U.S. Commerce's Ross eyes anti-China 'poison pill' for new trade dealsThe Saigon Times Daily U.S. Secretary of Commerce Wilbur Ross answers questions during an interview with Reuters in his office at the U.S. Department of Commerce building in Washington, U.S., October 5, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - U.S. Commerce Secretary Wilbur Ross signalled on Friday that Washington may flex its muscle with additional trading partners in order to exert pressure on China to open its markets, saying that a “poison pill” provision in the recently completed pact with Canada and Mexico could be replicated. Ross said in an interview that the provision was “another move to try to close loopholes” in trade deals that have served to “legitimize” China’s trade, intellectual property and industrial subsidy practices. The United States is now in the early stages of talks with Japan and the European Union to lower tariff and regulatory … [Read more...] about U.S. Commerce’s Ross eyes anti-China ‘poison pill’ for new trade deals
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U.S. touts EU trade truce, attention now turns to China
U.S. touts EU trade truce, attention now turns to ChinaThe Saigon Times Daily A container truck moves past containers at the Yangshan Deep Water Port in Shanghai, China April 24, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - The United States signaled on Thursday it is set to push ahead on trade talks with Canada and Mexico after agreeing to suspend hostilities over tariffs with Europe in a fragile deal that may clear the way for renewed pressure on China. A surprise deal struck on Wednesday will see Washington suspend the imposition of any new tariffs on the European Union, including a proposed 25% levy on auto imports, and hold talks over tariffs on imports of European steel and aluminum. The deal boosted share markets initially, and U.S. industrial shares were stronger on Thursday as fears of a trade war with Europe ebbed. Both sides claimed victory in the deal, reached by Trump and European Commission President Jean-Claude Juncker in Washington. In return for the … [Read more...] about U.S. touts EU trade truce, attention now turns to China
Italy’s Di Maio says parliamentary majority will reject EU Canada trade deal
Italy's deputy prime minister Luigi Di Maio said on Friday (Jul 13) that a majority in parliament would reject an EU-Canada free trade deal, thereby threatening to scupper the entire agreement. Luigi Di Maio heads Italy's populist, eurosceptic Five Star Movement. (Photo: AFP/Andreas Solaro) "Soon the CETA (Comprehensive Economic and Trade Agreement) will come to parliament for ratification and the majority will reject it," Di Maio told Italy's main farming union, the Coldiretti. "Any Italian civil servants abroad who continue to defend lousy treaties like CETA will be removed," he added in comments criticised by industry and consumer groups. "Being here means, in my view, reclaiming a bit of healthy sovereignty," said Di Maio, who heads the populist, eurosceptic Five Star Movement. He is joint deputy prime minister along with the Matteo Salvini, leader of the far-right League party. "We must defend Italy and the Italian economy," he added. Agriculture Minister Gian Marco … [Read more...] about Italy’s Di Maio says parliamentary majority will reject EU Canada trade deal
Trump greets EU trade reprisals with threat of steep auto tariff
Trump greets EU trade reprisals with threat of steep auto tariffThe Saigon Times Daily U.S. President Donald Trump talks to the media in the Oval Office of the White House in Washington, U.S., May 26, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - President Donald Trump on Friday threatened to escalate a trade war with Europe by imposing a 20% tariff on all U.S. imports of European Union-assembled cars. Trump posted his threat on Twitter the day European Union reprisals took effect against U.S. tariffs on European steel and aluminium. The EU targeted US$3.2 billion in American goods exported to the 28-member bloc. “If these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the U.S. Build them here!” Trump wrote. A month ago, the administration launched a probe into whether auto imports pose a national security threat. The United States currently imposes a 2.5% tariff on imported … [Read more...] about Trump greets EU trade reprisals with threat of steep auto tariff
EU, Mexico reach agreement on free trade deal
The EU and Mexico said on Saturday (Apr 21) they had reached an "agreement in principle" to modernise an existing free trade deal, as the Latin American country faces pressure from protectionist measures threatened by US President Donald Trump. The EU and Mexico released a statement, about an "agreement in principle" over trade, from EU Trade Commissioner Cecilia Malmstrom (L), Mexico Economy Minister Ildefonso Guajardo Villarreal (R) (seen in 2017) and EU Agricultural Minister Phil Hogan. (Photo: AFP/Pedro Pardo) Under the updated terms of the 2000 deal, "practically all bilateral trade in goods will now be duty-free, including in the agricultural sector," the European Commission, the EU's executive arm, said in a statement. The move is seen as sending a strong signal to Trump who last year launched renegotiations of what he has previously referred to as Mexico's "cash cow" - the North American Free Trade Agreement (NAFTA). The US leader's threat to even axe NAFTA altogether … [Read more...] about EU, Mexico reach agreement on free trade deal