In his first weeks in office, President Joe Biden has wasted no time in dumping a batch of major Trump administration policies, but his administration seems intent on approaching trade with caution and deliberation.
Keystone XL President Richard Prior said over 1,000 jobs, the majority unionized, will be eliminated. The premier of the oil-rich Canadian province of Alberta called the decision an “insult” and said the Canadian government should impose trade sanctions.
China eked out 2.3% economic growth in 2020, likely becoming the only major economy to expand as shops and factories reopened relatively early from a shutdown to fight the coronavirus while the United States, Japan and Europe struggled with rising infections.
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.
Indiana Gov. Eric Holcomb said it would take years to clean up the 725-acre site, making it not financially viable.
In its decision, the WTO ruled against the administration’s argument that China has engaged in practices harmful to U.S. interests, on issues including intellectual property theft, technology transfer and innovation.
The increase was driven by a record 10.9% increase in imports. Exports were also up, but by a smaller 8.1%.
After decades of skepticism, pretty much every Indiana political entity, from small towns to the Governor’s Office, strives to persuade overseas businesses to launch operations in the state,
If talks on ending the dispute fail, the world could face downward pressure on trade at a time when the global economy is already reeling from the pandemic.
U.S. futures swung wildly as the remarks caused concern that the deal signed in January, which paused the trade war between world’s two largest economies, was in jeopardy.
The agricultural shopping spree is part of a campaign to address complaints about the trade surplus and difficulties U.S. companies face in accessing Vietnamese markets.
The Dow Jones industrial average slumped more than 3% and gave up all of its gains for the year as a surge in virus cases and a worrisome spread of the disease outside the epicenter in China sent investors running for safety.
China’s economy is being rocked by the new virus that has infected more than 75,000 people and forced many businesses and factories to temporarily close.
Goods affected by the latest reduction include industrial components and medical and factory equipment.
Local officials have orders from the ruling Communist Party to get businesses functioning again while still enforcing anti-disease curbs that have shut down much of the world’s second-largest economy.
The new agreement isn’t vastly different from NAFTA, observers say, but does contain new provisions automakers will be paying attention to—even if the impact of these provisions isn’t yet entirely clear.
Among the first tangible impacts in the U.S. is a decline in the number of Chinese tourists. Visitors from China represent a lucrative market for American airlines, hotels, luxury retailers and entertainment venues.
Many U.S. small business owners are facing a shortage of products or components because suppliers, who closed for the weeks-long New Year holiday, remain shut due to the virus that has killed more than 1,100 people.
The cuts follow last month’s signing of a “Phase 1” agreement toward ending a long-running tariff war over Beijing’s technology ambitions and trade surplus.
The Commerce Department said Wednesday that the gap between what the United States sells and what it buys abroad fell 1.7% last year, to $616.8 billion.
