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☆ Jamie Dimon fears for the future of the free world and US debt
▼ + stars: | 2024-04-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —JPMorgan Chase CEO Jamie Dimon is worried about the future of the free world. “The geopolitical situation is probably the most complicated and dangerous since World War II,” Dimon said during a talk at the Economic Club of New York on Tuesday. “The world order that formed after WWII, Bretton Woods, WTO [the World Trade Organization], and the UN is kind of being challenged,” he said. This is not the first time Dimon has warned that the world is on the brink of a massive realignment. The country’s national debt is now over $34.5 trillion, or about $103,000 for every American.

Persons: Jamie Dimon, ” Dimon, Dimon, Bretton, ”, That’s, “, Jerome Powell, Niall Ferguson, Chris Isidore, Tesla, Elon Musk, Jeanne Sahadi, Joe Biden, “ won’t Organizations: CNN Business, Bell, New York CNN, JPMorgan, Economic, of New, World Trade Organization, UN, AAA, NATO, Atlantic Treaty Organization, Federal, Federal Trade Commission, FTC, of Commerce Locations: New York, of New York, Ukraine, NATO, Israel, US, China, Bretton Woods, WTO, Russia

☆ WTO forecasts rebound in global trade but keeps geopolitical risks in focus
▼ + stars: | 2024-04-10 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The World Trade Organization on Wednesday said that it expects global trade to rebound gradually this year, before rising further in 2025, as the impacts of higher inflation fall into the rearview mirror. In its latest "Global Trade Outlook and Statistics" report, the WTO forecast that total global trade volumes will increase by 2.6% in 2024, and by a further 3.3% in 2025. It follows a larger-than-expected 1.2% decline in 2023, as inflationary pressures and higher interest rates weighed on international trade. The trade rebound is expected to be "broad-based," including across Europe, which experienced some of the deepest falls in trade volumes last year as a result of geopolitical tensions and the energy crisis caused by Russia's full-scale invasion of Ukraine. "Europe was really weighing on international trade in 2023, and we don't see that being the case anymore," Ossa said.

Persons: Ralph Ossa, CNBC's Silvia Amaro, Russia's, Ossa Organizations: World Trade Organization, Trade Outlook, WTO Locations: Europe, Africa, India, Pakistan, Southeast Asia, Qianwan, Qingdao Port, Qingdao, China, Ukraine

☆ ‘Reglobalization’ to the Rescue?
▼ + stars: | 2024-04-05 | by ( Ephrat Livni | ) www.nytimes.com time to read: 1 min

The term “reglobalization” emerged as “cracks started to appear in the facade of happy globalization,” said Roland Benedikter, co-head of a research center in Italy and an editor of “Globalization Past, Present, Future.”Globalization itself took off in the 1990s, as technological advances made it easier and cheaper to do business internationally. China’s admission to the World Trade Organization in 2001 seemed to cement the era. Enthusiasts have believed this interdependence would deepen as technology evolved, improving quality of life for all. But the global migration crisis and swelling wealth inequality prompted experts to reconsider, Benedikter said. For the W.T.O., “reglobalization” is a more inclusive vision, linking trade and climate policies and extending economic ties so that more populations benefit.

Persons: ”, Roland Benedikter, Benedikter Organizations: World Trade Organization Locations: Italy

BEIJING (AP) — Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country's booming but crowded market for electric cars. The tech company will start taking orders for the SU7, a sporty four-door sedan, following a launch event with founder Lei Jun in Beijing on Thursday evening. Government subsides have helped make China the world's largest market for electric vehicles, and a bevy of new makers are locked in fierce competition. "I believe that one day, Xiaomi EVs will be a familiar sight on roads around the world,” he was quoted as saying in a company news release. “China is determined to dominate the future of the auto market, including by using unfair practices,” President Joe Biden said when the U.S. investigation was announced.

