Russia halts wartime deal allowing Ukraine to ship grain in blow to global food security
The Kremlin says Russia will suspend the Black Sea Grain Initiative until its demands to get its own food and fertilizer to the world are met.
trade
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Companies confront tough choices in Russia, Ukraine
Indiana-based firms are struggling with how to protect their employees and their business interests in those countries while also condemning the Russian government’s actions.
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Cummins to acquire brake manufacturer for $325M
Cummins announced Wednesday that it’s signed an agreement to purchase Connecticut-based Jacobs Vehicle Systems from its current owner for $325 million. The deal is expected to close later this year.
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U.S. trade policies likely to soften after Biden becomes president
The incoming administration is widely expected to embrace a more multinational approach to U.S. trade policy, moving away from the “America first” strategy embraced by President Trump.
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Hoosier manufacturers feel trade war sting
As the U.S./China trade war drags on, advanced manufacturers in central Indiana are scrambling to determine their best course of action—and there are no easy answers.
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Articles
Biden expected to tighten rules on U.S. investment in China
The expected action is the latest effort by the White House to target China’s military and technology sectors at a time of increasingly fraught relations between the world’s two biggest economies.
Small retailers could seek fighting chance under Roosevelt-era antitrust law
For years, Robinson-Patman was a mainstay of FTC enforcement. But the law fell out of favor as antitrust experts focused on consumer prices, arguing that retailer discounts would likely be passed on to consumers.
U.S. businesses propose hiding trade data used to trace abuse
A group of major U.S. businesses wants the government to hide key import data—a move trade experts say would make it more difficult for Americans to link the products they buy to labor abuse overseas.
Going strong: U.S. dollar gained value against key currencies in past year
When the dollar is strong, a U.S.-based company that sells products overseas earns fewer dollars. On the flip side, the cost of imported goods and foreign expenses are lower.
World Trade Organization predicts trade growth to slow next year amid crises
The World Trade Organization is predicting global trade volumes will grow a lackluster 1% next year as challenges weigh on markets, including high energy prices, rising interest rates and uncertainties about Chinese manufacturing output amid the lingering COVID-19 pandemic.
U.S.-China ties on precipice after Pelosi visit to Taiwan
House Speaker Nancy Pelosi’s visit to Taiwan, which has has enraged Beijing and Chinese nationalists, could further muddle Washington’s already complicated relationship with China as the two sides wrest with differences over trade, the war in Ukraine, human rights and more.
Indiana high school teacher on mission to inspire girls to take her shop class
Before becoming a teacher, Kim Rosenbaum worked for 14 years as a welder in machine shops—experiences that she thinks make her a better teacher.
Holcomb: Trade trip to Europe targeting electric vehicles, batteries, clean energy
Indiana Gov. Eric Holcomb and Secretary of Commerce Brad Chambers spent this week in Sweden, the United Kingdom and Monaco meeting with world leaders and companies.
Indiana governor, commerce chief to lead trade trip to Europe
Indiana Gov. Eric Holcomb and Secretary of Commerce Brad Chambers are set to lead an economic development trip to Sweden, the United Kingdom and Monaco at the end of this month to bolster strategic relationships and highlight the state’s industries.
Trucker blockade snarls U.S.-Mexico trade route at border
One of the busiest trade ports on the U.S.-Mexico border remained effectively closed Wednesday as frustration and traffic snarls mounted over orders by Texas Gov. Greg Abbott requiring extra inspections of commercial trucks.
U.S. Senate to vote on revoking Russia’s trade status, oil ban
Reports of civilians being tortured and killed in Ukraine, with streets on the outskirts of Kyiv being strewn with corpses, had some lawmakers this week questioning why the Senate had not yet taken action on the bill.
Russia war could further escalate auto prices and shortages
The war’s damage to the auto industry has emerged first in Europe. But U.S. production will likely suffer eventually, too, if Russian exports of metals—from palladium for catalytic converters to nickel for electric vehicle batteries—are cut off.
Biden to call for end of normal trade relations between U.S., Russia
Russia is not one of the United States’ top trading partners, but the goods and services exported by both countries are still substantial.
U.S. accuses China of backing away from free-trade commitments
In its annual report on Chinese compliance with WTO rules, the Office of the U.S. Trade Representative said Wednesday that China isn’t keeping the promises it made to open its markets to foreign competition.
Key U.S.-Canada bridge reopens after police clear protesters
The crossing normally carries 25% of all trade between the two countries, and the blockade on the Canadian side had disrupted business in both countries, with automakers forced to shut down several assembly plants.
COVID-19 truck blockade in Canada leads to auto plant shutdowns
The blocked bridge carries 25% of all trade between the two countries, and Canadian authorities expressed increasing worry about the economic effects.
U.S., Japan reach deal to make most steel imports tax-free
U.S. Trade Representative Katherine Tai said the agreement with Japan, along with a separate deal last year on steel with the European Union, will put them in a better place to compete against China, the world’s second largest economy.
U.S. trade deficit narrows in October as exports rebound
The October deficit was the smallest monthly deficit since a $66.2 billion imbalance in April.
China slams U.S. curbs on solar materials as economic attack
The U.S. move is a potential hurdle for President Joe Biden’s ambition to promote solar power. Hoshine is one of the biggest global suppliers of polysilicon, a material used to make solar panels.