Category Archives: International trade

Costs, delays and labour shortages threaten the Osaka world expo

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Japan hopes the fair in 2025 will reconnect it with the global community after Covid but calls are growing to delay or scrap the event

In the distance, beyond the clouds of sand kicked up by a coastal wind and passing lorries, the centrepiece of Osaka’s plan to “reconnect the world” is finally taking shape.

When completed, huge sections of timber will form an enormous walkway encircling a “forest of tranquillity” and pavilions showcasing the history, culture and technology of more than 130 countries, with the host, Japan, at its heart.

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Australian government says ‘yeah, no’ to deal with China to drop wine tariffs

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Reported package offer from Beijing was attempt to ‘meet Australian side halfway’ but Australia sees issues as ‘entirely separate matters’

The Australian government has said “yeah, no” to a reported package deal offer from China to drop its tariffs on Australian wine in return for more favourable treatment of its wind towers, railway wheels and stainless steel sinks.

The agriculture, forestries and fisheries minister, Murray Watt, said on Sunday that the Albanese government regards these as “entirely separate matters” but will seek to resolve remaining trade issues through dialogue.

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UK manufacturers cut hiring plans amid ‘sharp slowdown’, survey finds

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Firms preparing for difficult year as ‘potent cocktail’ of difficulties takes hold, says industry lobby group

UK manufacturers are cutting their recruitment plans after being hit by a slowdown in orders as a downturn looms, a new survey shows.

Britain’s manufacturers are “battening down the hatches” amid a sharp drop in activity, according to the latest quarterly data from Make UK, which represents manufacturers, and the business advisory firm BDO.

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Anthony Albanese pushes to finalise EU trade deal by end of year during talks on sidelines of G20

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Discussions had reached an impasse over the use of geographical indicators for products such as prosecco and feta

The prime minister says there have been positive signs in long-stalled negotiations over a free-trade deal between Australia and the European Union.

Anthony Albanese held talks with European leaders on the sidelines of the G20 summit in New Delhi, India, with time running out for the deal to be finalised by the end of the year.

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India, US and Saudi Arabia in talks on rail and ports deal linking Gulf and south Asia

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Talks include Europe and UAE as Joe Biden flies to Delhi with aim of rivalling China’s Belt and Road

The US, Saudi Arabia, India and other nations are discussing a possible infrastructure deal that could reconfigure trade between the Gulf and south Asia, linking Middle Eastern countries by railways and connecting to India by port, according to US officials aware of the conversations.

The talks, which have also included the United Arab Emirates and Europe, may or may not yield a concrete result in time for an announcement on the sidelines of this week’s G20 leaders’ meeting, the officials said.

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China reportedly extends iPhone ban to more workers as tensions with US rise

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Apple shares fall as local government and state-owned firms latest to face restrictions on devices at work

China’s government has reportedly expanded its ban of iPhones to local government workers and state-owned companies, a day after it emerged central government employees were forbidden from bringing the devices to work.

Several agencies had begun instructing employees not to bring iPhones to work and the ban was expected to be further extended, Bloomberg reported. Nikkei reported at least one state-owned company had told its employees that anyone working with trade secrets could not bring their iPhones, Apple Watches or AirPods into work from next month.

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Germany backs tariff delay on electric vehicle sales between UK and EU

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Manufacturers face 10% levies under post-Brexit trade deal but German government supports postponement

Carmakers could be in line for a reprieve after it emerged that Germany is backing calls to postpone tariffs on electric vehicle sales between the UK and the EU.

Manufacturers in the UK and on the continent face the prospect of 10% levies on new electric vehicles that cross the Channel from January under the post-Brexit trade deal agreed between Britain and the bloc in 2020.

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Rishi Sunak to urge Narendra Modi to take stronger stance on Russia

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Two prime ministers to meet before G20 summit as India continues to import Russian oil and weapons

Rishi Sunak will use a meeting with Narendra Modi in Delhi to push the Indian prime minister to take a tougher stance towards Russia, Downing Street has said.

The two prime ministers will meet this weekend before the G20 summit in the Indian capital, where Russia’s invasion of Ukraine will be discussed in front of the Russian foreign minister, Sergei Lavrov. Vladimir Putin, the Russian president, told Modi a week ago he would not attend.

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A UK trade deal with India was promised by last October. Why is it still not ready?

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Successive prime ministers have failed to achieve what they see as one of the great dividends offered by Brexit

Liz Truss bowled into Downing Street last summer with a promise to rip up much of what her predecessor Boris Johnson had done. However, one goal remained: she insisted, as Johnson had done, she could deliver a free trade deal with India by Diwali in October.

Whitehall officials were dismayed, therefore, when they received the latest set of demands from Indian negotiators. It was not that New Delhi was asking too much, rather they were not saying what they were asking at all.

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Rishi Sunak rules out quick-fix trade deal with India

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Exclusive: Sources believe deal will not be struck before meeting with Narendra Modi at G20 summit

Rishi Sunak has ruled out a quick-fix trade deal with India, making it impossible to get an agreement over the line in time for this week’s G20 summit in Delhi – and possibly even by next year’s elections.

