The Trump administration is disputing a new paper from the New York Federal Reserve asserting that US consumers and businesses are bearing the bulk of the higher costs from tariffs imposed last year. “The paper is an embarrassment,” National Economic Council Director Kevin Hassett told CNBC on Wednesday. “I think it’s the worst paper I’ve…
Photo credit: breakbulk.news Chinese President Xi Jinping announced on Saturday, via state media, that Beijing will remove tariffs for all but one African country starting May 1. China already has a zero-tariff policy for imports from 33 African countries, but Beijing said last year it would extend the policy to all 53 of its diplomatic…
US President Donald Trump “genuinely” considers Prime Minister Narendra Modi a “great friend” – a remark by US ambassador Sergio Gor that now appears borne out by outcomes. The India-US trade deal announced by the Republican leader, which took nearly a year of hard bargaining and tested both New Delhi and Washington, has finally been…
The European Union and India announced a landmark Free Trade Agreement on Tuesday. The two economies, which together represent about a quarter of the world’s population, spent nearly two decades haggling over the terms of the deal. So what brought them together to finally ink what the EU has lauded as the “mother of all…
A Scottish MP has urged prime minister Sir Keir Starmer to protect and stress the importance of Scotch whisky in his negotiations with China this week. Jamie Stone has written a letter to Starmer following news that the visitor centre at Clynelish Distillery is to close Following last week’s announcement that Diageo is planning to…
The United States has clinched a sweeping agreement with Taiwan that would reduce tariffs on the “Silicon Island” in exchange for up to a quarter‑trillion dollars in investments, a move that carries significant security implications for Taipei amid mounting pressure from China. The deal follows similar arrangements Washington struck last year with Japan, European countries…
Breaking with the United States, Canada has agreed to cut its 100% tariff on Chinese electric cars in return for lower tariffs on Canadian farm products, Prime Minister Mark Carney said Friday. Carney made the announcement after two days of meetings with Chinese leaders. He said there would be an initial annual cap of 49,000…
President Trump’s most sweeping tariffs face a landmark test of presidential powers, as the US Supreme Court is set to rule on the implications and legality of Trump’s global duties on trade partners. The high court’s first two opportunities to issue a verdict this year — the latest on Wednesday — have come and gone…
In some of the darkest days in the political relationship between Australia and China, trade became a tool to inflict pain. The early 2020s trade war saw China slap higher tariffs on Australian wine and barley, impose biosecurity measures against beef and timber, and ban lobsters and even some coal. It took four long years…
CHINA has followed-through on its year-long investigation into imported beef and its alleged impacts in the Chinese domestic beef industry, announcing a series of trade restrictions overnight. China’s Ministry of Commerce imposed a series of Safeguard limits on major beef exporters for the next three years, effective today – but the measures are far from…