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read moreThe European Commission, which oversees EU trade policy, is keen to find a solution by July 11 when a suspension of transatlantic tariffs agreed in March comes to an end. But hurdles remain over the extent to which those conditions could effectively allow the United States to approve or block European projects, they added. read moreThe United States wants a common review of aerospace funding in non-market economies like China, two of the people said. Britain and the United States committed last week to settle the aircraft dispute. A European diplomat said Britain and the EU were broadly aligned in trying to reach a deal with the United States.
Persons: Pascal Rossignol, Katherine Tai, Valdis Dombrovskis, Robert Lighthizer, Washington, Marjorie Chorlins, It's, Brexit Organizations: Airbus, Boeing, 51st Paris Air, REUTERS, European Union, EU, . Trade, European Commission, World Trade Organization, Reuters, U.S . Chamber, Commerce, Washington, Thomson Locations: Le Bourget, Paris, United States, Europe, China, Washington, London, Tuesday's U.S, Britain, United, CHINA, U.S, Beijing, Hungary, Hong Kong, Brussels, EU, European
WASHINGTON—The Biden administration’s long-awaited review of tariff policy can’t come soon enough for an Ohio bedding maker, which says it is being pummeled by U.S. levies on imported Chinese feathers. The family-owned business, Down-lite International Inc., won an exclusion from import tariffs last spring after arguing that there are few other places besides China where it can get the feathers it needs to stuff its quilts, comforters and other bedding. The exclusions that were granted to Down-lite and thousands of other U.S. companies expired by late last year, however, and the U.S. Trade Representative’s Office says it won’t consider granting new exclusions until it completes a top-to-bottom review of tariffs on these and other Chinese imports imposed by the Trump administration. Meanwhile, no tariffs were ever imposed on many of the finished bedding products from China—such as down-filled comforters and quilts, mattress pads, feather beds and sleeping bags—putting Down-lite at a disadvantage to its Chinese competitors in many of the company’s key products. “It’s basically just helping the Chinese right now while hurting U.S. manufacturing,” said Josh Werthaiser, president of Down-lite’s feather and down division.
Persons: WASHINGTON —, Biden, can’t, won’t, Trump, It’s, , Josh Werthaiser Organizations: U.S . Trade Representative’s, Down Locations: Ohio, China
WASHINGTON—The Biden administration’s long-awaited review of tariff policy can’t come soon enough for an Ohio bedding maker, which says it is being pummeled by U.S. levies on imported Chinese feathers. The family-owned business, Down-lite International Inc., won an exclusion from import tariffs last spring after arguing that there are few other places besides China where it can get the feathers it needs to stuff its quilts, comforters and other bedding. The exclusions that were granted to Down-lite and thousands of other U.S. companies expired by late last year, however, and the U.S. Trade Representative’s Office says it won’t consider granting new exclusions until it completes a top-to-bottom review of tariffs on these and other Chinese imports imposed by the Trump administration. Meanwhile, no tariffs were ever imposed on many of the finished bedding products from China—such as down-filled comforters and quilts, mattress pads, feather beds and sleeping bags—putting Down-lite at a disadvantage to its Chinese competitors in many of the company’s key products. “It’s basically just helping the Chinese right now while hurting U.S. manufacturing,” said Josh Werthaiser, president of Down-lite’s feather and down division.
Persons: WASHINGTON —, Biden, can’t, won’t, Trump, It’s, , Josh Werthaiser Organizations: U.S . Trade Representative’s, Down Locations: Ohio, China
U.S. Trade Representative Tai to hold talks in Britain next week
  + stars: | 2021-06-11 | by ( Andrea Shalal | ) www.reuters.com sentiment -0.98   time to read: +2 min
WASHINGTON (Reuters) - U.S. Trade Representative Katherine Tai will travel to Britain on Wednesday and hold talks with British trade minister Elizabeth Truss after participating in a U.S.-European Union summit and holding several bilateral meetings, her office said. On Wednesday, Tai will travel to London and hold bilateral meetings with British trade secretary Elizabeth Truss before returning to the United States, USTR said. The White House has said it will put new trade deals on hold until it has reviewed Trump’s trade policies. Britain and the United States had started talks on a bilateral free trade deal under Trump, but failed to reach an accord before Biden took office. UK ambassador Karen Pierce told Reuters that U.S. officials were supportive of a free trade deal with Britain, but the timing was unclear given other U.S. domestic priorities.
