Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
On Friday the US president ‘hereby ordered’ companies to halt business with China, among other attacks – how did we get here?
Even by Donald Trump’s standards his Twitter rant attacking China on Friday was extraordinary. In a series of outbursts Trump “hereby ordered” US companies to stop doing business with China, accused the country of killing 100,000 Americans a year with imported fentanyl and stealing hundred of billions in intellectual property.
The attack marked a new low in Sino-US relations and looks certain to escalate a trade war already worrying investors, manufacturers and economists who are concerned that the dispute between the two economic superpowers could trigger a recession.
Move puts additional 5% and 10% on imports in latest tit-for-tat between top two economies
China has unveiled retaliatory tariffs against about $75bn (£60bn) worth of US goods, putting up to 10% on top of existing rates in the latest tit-for-tat in the dispute between the world’s top two economies.
The salvo from China on Friday comes after the US unveiled tariffs on an additional $300bn of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on 1 September and 15 December.
France and Ireland have said they will oppose an EU trade deal with South American countries unless Brazil takes action to stop the burning of the Amazon.
On the eve of a meeting of the G7 nations in Biarritz, an Élysée source said Emmanuel Macron thought Brazil’s president, Jair Bolsonaro, “lied” to him at the G20 meeting in Osaka in June about his climate commitments and therefore France would oppose the Mercosur treaty.
Bundesbank says summer’s slump in exports is expected to continue into the autumn
Germany’s economy is heading into recession after the country’s central bank warned that a slump in exports during the summer was likely to continue into the autumn.
The Bundesbank said a downturn in orders for cars and industrial equipment in the second quarter of the year was likely to continue in the third quarter, leaving the economy on the brink of a technical recession, defined as two consecutive quarters of negative GDP growth.
The trade minister, Simon Birmingham, has released a list of food products the EU wants protected as ‘geographical indicators’
Australia is gearing up for a fight with the European Union over the naming of hundreds of products including feta, gruyere and scotch beef as negotiations continue over an “ambitious” free trade agreement.
The trade minister, Simon Birmingham, has released a list of names the EU wants protected as part of the new trade deal – known as “geographical indications” or GIs – which are aimed at protecting European products.
Tweet in support of US farmers suggests dispute with Beijing could extend well into 2020
Donald Trump has dropped the broadest possible hint that he is ready to dig in for the long term in the Washington’s trade war with China, after the latest escalation in the long-running dispute between the world’s two largest economies.
The US president said he was ready to provide support for US farmers in 2020 should they face pressure from China, as economists at Goldman Sachs said the standoff could continue until after the US presidential election in November 2020.
Trade war rhetoric ratchets up as Beijing responds to US claim of being ‘a currency manipulator’
China stepped up the trade war rhetoric on Tuesday, accusing the US of “deliberately destroying international order” with “unilateralism and protectionism”.
A day after Washington branded China a currency manipulator in a rapidly escalating trade dispute, China’s central bank said it “deeply regretted” the move by the US and said such behaviour “seriously undermined international rules” and damaged the global economy.
Markets fell sharply as Trump threatens fresh tariffs; US non-farm payrolls matched economists’ expectations in July, while June figures were revised down
The Bank of Finland governor Olli Rehn has confirmed that he has withdrawn from the race to become the next managing director of the International Monetary Fund.
EU is about to vote on Europe’s candidate for IMF managing director. It is an exceptionally meaningful and motivating job. However, at this stage I withdraw my name from the ballot, so that we can achieve a broad-based consensus for the European candidate, and world-wide support.
Industry warns of job losses and higher consumer prices after president targets another $300bn in imports
US retailers were lining up on Thursday night against Donald Trump’s threat to impose tariffs on a fresh $300bn of Chinese imports in September, if a US-China trade deal can’t be struck.
Financial experts warned of an “economic drag” in the further escalation of trade tensions with China – after the president said that China had not stuck to various promises over trade that he had previously touted as signs of progress.
Exclusive: Analysis includes stark assessments of potential problems including panic-buying and civil disorder
The UK is currently less able to cope with a hard Brexit than it was in the spring, with the real risk of panic-buying in the run-up to Christmas and civil disorder if the country leaves the EU without a deal on 31 October, an official document reveals.
The prime minister, Boris Johnson, has made Michael Gove responsible for “turbo-charging” Brexit planning, and on Thursday the new chancellor, Sajid Javid, announced an extra £2.1bn of funding to prepare for a no-deal exit.
Brexit uncertainty and impact of Iran sanctions also likely to slow world growth, says Fund
Donald Trump’s claim that his protectionist measures are hurting China more than the US has received support from the International Monetary Fund in new forecasts showing how a fresh slowdown in the global economy has been concentrated in emerging economies.
The Washington-based IMF said the outlook was gloomier than it envisaged three months ago due to the tit-for-tat tariff war between the world’s two biggest economies, Brexit uncertainty and the impact of sanctions against Iran on oil prices.
If you’re just tuning in, here’s our news story on the Chinese growth figures.... and president Trump’s response.
