The World Trade Organization is urging world leaders to strengthen trade ties as food insecurity, and climate change heightens concerns. Deputy Director-General of the WTO Jean-Marie Paugam says the need for countries to use trade to create sustainable and resilient food systems is of fundamental importance in today’s global economy. He was addressing a group of ministers at the recent […]
The fallout between Russia and some European countries over its invasion of Ukraine has forced oil trade with the Kremlin to come to a halt for the most part. Consequently, attempts are now being made to seek and tap into alternative energy. Germany, Italy, Austria, and the Netherlands have all indicated that coal-fired power plants could help see the continent […]
The U.S. trade deficit shrank in April by the most on record in dollar terms, reflecting a drop in the value of imports amid COVID lockdowns in China while exports climbed. According to Commerce Department data, the trade deficit dropped 19.1%, the largest decline since December 2012, to $87.1 billion. Data for March was revised to show the trade deficit […]
At the close of the week, oil traded just below multi-year highs on account of Germany’s chancellor and the U.S. Federal Reserve chairman utterances that demand disruptions from COVID-19 may not be over. Brent crude futures rose 76 cents, to $85.36 a barrel after Thursday’s three-year high of $86.10. The benchmark is set for its seventh weekly gain. U.S. West […]
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 […]
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 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 […]
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, […]
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 […]
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 […]
