The Choice Facing China as Its Currency Becomes More Global
Nov.30, There is surely some clinking of Champagne glasses, or perhaps a Chinese celebratory equivalent, taking place in the hallways of China’s finance ministry and central bank. Those officials will now be the proud guardians of a “global reserve currency,” after a long-sought decision Monday by the International Monetary Fund.
China's Renminbi Is Approved by I.M.F as a Main World Currency
Nov.30, The Chinese renminbi was anointed as one of the world’s elite currencies on Monday, a milestone decision by the International Monetary Fund that underscores the country’s rising financial and economic heft.
Trade Experts: Trans-Pacific Partnership 'Vehicle to Pass Obama's Climate Change Treaty'
Nov.29, As President Barack Obama heads to Paris for a climate-change summit, experts say his pending Trans-Pacific Partnership (TPP) trade deal creates a “vehicle to pass Obama’s climate change treaty".
How the TPP could impact regulation of everything from cars to medical devices
Nov. 29, The Trans-Pacific Partnership, a mammoth deal the Obama administration finished negotiating last month, doesn't just deal with trade in physical goods. It also establishes a number of new rules governing how countries from Canada to Vietnam regulate the digital economy.
Like most parts of the TPP, the new rules on electronic commerce largely reflect the priorities of US industry — in this case, large technology companies. Most of these rules — including protections for the free flow of information, a ban on requiring information to be hosted locally, and restrictions on taxes for digital goods — seem sensible.
What the TPP Means for Small Businesses
Nov. 28, As we honor America’s small businesses this Saturday, we should resolve to help them not only with our patronage at home, but also with our patriotism abroad.
It’s no secret that small businesses are the backbone of the U.S. economy. They account for nearly two-thirds of net new private sector jobs in recent decades. They are major innovators, producing 16 times more patents per employee than large patenting firms. Better yet, small businesses that export sell more, support more jobs, and pay up to 18% higher wages than small businesses that don’t export.
Five groups that could determine the fate of TPP
Nov. 28, Congressional passage of a sweeping Asia-Pacific trade agreement hinges on several key endorsements that will make or break the pact on Capitol Hill.
Republican leaders, a tight coalition of Democrats and a diverse range of business groups — all of whom worked hard to pass trade promotion authority (TPA) this summer — are needed to push through the massive 12-nation Trans-Pacific Partnership (TPP) trade deal, which was completed in early October.
Thailand says 'highly likely' it will seek TPP membership
Nov. 27, Thailand is "highly likely" to seek membership of the Trans-Pacific Partnership (TPP) but would first need to weigh up the impact of the free-trade accord on its export-led economy, a deputy prime minister said on Friday.
The pact currently has 12 members and would slash tariffs in a bloc comprising countries from Canada, Australia and Japan to Mexico, Vietnam and Chile in a trade area of 800 million people worth about 40 percent of the global economy.
Domestic policy framework: Abe wants farmers on side for 2016
Nov. 26, The Trans-Pacific Partnership free trade arrangement offers an unparalleled opportunity to convert Japanese agriculture into an internationally competitive sector, according to Prime Minister Shinzo Abe.
Obama can’t bank on financial services support for TPP
Nov. 25,OBAMA CAN’T BANK ON FINANCIAL SERVICES SUPPORT FOR TPP: U.S. banks and insurance companies — usually big backers of free trade deals — are signaling they might stay on the sidelines while the Obama administration seeks to win Congress’ votes for the Trans-Pacific Partnership, report POLITICO Pro’s Victoria Guida and Colin Wilhelm.
How Trade Will Help Avert the Next Crisis
Since the 2008 financial crisis, the Obama administration and U.S. Congress have focused on reforming the financial sector, most famously through the sweeping Dodd-Frank Act. The epicenter of the crash was Wall Street, and thus it is understandable that the banking system has been the object of deserved regulatory wrath.
TPP policy outline adopted to support farmers
Nov 25, 2015 The government adopted on Wednesday an outline of policy measures to help domestic industries cope with the Trans-Pacific Partnership free trade pact.
Americans and Canadians need Congress to fix label mess quickly
Nov 24, 2015 Canada may soon impose billions of dollars in tariffs on a broad range of American products. The move is a retaliation authorized by the World Trade Organization against protectionist country-of-origin labeling regulations the U.S. government uses to disadvantage Canadian cattle ranchers. Unless Congress repeals its odious law very soon, both Americans and Canadians will suffer needlessly.