Persons: —, Lei Jun, Lei, Xiaomi, Le, ”, automaking, “, ” Le, Joe Biden, I’m Organizations: BEIJING, Analysts, Fitch, Sino, Insights, EU, U.S, Trade Organization, U.S . Defense Department, U.S . Locations: China, Beijing, American, U.S

☆ A glut of cheap Chinese goods is flooding the world and stoking trade tensions
▼ + stars: | 2024-03-28 | by ( Hanna Ziady | Laura He | ) edition.cnn.com time to read: +8 min

The oversupply of Chinese goods in key industries is stoking tensions between the world’s biggest manufacturer and its major trading partners, including the United States and the European Union. From clothes to carsChina’s exports of low-priced goods got a boost after it joined the World Trade Organization (WTO) in 2001. “What China exports is advanced production capacity that meets the needs of foreign customers,” Xinhua News Agency wrote. US President Joe Biden recently pledged to investigate whether imports of Chinese vehicles pose a national security threat. “But perhaps more importantly, persistent oversupply and low prices of Chinese goods will add to geopolitical tensions and keep the threat of tariffs and counter-tariffs alive,” she wrote in a recent note.

Persons: Hong Kong CNN —, ” Jens Eskelund, Xi Jinping, Huang Jingwen, ” Eskelund, Brad W, ” Markus W, Voigt, China’s BYD, Warren Buffett, Setser, Li Qiang, “, ”, Joe Biden, Jennifer McKeown, Shawn Deng Organizations: Hong Kong CNN, European Union, European Union Chamber of Commerce, Zero, of, People, China’s National Bureau of Statistics, Council, Foreign Relations, World Trade Organization, Aream Group, Tesla, Getty, China Development Forum, Xinhua, Agency, ., EV, European Commission, WTO, Capital Economics Locations: Hong Kong, United States, China, Europe, Beijing, Xinhua, China's Shandong, . Washington, Brussels

The decision scraps duties as high as 218% on Australian wine exports to China, its largest overseas market once worth more than 1 billion Australian dollars ($653 million). The Australian government said it welcomed Beijing’s decision “which comes at a critical time for the Australian wine industry.”“Since 2020, China’s duties on Australian wine effectively made it unviable for Australian producers to export bottled wine to that market,” the statement read. “There are a lot of people in the Australian wine industry who will be reaching out for a good glass of wine tonight and feeling a whole lot happier about their future,” Bruce Tyrrell, managing director of Tyrrell’s Wines in New South Wales, told CNN. Annual wine production hit its lowest point in more than 15 years during 2022-2023, Wine Australia said. Lee McLean, head of national association of grape and wine producers Australian Grape & Wine, said industry groups were working with the Australian government to “ensure a coordinated re-entry” into the market.

Persons: ”, “, that’s, ” Bruce Tyrrell, Lee McLean, ” McLean, Anthony Albanese’s, Albanese, Wang Yi, Penny Wong, Yang Hengjun, Wong Organizations: Sydney CNN, China’s Ministry of Commerce, Canberra, World Trade Organization, Tyrrell’s, CNN, Wine Australia, Global, Wine, China’s Foreign, Anthony Albanese’s Labor, China’s, Ministry, Australian Locations: Hong Kong, Sydney, China, Australia, Beijing, New South Wales, Wine Australia, United Kingdom, Europe, China’s

The International Energy Agency, a Paris-based intergovernmental group, notes that in 2023 China accounted for around 60% of global electric car sales. Yellen's remarks are to be delivered Wednesday afternoon at Suniva — a solar cell manufacturing facility in Norcross, Ga. It is reopening, in part, because of incentives provided by the Democrats' Inflation Reduction Act, which provides tax incentives for green energy manufacturing. The European Union, also concerned about the potential threat to its auto industry, launched its own investigation into Chinese subsides for electric vehicles last year. “In the past, in industries like steel and aluminum, Chinese government support led to substantial overinvestment and excess capacity that Chinese firms looked to export abroad at depressed prices,” Yellen said.

