Wednesday, April 30

Global Trade

In 2018, Russian Economy Carried On Amid Sanctions
23Mar By Patti MohrNo Comments
Global Trade, Globalization, Global Disintegration, Sanctions, Types of News: Analysis

In 2018, Russian Economy Carried On Amid Sanctions

March 23, 2018-Despite four years of sanctions, the Russian economy appears stronger and more immune to sanctions from the United States and the European Union. As tensions continue to rise and new sanctions go into effect, many Russians who adapted to trade restrictions with the West appear to shrug off the threat of new measures. The economy now grows at a rate of 1.7 percent, having fully recovered from its recession. It is worth asking, what effect the sanctions are having on the Russian economy? In the following article, the Global Economic Report looks at the ways the country overcame sanctions to resume economic growth. Four Years of Sanctions Since Russia annexed the Crimea from the Ukraine in 2014, it has faced sanctions from the European Union and the United States. In March of...
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Amid Tariff Talks, Trade Reps Discuss Joining Forces Against ‘Unfair’ Competition
12Mar By Patti MohrNo Comments
Diplomacy, Global Trade, Globalization, Global Disintegration, International Law, Legal Battles, Types of News: Brief

Amid Tariff Talks, Trade Reps Discuss Joining Forces Against ‘Unfair’ Competition

March 12-Amid the backdrop of newly announced tariffs on steel and aluminum in the United States, trade representatives from the European Union and Japan met with US Trade Representative Robert Lighthizer in Brussels on Saturday to join forces against "unfair" competition undermining "the proper functioning of international trade." It's a timely discussion considering the new U.S. tariffs on steel and aluminum, scheduled to take effect March 23. Both the EU and Japan are expected to apply for exclusions from the tariffs. EU, Japan Seek Tariff Exemptions Amid other topics, the trade representatives discussed the new U.S. tariffs on steel and aluminum. Japan and the EU are considering taking actions, as permitted within World Trade Organization rules. "We expressed our concern. It co...
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U.S. to Consider More Exemptions from Metal Tariffs
9Mar By Patti MohrNo Comments
Global Trade, Types of News: Brief

U.S. to Consider More Exemptions from Metal Tariffs

March 9, 2018-The next two weeks will be critical for global steel and aluminum exporters seeking to win exemptions from new U.S. tariffs, Trump administration officials said today. A day after U.S. President Donald Trump signed proclamations starting tariffs on steel and aluminum that take effect March 23, his Cabinet secretaries downplayed the decision's impact on the global trading system. "We've already exempted out Canada and Mexico," U.S. Treasury Secretary Steven Mnuchin told CNBC today. "The president can do exemptions. And my expectation is there may be other countries he considers in the next two weeks." Negotiating Leverage The flexibility to exempt products and countries from the tariffs gives Trump extra leverage in negotiations over trade agreements. The United States is cu...
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Trump Signs Off On Metal Tariffs
8Mar By Patti MohrNo Comments
Global Trade, Types of News: Brief

Trump Signs Off On Metal Tariffs

March 8--Amid threats of countervailing trade measures from Europe, Asia and South America, U.S. President Donald Trump signed two proclamations this afternoon to impose new tariffs on steel and aluminum starting March 23. The proclamations include waivers to exempt Canada and Mexico from the tariff, provided they do not provide transport of other countries' steel and aluminum products to the United States. They also allow U.S. consumers to apply for exclusions for specific types of steel and aluminum imports that the domestic market does not provide. Surrounded by U.S. workers, Trump said "aggressive foreign trade practices" act as an "assault"  on the U.S. economy, displacing producers and workers. "Our industries have been targeted for years and years, decades in fact, by unfai...
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EU to Target U.S. Exports if Trump’s Tariffs Move Forward
7Mar By Patti MohrNo Comments
Global Trade, Types of News: Brief

EU to Target U.S. Exports if Trump’s Tariffs Move Forward

March 7--As U.S. President Donald Trump stood by his plan to raise import tariffs on steel and aluminum, the European Union threatened to retaliate with tariffs on U.S. exports of industrial, steel and agricultural products, a top EU trade official said. If the United States goes forward with imposing tariffs, the EU will respond in a "proportionate and balanced way," Cecilia Malmström , the EU Commissioner for Trade, said on March 7 in Brussels. Malmström pointed out that the United States has not yet taken action on the tariffs Trump announced late last week. If Trump moves forward -- as he is expected to do -- the EU would likely impose its own across-the-board tariffs on steel and aluminum to make up for an expected surge in imports. Furthermore, she said, the EU would likely tak...
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U.S.: Top Economic Adviser to Trump Resigns on Brink of New Tariffs
7Mar By Patti MohrNo Comments
Global Trade, Types of News: Brief, United States