WTO Ruling on Dolphin-Safe Tuna Labeling Illustrates Supremacy of Trade Agreements
Nov 24, 2015 International trade deals like the Trans-Pacific Partnership (TPP) need to be carefully examined piece by piece because they can take precedence over a country’s own laws.
Case in point: the World Trade Organization (WTO) on Friday ruled that dolphin-safe tuna labeling rules — required by U.S. law, in an effort to protect intelligent mammals from slaughter — violate the rights of Mexican fishers.
As a result, the U.S. will have to either alter the law or face sanctions from Mexico.
Froman back on TPP tour after China talks
Nov 24, 2015 FROMAN RETURNS TO TPP TRAIL: U.S. Trade Representative Michael Froman, just back from high-level talks in China, is wasting no time in resuming the administration’s efforts to promote the Trans-Pacific Partnership deal. He’ll spend this morning in Long Beach, Calif., the backyard of Rep. Alan Lowenthal, who voted against fast track trade promotion authority earlier this year along with most other Democrats.
Dhaka voices concern over TPP in TICFA meeting
Nov 24, 2015 Bangladesh has voiced its concern over the formation of Trans-Pacific Partnership [TPP] in fear that it might adversely impact Bangladesh’s export to USA and some other TPP countries.
Dhaka made the concern at second annual council meeting of the Bangladesh-US Trade and Investment Cooperation Forum Agreement (TICFA) held in the USTR office in Washington DC Monday.
Indonesia must join TPP trade deal or risk being 'left behind': Trade minister
Nov 24, 2015 Indonesia must join the Trans-Pacific Partnership (TPP) trade deal or risk being overtaken by neighbours such as Vietnam, the trade minister said on Tuesday (Nov 24).
“We don’t have a choice,” Trade Minister Tom Lembong said at a press conference on Tuesday (Nov 24), noting that Vietnam had joined the TPP and recently formed another trade deal with Europe.
Why the TPP will benefit both auto makers and consumers
Nov 24, 2015 Why is the Trans-Pacific Partnership important? Because it will restore a level playing field among vehicle manufacturers that was lost as other free-trade deals extended benefits to countries such as Mexico and South Korea. That competitive equity is important to vehicle manufacturers, but it will also benefit Canadian consumers and has limited impact on Canadian production facilities whose major market lies in the United States. Meanwhile, it provides Canadian manufacturers with open access to 40 per cent of the global economy.
TPP, why such a fuss?
Nov 23, 2015 Since 12 countries in the Pacific, including the US and Japan, reached the Trans-Pacific Partnership (TPP) agreement on Oct. 5, a strange phenomenon is unfolding in Korea. As soon as the deal was announced, a larger number of Korean lawmakers, academics and media analysts suddenly poured out their criticisms against the Korean government for being excluded from the trade deal accounting for "more than 40 percent of global output" as if they were oppressed TPP crusaders.
Why Asian trade is a national-security issue
Nov 22, 2015 President Obama has spent the past few days in the Philippines and Malaysia, working to strengthen alliances in Asia and help build the multilateral organizations that are writing the rules in that dynamic part of the world.
At a time when the American public is focused on national security and the Middle East, it might be surprising for the President to be thinking so much about trade across the Pacific. But the reality is that trade is one of our most crucial ways to guarantee security--and the Pacific Rim trade deal Congress is now considering will be a linchpin of the effort.
Pacific Trade and Worker Rights
Nov 21, 2015 President Obama says that the Trans-Pacific Partnership, a trade agreement his administration negotiated with 11 other countries, will help raise labor standards in developing nations like Vietnam, Malaysia and Mexico. The deal, the text of which was published earlier this month, could deliver on that promise, but much will depend on factors beyond Mr. Obama’s control, like how T.P.P. countries and future presidents carry out the pact.
LDP submits proposals to help farmers cope with impact of TPP
Nov 20, 2015 The ruling Liberal Democratic Party on Friday compiled a set of proposals to help Japanese farmers and businesses cope with the likely impact of the Trans-Pacific Partnership free trade agreement.
The LDP’s policy paper places emphasis on measures to promote exports rather than those to directly protect domestic industries — a clear departure from the party’s past policy of allocating huge budgets to help farmers facing the effects of the impending free trade deal.
