ReportWire

Tag: Trade/External Payments

  • Why Russia and China Are Sitting Out Venezuela’s Clash With Trump

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    For two decades, Venezuela cultivated anti-American allies across the globe, from Russia and China to Cuba and Iran, in the hope of forming a new world order that could stand up to Washington.

    It isn’t working.

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    Kejal Vyas

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  • Where Trump Sees Deals, Russia and China See a Chance to Disrupt U.S. Alliances

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    U.S. adversaries are using President Trump’s eagerness to strike deals as a chance to drive a wedge between the U.S. and its allies and undermine the Washington-led security order that has for years held them in check.

    In Europe, Russia is seeking to exploit Trump’s desire to halt the war in Ukraine and strike business deals with Moscow by shaping a peace plan that meets many of its strategic objectives, including winning chunks of Ukrainian territory and closing off any hope Kyiv had of joining NATO.

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    Jason Douglas

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  • The Failed Crusade to Keep a Rare-Earths Mine Out of China’s Hands

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    For years, a mining project in Africa held the promise of helping free the West from its dependence on China for rare earths. Some weeks back, it fell into Chinese hands.

    The failure of Peak Rare Earths, an Australian mining company, to build a China-free supply of rare-earth minerals offers a look at how Beijing came to dominate the global supply of critical minerals—a position it is now deftly leveraging for geopolitical gain. China has choked off the supply of rare earths to wring key concessions from President Trump in his trade war.

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    Jon Emont

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  • Trump’s Tariffs Hand Lula a Political Gift in Brazil

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    The Brazilian president is in a stronger position to win in elections next year following his defiant stance on President Trump’s tariffs.

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    Samantha Pearson

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  • Swiss Watch Exports Continue on Downward Trend in U.S. Tariff Fallout

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    Exports of Swiss watches remained on a declining trend in October, driven by a sharp decrease in the U.S. as tariffs continue to take a toll.

    Total exports of Swiss timepieces dropped 4.4% in October compared with the same period last year to 2.24 billion Swiss francs ($2.78 billion), according to data published Thursday by the Federation of the Swiss Watch Industry, or FH.

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    Andrea Figueras

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  • U.S. Agrees to Cut Switzerland Tariffs to 15% in Trade Deal

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    The U.S. has reached a deal to reduce the crippling 39% import tariffs on Switzerland to 15%, easing a growing burden on the Alpine country’s export-dependent economy and the steepest tariff the Trump administration had imposed on a developed nation.

    “We’ve essentially reached a [trade] deal with Switzerland,” U.S. Trade Representative Jamieson Greer said Friday on CNBC. “They are going to send a lot of their manufacturing to the United States—pharmaceuticals, gold smelting, railway equipment.”

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    Georgi Kantchev

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  • U.S. to Cut Tariffs on Bananas, Coffee and Other Goods From Four Countries

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    The U.S. plans to eliminate tariffs on bananas, coffee, beef and certain apparel and textile products under framework agreements with four Latin American nations, a senior administration official told reporters Thursday.

    The expected move—which would apply to some goods from Ecuador, Argentina, El Salvador and Guatemala—is part of a shift from the Trump administration to water down some of its so-called reciprocal tariffs in the midst of rising prices for consumers, as well as legal uncertainty after a Supreme Court hearing this month.

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    Gavin Bade

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  • Alaska’s New Mining Rush Chases Something More Coveted Than Gold

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    ESTER, Alaska—At a mining site here, Rod Blakestad cracked open a shiny rock with his pick. He found quartz, a sign that the rock may contain gold.

    But Blakestad, a veteran gold hunter, tossed the rock aside. He and his team of geologists were searching for something even more sought-after: antimony, an obscure element widely used in the defense industry that is now at the center of the bitter U.S.-China trade fight.

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    Jon Emont

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  • Chips Held Hostage in Trade War Start Flowing Again to Auto Suppliers

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    Nexperia microchips are leaving China again, easing a shortage of simple but ubiquitous parts that threatened to paralyze the auto industry.

    German automotive supplier Aumovio, which was recently spun out of tire giant Continental, said Friday that the Sino-Dutch company’s semiconductors and components containing them were on their way from China to Aumovio’s distribution hub in Hungary.

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    Stephen Wilmot

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  • China’s Exports Unexpectedly Contract

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    Exports contracted in October from a year earlier, dragged by a high base of comparison and cooling overseas demand after months of front-loading.