Persons: Katherine Tai, Elizabeth Truss, Pete Marovich, REUTERS Tai, Tai, Valdis Dombrovskis, ” USTR, USTR, Trump, Biden, Karen Pierce Organizations: WASHINGTON, . Trade, Union, Senate, Capitol, REUTERS, AFL, U.S, EU, Transatlantic, Trump, Reuters, European Union Locations: Britain, U.S, Washington , U.S, Brussels, London, United States
U.S. Trade Representative Katherine Tai said on Thursday the Biden administration was working on multiple fronts to end the pandemic. "Extraordinary circumstances call for extraordinary measures," Tai told a virtual town hall for union members hosted by the AFL-CIO trade federation. Sean Flynn, an expert on intellectual property at American University Washington, said he expects the WTO to reach a deal on a waiver during a ministerial meeting later this year. The pharmaceutical industry argues that companies invested their own funds to develop vaccines and waiving their IP rights will undermine such work in the future. Robert Grant, senior director of international affairs at the U.S. Chamber of Commerce’s Global Innovation Policy Center, said there was "no evidence" that waiving intellectual property rights would boost vaccine production.
Persons: Lucy Nicholson, Katherine Tai, Biden, Tai, Joe Biden, Sean Flynn, Janet Yellen, Robert Grant, we’re, Organizations: Pfizer, REUTERS, U.S . Trade, AFL, World Trade Organization, WTO, Biden, American University Washington, Treasury, U.S . Chamber, Innovation Policy, Thomson Locations: Los Angeles , California, U.S, States, Washington, Germany, Britain
WASHINGTON (Reuters) -U.S. Trade Representative Katherine Tai said on Thursday she will accompany President Joe Biden to Brussels next week for “intense negotiations” to try to resolve trade disputes over aircraft subsidies and steel and aluminum. FILE PHOTO: Katherine Tai, nominee for US Trade Representative speaks at the Senate Finance Committee hearing at the US Capitol in Washington, DC, U.S. February 25, 2021. “We’ll participate in intense negotiations to resolve the 16-year-old Boeing/Airbus disputes and to find a path forward on products like steel and aluminum,” Tai said, repeating her upbeat assessment of the talks thus far. “From my conversations so far, I am optimistic that we will be successful,” Tai told the event. Discussions about steel and aluminum tariffs are still in the early stages and will take longer to resolve, the source said.
Persons: Katherine Tai, Joe Biden, , Tasos, REUTERS Tai, “ We’ll, Tai, ” Tai, Biden, Organizations: WASHINGTON, . Trade, US Trade, Senate, REUTERS, AFL, Boeing, Airbus, EU, United Steelworkers, Reuters, Boeing Co Locations: Brussels, Washington , DC, U.S, China
Yuan briefly hits 1-week high on Sino-U.S. trade talks
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +2 min
In the spot market, onshore yuan opened at 6.3840 per dollar and rose to a high of 6.38, the strongest level since June 3. By midday, the global dollar index rose to 90.197 from the previous close of 90.14, while the offshore yuan was trading at 6.3822 per dollar. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2% from official midpoint rate it sets each morning. OFFSHORE CNH MARKET Instrument Current Difference from onshore Offshore spot yuan 6.3822 0.05% * Offshore 6.5407 -2.19% non-deliverable forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint.
Persons: Wang Wentao, Gina Raimondo, Yi Gang, Pan Gongsheng, Winni Zhou, Andrew Galbraith Organizations: People's Bank of China, Federal Reserve, State Administration of Foreign Exchange, Thomson Locations: SHANGHAI, China, Shanghai
Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. REUTERS/Aly SongTop U.S. and Chinese commerce officials spoke by telephone and agreed to promote healthy trade and cooperate over differences, China’s commmerce ministry said on Thursday, the latest high-level exchange as the countries spar over disagreements. Both sides recognise the importance of business exchanges and will keep lines of communication open, the Chinese statement said after Commerce Minister Wang Wentao spoke with U.S. Commerce Secretary Gina Raimondo. "They agreed to promote the healthy development of trade and investment and cooperate in a pragmatic way to handle their differences," the Chinese ministry said. In a Thursday editorial, official China Daily saying in an editorial that the U.S. technology legislation is “really deployment for Cold War.”Our Standards: The Thomson Reuters Trust Principles.