Persons: Janet Yellen, China's, ” Yellen, ”, Xi Jinping, Xi Organizations: WASHINGTON, —, International Energy Agency, Treasury, Democrats, China, Trade Organization, U.S, Chinese Commerce Ministry, European Union, “, Communist Party Locations: China, Georgia, Paris, Norcross , Ga, U.S, Beijing

☆ China opens WTO dispute against U.S. subsidies to protect its EV industry
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +1 min

Vehicles set to be shipped to Europe, at Taicang Port on Dec. 19, 2022, in Suzhou, China. China has initiated dispute settlement proceedings against the United States at the World Trade Organization to safeguard its interests in the electric vehicle industry, the Chinese mission said on Tuesday and the WTO confirmed. China said it was contesting "discriminatory subsidies" under the U.S. Inflation Reduction Act (IRA) that it said resulted in the exclusion of goods from China and other WTO countries. The wide-ranging law provides billions of dollars in tax credits to help consumers buy electric vehicles and companies produce renewable energy, as President Joe Biden aims to decarbonise the mighty U.S. power sector. It said it was launching the proceedings "to safeguard the legitimate interests of Chinese electric vehicle industry and to maintain a fair level playing field of competition for the global market".

Persons: Joe Biden Organizations: Taicang Port, World Trade Organization, WTO, U.S Locations: Europe, Taicang, Suzhou, China, United States

☆ China vows to treat foreign firms equally as it seeks more international investment
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: +4 min

Guo Tingting, Chinese Vice Minister of Commerce, attends the China Development Forum in Beijing on March 25, 2024. "China will fully guarantee national treatment for foreign companies, so that more foreign companies can invest in China with confidence and peace of mind," Vice Commerce Minister Guo Tingting said at the China Development Forum in Beijing. China pledged on Monday to treat foreign companies the same way as domestic peers in a bid to attract more foreign investment, cooperation and expertise, as Asia's largest economy moves to upgrade and strengthen its industrial chains. In response, China has stepped up efforts to address concerns of foreign investors, pledging to protect the rights of foreign companies and promising to further enlarge entry into its markets. Over 100 overseas executives and investors have attended the annual China Development Forum since the weekend, including companies with deep supply chains in China such as Apple and Siemens .

Persons: Guo Tingting, Guo, Li Qiang, Stephen von Schuckmann, CGTN, We're, Information Technology Jin Zhuanglong, Jin, Kristalina Georgieva Organizations: Commerce, China Development Forum, Trade Organization, WTO, Sunday, ZF Group, Apple, Siemens, Industry, Information Technology, Monetary Fund's Locations: Beijing, China, consultancies, United States

☆ China ambassador says Australia wine tariff review on track
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +1 min

China's review of tariffs on Australian wine is progressing well, Chinese Ambassador Xiao Qian said on Monday, but he stopped short of confirming an Australian government claim the dispute would be resolved this month. China's review of tariffs on Australian wine is progressing well, Chinese Ambassador Xiao Qian said on Monday, but he stopped short of confirming an Australian government claim the dispute would be resolved this month. "Currently, Chinese authorities are reviewing and investigating our tariffs on Australian wine and things are moving on the right track, in the right direction," Xiao told the Australian Financial Review Business Summit. A day earlier, Australia's trade minister said China would complete its review into the years-long wine tariffs by the end of March. The standoff over China's tariffs of up to 218% on Australian wine remains unresolved.

Persons: Helen, Joey, Xiao Qian, Xiao Organizations: Australian Financial, Business, Australian, World Trade Organization Locations: Shiraz, Yarra, Greater Melbourne, Australia, China, Beijing

☆ Eight Australian companies have made commitments to invest in Malaysia, minister says
▼ + stars: | 2024-03-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEight Australian companies have made commitments to invest in Malaysia, minister saysTengku Zafrul Aziz, Malaysia's minister of investment, trade and industry, discusses the ASEAN-Australia Special Summit and the World Trade Organization's decision to rule in favor of the EU in a palm oil dispute with Malaysia.