Obama defends TPP secrecy, says now is chance for debate
Nov 20, 2015 U.S. President Barack Obama launched a defense on Friday of a signature Pacific trade pact kept largely under wraps and said the public would get its say before legislators in each country debate the full details.
The Trans-Pacific Partnership (TPP), a "mega-regional accord" covering four-tenths of global GDP, was so complex it would not have materialized if all interest groups were involved in the protracted talks, he said.
TPP review tops W&M panel to-do list
Nov 19, 2015 Rep. Dave Reichert says determining whether the Trans-Pacific Partnership meets all of the requirements laid out in trade promotion authority will be the top priority of the Ways and Means trade subcommittee under his new leadership. The group is on the clock. When President Barack Obama notified Congress last Thursday of his intention to sign the agreement, that gave lawmakers 90 days to review the deal.
TTIP & Trade Action
Nov 19, 2015 The Leaders of the G20 met in Antalya on 15-16 November 2015 to determine further collective actions towards achieving strong, sustainable and balanced growth globally.
China’s Xi Urges New Free-Trade Pact at APEC
Nov 18, 2015 Citing a slow global economic recovery, Chinese President Xi Jinping called on Asia-Pacific leaders to align their development plans and advance a trade pact favored by Beijing.
The China-backed pact, called the Free Trade Area of the Asia Pacific, is important to regional economic integration, Mr. Xi told executives Wednesday at the annual Asia-Pacific Economic Cooperation meeting hosted by the Philippines.
EU, Brazil seek WTO deal to ban agricultural export subsidies
Nov 18, 2015 The European Union, Brazil and four other countries are proposing the World Trade Organization agree an end to agricultural export subsidies at a meeting next month, a diplomat familiar with the plan said on Tuesday.
The December ministerial meeting in Nairobi is at risk of having little to offer in terms of major trade agreements, and the proposal's backers, which also include Argentina, Uruguay, Paraguay and New Zealand, hope the WTO's 161 members will see it as a chance to chalk up a negotiating victory.
Canada Reviewing TPP Pact, $3 Billion Payout Fund for Farmers
Nov 18, 2015 Canada’s Liberal government is reviewing all aspects of a potential Trans-Pacific Partnership trade deal, including a C$4.3 billion ($3 billion) fund for farmers who could be affected, Trade Minister Chrystia Freeland said on Wednesday.
What the TPP Means for LNG
Nov 18, 2015 Unfettered access to U.S. liquefied natural gas (LNG) was reportedly a prime motivation behind Japan’s decision to join the Trans-Pacific Partnership (TPP) trade talks. The United States already gives automatic approval of exports to 18 other countries with which it has special free trade agreements (FTAs), but requires distinct permits for exports to others, including Japan. Yet there has been scant (if any) reporting on this issue since the release of the final TPP text two weeks ago, and there appears to be considerable confusion about what the deal actually does. A look at the text of the agreement in the context of U.S. law confirms that it grants automatic approval of exports to Japan and the other TPP member nations.
Stronger TPP support hammered out for beef, pork farmers
Nov 17, 2015 In a set of measures to cut the impact of trade liberalization under the planned Trans-Pacific Partnership accord, the ruling Liberal Democratic Party has included stronger support for loss-making beef and pork farmers, according to party officials.
Putin's complaint on the TPP is the same as congressional GOP
Nov 17, 2015 Russian President Vladimir Putin joined Republican members of Congress this week to complain that the Trans-Pacific Partnership trade deal was negotiated in secret, something that won't help liberalize trade in Asia.
TPP, TTIP 'next best option' to multilateral deals: PM Lee at G20
Nov 17, 2015 The Trans-Pacific Partnership (TPP) in the Asia-Pacific as well as the Transatlantic Trade and Investment Partnership (TTIP) between the US and Europe are the "next best option" to multilateral deals, and allow progress to be made towards trade liberalisation, said Singapore Prime Minister Lee Hsien Loong.
Does China Need The Trans-Pacific Partnership (TPP)?
Nov 17, 2015 The recently announced agreement on the Trans-Pacific Partnership (TPP) has caused great concern and debate about its impact on China. The dominant view, including the official reaction, is that China’s exports will be negatively affected by the TPP since its members enjoy low tariffs among themselves. The loss in exports, in turn, will threaten China’s position as the world’s largest manufacturing base.