Persons: Aly, China’s commmerce, Wang Wentao, Gina Raimondo, Liu, Janet Yellen, Katherine Tai, Joe Biden Organizations: Bund, REUTERS, Commerce, U.S . Commerce, U.S, Treasury, . Trade, U.S . Senate, Trump, Thomson Locations: Shanghai, China, Beijing, U.S
U.S. commerce chief expressed concerns to Chinese counterpart, Washington says
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -0.89   time to read: +2 min
Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. REUTERS/Aly SongThe Biden administration's top commerce official told her Chinese counterpart Washington is concerned about Beijing's industrial policies, the Commerce Department said on Thursday, the latest high-level exchange as the countries spar over disagreements. China's commerce ministry said separately that the two officialsagreed to keep lines of communication open. Earlier this month, Chinese Vice Premier Liu spoke with U.S. Treasury Secretary Janet Yellen, and late last month he held a similarly "candid" exchange of views with U.S. Trade Representative Katherine Tai. read moreIn a Thursday editorial, official China Daily said the U.S. technology legislation is "really deployment for Cold War."
Persons: Aly Song, Biden, Gina Raimondo's, Wang Wentao, Liu, Janet Yellen, Katherine Tai, Joe Biden Organizations: Bund, REUTERS, Commerce Department, Commerce, Chinese Commerce, U.S, Treasury, . Trade, U.S . Senate, Trump, China Daily, Thomson Locations: Shanghai, China, Washington, Beijing, U.S
Taiwan ‘cautiously optimistic’ on resuming U.S. trade talks, official says
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -0.98   time to read: +2 min
REUTERS/Stephen LamTaiwan is “cautiously optimistic” about resuming stalled high level trade talks with the United States this year, a senior official said on Thursday, after U.S. Secretary of State Antony Blinken signalled a possible resumption. Taiwan has long angled for a free trade deal with the United States, but trade and investment talks between the two have been stalled since the Obama administration. A senior official at Taiwan's Economy Ministry told Reuters they hope to resume the Trade and Investment Framework Agreement(TIFA) talks this year. read moreTIFA talks stalled after former President Barack Obama left office in 2016 and his successor Donald Trump's trade representative, Robert Lighthizer, focused on trade talks with China, the world's second-largest economy. The outcome could affect trade talks with Washington.
Persons: Tsai Ing, Stephen Lam, , Antony Blinken, Biden, Obama, Blinken, Barack Obama, Donald Trump's, Robert Lighthizer Organizations: REUTERS, U.S, Taiwan's Economy Ministry, Reuters, Trade, World Trade Organization, New Zealand, Washington, Thomson Locations: Taiwan, United States, America, Burlingame , California, U.S, Stephen Lam Taiwan, Beijing, China, Singapore, New
Commuter buses are parked outside the Tridonex auto-parts plant, owned by Philadelphia-based Cardone Industries, in Matamoros, Mexico January 25, 2021. REUTERS/Daina SolomonWASHINGTON (Reuters) - The United States asked Mexico on Wednesday to review whether workers at an auto parts factory were denied labor rights in the second labor complaint brought by the Biden administration under the new North American trade deal in less than a month. The U.S. Trade Representative’s office said it made the request involving the Tridonex auto parts factory in the northern border city of Matamoros after the AFL-CIO union federation petitioned the agency to review the case over allegations that the factory denied workers collective bargaining and free association rights.
Persons: Daina Solomon WASHINGTON, Biden Organizations: Cardone Industries, REUTERS, United, U.S . Trade, AFL Locations: Philadelphia, Matamoros, Mexico, United States, American
Top U.S., Taiwan Trade Officials to Talk as Early as Thursday
  + stars: | 2021-06-09 | by ( Bob Davis | ) www.wsj.com sentiment -0.99   time to read: +1 min
Trade Representative Katherine Tai plans to speak with her Taiwanese counterpart as early as Thursday as the two governments move to restart trade and investment talks that were suspended during the Trump administration, people familiar with the discussion said Wednesday. The Trade and Investment Framework Agreement talks date back to the 1990s. The talks were discontinued under the Trump administration’s trade representative, Robert Lighthizer, who considered Taiwan a mercantilist country that blocked U.S. imports. A spokesman for Taiwan’s representative in the U.S. didn’t immediately respond to a request for comment. A USTR spokesman declined comment on discussions between Ms. Tai and Taiwan’s John Deng.