Persons: Tengku Zafrul Aziz Organizations: ASEAN, Summit, Trade, EU Locations: Malaysia

☆ Opinion | A Better Way to Negotiate at the W.T.O.
▼ + stars: | 2024-02-29 | by ( Farah Stockman | ) www.nytimes.com time to read: +1 min

That’s why so many of the headlines out of the big World Trade Organization conference this week in the United Arab Emirates — “Meeting Seeks Modest Outcomes”; “Slim Hopes for Breakthrough” — convey low expectations. Nevertheless, there is something important to celebrate: For over a year now, the diplomats responsible for reforming the W.T.O. have been trying out a new way of doing business, with remarkable results. Then they came up with creative ways to achieve those goals and wrote a new set of proposed rules together. It may sound a lot like common sense, but in the rigid world of international trade, it amounted to a radical change.

Persons: —, “, ” Bruce Hirsh Organizations: World Trade Organization, United, United Arab Emirates, U.S, Mission Locations: United Arab

☆ India and South Africa block major investment deal at WTO talks
▼ + stars: | 2024-02-29 | by ( ) www.cnbc.com time to read: +1 min

Delegates attend the 13th World Trade Organization Ministerial Conference in Abu Dhabi of Feb. 26, 2024. India and South Africa have filed a formal objection against an investment agreement at a World Trade Organization meeting in Abu Dhabi, blocking its adoption in a move that observers say could block hundreds of billions of dollars in investment. India and South Africa have filed a formal objection against an investment agreement at a World Trade Organization meeting in Abu Dhabi, blocking its adoption in a move that observers say could block hundreds of billions of dollars in investment. The deal agreed by some 125 countries, or about three-quarters of the WTO's members, aims to simplify red tape, improve the investment environment and encourage foreign direct investment. A Western trade delegate at the talks called it "ironic that India and South Africa stand in the way of something with such manifest benefits for developing countries."

Persons: Alan Yanovich, Akin Gump Strauss Organizations: World Trade Organization Ministerial, World Trade Organization, South Locations: Abu Dhabi, India, South Africa

The organization will host trade ministers and other officials from its 164 member countries in Abu Dhabi from Feb. 26-29. “People don’t realize that they’re taking for granted that 75% of world trade is taking place on WTO terms,” she said. Photos You Should See View All 33 ImagesIn Abu Dhabi, countries will discuss a “Fish 2” deal to ban subsidies that contribute to too many boats — or overfishing in general. It has created a “tough environment” for deals in Abu Dhabi at the end of the month. “The best we can do is to demonstrate why ... continuing to follow WTO rules is the best thing for the world.”

Persons: Donald Trump —, —, Ngozi Okonjo, Iweala, ”, Trump, “ Organizations: GENEVA, World Trade Organization, White House, WTO, Agriculture, United, Washington, European Union, Trump Locations: Geneva, Abu Dhabi, United States, Canada, Mexico, China, Britain, Japan, U.S, India, Europe

☆ Nigeria's Access Bank Group CEO Among Six Dead in California Helicopter Crash
▼ + stars: | 2024-02-10 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Six people, including the group chief executive of one of Nigeria's largest lenders, were killed in a helicopter crash in Southern California on Friday, authorities said. Six people were on board the helicopter when it crashed around 10 p.m. near Nipton, California, the U.S. Federal Aviation Administration said in a statement. Access Bank Group CEO Herbert Wigwe's death was confirmed by Ngozi Okonjo-Iweala, director general of the World Trade Organization, in a post on X, along with that of Nigerian Exchange Group's former Chairman Abimbola Ogunbanjo. "Terribly saddened by the news of the terrible loss of Herbert Wigwe, Group CEO Access Bank, his wife and son as well as Bimbo Ogunbanjo in a helicopter crash," Okonjo-Iweala said on X. The helicopter was headed to Las Vegas when it crashed near a border city between Nevada and California, according to multiple reports.