APEC’s next trade frontier: Thinking small
Nov 16, 2015 Asia-Pacific Economic Cooperation (APEC) kicked off its annual meeting with plans to think small, including finding ways to ensure small businesses benefit from trade deals.
Trade Is Not a Trade-Off: The Stronger Case for Free Trade
Nov 16, 2015 Too many advocates of trade liberalization don’t really understand the case for free trade. Consider this sympathetic interview by Steve Inskeep of NPR with U.S. Trade Representative Michael Froman, the chief negotiator of the Trans-Pacific Partnership:
Trudeau Begins Chinese Trade Push With Xi Meeting at G-20
Nov 16, 2015 After Canadian Prime Minister Justin Trudeau made trade with China a top foreign policy priority, it was his father’s legacy that helped break the ice.
Trudeau held his first meeting with President Xi Jinping at the Group of 20 summit on Monday, with the Chinese leader pointing out Pierre Trudeau’s role in instigating ties 45 years ago. “That was an extraordinary political vision,” Xi told the younger Trudeau in translated remarks. “China will always remember that.”
TPP no done deal; hurdles include interpretation, legislative approval, U.S. election
Nov 16, 2015 The full text of the Trans-Pacific Partnership agreement was released this month. The document is a wide-ranging accord between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
Pushed hard by the United States as part of its efforts to compete with Chinese influence in Asia, the agreement is being hailed by its supporters as a victory for free markets and a rules-based economic system.
TTIP trade talks: Germany urges US to let MPs see texts
Nov 13, 2015 The German government has urged American authorities to give German MPs access to key documents in the EU-US trade negotiations known as TTIP.
The Chinese Can Cut Trade Deals, Too
Nov 13, 2015 For President Xi Jinping, it was a much-needed victory. On Nov. 9, Australian lawmakers approved a free-trade agreement with China, overcoming local union opposition.
Xi has made such agreements a major part of his strategy to expand China’s influence. Most of the deals have been with small countries in emerging markets, making the Australia pact all the more significant. Xi may soon get another boost, with South Korea likely to approve a trade pact.
Obama Pushes New Pacific Trade Pact Ahead of Asia Trip
Nov 13, 2015 As he prepares for a long trip to Asia, President Obama has opened an intense campaign to promote his new trade agreement with 11 other Pacific Rim nations as a way to lower tariffs, open world markets and build middle-class jobs.
Trade Negotiator Michael Froman Insists TPP Will Work
Nov 13, 2015 In a conversation with Steve Inskeep, U.S. Trade Representative Michael Froman defends the Trans-Pacific Partnership, a trade agreement involving the U.S. and 11 other Asian-Pacific nations.
TPP and TTIP Trade Deals Can Do Good, If Governments Let Them
Nov 13, 2015 The trade-deal battles are in full force as globalization expands. Two major pacts are drawing praise and criticism as the deals' supporters move to put them into practice.
The deals are the Trans-Pacific Partnership, TPP, between the United States, Japan, and ten other nations, and the Transatlantic Trade and Investment Partnership, TTIP, between the United States and the European Union.
Ratify the Trans-Pacific Partnership
Nov 13, 2015 THE OBAMA administration released the full text of the Trans-Pacific Partnership trade agreement at 4 a.m. on Nov. 5 — and it did not take long for critics to pass judgment. Having previously (and hyperbolically) taken the administration to task for negotiating the 12-nation deal in secret, they promptly denounced the actual text as a job-destroying sellout to corporations that threatens the environment, human rights and health. “In the end the TPP was worse than we thought it would be,” Rep. Mark Pocan (D-Wis.) declared, in a news release issued within eight hours of the 4,500-page document’s release.
TPP Debate Ramps Up Following Public Release of Trade Deal Text
Nov 12, 2015 The text of the 12-country Trans-Pacific Partnership (TPP) Agreement was publicly released late last week, prompting intense scrutiny as stakeholders attempt to understand the deal’s implications, both for TPP countries themselves as well as for the global economy.
Imports benefit the u.s. worker and consumer
Nov 12, 2015 In the national debate about the benefits of trade to the U.S. economy, it’s easy to overlook imports. The fact is U.S. imports benefit Americans in two important ways:
Imports support U.S. jobs; and through imports, American consumers have access to a wider variety of more affordable goods.