Persons: Katherine Tai, Trump, Antony Blinkendisclosed, Robert Lighthizer, didn’t, Tai, John Deng Organizations: WASHINGTON —, WASHINGTON — U.S . Trade, Trade, Trump, Beijing Locations: WASHINGTON, WASHINGTON — U.S, Taiwan, Beijing, U.S
The F.A.A.N.G. trade is not dead, says David Bahnsen
  + stars: | 2021-06-09 | by ( ) www.cnbc.com sentiment -0.94   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe F.A.A.N.G. trade is not dead, says David BahnsenDavid Bahnsen, The Bahnsen Group CIO, on whether there's still life in the F.A.A.N.G.
Persons: David Bahnsen David Bahnsen Organizations: Bahnsen
U.S. trade deficit narrows in April
  + stars: | 2021-06-08 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: 1 min
WASHINGTON, June 8(Reuters) - The U.S. trade deficit retreated from a record high in April amid a decline in imports, but the improvement was likely temporary as domestic demand remains robust. The trade deficit dropped 8.2% to $68.9 billion in April, the Commerce Department said on Tuesday. Data for March was revised higher to show the gap widening to an all-time high of $75.0 billion instead of $74.4 billion as previously reported. Economists polled by Reuters had forecast a $69.0 billion trade deficit in April. (Reporting by Lucia Mutikani; Editing by Andrew Heavens)
Persons: Lucia Mutikani, Andrew Heavens Organizations: Commerce Department, Reuters Locations: U.S
U.S. trade deficit narrows in April as imports fall
  + stars: | 2021-06-08 | by ( Lucia Mutikani | ) www.reuters.com + 0.00   time to read: +4 min
The trade deficit dropped 8.2% to $68.9 billion in April, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast a $69.0 billion trade deficit in April. Still, the trade deficit was likely to remain elevated as economic activity in the United States rebounds faster than its global rivals, also thanks to massive fiscal stimulus. The resumption of international travel and in-person learning at U.S. universities in the fall is likely to result in an improvement in services trade. When adjusted for inflation, the goods trade deficit decreased $7.2 billion to $98.6 billion in April.
Persons: Carlo Allegri, Bill Adams, Chris Rupkey, Michael Pearce Organizations: REUTERS, COVID, PNC Financial, Commerce Department, Reuters, Goods, Treasury, Capital Economics, Trade, Thomson Locations: Miami , Florida, U.S, Pittsburgh , Pennsylvania, United, New York
U.S. Trade Deficit Narrowed in April
  + stars: | 2021-06-08 | by ( Josh Zumbrun | ) www.wsj.com sentiment -0.97   time to read: 1 min
WASHINGTON—The U.S. trade deficit narrowed in April after setting a record level in March as challenges with global supply chains contributed to a slowdown in imports to the U.S. The deficit in trade of goods and services shrank by 8.2% to a seasonally adjusted $68.9 billion in April, the Commerce Department said Tuesday, compared with the record $75 billion gap in March. Imports fell 1.4% to $273.9 billion, while exports grew 1.1% to $205 billion. Economists surveyed by The Wall Street Journal had expected a trade deficit of $69 billion for April. Global trade, which collapsed during the coronavirus pandemic, has been roaring back this year as economies increasingly reopen.
Persons: WASHINGTON Organizations: U.S, Commerce Department, Imports, Wall Street, Global Locations: The U.S
WASHINGTON — The Biden administration is set to announce a series of steps designed to strengthen critical U.S. supply chains on Tuesday, building up domestic manufacturing capabilities for key products and addressing existing vulnerabilities. In February, President Joe Biden ordered a 100-day interagency review of domestic supply chains. The Department of Interior will lead a task force to identify sites where critical minerals could be produced and processed in the United States." Along with these efforts to bolster domestic supply chains, the Biden administration will also announce new steps to combat "unfair foreign trade practices," which it says have contributed to the erosion of supply chains around the world. "We're looking at very targeted products where we think there are effective tools we could deploy to strengthen our own supply chains and reduce vulnerabilities."
Persons: Joe Biden, WASHINGTON —, Biden, Donald Trump Organizations: Cuyahoga Community College Manufacturing Technology, Department of Energy, Technology Vehicles Manufacturing, Interior, Department of Health, Human Services, Defense, Department of Labor, The Department, Energy, DOE, U.S . Trade, Department of Commerce Locations: Cleveland , Ohio, WASHINGTON, U.S, United States, China
The CMA CGM Marco Polo, an Explorer class container ship crosses under the Verrazzano-Narrows Bridge, to enter New York Harbor as seen from Brooklyn, New York, U.S., May 20, 2021. Americans' demand for imports abated in April, easing the U.S. trade deficit from the record level it had hit the month before, according to Census Bureau data released Tuesday. The goods and services shortfall declined to $68.9 billion for the month, down from the upwardly revised $75.02 billion in March, the highest level for a data series that stretches back to January 1992. While exports increased 1.1% to $205 billion, imports declined 1.4% to $273.9 billion, which equated to an 8.2% decline in the trade deficit. Even with the monthly decrease that still left the trade imbalance 30% higher than the year-ago level, a time when the U.S. economy largely remained in shutdown mode due to harsh restrictions imposed on businesses in an effort to control the Covid-19 pandemic.