Persons: Herbert Wigwe's, Ngozi Okonjo, Abimbola Ogunbanjo, Herbert Wigwe, Bimbo Ogunbanjo, Iweala, Surbhi Misra, Jyoti Narayan, Andrea Ricci Organizations: Reuters, U.S . Federal Aviation Administration, Access Bank, World Trade Organization, Exchange, San Bernardino County Sheriff’s Department, FAA, Eurocopter EC, National Transportation Safety Board Locations: Southern California, Nipton , California, San Bernardino County, Halloran, Las Vegas, Nevada, California, Bengaluru

CNN —The CEO of a major Nigerian bank, along with his wife and son, were among six people killed in a helicopter crash in the Mojave Desert near the California-Nevada border late Friday night, according to a World Trade Organization official. Both of the helicopter’s pilots were also killed, according to authorities. The aircraft, which was operated by California-based charter company Orbic Air, took off around 8:45 p.m. PT and crashed just after 10 p.m. near Interstate 15 in Halloran Springs, California, Graham said. The NTSB is investigating the cause of the crash and was on the scene in Halloran Springs, California, Saturday night collecting evidence, Graham said at a news conference. Authorities have yet to publicly identify the people killed but condolences have began pouring in for the Wigwe family and Ogunbanjo.

Persons: Herbert Wigwe, Abimbola Ogunbanjo, Ngozi Okonjo, Iweala, Michael Graham, Graham, Witnesses, Godwin Obaseki, ”, ” “ Wigwe, ” Obaseki, Wigwe Organizations: CNN, California -, World Trade Organization, Access Bank, Nigeria Stock Exchange, WTO, Airbus, National Transportation Safety, Orbic Air, NTSB, Authorities, Bank, San Bernardino County Sheriff’s Department Locations: Nigerian, California, California - Nevada, Palm Springs , California, Boulder City , Nevada, Las Vegas, Halloran Springs , California, Nigeria’s Edo, Nigeria, San Bernardino County, Graham

Worldwide, the IMF thinks inflation will ease from 6.8% in 2023 to 5.8% in 2024 and 4.4% in 2025. The IMF expects the 20 countries that share the euro currency to collectively grow a meager 0.9% this year. The IMF also modestly downgraded the outlook for the Japanese economy, to 0.9%, a drop from 1.9% growth in 2023. The IMF expects oil prices, which plunged 16% in 2023, to fall a further 2.3% this year and 4.8% in 2025. The IMF expects world trade to grow just 3.3% this year and 3.6% in 2025, below the historical average of 4.9%.

Persons: ’ Pierre, Olivier Gourinchas, Gourinchas, ’ Gourinchas, Joe Biden’s Organizations: WASHINGTON, Monetary Fund, Federal Reserve, IMF, Trade Organization Locations: United States, Yemen, Red, Asia, Europe, Suez, Africa, U.S, Brazil, India, Southeast Asia, Russia, Ukraine, Russian, China

☆ Global trade will fall this year amid slower growth and Red Sea turmoil, WTO official says
▼ + stars: | 2024-01-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Read previewThe World Trade Organization is likely to slash 2023 and 2024 trade projections due amid weaker-than-expected global economic activity and disruptive attacks by Houthi militants in the Red Sea. The WTO previously projected a rise of 0.8% in merchandise trade volumes for 2023 and a 3.3% increase for 2024. Ossa said the WTO would publish updated forecasts in the coming months, and various global organizations have trimmed their GDP growth forecasts this year, impacting the WTO's trade predictions. He also emphasized a growing uptick in consumer prices due to surging shipping costs since the Houthi attacks began. The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea in this photo released November 20, 2023.