Germany protests to US on lack of transparency in trade talks
Nov 13, 2015 According to the Sueddeutsche Zeitung daily, the German ambassador in Washington was asked by Berlin to notify a formal protest to US trade representative Michael Froman and request that MPs can access documents related to the EU-US negotiations for the Transatlantic Trade and Investment Partnership.
Now selling on eBay: President Obama’s Pacific Rim trade pact
Nov 12, 2015 President Obama is making the case to small business owners on eBay that his trade deal with 11 Pacific Rim nations will help them reach foreign consumers over the Internet — part of his effort to win political support for one of his top economic initiatives.
Joining TPP or not, Indonesia’s
readiness is the real question
Nov 12, 2015 The government should not be hasty in joining the Trans-Pacific Partnership (TPP) because the country’s industries still need to improve, analysts and businesspeople have said.
Why Obama says TPP is historic for workers — and why US labor unions hate it
Nov 12, 2015 The Obama administration is crowing about the labor protections in the Trans-Pacific Partnership — the full text of which were finally released last week..
Australia PM says Indonesia welcome in Trans-Pacific Partnership as frictions ease
Nov 12, 2015 Australia would welcome Indonesia into the Trans-Pacific Partnership (TPP) trade deal, Prime Minister Malcolm Turnbull said on Thursday, as the two countries set aside past friction to focus on building closer economic ties.
Economist: Trans-Pacific Partnership would boost U.S agriculture
Nov 12, 2015 While each country now needs to ratify the agreement for it to be put into effect, an international trade expert at The Ohio State University said the TPP could significantly boost the market potential for American farmers, entrepreneurs and other small-business owners.
EU Sends Investor-Protection Plan to U.S. to Advance Trade Talks
Nov 12, 2015 The European Union reopened talks with the U.S. about a controversial investor-protection measure after concluding an internal review of how to replace the existing system.
How joining the WTO could impact Afghanistan
Nov 12, 2015 After nearly 11 years of negotiations, Afghanistan and the World Trade Organization (WTO) have finally agreed on the country's terms of accession to the global trade body. But will this help revive the flailing economy?
Afghanistan gets clearance to join WTO
Nov 11, 2015 Afghanistan agreed terms to join the World Trade Organization with the trade body's existing 161 members on Wednesday, 11 years after it first applied for membership, the WTO said in a statement.
China warns WTO its cheap exports will soon be harder to resist
Nov 11, 2015 China has served notice to World Trade Organization members including the European Union and United States that complaints about its cheap exports will need to meet a higher standard from December 2016, a Beijing envoy said at a WTO meeting.
What is Africa worth in the international trading system?
Nov 11, 2015 Despite popular opinion, Africa has been very active on the international trading stage, though results have been disappointing. At the ministerial conference in Bali, Indonesia in 2013, African countries failed to push for their needs. After progress and losses, what is the place of Africa in the multilateral trading system as the continent heads into the WTO ministerial conference in Nairobi, Kenya?
How the TPP could change where your clothes come from
Nov 11, 2015 There's a reason President Obama made the case for the Trans-Pacific Partnership at Nike's headquarters: American clothing companies that want to manufacture their clothes in Vietnam are big winners in the massive trade deal.
Shifting weights and balances within the WTO in a changing global trading landscape
Nov 11, 2015 Fundamental changes have occurred since Doha was launched including major evolution of the world market, substantial transformation of the multilateral trading system and a significant shift of trading power between traditional advanced countries and emerging economies. One important question now arises, how to redistribute roles and redefine rights and obligations among WTO members?
Abe to preach freedom of navigation at East Asia Summit
Nov 11, 2015 Japanese Prime Minister Shinzo Abe intends to stress the need for the rule of law in the South China Sea in upcoming East Asia and ASEAN-related summits, focusing on freedom of navigation and taking indirect aim at Beijing's island-building.
A Trade Deal for Working Families
Nov 10, 2015 As president, my top priority is to grow our economy and strengthen the middle class. When I took office, America was in the middle of the worst recession since the Great Depression -- but thanks to the hard work and resilience of the American people, our businesses have created 13.5 million jobs over the past 68 months, the longest streak of private-sector job creation in history.
Germany's Big Port Eager For U.S.-EU Trade Deal, But Some Are Skeptical
Walking alongside the River Elbe, it's easy to get the sense of Hamburg's long history as a port. Brick warehouses in the German city date to the mid-19th century, though most of those have been converted to offices or museums.