Persons: Marco Polo Organizations: CMA Locations: New York, Brooklyn , New York, U.S
BEIJING (Reuters) -China’s imports grew at their fastest pace in 10 years in May, fuelled by surging commodity prices, while export growth missed expectations, likely weighed by disruptions caused by COVID-19 cases at major ports in the country’s south. FILE PHOTO: Containers are seen at the Yangshan Deep-Water Port in Shanghai, China October 19, 2020. Major shipping companies have warned clients of worsening congestion at Shenzhen’s Yantian port in Guangdong province after the recent outbreak. Since President Joe Biden took office in January, China has increased engagement with U.S. trade and economic chiefs. China’s Vice Premier Liu He spoke with U.S. Treasury Secretary Janet Yellen last week, just days after talks with U.S. Trade chief Katherine Tai.
Persons: Song, , Zhiwei Zhang, Zhang, Zhang Yi, Biden, Joe Biden, Liu, Janet Yellen, Katherine Tai Organizations: REUTERS, “ Export, Zhonghai, Capital Management, Reuters, Trump, U.S, Treasury, U.S . Trade Locations: BEIJING, Shanghai, China, Guangdong, Shenzhen, Guangzhou, Guangdong province
UPDATE 1-China's imports grow at fastest pace in a decade
  + stars: | 2021-06-07 | by ( Reuters Staff | ) www.reuters.com sentiment -0.76   time to read: +2 min
Exports in dollar terms grew 27.9% in May from a year earlier, slower than the 32.3% growth reported in April and missing analysts’ forecast of 32.1%. Imports increased 51.1% year-on-year last month, picking up from a 43.1% rise in April but slower than the 51.5% rise tipped by the Reuters poll. China posted a trade surplus of $45.53 billion for the month, wider than the $42.86 billion surplus in April but less than the $50.5 billion expected by analysts. The currency extended its rally in recent weeks to near three-year highs against the dollar, while its strength has yet to dent China’s trade surplus, but could further saddle U.S. consumers with higher prices. Since President Joe Biden took office in January, China has increased engagement with U.S. trade and economic chiefs.
Persons: Biden, Joe Biden, Liu, Janet Yellen, Katherine Tai Organizations: Reuters, U.S, Treasury, U.S . Trade Locations: BEIJING, China
REUTERS/Aly SongChina’s imports grew at their fastest pace in 10 years in May, fuelled by surging commodity prices, while export growth missed expectations, likely weighed by disruptions caused by COVID-19 cases at major ports in the country’s south. Major shipping companies have warned clients of worsening congestion at Shenzhen’s Yantian port in Guangdong province after the recent outbreak. China posted a trade surplus of $45.53 billion for the month, wider than the $42.86 billion surplus in April but less than the $50.5 billion expected. Since President Joe Biden took office in January, China has increased engagement with U.S. trade and economic chiefs. China’s Vice Premier Liu He spoke with U.S. Treasury Secretary Janet Yellen last week, just days after talks with U.S. Trade chief Katherine Tai.
Persons: Aly, Zhiwei Zhang, Zhang, Zhang Yi, Biden, Joe Biden, Liu, Janet Yellen, Katherine Tai Organizations: REUTERS, Export, Zhonghai, Capital Management, Reuters, Trump, U.S, Treasury, U.S . Trade, Thomson Locations: Shanghai, China, Guangdong, Shenzhen, Guangzhou, Guangdong province
The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The original vote was led by the Miguel Trujillo Lopez union, an affiliate of the Confederation of Mexican Workers (CTM). A labor ministry report last month showed GM workers in Silao were on track to scrap the contract negotiated by CTM. The head of the Miguel Trujillo Lopez union did not reply to requests for comment. (This story corrects name of union on second reference to make it “Miguel Trujillo Lopez” instead of “Miguel Lopez Trujillo” in last paragraph)Our Standards: The Thomson Reuters Trust Principles.