Persons: —, Ralph Ossa, Ossa, haven't, Joe Biden Organizations: Service, Trade Organization, Business, WTO, Reuters, Galaxy Leader, Houthi Military Locations: Red, Iran, Suez, Europe

☆ 5 reasons why Airbus went from struggling outsider to beating Boeing
▼ + stars: | 2024-01-20 | by ( Pete Syme | ) www.businessinsider.com time to read: +7 min

The A320's revolutionary fly-by-wire design and the Boeing 737 Max groundings help boost Airbus. In the 2014 documentary "Airbus vs Boeing: The Jumbo Jet Race" he said he was nearly fired for doing so. AdvertisementThe A320 went on to become the world's second-best-selling airliner, behind the Boeing 737. 737 Max groundingsSouthwest Airlines' grounded Boeing 737 Max jets in 2019. As Boeing and its 737 Max face more scrutiny following the Alaska Airlines blowout, Airbus seems likely to keep flying high.

Persons: Max groundings, —, Wright, Bernard Lathière's, Istvan Bajzat, Bernard Lathière, Lathière, Prince Charles, Princess Diana, Lionel Cironneau, Princess Diana —, Clinton, PAUL RICHARDS, Bill Clinton, ERIC CABANIS, Max —, Max, Mario Tama Organizations: Airbus, Boeing, Eastern Air Lines, Service, Getty, Lines, Washington Post, AP, Lionel Cironneau Airbus, Concorde, World Trade Organization, Union, Reuters, WTO, Getty Images Airbus, Show, Airlines, Max, Lion Air, Ethiopian Airlines, Paris Air, Alaska Airlines Locations: Europe, Toulouse, France, Boeing's, Germany, Spain, AFP, American

☆ Leaders at Davos see a global economy moving toward a new normal
▼ + stars: | 2024-01-19 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

President of the European Central Bank (ECB) Christine Lagarde attends a session on the closing day of the World Economic Forum (WEF) annual meeting in Davos, on January 19, 2024. The pandemic saw spending fall and people's savings grow, while global trade was also disrupted. The World Trade Organization (WTO) expects trade to increase by 3.3% in 2024, per a forecast released in October. "Around the world, inflation is coming down, and we have seen it in November [in] both headline inflation and core inflation," she said. Speaking on the same panel, WTO Director General Ngozi Okonjo-Iweala agreed that the economy is "maybe moving towards normalization" but she described it as "not normal, because trade growth is still trending below GDP growth."

Persons: Christine Lagarde, Lagarde, Ngozi Okonjo Organizations: European Central Bank, Economic, Bloomberg, World Trade Organization, ECB Locations: Davos, Switzerland

☆ WTO chief: Red Sea attacks are weighing on our sentiment on goods trade
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWTO chief: Red Sea attacks are weighing on our sentiment on goods tradeNgozi Okonjo-Iweala, director-general of the World Trade Organization, says the Red Sea ship attacks have been weighing on the organization's sentiment on goods trade this year.

Organizations: WTO, World Trade Organization

☆ EU's Eastern Members Demand Import Duties on Ukraine Grains
▼ + stars: | 2024-01-15 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

BUDAPEST (Reuters) - The European Union's eastern states are demanding the EU impose import duties on Ukraine grains, citing unfair competition, Hungary's agricultural ministry said on Monday. "One of these [measures] could be introducing import duties on the most sensitive agricultural products." Ukraine's larger farm sizes make the country's grain exports cheaper and that is pushing EU farmers out of their traditional export markets, the ministers said. Farmers in Bulgaria, Poland, Hungary, Romania and Slovakia "have suffered significant damages" since the EU suspended import quotas and customs on grain from Ukraine last year, they said. Ukraine responded by complaining to the World Trade Organization against the three countries, while other EU members condemned the unilateral moves.

