The huge trade deal struck between the EU and a bloc of South American nations on Friday goes against the tide of protectionism fuelled by US President Donald Trump's aggressive policies. Since arriving at the White House in 2017, Trump has lambasted multilateralism, renegotiated trade deals and imposed tariffs on Chinese goods and foreign steel and aluminium -- all part of his "America First" platform. "The message conveyed by this agreement is that there are still people who count more on cooperation and open trade," said Arancha Gonzalez, director of the International Trade Centre, a WTO agency. The Mercosur deal sent a strong signal ahead of the G20 summit in Japan where Trump and Chinese President Xi Jinping will meet on Saturday in the midst of a bruising trade war. Among his decisions, Trump has renegotiated the North American trade agreement with Canada and Mexico, and withdrawn from the Trans-Pacific Partnership (TPP), signed by his predecessor Barack Obama with 11 countries. … [Read more...] about EU-Mercosur trade deal goes against tide of Trump protectionism
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Tokyo understands Washington's desire to negotiate greater access to the Japanese market and efforts to reach a new trade agreement should bear fruit soon, a top US trade official said Wednesday. The testimony by US Trade Representative Robert Lighthizer comes a week before US officials are due to meet Japanese counterparts on the sidelines of the Group of 20 summit in Osaka, Japan, according to Lighthizer. He told a House of Representatives panel on taxes and trade that US farmers are now at a disadvantage in exporting to Japan, which has entered a new trade agreement with Europe and is also party to the Transpacific Partnership -- giving Australian and Canadian exporters an advantage over the United States. President Donald Trump withdrew from the TPP on his first full day in office in 2017, claiming it would have led to job losses and further erosion of US manufacturing. "We understand the nature of this problem and we have to resolve it because if we don't these farmers are gonna … [Read more...] about US-Japan trade deal progress likely in ‘months’: US official
"Promises made, promises kept," goes one of President Donald Trump's main 2020 reelection slogans. Is that true? Here are some of the key policy hits and misses -- comparing his accomplishments to his promises -- from a tumultuous first term. - HITS - Economy: The economy will be Trump's major selling point. GDP grew 3.1 percent in the first quarter of 2019 and the last recession was a decade ago. Unemployment is at a 50-year low of 3.6 percent. Trump's frequent claim that the economy is probably "the best" in US history is an exaggeration, though. Economists see growing dangers, including exploding government debt and growing backlash from Trump's aggressive trade policies, especially with China. Courts: Trump promised to get large numbers of conservative federal judges appointed. He has succeeded. Notably, he used the Republican majority in the Senate to put conservative justices Neil Gorsuch and Brett Kavanaugh on the Supreme Court, likely tilting the constitutional decision-making … [Read more...] about Trump’s first term: hits and misses
CANBERRA: China is closing in on America’s dominance of the Asia-Pacific region, in part due to the Trump administration’s policies, according to a new analysis from the Lowy Institute. Lowy’s Asia power index also shows Australia’s efforts to exert influence in the region have flat-lined because of the recent churn in prime ministers. The annual Index ranks 25 countries according to the power they wield in the Asia-Pacific, based on 126 factors that assess everything from economic resources and military capability, to diplomatic networks and cultural influence. The United States, ranked first, and China, second, are clear super powers, but Lowy Institute researcher Herve Lemahieu found the “power differential between the US and China is shrinking”. “The US maintains some degree of primacy in our region, but China is closing that gap very quickly,” he said. Data from the index suggests there are two factors driving China’s increase … [Read more...] about China’s Asia-Pacific rise in power due to Trump
Business 18 September 2018 Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.com/news/business-44529600 Read more about sharing. These are external links and will open in a new window Close share panel Donald Trump campaigned for election on a promise to make trade fairer for the US, and his push to do so has him fighting with some of … [Read more...] about US-China trade row: What has happened so far?