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  • Tariff-Driven Shifts Continue to Shape Asia’s Manufacturing Activity

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    Factory activity gauges in Asia reflected a divergence across major exporting economies, as worries over U.S. tariffs continued to cause shifts in supply chains.

    The latest set of S&P Global purchasing managers indexes showed that goods producers in export powerhouses South Korea and Taiwan flagged deteriorating demand last month, but Southeast Asian countries like Vietnam and Thailand recorded a pickup in new orders.

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    Kimberley Kao

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  • China Is Filling Up Its Oil Reserves Fast

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    China has spent months building up its oil reserves. That might come in handy in the wake of the new sanctions the U.S. recently imposed on Russian crude.

    During the first nine months of the year, the world’s second-largest economy imported on average more than 11 million barrels of oil a day, an amount above the daily production of Saudi Arabia, according to official customs data. Analysts estimate 1 million to 1.2 million of those barrels were stashed in reserves each day.

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    Rebecca Feng

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  • Canadian PM Carney Says He Apologized to Trump Over Antitariff Ad

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    Canadian Prime Minister Mark Carney said he apologized to President Trump over an antitariff television ad that had angered Trump and sent the two countries’ trade talks into a tailspin.

    Carney made the apology earlier this week during a dinner in South Korea for Asia-Pacific leaders, he told reporters Saturday at a news conference. Trump had been offended by the advertisement, Carney said, which was sponsored by the Ontario government and included audio of former President Ronald Reagan criticizing tariffs.

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    [ad_2] Yoko Kubota
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  • Essay | The Trade War Couldn’t Change China’s Economy

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    President Trump and Chinese leader Xi Jinping have walked back from the ledge—again. But even as the world’s two superpowers deescalate a trade fight that had threatened to destabilize the global economy, a new reality is setting in—that Washington may finally have to give up on its long-standing aim of pushing Beijing to restructure its economy.

    For years and through successive U.S. administrations, senior officials in Washington had hoped that bringing China into the global trading system would open up the country’s political system. In the decades since China’s accession to the World Trade Organization in 2001, those hopes of political liberalization have largely been dashed. The sense of disappointment has only grown as Chinese leader Xi Jinping, who took power in late 2012, has tightened his control over the domestic political system and civil society more broadly.

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    Jonathan Cheng

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  • Exclusive | White House to Announce Resumption of Auto Chip Shipments From China

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    The White House is set to announce that the Dutch semiconductor company that paused shipments weeks ago and risked upending global car production will resume sending chips under a framework agreement reached during talks between President Trump and Chinese leader Xi Jinping, people familiar with the plans said. 

    The new policy on the Dutch chips is part of a forthcoming document from the White House laying out the details of the U.S.-China trade deal signed this week, according to the people.

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    Ryan Felton

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  • China Factory Activity Gauge Signals Deepening Manufacturing Gloom

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    Economic momentum continued to weaken for the world’s second-largest economy, with a manufacturing gauge signaling mounting headwinds.

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  • The Long Road to a U.S.-China Trade Pact

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    In March, Sen. Steve Daines traveled to Beijing with a group of American chief executives in hopes of calming a tense trade relationship between the world’s two largest economies.

    Weeks earlier, President Trump had added an additional 20% in tariffs on China over what he said was its role in the fentanyl trade. The Montana senator and close Trump ally, who lived in China and Hong Kong for six years in the 1990s as an executive for Procter & Gamble, saw an opening to smooth things over.

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    Gavin Bade

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  • What to Know About Trump’s Trade Deal With China’s Xi

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    Tariffs, soybean purchases and a crackdown on fentanyl were among the issues discussed by the two leaders.

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    Joshua Jamerson

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  • What to Know About Trump’s Latest Tariffs

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    President Trump’s tariff policies have taken numerous twists and turns this year.

    He and President Xi Jinping reached a trade agreement that will see the U.S. lowering tariffs on Chinese imports imposed this year to 20%. When added to tariffs imposed on Chinese imports during Trump’s first term, overall U.S. duties on Chinese imports will total around 47%.

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    Chao Deng

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  • Trump Meets Xi for High-Stakes U.S.-China Summit

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    BUSAN, South Korea—President Trump and Chinese leader Xi Jinping met face-to-face for the first time in six years in an attempt to find a truce in a bruising fight between the two superpowers over trade and technology.

    The two leaders convened at the airport in this South Korean port city late Thursday morning local time. As they shook hands, Trump said it’s “good to see you again,” and added, “We’re going to have a very successful meeting, I have no doubt. But he’s a very tough negotiator, that’s not good.”

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    [ad_2] Josh Chin
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