Many European companies said they expected the trade war between the US and China to be 'long-lasting' AFP/STR The world's two biggest economies have been entangled in a lingering trade war for over a year, which has weighed on the global economy and resulted in hundreds of billions of dollars in punitive tariffs slapped on two-way trade. European companies in China "have effectively negated the tariff effects in a relatively short space of time," said the president of the EU Chamber of Commerce in China, Joerg Wuttke. Many companies have "effectively side-stepped" the steep tariffs by rejigging their supply chains and leveraging their global corporate networks, the chamber said in a statement. According to a survey of its members released Monday, 64 per cent of respondents said they have not noticed "any change" in their business as a result of the trade war. Another 10 per cent said they were "completely affected" by the trade war. However many European companies said they … [Read more...] about European companies minimise risks from US-China trade war
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Vietnam and Bangladesh are forecast to reap benefits from becoming alternative sourcing destinations as the fashion sector is reckoned the most exposed amid an escalating US - China trade war, according to Fitch Solutions analysts. Both Vietnam and Bangladesh appear to be well-positioned as clothing manufacturing hubs and will be obvious choices as clothing retailers with exposure to the US shift their production out of China. (Illustrative photo: VOV) US President Donald Trump has most recently threatened to levy new tariffs on US$300 billion worth of Chinese imports to the US. Unlike previous rounds of tariffs that largely targeted industrial and commercial products, this round is expected to cover all US imports from China and hit consumer goods such as toys, footwear, and apparel. Fitch Solutions, a macro research unit of Fitch Group, noted that on May 5 President Donald Trump announced the US would increase tariffs on US$200 billion worth of Chinese … [Read more...] about Trade war to benefit Vietnam’s fashion: Fitch Solutions
More traffic police will be assigned to prevent traffic congestion and accidents during upcoming new year holidays. — VNA/VNS Photo Doãn Tuấn HÀ NỘI — Prime Minister Nguyễn Xuân Phúc has ordered ministries and localities to ensure road safety during the coming holidays. In the message, PM Phúc said demand for travel would increase during the holidays, including the calendar New Year, Lunar New Year and spring festivals, which meant greater risk of traffic congestion and accidents. To ensure traffic order and safety for people to enjoy the holidays, the PM asked the National Committee for Traffic Safety, provincial and municipal People’s Committees and ministries and agencies to guide and take measures. Ministries and localities needed to improve transportation capacity and service quality to meet public demand for travel during the holidays. They should closely manage coaches, terminals, … [Read more...] about PM calls for traffic safety during new year holidays
Three young Vietnamese women were lauded for their effort by former U.S. First Lady Michelle Obama when they met in the southern province of Long An on Monday. The meeting at Can Giuoc High School in Long An was part of Obama’s trip to Vietnam with American actress Julia Roberts to spotlight girls’ education on behalf of the Obama Foundation’s Girls Opportunity Alliance. They were joined by Vietnamese-American actress Lana Condor, Vietnamese actress Ngo Thanh Van, American news personality Jenna Hager, and American actress Liza Koshy. A video published on Michelle Obama's verified Facebook account on December 9, 2019 about her trip to Long An, Vietnam the same day. At the event, Obama and Roberts listened to the life stories of the Vietnamese women who were the scholarship winners of Room to Read, a program that works to help female students pursue education. The former first lady praised the young women for their effort in overcoming hardship in life to gain … [Read more...] about Who are the women Michelle Obama praised in Vietnam?
BRUSSELS -- U.S. disruption of the global economic order reaches a major milestone on Tuesday as the World Trade Organization (WTO) loses its ability to intervene in trade wars, threatening the future of the Geneva-based body. Two years after starting to block appointments, the United States will finally paralyze the WTO’s Appellate Body, which acts as the supreme court for international trade, as two of three members exit and leave it unable to issue rulings. Major trade disputes, including the U.S. conflict with China and metal tariffs imposed by U.S. President Donald Trump, will not be resolved by the global trade arbiter. Stephen Vaughn, who served as general counsel to the U.S. Trade Representative during Trump’s first two years, said many disputes would be settled in future by negotiations. Critics say this means a return to a post-war period of inconsistent settlements, problems the WTO’s creation in 1995 was designed to fix. The EU ambassador to the WTO told … [Read more...] about U.S. trade offensive takes out WTO as global arbiter