Persons: Rebecca Cook, Biden, Katherine Tai, Miguel Trujillo Lopez, CTM, Carlos Aceves del Olmo, Luisa Maria Alcalde, “ Miguel Trujillo Lopez ”, “ Miguel Lopez Trujillo ” Organizations: General Motors, REUTERS, General Motors Co, GM, U.S, U.S . Trade Representative, of Mexican Workers, Labor, Labor Ministry, Thomson Locations: Detroit , Michigan, U.S, Mexico, Silao, United States, Canada
Flags of Taiwan and U.S. are placed for a meeting in Taipei, Taiwan March 27, 2018. REUTERS/Tyrone SiuU.S. Secretary of State Antony Blinken on Monday signaled a possible resumption of trade and investment talks with Taiwan stalled since the Obama administration, but gave no indication of any willingness to pursue a full-scale trade pact Taipei has been seeking. At a House Foreign Affairs Committee hearing on the U.S. State Department's annual budget request, Blinken was asked about the Biden administration's position on a bilateral trade agreement with Taiwan. She said the administration had probably not made a decision on whether to take the much larger step of pursuing a bilateral trade agreement with Taiwan, however. TIFA talks stalled after former President Barack Obama left office in 2016 and his successor Donald Trump’s trade representative, Robert Lighthizer, focused on trade talks with China.
Persons: Tyrone Siu, Antony Blinken, Obama, Blinken, Biden, Katherine Tai, Bonnie Glaser, Tai, Glaser, Tsai Ing, TIFA, Barack Obama, Donald Trump’s, Robert Lighthizer Organizations: REUTERS, Tyrone, Taiwan, Foreign, U.S, U.S . State, U.S . Trade Representative, U.S . Trade, German Marshall Fund of, Biden, China, Thomson Locations: Taiwan, U.S, Taipei, Tyrone Siu U.S, U.S ., China, United States, Washington, Britain, Beijing
Ministers from Asia-Pacific trade group APEC on Saturday agreed to expedite the transit of COVID-19 vaccines and related goods, but stopped short of agreeing to remove tariffs on them. In a statement after the meeting, APEC ministers said they would "expedite the flow and transit of all COVID-19 vaccines and related goods through their air, sea and land ports." "We will consider voluntary actions to reduce the cost of these products for our people, particularly by encouraging each economy to review its own charges levied at the border on COVID-19 vaccines and related goods," the statement said. Average APEC tariffs on vaccines are low at around 0.8% but other goods important in the vaccine supply chain face higher tariffs. APEC ministers had also been expected to discuss support for the waiving of intellectual property (IP) rights for COVID-19 vaccines, an issue which is currently under negotiation at the World Trade Organization.
Persons: APEC's, Donald Trump's, Biden, Damien O'Connor, Katherine Tai, O'Connor Organizations: APEC, New Zealand, Reuters, U.S . Trade, World Trade Organization, WTO, Thomson Locations: Asia, Pacific, COVID, Zealand, China, U.S, India, South Africa
U.S. encouraged by progress toward vaccine patent waiver
  + stars: | 2021-06-05 | by ( Sonali Paul | ) www.reuters.com + 0.94   time to read: +2 min
A man receives a certificate after being vaccinated against the coronavirus disease (COVID-19) at Wilkins Hospital in Harare, Zimbabwe, March 24, 2021. REUTERS/Philimon Bulawayo/File PhotoProgress is being made towards a deal on an intellectual property waiver for COVID-19 vaccines at the World Trade Organization (WTO), U.S. Trade Representative Katherine Tai said on Saturday. In a surprise shift in May, the United States moved to supporting a patent waiver, piling pressure on opponents like the European Union and Switzerland, where many drugmakers are based. Backers of a patent waiver for COVID vaccines are looking to boost vaccine production and delivery to poorer countries that are battling a surge in COVID-19 infections and struggling to access vaccine supplies as well as diagnostics, therapeutics and medical devices. The latest draft from proponents of the waiver sets a time span for a waiver of at least three years and would allow the WTO’s 164 members to determine when it ends.
Persons: Katherine Tai, Tai, We're Organizations: Wilkins Hospital, REUTERS, Philimon, World Trade Organization, U.S . Trade, Union, European Union, WTO, Economic Cooperation, New Zealand, Thomson Locations: Harare, Zimbabwe, Philimon Bulawayo, U.S, India, South Africa, United States, Switzerland, Asia
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