Donald Trump has claimed that his tariff battle with China is working after official data from Beijing showed growth in the world’s second biggest economy dropping to its slowest pace since 1992.
The US president said the impact of his protectionist measures had been to cause an exodus of companies from China, as Beijing announced that its annual rate of expansion had slowed from 6.4% to 6.2% in the second quarter of 2019.
In tweets that were immediately challenged by economists, Trump said his tough action had forced China’s leaders to the negotiating table.
European stock markets ended the day higher, blown upwards by hopes of fresh Chinese stimulus measure to prop up growth.
After a brief stint in the red the FTSE has powered higher on Monday as risk on dominated. Better than expected results from Citigroup boosting Wall Street and the prospect of stimulus for China lifted the FTSE at the start of the week.
Chinese GDP data showed that the economy grew by 6.2% its lowest level of growth in almost a decade. However, rather than depressing the market, hopes of stimulus for the world’s second largest economy have boosted risk appetite, lifting demand for riskier assets such as stocks. Just as we are seeing with the US, the prospect of easing financial conditions is not being interpreted as bad news for stocks. Instead the prospect of cheaper borrowing in the case of the Fed and support from the PBOC is giving investors plenty of confidence to buy in.
Whisky, cheese and olives among items that could be hit in row over aircraft subsidies
Donald Trump has threatened fresh tariffs on $4bn (£3,2bn) of European products including cheese, scotch whisky and olives, ratcheting up pressure on the EU in a long-running row over aircraft subsidies.
The US trade representative’s office released a list of 89 additional items – including olives, Italian and Dutch cheese, Scotch whisky, Irish whiskey, pasta, coffee and ham – that could face tariffs. These join products worth $21bn that were announced as potential targets for tariffs in April, which included roquefort cheese, wine, champagne, olive oil and seafood such as oysters. The latest list also includes a number of copper products and other metals.
Agreement to cut 99% of tariffs is first with developing country in Asia and swiftly follows deal with South American bloc
The European Union has signed a landmark free-trade deal with Vietnam, the first of its kind with a developing country in Asia, paving the way for tariff cuts on almost all goods.
The EU has described the deal as “the most ambitious free trade deal ever concluded with a developing country”.
Heads-up: One of Donald Trump’s top advisors has warned that America could press on and raise tariffs on Chinese imports.
Larry Kudlow, director of the National Economic Council, has said America is insisting on ‘structural changes’ to China’s intellectual property laws, with effective enforcement for any breaches.
“If need be, we may move ahead – we may move ahead on additional tariffs.
We have word from the WH --> Kudlow says there are no preconditions set ahead of any trade talks with China. (per @Reuters, Fox News)
This G20 summit is Theresa May’s last big foreign trip before stepping down as PM.
She’s expected to hold meeting with Australian PM Scott Morrison, Turkey’s Recep Tayyip Erdoğan, South Africa’s Cyril Ramaphosa and Saudi crown prince Mohammed bin Salman.
Quite the lineup for Theresa May's one-to-one meetings at this G20 summit in Osaka - Putin, Mohammad bin Salman, Erdogan...And Trump will be here too, of course. So much for that "rules-based global order" she prizes.
Foreign powers have no right to interfere in ‘internal affair’, says Zhang Jun, as Beijing also calls for trade compromise
China has said it will not allow the G20 nations to discuss the Hong Kong issue at its summit this week, assistant foreign minister Zhang Jun said on Monday.
Millions of people demonstrated on the streets of the city this month against a bill that would allow people to be extradited to the mainland to face trial in courts controlled by the Communist party.
Bank of England governor says UK would be hit automatically by tariffs on exports to EU
The Bank of England governor, Mark Carney, has said that the UK would be hit automatically by tariffs on exports to the EU in a no-deal Brexit, rejecting a claim made by Boris Johnson that this could be avoided.
Tory leadership candidate Johnson said this week that tariffs would not necessarily have to be paid if the UK left the EU without a deal because the UK could rely on article 24 of the general agreement on tariffs and trade (Gatt).
Russell Vought makes request in letter to Pence and Congress
Mnuchin: trade progress with China could ease Huawei actions
The Trump administration’s acting budget chief is asking for a delay in restrictions against Huawei products, according to a letter to Vice-President Mike Pence and nine members of Congress.
Pascal Lamy said Trump’s actions went against the spirit of diplomacy after Mexico agreed to expand asylum program
The immigration deal imposed on Mexico by Donald Trump under the threat of punitive tariffs is a victory for “hostage-taking” over international rules, a former head of the World Trade Organization (WTO) said on Saturday.
French government blamed as €33bn deal to create world’s third largest carmaker stalls
The proposed €33bn merger of Fiat Chrysler and Renault has collapsed after an intervention from the French government, Renault’s biggest shareholder.
Fiat Chrysler, an Italian-American company, withdrew from a 50-50 merger proposal for its French rival after a board meeting on Wednesday. A deal would have created the world’s third-largest carmaker behind Volkswagen and Toyota.