Japan's trade deficit widens as export growth slows, adding to worries over recovery
TOKYO (AP) — Japan's trade deficit widened to its largest level in five months in July, adding to worries over the recovery amid weakening demand in China for chemicals, machinery and electronics.
Critics of Trans-Pacific Partnership trade deal warn about arbitration clause
When Australia began prohibiting brand logos and requiring grim pictures of smoking-borne diseases on cigarette packs, tobacco giant Philip Morris fired back using a novel tactic.
India, EU working to end trade huff over generic drugs
NEW DELHI: India and the European Union are taking steps to end a trade row sparked by an EU ban on Indian pharmaceutical products that New Delhi responded to by cancelling talks on a free trade accord with its largest trading partner, officials said.
Chicken war with U.S. shows free trade threat to Vietnamese farmers
HANOI – Hanoi chicken farmer Nguyen Huu Tuyen blames inexpensive poultry imported from the U.S. for the loss of almost $14,000 (¥1.7 million) this year.
TPP's outcome pivotal for future of global biomedical innovation
After seven years of wrangling toward the final terms of an ambitious free trade agreement that will join 12 Asia-Pacific nations, only the thorniest of market access and intellectual property issues remain unresolved in the Trans-Pacific Partnership (TPP). Of these, perhaps the most contentious concerns how long pharmaceutical companies should have exclusive intellectual property rights covering the clinical trial data they compile as they develop novel biologic medicines.
African trade partners feel the bite of China’s yuan devaluation
For African countries that have bet heavily on China as their economic saviour, the sudden devaluation of the Chinese currency is a painful reminder of the risks of over-dependence on the Asian giant.
Record imports swell US trade deficit
The gap between US exports and imports increased to $43.8bn, up from May's revised deficit of $40.9bn. Analysts had been expecting a deficit of $42.8bn.
Record imports of food and cars meant total imports rose 1.2% to $232.4bn.
Generic drugs ban prompts India to freeze EU trade talks
India has lashed out at an EU ban on 700 Indian-made generic drugs by saying it would indefinitely freeze talks on a planned free trade agreement with Brussels.
In a statement on Wednesday, New Delhi said it was “disappointed and concerned” over the ban on products from “one of the flagship sectors of India” in the latest setback to the reputation of the country’s large pharmaceutical export industry.
NZ Trade Min says TPP must address interests beyond U.S.-Japan -Nikkei
Aug 6 Twelve-nation Pacific Rim trade talks must better reflect the interests of participants other than the United States and Japan, rather than centring on their bilateral agreements, New Zealand Trade Minister Tim Groser told Japan's Nikkei business daily.
Trans-Pacific Partnership: Are Free Trade Agreements Like TPP Really A Tool For Fixing Labor Rights Abuses?
As President Barack Obama pushes to make the massive Trans-Pacific Partnership (TPP) trade pact a capstone of his global trade legacy, he is promoting the deal at home as a way to counter China's commercial influence in the Asia-Pacific region while also holding trade partners to tighter human rights agreements than Chinese dealmakers would. But experts say the president is exaggerating the extent to which trade pacts can force countries to address labor issues and human rights concerns.
TTIP: what does the transatlantic trade deal mean for renewable energy?
In July the transatlantic trade and investment partnership (TTIP) came a step closer to reality. Formal talks have been ongoing for two years, but trying to create the world’s biggest free trade zone is no mean feat. Essentially, if passed, the EU and US will be able to trade without each other’s pesky tariffs or regulations getting in the way.
Seattle, Tacoma Ports Vote to Form Alliance
The ports of Seattle and Tacoma formally united Tuesday, creating the third-largest marine cargo complex in North America, in a move seen as critical to fending off competition from nearby Canadian ports.
U.S., Japan Eye Their Lost Slice of Asia Trade
Remember when the U.S. and Japan dominated trade in the Pacific?
It wasn’t so long ago, and the memory is front and center as officials from Washington and Tokyo work on a trade agreement that could give their countries a shot at clawing back some of the trade they lost to China in recent decades.
US Trade Gap Widens 7 Percent in June as Imports Jump
The Commerce Department said Wednesday the trade gap jumped 7 percent to $43.8 billion in June, up from $40.9 billion in May. Imports increased 1.2 percent to $232.4 billion, while exports edged lower to $188.6 billion from $188.7 billion.
U.S. manufacturers have been held back this year by the strong dollar, which makes their products more expensive overseas.
