International Trade

MPs to debate taking back anti-dumping powers from EU under Trade Bill

MPs are set to debate whether the UK should establish its own regulatory body to protect British companies from unfair play, such as steel dumping, later today. Setting up a new independent trade watchdog is just one proposal being put forward under the Trade Bill, which also includes plans to replicate existing EU trade arrangements, transitioning them across into UK law to prevent a “cliff-edge” Brexit.  International Trade Secretary Liam Fox, who is laying out the Bill during its second reading today, said it will “provide maximum…

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Europe caught between the U.S. and China

PARIS – The most recent World Trade Organization ministerial conference, held in December in Buenos Aires, was a fiasco. Despite a limited agenda, the participants were unable to produce a joint statement. But not everyone was disappointed by that outcome: China maintained a diplomatic silence, while the United States seemed to celebrate the meeting’s failure. This is bad news for Europe, which was virtually alone in expressing its discontent. It is often pointed out that, in the face of U.S.…

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Newsprint trade dispute causing heartburn for many U.S. newspapers, printers

A petition by a paper maker in Washington state has set off alarm bells at newspapers and printing plants across the country whose leaders say the outcome could drastically increase newsprint costs, adding more financial pressure to an industry already struggling with the drain of advertising and subscription revenue in recent years. The North Pacific Paper Company, or NORPAC, asked the U.S. Department of Commerce to investigate Canadian imports of “uncoated groundwood paper,” the grade of paper widely used by…

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Bofors: Two convicted for cheating in Bofors offshoot case

In an offshoot of the Bofors guns purchase case, two executives of a private company have been convicted by a Special CBI court, Mumbai, in a 25-year-old matter pertaining to criminal conspiracy and cheating in exports to the Swedish company. Additional Chief Metropolitan Magistrate Laxmi Kant Bidwai has convicted Abhay V Udeshi, director of Jayant Oil Mills, and Harish Pandya, an employee of the company, for criminal conspiracy and cheating and sentenced them to two years of imprisonment. In a…

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Alice Reyes’ other ‘wonderland’ | Inquirer Lifestyle

Alice Reyes Brimming with a palpable sense of pride and joy, Alice Reyes—National Artist for Dance, founder of Ballet Philippines (BP), Mother of Contemporary Dance, and doting nanay to 3-year-old grandson Nico—reveals a side that would surprise even her closest contemporaries. “This is my wonderland!” exclaims Reyes, creative director of Chrysara, a sprawling home decor business in Angeles Industrial Park, Pampanga, launched in 1984. Made entirely by hand and primarily for export, Chrysara’s wood, resin and tin wares cover every…

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Support industry to deal with trade deficit

Clemence MachaduHowdy folks! As we begin the New Year, expectations are high, with folks looking up to the new dispensation to turn around the socio-economic status of the country for the betterment of the populace. Achieving that goal, however, requires Government to deal with deficits which have been cornering the previous dispensation to take extraordinarily devious measures which have affected the country’s liquidity after the gap between physical and liquid cash widened excessively. This is why Zimbabwe has been advised…

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Canada calls for stop to U.S. softwood-lumber duties

The U.S. Department of Commerce has ignored trade rulings on softwood lumber that favour Canadian producers, and a NAFTA panel should order duties that were introduced last year to be reversed and the money refunded, Canada says. Two months ago, Canada served notice that it would use one of the most controversial elements of the North American free-trade agreement – Chapter 19, which sets up trade panels to settle disputes – in its battle against U.S. lumber duties. This week,…

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Marginal Increase in Merchandise Trade Deficit for October 2017

International trade is defined as the exchange of goods, services and capital between trading partner countries and regions. Information on imports and exports are inputs to calculating this data and are used particularly in the calculation of Balance of Payments and Gross Domestic Product for the country. International merchandise trade statistics record all goods which add to or subtract from the stock of material resources of our country. Also called “net exports”, it reflects the seasonally adjusted imports and exports…

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Chancellor refuses to rule out post-Brexit customs union with EU

Chancellor Philip Hammond has refused to rule out Britain being part of a customs union with the European Union after Brexit. The Remain supporter, whose opposition to a hard exit from the bloc has angered some of his colleagues, left the door open to the UK signing up to an agreement that could restrict international trade deals. MPs called on the Cabinet to urgently come to a decision about the key element of the upcoming negotiations with Brussels. Mr Hammond…

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American railways support NAFTA – The Western Producer

Another U.S. industry is standing up for the North American Free Trade Agreement – America’s railways. In an op-ed published this morning, the Association of American Railroads argued that abandoning NAFTA would be a mistake and that Canada, Mexico and the United States should be looking for ways to improve the trade deal. “The conversation we need to be having is how do we enhance the NAFTA trading bloc’s capability of competing globally and specifically America’s ability to compete globally,”…

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Britain exploring membership of the TPP to boost trade after Brexit | Politics

Britain is in talks to join a trans-Pacific trade group to boost exports after the UK leaves the European Union according to reports. The government is exploring becoming a member of the Trans-Pacific Partnership to stimulate exports after Brexit next March and has held informal discussions with the group. If the proposals go ahead Britain would be the first member of the trade agreement which does not have borders on the Pacific Ocean or the South China Sea. Liam Fox’s…

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U.S. trade agreements: Reasons for restraint

During the 2016 presidential campaign, Republican Donald Trump and his brain trust correctly concluded that railing against international trade agreements was good electoral politics. Mr. Trump targeted the North American Free Trade Agreement (NAFTA), which evolved during George H.W. Bush’s and Bill Clinton’s presidencies; and the Trans-Pacific Partnership, engineered during the George W. Bush and Barack Obama administrations. President Trump kept his promise to kill TPP last January, and is renegotiating NAFTA. Many Americans, including Mr. Trump’s staunchest supporters, believe…

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What to expect when you’re expecting a new congressional term

With help from Ben Lefebvre, Daniel Lippman and Eric Wolff WELCOME TO 2018! We’re heading into year two of the Trump presidency, and the administration’s deregulatory drive is expected to keep chugging along. Congress will start the year with a lengthy potential to-do list on ethanol mandates, energy tax credits and EPA funding, among other things, but there’s no guarantee lawmakers will get much done before attention shifts to the midterm elections. Here’s what your ME host reports is likely…

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Trump the eradicator

THERE is much President Trump does not understand about the outside world. High up on the list is the crucial importance of US trade policy in creating and sustaining the American Empire. The key to the post-World War II US imperium was granting other nations commercial access to the huge, vibrant American domestic market. This, as much as the highly successful Marshall Plan in Europe, was responsible for stabilising the world economy and extending US geopolitical power across much of…

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Economic Data Overriding The Brakes Of The Bank Of Canada

The Canadian dollar (NYSE:) is at an interesting juncture. Strong economic data has strengthened the currency but the Bank of Canada (BoC) has applied brakes on currency’s rally. The Canadian dollar weakened in the wake of policy statements in October and December. The last word of 2017 went to the economic data as hot inflation numbers confirmed overhead resistance for at its 50 and 200-day moving averages (DMAs). USD/CAD closed out the year at a two month low and a…

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Seoul needs to respond with principle to US FTA renegotiation pressure: KITA chief

South Korea must respond to the United States’ unprecedented trade pressure with unwavering principle, the chief of the country’s leading international traders organization said Tuesday. “South Korean representatives need to sit down at the negotiating table (with their US counterparts) with their two major principles being to focus on trade expansion and the protection of local industries vulnerable to the bilateral free trade pact (with the US),” Kim Young-joo, chairman of the Korea International Trade Association, told Yonhap News Agency…

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