• EU open to new trade talks with US

      EU open to new trade talks with US

      EU’s Trade Commissioner Cecilia Malmstrom said on Wednesday that the bloc is still open to talks with the United States on industrial goods tariffs, but Washington had not yet shown any serious interest.

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    • US and Canada reach trade deal

      US and Canada reach trade deal

      The US and Canada have reportedly agreed on a trade deal that would save the North American Free Trade Agreement as a trilateral bloc after more than a year of tortuous negotiations. According to media reports Canada agreed late Sunday, just hours before a midnight deadline, to settle differences, with both sides making concessions and seal the deal, rescuing a three-country, $1.2trn open-trade zone that had been about to collapse after nearly a quarter century. The new deal is going to be known as the US-Mexico-Canada Agreement or USMCA. 

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    • EU, Japan, US co-sponsor WTO reform

      EU, Japan, US co-sponsor WTO reform

      Trade Commissioner Cecilia Malmstrom, US Trade Representative Robert Lighthizer and Japanese Economy Minister Hiroshige Seko met in New York on 25 September to discuss WTO reform, jointly denouncing trade-distortive practices long-pinned on China. In a statement issued after the trilateral summit, they said they share a common view on the need for the reform of the organisation and, with respect to its monitoring and surveillance function, agreed as a first step to co-sponsor it as part of an effort to prevent unnamed “third countries” to engage in “severe overcapacity” and create unfair competitive conditions, which threatens technological development and ultimately distorts global trade.

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    • China cuts import tariffs, releases White paper defending its positions

      China cuts import tariffs, releases White paper defending its positions

      China on 26 September unveiled plans to cut tariffs for products including machinery, electrical equipment and textile products beginning on 1 November, as the country braces for an escalating trade war with the United States. The cuts on over fifteen hundred industrial products are expected to lower costs for consumers and companies by about 60bn yuan this year, the state cabinet said in a meeting chaired by Premier Li Keqiang, according to the state radio. The overall tariff level will be reduced to 7.5% in 2018 from 9.8% in 2017 as a result, the state cabinet said. Beijing has pledged to take steps to increase imports this year amid rising tension with some of its biggest trade partners, such as the United States.

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    • EU committed to free-trade pact with India

      EU committed to free-trade pact with India

      The European Union and India are "fully committed" to secure free trade agreement with discussions being currently on between the two sides, EU official says. The negotiations for the much-delayed pact, officially called the Bilateral Trade and Investment Agreement (BTIA), have been held up since May 2013, but have also witnessed many hurdles.

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    • US sanctions China for buying Russian weapons

      US sanctions China for buying Russian weapons

      Trump's administration imposed sanctions on the Chinese military on Thursday over its purchase of Russian military jets and surface-to-air missiles, which contravenes a sweeping US sanctions law punishing Moscow for meddling in the 2016 US election. The sanctions are reportedly related to China's recent purchase of 10 Russian Sukhoi Su-35 fighter jets and S-400 surface-to-air missile system-related equipment.

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    • China won't devalue yuan to boost exports, says Premier Li

      China won't devalue yuan to boost exports, says Premier Li

      China's Premier Li Keqiang told an audience of global executives and policymakers that China would not weaken the yuan to boost trade with the rest of the world. "China will never go down the path of stimulating exports by devaluing its currency," Chinese Premier Li Keqiang said Wednesday during a speech at a World Economic Forum event in the northern Chinese city of Tianjin. His comments came a day after the United States and China announced that they would impose their biggest rounds of tariffs yet on each other's exports, starting next week.

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    • China hits back by levying tariffs on $60bn of US goods

      China hits back by levying tariffs on $60bn of US goods

      China has fired back at the United States after President Donald Trump ramped up the trade war with his biggest wave of tariffs yet. The Chinese government said Tuesday that it would impose tariffs on US goods worth $60 billion following the Trump administration's announcement that it was hitting $200 billion worth of Chinese goods with new tariffs.

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    • Trump announces new tariffs on Chinese goods

      Trump announces new tariffs on Chinese goods

      US President Donald Trump announced, as earlier expected, that he would impose 10 percent tariffs on $200bn worth of Chinese imports next week, and that the surcharge will potentially jump to 25 percent by the end of 2018. Once the new round of tariffs takes effect on 24 September, punitive duties will be in place on roughly half of the products the US buys from China – its largest source of imported merchandise. 

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