The White House has reached a “deal in principle” with Beijing to resolve the 17-month US-China trade war, according to a source briefed on the trade talks.
The White House was expected to make an announcement later on Thursday, the source said.
Continue reading...Ability to police global trade could be neutered by battle to safeguard US sovereignty
The World Trade Organization is set to plunge into the biggest crisis in its 25-year history later this week as the climax to a long-running and bitter dispute means the Geneva-based body will cease to be able to settle disputes between its member states.
Unless Donald Trump backs off at the last minute and agrees to a peace plan, Washington’s protracted battle to safeguard US sovereignty will lead to the neutering of the WTO’s ability to police global trade.
Continue reading...Donald Trump has said he would not be interested in putting Britain’s National Health Service (NHS) on the table during trade talks with the UK even if it was ‘handed on a silver platter’.
Trump, who is in London for a Nato summit, said: ‘We have absolutely nothing to do with [the NHS], and we wouldn’t want to. If you handed it to us on a silver platter, we’d want nothing to do with it’
Continue reading...Australia can’t go on downplaying the largest economic shift in world history. Read the former PM’s speech in full
Taking some longer view of the strategic scenery, I have come to some key beliefs about the changes that are taking place globally.
The international system is fundamentally anarchic in structure. Two world wars in a century and Vietnam, Iraq, Syria gives the evidence of that. We should not confuse the relative peace of the last 30 years with the anarchy which lies latent.
Continue reading...Sixteen-nation Regional Comprehensive Economic Partnership will cover half the planet’s people
The world’s largest trade deal is unlikely to be signed this year, with a draft statement from south-east Asian leaders suggesting it will be delayed until 2020, despite China’s desire to bring it into operation as soon as possible as a counterweight to its debilitating tariff war with the US.
The 16-country Regional Comprehensive Economic Partnership – known as the RCEP – would be the world’s largest when operational, spanning India to New Zealand, including 30% of global GDP and half of the world’s people.
Continue reading...Donald Trump announced a “very substantial phase one deal” to solve the long-running trade dispute with China.
After a two-day meeting in Washington between US and Chinese officials on Friday Trump announced a delay on plans to raise tariffs on $250bn worth of goods to 30% on 15 October.
Continue reading...Kevin Rudd is among a coalition of former leaders who have urged the US and China to settle their differences
The ongoing trade war between the US and China, with its associated decoupling of the two powerhouse economies, was a step in the direction of a new cold war, a coalition of former world leaders has warned.
Writing on behalf of the global leadership foundation in an opinion piece published in the New York Times overnight, former prime ministers Kevin Rudd of Australia, Helen Clark of New Zealand and Carl Bildt of Sweden have urged presidents Donald Trump and Xi Jinping to end their trade dispute for the sake of the world at large.
Continue reading...MPs say thousands of jobs, many in rural Scotland, could be at risk from planned 25% tax
MPs are calling on Boris Johnson to intervene directly with Donald Trump to prevent the US imposing punitive tariffs of 25% on imported scotch whisky later this month.
The US announced last week that scotch would be among a range of European goods subject to hefty import taxes from 18 October, as it hits back against the EU in the long-running trade dispute over subsidies for Airbus.
Continue reading...The only tool he has to placate US consumers is successive interest rate cuts – but the whole world is playing at that game
Donald Trump’s cunning plan to make America great again by launching a trade war with China has officially backfired. Last week, a keenly watched measure of US manufacturing showed firms cutting back on production and jobs at a rate not seen since 2009. Recession warning lights are flashing and the outlook seems a world away from the cheery one presented by the president when he entered the White House in 2017.
It is quite something for a president to impose a trade policy that weighs heavily on parts of a crucial sector for the US economy – and it’s a bizarre tactic given that the votes of manufacturing workers delivered him his first term in office.
Continue reading...Campaign accused of ignoring colonial abuses when setting out maritime industries’ future
Historians and academics have labelled a new government campaign “tone deaf” and “historically illiterate” for using images of ships used for slavery and colonisation to promote Britain’s maritime sector.
The UK has a long history with commercial shipping, reaching as far back as 1700 ⚓️
Our #Maritime2050 plan maps out the next 30 years of innovation. Find out more https://t.co/VqYPNw300C #LISW19 pic.twitter.com/0Olw3gk2F8
Prices are at record levels and demand is growing for fishermen north of the border after China imposed tariffs on live lobsters
Long hours, rolling ocean swells, and the occasional spring snowstorm are all part of the job for Francis Morrissey.
“It’s bred into you from the time you’re a child: you either like the ocean or you don’t,” said the fisherman and business owner from the Canadian province of Prince Edward Island. “Even when I’m in the office, I wish I was out there.”
Continue reading...Chinese exports worth $125bn will face new taxes from 1 September, while China places levy on oil as agreement becomes more distant
China and the United States have begun imposing additional tariffs on each other’s goods in the latest escalation of their bruising trade war that has sent shockwaves through the global economy.
A new round of tariffs took effect from 0401 GMT on Sunday, with Beijing’s levy of 5% on US crude oil marking the first time the fuel has been targeted since the world’s two largest economies started their trade war more than a year ago.
Continue reading...Donald Trump has admitted he may rethink his deepening trade war with China after criticism from fellow world leaders at the G7 summit in Biarritz. Asked at a working breakfast with Boris Johnson if he had had second thoughts about the standoff, the president replied: 'Yeah, sure. Why not? … I have second thoughts about everything'
Continue reading...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.
Continue reading...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.
Continue reading...Brazil’s handling of forest fires set to top agenda of G7 countries at meeting in Biarritz this weekend
Amazon fires: what is happening and is there anything we can do?
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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
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