TPP negotiations complicated by election campaigns
Some of Canada’s most memorable elections have been about governments campaigning for free-trade deals.
This time, a Canadian government will be negotiating one.
The next few weeks could play a determining role in the fate of the Trans-Pacific Partnership (TPP), a 12-country plan to create the world’s largest trade zone.
Trans-Pacific Partnership Session Ends With Heels Dug In
Tokyo was ready to extend major concessions on American truck tariffs but was blocked by Mexico, which wanted less competition for its own trucks in the United States market.
Canada held firm on protecting its politically sensitive dairy market ahead of elections in October, but for New Zealand, a tiny country with huge dairy exports, that was unacceptable.
European Union, Vietnam agree deal for free trade pact lifting most tariffs on goods
The European Union and Vietnam clinched on Tuesday an agreement in principle on a new free trade deal that would see the lifting of most tariffs on goods.
The EU's top trade official, Cecilia Malmstroem, said the pact would "provide significant new opportunities for companies on both sides, by increasing market access for goods and services."
UPDATE 1-US wins WTO ruling on Chinese speciality steel tariffs
China failed to comply with a World Trade Organization ruling that found its tariffs on a type of speciality steel products breached global trade rules, a WTO panel said in a ruling on Friday.
The ruling noted, however, that China had stopped applying the tariffs in April, while the WTO hearings were going on, more than four and a half years after the United States first complained.
The TPP, The WTO, The 21st Century Global Trade Mess And The Poverty Of Nations
Here we are in 2015 and the global trade agenda is in a total mess. The 20th anniversary of the establishment of the WTO marks a narrative littered with missed deadlines, disappointments, and failed negotiations. The Doha Development Round is dead and has been for some time even though officially unacknowledged.
Imports of Digital Goods Face Test
The clash over protecting a free-flowing Internet while also fighting online piracy has shifted to an unlikely and largely unknown setting: a legal battle about teeth-alignment devices at a federal trade body.
A U.S. appeals court this month will consider whether federal tariff law gives the International Trade Commission the power to order a halt to foreign digital transmissions into the U.S. when those communications infringe U.S. intellectual property. Traditionally, the ITC has intervened only to stop the importation of physical goods.
Ministers fail to cinch major trade pact
KAANAPALI, Hawaii — Top trade officials from the United States, Canada and 10 other Pacific rim nations fell short of concluding the biggest trade pact in history on Friday because of differences over agricultural, autos and pharmaceuticals, but said significant progress had been made.
“We’re confident that TPP [Trans-Pacific Partnership] is within reach,” U.S. Trade Representative Michael Froman said Friday. ”We’ve agreed that we are going to continue to engage intensively…with the goal of resolving the outstanding issues.”
Unlike Past Fracases, These Pacific Trade Talks Are Maui Mellow
Some of the bitterest foes of free trade agree with government officials on at least one thing: Hawaii is a place for relaxation, not bitter protest.
In Seattle in 1999, global trade talk foes fought with police and smashed storefront windows amid clouds of tear gas. In Cancun four years later, violent skirmishes broke out along the beaches, and a Korean farmer killed himself in protest.
Clinton, in Rubio's and Bush's back yard, will call for lifting Cuba embargo
Hillary Rodham Clinton on Friday will call on Congress to end the trade embargo the U.S. has imposed against Cuba since 1962.
The position, which Clinton already outlined in her 2014 book "Hard Choices," puts her in line with President Barack Obama, who moved in December to establish diplomatic relations with Cuba and has called for normalized trade relations.
Photographer: Brendon O'Hagan/Bloomberg
U.S. Bends on Patent Data as Dairy Vexes Pacific Trade Talks
The U.S. Thursday abandoned its longstanding position on the confidentiality of some patent data as officials immersed themselves in the minutiae of Asia-Pacific dairy markets in a bid to clinch a landmark trade deal.
A day marked by widespread frustration with the slow pace at which Canada took up talks on opening its dairy sector gave way to grinding, all-night talks on the quotas and tariffs that would be applied to products such as whey protein, cheese and milk powder.
Patent Protection for Drugs Puts Pressure on U.S. in Trade Talks
LAHAINA, Hawaii — With 12 nations pressing to conclude the largest regional trade accord ever, United States officials find themselves squeezed between activists pressing to secure access to low-cost pharmaceuticals and Republicans who say Congress will reject a deal without strong patent protections for the drug industry.