The U.S. Federal Trade Commission (FTC) said on Monday that it was suing to block luxury fashion holding company Tapestry’s $8.5 billion acquisition of Capri Holdings over market-domination concerns. The deal is expected to combine six luxury fashion brands owned by the two companies: Tapestry’s Coach, Kate Spade, Stuart Weitzman, and Capri’s Michael Kors, Versace, […]
PITTSBURGH, Pa.—President Joe Biden on April 17 called for dramatically higher tariffs on steel and aluminum imports from China, a move aimed at pleasing blue-collar voters in the battleground state of Pennsylvania before the 2024 election. The decision came after President Biden reportedly faced pressure from labor unions to extend the tariffs on Chinese goods. […]
The U.S. international trade deficit widened at a larger-than-expected pace and ballooned to the highest level in 10 months, according to new data from the Bureau of Economic Analysis (BEA). In February, the trade imbalance increased to $68.9 billion from an upwardly revised $67.6 billion in January. This represented the largest shortfall since April 2023. […]
For the first time in more than 20 years, the United States purchased more goods from Mexico than China in 2023, highlighting a change in international trade and spotlighting America’s de-risking efforts. Last year, according to new Census Bureau data, the United States imported more than $475.6 billion worth of goods from its southern neighbor […]
Former President Donald Trump said he might impose tariffs of more than 60 percent on imports from China if reelected in November. In an appearance on the Fox News program “Sunday Morning Futures” aired on Feb. 4, President Trump was asked about a Washington Post report that cited sources, claiming that the former president allegedly […]
Northern Ireland trade barriers with mainland UK are set to be removed, setting the stage for the return of the region’s government. Former first minister Nicola Sturgeon faces the Covid Inquiry over Scotland’s handling of the pandemic. Online abusers, trolls, and predators now face up to five years in prison as new criminal offences take […]
DUBAI—Iran and Russia have finalized an agreement to trade in their local currencies instead of the U.S dollar, Iran’s state media reported on Wednesday. The agreement was finalized during a meeting between the governors of the two countries’ central banks in Russia, it said. Both Iran and Russia are subject to U.S. sanctions. “Banks and […]
WASHINGTON—The office of U.S. Trade Representative Katherine Tai on Tuesday announced a further extension of China “Section 301” tariff exclusions on 352 Chinese imports and 77 COVID-19-related categories till May 31, 2024. The Take The administration of former President Donald Trump used Section 301 of the Trade Act of 1974, a statute aimed at combating […]
Over $200 billion in trade has been exchanged between two of the world’s superpowers while one of them is at war. Cross-border business between Russia and China is skyrocketing. Ever since Russia launched its invasion of Ukraine last year, Russia has been ramping up purchases of all goods from China as the West seeks to […]
Unease over doing business with China extending to the Baltic states. Lithuania’s foreign minister Gabrielius Landsbergis says two years after a major run-in companies in his nation are still concerned about trading with Beijing. In 2021, Lithuania allowed Taiwan to open a de-facto embassy on its soil called a Taiwanese representative office. The Chinese Communist […]
Former President Donald Trump said he would scrap a pacific trade deal currently being advanced by the Biden administration if he wins the 2024 election, describing the deal as “disastrous” for the United States. President Trump, the front-runner for the Republican presidential nomination, told his supporters in Iowa that President Joe Biden’s regional trade deal […]
The prime minister scales down net zero commitments, setting back the ban on new petrol and diesel cars by five years. Inflation drops more than expected, but price rises for food are still in the double digits. Home Secretary Suella Braverman says the planned rollout of end-to-end encryption for Facebook and Instagram will create “safe […]
Former U.S. trade representative Ambassador Robert Lighthizer views the decades of U.S. trade deficit with China as a “wealth transfer.” In his recent interview with EpochTV’s “American Thought Leaders” program, he outlined a playbook to beat China at its own game through strategic decoupling, very much the same thing China has been doing to the […]
WASHINGTON—Republican presidential candidate and Florida Gov. Ron DeSantis said on Sunday he would take steps to revoke China’s permanent normal trade relations status if he won the 2024 White House race. “I favor doing that. I think we probably need Congress but I would take executive action as appropriate to be able to move us […]
U.S. Treasury Secretary Janet Yellen arrived in China on Thursday for a four-day visit, a trip that has drawn concerns over the Biden administration’s continued effort to engage Beijing. According to China’s state-run media, Ms. Yellen was greeted by Chinese officials led by Yang Yingming, director general of China’s Finance Ministry’s international cooperation department, as […]
Despite semiconductor disputes, Beijing is looking to improve its ties with Japan by aiming for more business cooperation between them. On Tuesday, a Japanese business delegation visited Beijing to meet with senior Chinese officials after seeing weakened Japanese exports to China. China is Japan’s largest trade partner, but those numbers have been on the decline […]
A new currency is rising on the global stage. For the first time, the Chinese yuan overtook the U.S. dollar for international trade in March. Based on data from the State Administration of Foreign Exchange, cross-border payments and receipts in yuan rose to a record $550 billion in March from $434 billion a month earlier. […]
TOKYO—Washington is not seeking to decouple the American economy from China’s, U.S. Trade Representative Katherine Tai said Thursday while on a visit to Tokyo. Tai, who is on her fourth visit to Japan after being appointed the top U.S. trade envoy, said all members of President Joe Biden’s administration have been “very clear that it […]
The Ways and Means Trade Subcommittee held a hearing on Countering China’s Trade and Investment Agenda: Opportunities for American Leadership at 2:00 p.m. ET on April 18. Hudson Institute Senior Fellow Thomas Duesterberg, Center for Strategic & International Studies Senior Vice President for Economics Matthew Goodman, United Steelworkers Legislative Director Roy Houseman, Nebraska Farm Bureau President Mark […]