Persons: Istvan Nagy, Valdis, Janusz Wojciechowski, Anita Komuves, Susan Fenton Organizations: European Commission, Hungary's, Farmers, EU Trade, EU, World Trade Organization Locations: BUDAPEST, Ukraine, Bulgaria, Poland, Hungary, Romania, Slovakia, Brussels, Kyiv

☆ Op-ed: Europe is leaving a void in a multipolar world
▼ + stars: | 2023-11-30 | by ( Kevin Klowden | Chief Global Strategist At The Milken Institute | ) www.cnbc.com time to read: +5 min

The Russian invasion of Ukraine only three months later served to provide an immediate driver for greater political unity within Europe. China, Russia and even the United States under Donald Trump have expressed dissatisfaction with institutions such as the World Trade Organization, the G7 and the United Nations. watch nowThe void is particularly apparent at the WTO, where the lack of European leadership on trade as the U.S. turned inward is particularly felt. Perhaps nothing shows the consequences of the lack of European strength in preserving these institutions than the Russian invasion of Ukraine. However, the combination of a split over Ukraine, and internal divisions within Europe, have prevented any way for Europe to play a key role with China.

Persons: Emmanuel Macron, Ursula von der Leyenââ, Pedro Sanchez Perez, Klaus Iohannis, Chancellor, Germany, Olaf Scholz, Charles Michel, Dursun, Angela Merkel, Donald Trump, Vladimir Putin, Merkel, Ursula von der Leyen, Xi Jinping Organizations: European Commission, European, European Union, Anadolu Agency, Getty, World Trade Organization, United Nations, WTO, EU, NATO, APEC Locations: Spain, Romania, Brussels, Belgium, United States, China, Europe, Russia, Ukraine, Israel, U.S, Germany, Moscow, India, Southeast Asia, EU, East, Africa

☆ Biden Trade Policy Breaks With Tech Giants - The New York Times
▼ + stars: | 2023-11-27 | by ( Farah Stockman | ) www.nytimes.com time to read: +3 min

“We have warned for years that either the United States would write the rules for digital trade or China would,” Senator Mike Crapo, a Republican from Idaho, lamented in a press statement. That paper explains how U.S. trade officials came to champion a digital trade policy agenda that was nearly identical to what Google, Apple and Facebook wanted: No restrictions on the flow of data across borders. No laws that would curb monopolies or encourage more competition — a position that is often cloaked in clauses prohibiting discrimination against American companies. Many smaller tech companies complain that big players engage in monopolistic behavior that should be regulated. A group of smaller tech companies called the Coalition for App Fairness thanked Ms. Tai for dropping support for the so-called tech-friendly agenda at the World Trade Organization.

Persons: Mike Crapo, Biden, Tai, Wendy Li, Ms, Li, Henry Gao Organizations: Republican, Facebook, Google, University of Wisconsin, Trump, Microsoft, Apple, Coalition, World Trade Organization Locations: China, United, Idaho, Madison, United States, Mexico, Canada, Washington, Singapore

☆ Foxconn is still running with difficult status quo
▼ + stars: | 2023-11-27 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 27 (Reuters Breakingviews) - Terry Gou is not running for Taiwan’s presidency after all. Nonetheless, the $45 billion Apple (AAPL.O) supplier’s continuing push to move production outside of China leaves it firmly on frontlines of rising cross-strait tensions. Foxconn grew into the biggest employer in China, with more than 1 million workers at its peak and a top contract manufacturer for global brands. Foxconn is out of the election spotlight but it still has to grapple with an awkward status quo. CONTEXT NEWSTerry Gou, the billionaire founder of electronics maker Foxconn, announced on Nov. 24 that he will be withdrawing from Taiwan’s presidential election next month.

Persons: Terry Gou, Critics, Foxconn, Una Galani, Thomas Shum Organizations: Reuters, Apple, Democratic Progressive Party, DPP, KMT, Hai Precision Industry, World Trade Organization, Reuters Graphics, China -, Foxconn, Taipei Times, Thomson Locations: HONG KONG, China, Washington, Beijing, Taiwan, Kuomintang, Taipei

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