U.S.: Top Economic Adviser to Trump Resigns on Brink of New Tariffs

March 7--A top White House economic advised resigned yesterday, reportedly over a disagreement about a recent decision by President Donald Trump to impose tariffs on steel and aluminum. Gary Cohn, held the position of the director of the National Economic Council since Trump took office January 20, 2017. Cohn is a 25-year veteran on Wall Street and is the former chief operating officer at Goldman Sachs. His departure from the White House is one of several recent staff changes. Six Trump administration officials resigned in 2018 and several more, including Trump's son-in-law Jared Kushner, face difficulties with their U.S. security clearances. Trump's spokesperson Sarah Sanders brushed aside reporters' concerns about the staff changes in her March 7 press briefing. "This is an inte...
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‘Real Risk’ of Escalating Global Trade Barriers, Says WTO Head
6Mar By Patti MohrNo Comments
Global Trade, Types of News: Brief

‘Real Risk’ of Escalating Global Trade Barriers, Says WTO Head

March 6--Increasing trade barriers puts the global economy at risk for a deep recession, World Trade Organization Director-General Roberto Azevêdo  warned on Monday. "In light of recent announcements on trade policy measures, it is clear that we now see a much higher and real risk of triggering an escalation of trade barriers across the globe," told delegate heads meeting on the Doha negotiations. "We cannot ignore this risk and I urge all parties to consider and reflect on this situation very carefully. Once we start down this path, it will be very difficult to reverse direction. An eye for an eye will leave us all blind and the world in deep recession." New U.S. Tariffs on Steel & Aluminum The remarks follow an announcement late last week by President Donald Trump that the Unite...
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A Tale of Two Koreas: Part I
6Feb By Patti MohrNo Comments
Communism, Dictatorship, Diplomacy, Global Economics, Global Trade, Types of News: Infographic

A Tale of Two Koreas: Part I

February 18, 2018--In a symbol of historic and familial ties, athletes from both North Korea and South Korea will march together in the Winter Olympics Opening Ceremonies in Pyeongchang, South Korea. The show of unity masks the extreme differences between the two countries. The two Koreas could not be more different in their national priorities, economies and quality of life. On the one side of the border, in South Korea, the quality of life is quite strong. The vast majority of the population has access to the best technologies and mobile communications. The economy is the 11th largest in the world, and trade with the rest of the world approaches $1 trillion. In contrast, in North Korea, the economy is one of the weakest and most isolated in the world. Trade in goods with the rest of ...
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China Outlines Goals for Arctic Trade Route & Development
29Jan By Patti MohrNo Comments
Energy Policy, Oil & Gas, Foreign Aid, International Development, Global Trade, Types of News: Brief

China Outlines Goals for Arctic Trade Route & Development

As global warming melts thick ice in the Arctic, countries are increasingly staking out economic claims in the region. China is no exception. This month, China outlined its vision for creating a new trade route through the region and for developing its resources. In a new 12-page White Paper, China called itself as an "important stakeholder" in the region. As Near-Arctic State and a permanent member of the UN Security Council, China "shoulders the important mission of jointly promoting peace and security in the Arctic," the paper said. It is a significant policy statement on navigating the delicate environmental and diplomatic interests in the Arctic waters. As the ice melts in the region, the potential for international disputes over shipping and natural resources rises. Governi...
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Global economic growth expanded in 2017
17Jan By Patti MohrNo Comments
Global Economics, Global Trade, Types of News: Brief

Global economic growth expanded in 2017

The global economy rebounded in 2017, rising to 3 percent up from 2.4 percent in 2016, as trade picked up momentum, advanced economies increased investments, and developing countries exported more commodities, the World Bank reported Jan. 9. The bank sees global growth edging up slightly to 3.1 percent in 2018 as developing countries experience greater growth while advanced economies begin to back off emergency monetary policies. These numbers differ from projections the International Monetary Fund made in October. The IMF predicted a 3.6 percent rise in the global economy in 2017 and 3.7 percent in 2018. A Turning Point The numbers suggest the global economy has recovered from the 2008-2009 global economic crisis. The World Bank predicts this year will "be the first year since ...
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