development, the UN has warned, as it urged countries to raise investment to tackle the climate emergency.
Its annual assessment of the state of the global economy presents a sombre outlook for growth as countries grapple with the impact of higher borrowing costs, geopolitical tensions and heightened risk of climate disasters.
Continue reading...Many UK cheese makers could face 245% duty from 1 January, making exporting unaffordable
A priceless opportunity to sell “more affordable high-quality cheese to Canada” was one of those many Brexit boons that Boris Johnson championed with his customary blather as prime minister.
A bespoke UK-Canada trade deal was going to open up the Canadian market to cheddar, stilton and wensleydale in a way that had never been possible under a trading agreement struck between the EU and Canada.
Continue reading...Treasury says post-Brexit tie-up to be signed on Thursday will ease cross-border market access for financial services
The UK and Switzerland will agree to forge closer links on Thursday in a post-Brexit accord that aims to deepen ties between the City and the Swiss banking system.
In a move that brings Europe’s largest financial centres closer together, the mutual recognition agreement will be signed on Thursday by the chancellor, Jeremy Hunt, during a visit to Berne.
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Up to 49 tonnes of illicit drugs prevented from reaching Australia
Australian federal police and international law enforcement partners have prevented up to 49 tonnes of illicit drugs from reaching Australia throughout the past financial year.
The AFP cannot overstate the amount of harm that 29 tonnes of methamphetamine could have caused to the community if it had not been intercepted by law enforcement.
On average, close to 12,000 Australians are hospitalised from methamphetamine, cocaine and heroin use every 12 months.
Continue reading...Commission moves to delay 10% sales charge after intense lobbying by EU and UK carmakers
The European Commission looks set to propose a three-year delay to a 10% tariff on sales of electric vehicles between the EU and the UK, in a major boost for car industries across Europe.
Duties were due to kick in on 1 January 2024 but all the major carmakers in the UK and Europe including BMW, Volkswagen and Stellantis have been lobbying for a temporary reprieve.
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