Tag: trade

BUSINESS

Canada Hits Back At Trump’s Aluminum Tariffs

Following a 10 % tariff on some Canadian aluminum products by President Trump, Canada has hit back with an announced $2.7bn tax on U.S. aluminum products. Canada and the U.S. reached a deal last year to lift tariffs on steel and aluminum imports. However, President Trump reintroduced the tariff in the latter of this week, claiming U.S. industry protection. Speaking […]

BUSINESS

U.S. Trade Deficit Widens

The U.S. trade deficit widened by almost 12% in March as the coronavirus pandemic takes a toll on the country’s exports and imports. Imports fell 6.2%, but U.S. exports sunk at an even deeper 9.6% to cause the trade gap to rise. It’s the highest monthly decline in exports ever recorded. The U.S. deficit rose to $44.4 billion in March […]

Jamaica

Jamaica Gets Delisted From U.S. Trade Watch List

Jamaica has been removed after decades of being on the United States Trade Representative watch list, according to the Ministry of Industry, Commerce, Agriculture, and Fisheries. The ministry’s statement follows disclosure by the Office of the United States Trade Representative (USTR) in Washington during its annual meeting on the Special 301 Report, which identifies trading partners that do not adequately […]

NEWS

WTO Expects Massive Decline In Global Trade

According to the World Trade Organization (WTO), global trade will see a decline of 13 to 32 percent this year as a result of the COVID-19 pandemic. The international organization in a report argues that global trade tensions have led to a 3.2% decline in air cargo volumes in 2019, and current estimates indicate a worsening situation in 2020. Meanwhile, […]

BUSINESS

China Set To Cut Tariffs On Some U.S. Goods

China has announced that it will halve additional tariffs levied against 1,717 U.S. goods last year, following the signing of a Phase 1 deal that brought a truce to a bruising trade war between the world’s two largest economies. China’s finance ministry said in a statement that on February 14 additional tariffs levied on some goods will be cut to […]

BUSINESS

Trump — Phase 1 Trade Deal Up For Signatures

U.S. President Donald Trump says phase 1 of the trade deal with China would be signed on January 15 at the White House though considerable confusion remains about the details of the agreement. Last week, President Trump said that the United States and China would sign a “very large and comprehensive” trade deal at the White House on January 15 […]

BUSINESS

China Set To Cut Tariffs On Hundreds Of Products

Chinese authorities have announced a new move to cut tariffs on hundreds of products ranging from frozen pork to high-tech parts next year. This move is an attempt by the government to lower trade barriers to support its economy. In a statement, Chinese authorities said import tariffs on 859 items would be reduced from January 1. China has used high […]

NEWS

China’s Export Down

According to press reports, China’s exports fell in November as shipments to the U.S. slowed sharply, adding to concerns about the effects of the two nations’ trade war. November exports from the world’s second-largest economy fell 1.1% from a year earlier, the fourth straight fall. Exports to the U.S. were down 23%, the worst such result since February, and the […]

NEWS

Trump Tells U.S. Companies To Get Ready To Exit China

President Donald Trump has ordered American companies to leave China after Beijing announced plans to impose new tariffs on American goods. The White House did not immediately say what authority the president had to compel private firms to quit a country. China plans to impose additional duties on $75 billion worth of American goods later this year. Trump tweeted soon […]

BUSINESS

Chinese Exports Show Increase

Chinese exports move higher in July, beating outlook for a downward slide, as trade tensions with the U.S. continued to raise concerns. Official figures showed exports rose 3.3 percent last month, compared to forecasts for a two percent drop. Imports fell 5.6 percent in July, less than the projected 8.3 percent decline. That said, analysts have argued that China’s economy […]