Multiple sources close to the negotiations told the Guardian the prime minister has rejected the idea of an “early harvest” deal, which could have lowered tariffs on goods such as whisky but would not have dealt with trickier subjects such as professional services.

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UK solar could be ‘dumping ground’ for products of Chinese forced labour, ministers warned

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Energy bill amendment requires large solar energy projects to prove supply chain free of slave labour

The UK risks becoming a dumping ground for the products of forced labour from Xinjiang province in China if it rejects reforms proposed by members of the foreign affairs select committee with cross-party support, ministers have been warned.

An amendment to the energy bill, due to be debated on Tuesday, would require solar energy companies to prove that their supply chains are free of slave labour. The Xinjiang region is the source of 35%-40% of the world’s solar-grade polysilicon, the key raw material in the solar photovoltaic supply chain.

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Inflation spiral: food prices could yet rise higher and may never come down

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Concerns are growing over the effects of a warming climate on production and the danger of high grocery prices getting embedded into Australia’s economy

Food prices have been rising rapidly and there are reasons to fear they will push even higher. Economists warn some prices might never come down.

The ominous outlook is linked to drought conditions wilting crops in major grain-producing nations, disrupted grain deliveries out of Ukraine and moves by governments to ban food exports to protect their own supplies.

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Australia’s oversupply of wine tops 2.8bn bottles in wake of China trade dispute

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New report suggests glut will last years, even if Beijing drops tariffs early, while prices of Australian red wine grapes plummet by more than half

Australia has an oversupply equivalent to more than 2.8bn bottles of wine – a little more than 100 bottles per person – after the trade dispute with China slashed exports to the biggest consumer of Australian wines.

The excess wine is being stored in large steel vats in wineries across Australia, equating to 859 Olympic wine-filled swimming pools.

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India’s ban on rice exports raises fear of global food price rises

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Attempt to curb domestic inflation behind country’s decision on non-basmati white rice

India has banned non-basmati white rice exports to curb domestic inflation, raising fears of further increases in global food prices just days after wheat and corn prices were sent climbing by Russia’s termination of a key grain deal.

The immediate ban, introduced after heavy rains hit domestic crops, follows the failure of a 20% duty on international exports introduced in September to curb foreign demand, which has soared after extreme climate conditions hit production in countries.

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China delays decision on Australian barley tariffs in setback on resolving trade disputes

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Exclusive: The Albanese government says it is ‘disappointed’ Beijing’s review couldn’t be completed in the initial three months

China has asked for an extra month to decide whether to scrap hefty tariffs on Australian barley, dashing hopes of an imminent breakthrough in one of the biggest trade disputes between the two countries.

The Albanese government said it was disappointed by the delay, and warned that it was ready to revive its case at the global trade umpire, the World Trade Organization, if Beijing doesn’t scrap the measure by August.

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The US and China are talking again, but what happens next?

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After years of deepening economic and military mistrust between the superpowers, they were finally back in a room together

When Janet Yellen left Beijing on Sunday after four days of talks, the US treasury secretary in effect admitted that the delegation achieved its main objective simply by sitting down with top Chinese officials.

After years of dangerous and deepening separation between the people running the world’s two biggest economies, they were finally back in a room together.

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Janet Yellen tells China the world is ‘big enough for both our countries to thrive’

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US treasury secretary feels trip to Beijing has steadied ties and improved communication despite ‘significant disagreements’ between the powers

The US treasury secretary, Janet Yellen, has said a four-day trip to Beijing has put ties with China on a “surer footing” and paved the way for better communication between top officials who run the world’s two largest economies.

This relatively modest outcome had been flagged by US officials and expected by analysts before Yellen arrived, and is a reflection of how fraught one of the world’s most critical relationships had become.

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US Treasury secretary Janet Yellen to visit China to build ‘healthy’ ties with Beijing

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Yellen heads to Beijing this week in move one expert calls an attempt to ‘put some floor’ under strained economic ties

US Treasury secretary Janet Yellen will visit Beijing this week, marking the second trip by a cabinet official to China since ties between the world’s top two economies deteriorated earlier this year.

Yellen is expected to discuss with her counterparts the importance for both countries “to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges”, said the Treasury Department in a statement on Sunday.

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UK’s post-Brexit trade deals with Australia and New Zealand kick in

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Move called ‘historic’ but agreement with Australia forecast to raise Britain’s GDP by only 0.08% by 2035

The UK’s post-Brexit trade deals with Australia and New Zealand have come into force, a moment lauded by the government as “historic” despite critics arguing they give away “far too much for far too little”.

The trade agreements – the first of those negotiated after Britain’s EU exit to enter into force – come after George Eustice, who was the environment secretary when the UK-Australia trade pact was struck in December 2021, admitted it was “not actually a very good deal” for Britain.

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Coalition says Anthony Albanese should not go to China until trade sanctions are lifted

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Simon Birmingham says ‘clarity should be there before the prime minister entertains a formal state visit to Beijing’

The shadow minister for foreign affairs, Simon Birmingham, says Anthony Albanese should not visit Beijing until all trade sanctions have been lifted.

Birmingham, a former trade minister in the Coalition government, said Australia “deserves to have absolute clarity that these sanctions are going to be lifted and that clarity should be there before the prime minister entertains a formal state visit to Beijing”.

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