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US and China Clash Over Rare Earths Amid Supply Concerns
6 months ago•Source: politico.eu
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"Germany's Scholz Navigates Complex Trade and Geopolitical Dynamics with China"
German Chancellor Olaf Scholz is seeking to strengthen economic ties with China despite pressure from the U.S. and concerns about China's human rights record. With Germany's economy struggling, Scholz's three-day visit to China is seen as a crucial opportunity to boost exports and demonstrate global standing. However, China's aggressive protectionism and economic challenges pose risks for German businesses, and Scholz's overreliance on China could further exacerbate Germany's economic woes.
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Border Closure's Devastating Impact on Trade and Rail Operations
Originally Published 2 years ago — by Reuters
The closure of two major U.S.-Mexico rail bridges due to increased crossings by illegal migrants is causing "huge losses" and putting Mexico's livestock sector at risk, warns Mexico's main farm lobby. The closure has led to low inventories of yellow corn and soymeal, essential for the livestock sector, and threatens exports of beef and pork. The rail freight operator, Union Pacific, estimates the closures will have an economic impact of over $200 million per day and is working to reopen the crossings. This follows a similar warning issued by Mexico's main poultry producers association.
Japan and Indonesia Forge Stronger Trade Ties, Paving the Way for Next-Generation Cars
Originally Published 2 years ago — by Reuters
Indonesia and Japan have concluded negotiations on protocols to improve their bilateral economic agreements, with Japan agreeing to remove trade barriers and allow greater access for Indonesian products, including by removing tariffs on processed fishery items. The two countries are aiming to implement the amended Indonesia-Japan Economic Partnership Agreement (IJEPA) by the first quarter of 2024, pending formal signing and ratification by their respective parliaments. The negotiations also touched on critical minerals and Indonesia's position in the global electric vehicle battery supply chain. Additionally, Japan has provided Indonesia's coastguard with a patrol vessel to enhance its maritime capacity.
EU and US Extend Tariff Truce, Avoiding New-Year Trade Disruptions
Originally Published 2 years ago — by POLITICO Europe
The European Commission is expected to announce on Monday that it will renew a trade truce with the United States, extending the pause on retaliatory tariffs on American exports worth approximately $6 billion. The truce, which will last for 15 months, aims to resolve a steel and aluminum dispute that began in 2018. European tariffs on American products will be paused until the end of March 2025. The terms of the agreement have not been improved, despite complaints in Europe about the cumbersome implementation of tariff-rate quotas.
Tensions Rise: China and EU on the Brink of Trade War
Originally Published 2 years ago — by The Economist
Tensions are rising between China and the European Union over Chinese overcapacity in the electric car sector. European governments are considering crude protectionism measures, such as imposing punitive tariffs, in response to alleged subsidies received by Chinese electric vehicle makers. The European Commission has launched an investigation into the matter, which has already angered China. The EU faces a dilemma between prioritizing its goals of embracing green technologies, reducing dependencies on Chinese products, and preserving industrial jobs. China, on the other hand, continues to invest heavily in manufacturing and hopes that Europe will back down in the face of its market power and control of clean technologies. If not, a trade war could ensue.
EU Delays Tariffs on UK EV Trade for Three Years, Boosting Car Industry
Originally Published 2 years ago — by Bloomberg
The European Commission is expected to propose a three-year delay on tariffs for electric vehicles traded between the EU and the UK, in response to requests from carmakers and the UK government to avoid disruptions.
"Setbacks and Delays: Biden's Pacific Trade Pact Faces Congressional Criticism and Further Work Needed"
Originally Published 2 years ago — by The New York Times
The Biden administration has delayed announcing the conclusion of substantial portions of the Indo-Pacific Economic Framework for Prosperity, a trade pact aimed at strengthening alliances and economic ties in Asia, after facing criticism from prominent Democratic lawmakers. Senator Sherrod Brown and others have raised concerns about inadequate protections for workers in the countries covered by the agreement. The administration has decided not to push for the trade portion of the agreement this week, but still plans to announce progress on clean energy, decarbonization, and taxation. The delay is a setback for the administration's strategy to counter China's influence in the region.
"China-Australia Trade Talks Heat Up as FDA Approves Zepbound, a Powerful New Weight Loss Drug"
Originally Published 2 years ago — by Quartz
China's trade with Australia is on the rise, with Chinese imports from Australia increasing by 8.4% this year. This warming relationship comes as trade tensions between China and the EU escalate over the bloc's investigation into Chinese electric vehicle subsidies. Additionally, Tesla's Supercharger standard is gaining traction, with major automakers like Stellantis yet to commit to using it for their electric vehicles. Meanwhile, Rivian and Amazon have ended their exclusive arrangement, allowing Rivian to promote its battery-powered delivery vans to a wider customer base.
China's Commitment to Market Expansion and Economic Outlook at CIIE 2023
Originally Published 2 years ago — by Reuters
China's Premier Li Qiang pledged to expand market access and increase imports at the China International Import Expo, amid criticism from European firms who called for more tangible improvements in the country's business environment. Li stated that China is committed to opening up its economy and aims to reach a cumulative import value of $17 trillion within the next five years. He also mentioned plans to promote coordinated development of trade in goods and services, relax market access restrictions, and lift restrictions on foreign investment in manufacturing. The expo, launched by President Xi Jinping in 2018, aims to showcase China's free trade credentials and counter criticism of its trade surplus.
AGOA Forum: African Countries Push for Extended Duty-Free Access to US Markets
Originally Published 2 years ago — by ABC News
The U.S. Africa Growth and Opportunity Act (AGOA) trade forum in South Africa will discuss the possible extension of the program, which grants sub-Saharan African countries duty-free access to U.S. markets. The forum comes after U.S. President Joe Biden announced the removal of Niger, Uganda, Central African Republic, and Gabon from the list of beneficiaries due to noncompliance with eligibility criteria. South Africa, one of the biggest beneficiaries, plans to lobby for the extension of AGOA. The decision on extension relies on the U.S. Congress.
EU-Australia Free Trade Deal Collapses, Negotiations Stalled Indefinitely
Originally Published 2 years ago — by FRANCE 24 English
The free trade deal between the European Union (EU) and Australia has collapsed, with negotiations potentially pausing for years. The talks, which began in 2018, have repeatedly stumbled over market access for Australian agricultural products such as beef and sheep meat. Australian agriculture minister Murray Watt stated that the EU negotiators had refused to make necessary concessions during the latest round of talks. It is unlikely that negotiations will resume during the current term of parliament, indicating a potential delay until after the 2025 general election. The EU remains ready to continue negotiations, but Australia's re-tabled agricultural demands did not reflect recent negotiations, according to the European Commission.