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London/Brussels (CNN Business) The United States and the European Union are poised to resolve a long-running trade dispute over subsidies to Airbus and Boeing, a move that could improve transatlantic relations as both sides seek to counter China's rising economic influence. The United States and the European Union are expected to announce a resolution of the dispute over government subsidies for the world's leading commercial plane makers during a summit in Brussels on Tuesday, according to a US official. EU Trade Commissioner Valdis Dombrovskis and US Trade Representative Katherine Tai have scheduled a news conference for 9 a.m. The United States, European Union and United Kingdom agreed in March to suspend related tariffs worth billions of dollars for four months. The United States filed a similar claim that year over European subsidies to Airbus.
Persons: Valdis Dombrovskis, Katherine Tai, that's Organizations: CNN, European Union, Airbus, Boeing, EU, US Trade, World Trade Organization, United, Read Locations: Brussels, United States, United Kingdom
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
(CNN Business) The US government announced new, suspended tariffs on Wednesday against six countries in response to those governments' digital services taxes, the office of the US Trade Representative said. The six countries subject to the tariffs, which are set at 25% on about $2 billion worth of goods, include Austria, India, Italy, Spain, Turkey and the United Kingdom. Foreign governments have long complained that large tech companies such as Apple, Facebook and Google should pay them more in taxes. Some have recently passed taxes specifically targeting revenue generated by such companies, including those based in the US such as Facebook, Google and Amazon. The United Kingdom, for example, has imposed a 2% tax on the revenues of social media platforms, search engines and online marketplaces, arguing that because those companies profit from UK-based users, the UK deserves a share of those gains.
Persons: USTR Organizations: CNN, US Trade, Organization for Economic Co, Apple, Facebook, Google Locations: Austria, India, Italy, Spain, Turkey, United Kingdom
Hong Kong (CNN Business) President Joe Biden's top trade negotiator spoke for the first time with her Chinese counterpart by phone on Wednesday. It's a sign that Washington and Beijing may be ready to pick trade talks back up, even as relations between the two remain tense. US Trade Representative Katherine Tai had a "candid" virtual meeting with Chinese Vice Premier Liu He to discuss "the importance of the trade relationship " between the two nations, according to Tai's office. The phone call didn't mark an official resumption of US-China trade talks, but Tai did discuss "her ongoing review of the US-China trade relationship, while also raising issues of concern," according to her office. "The two sides believe that developing bilateral trade is very important," the ministry said in a statement sent Thursday local time.
Persons: Joe Biden's, It's, Katherine Tai, Liu, Tai Organizations: CNN Business, US Trade, China's Ministry of Commerce Locations: Hong Kong, Washington, Beijing, China
Harley's shares hit 3-year high on EU-US trade truce
  + stars: | 2021-05-17 | by ( Rajesh Singh | ) sentiment -1.00   time to read: +2 min
The European Commission, which oversees EU trade policy, said on Monday it would suspend the planned hike of retaliatory tariffs for up to six months. read moreHarley's shares gained as much as 6.7% on Monday to $50.96, their highest level since January 2018. Following the EU ruling, Harley's bikes are now subjected to a 25% retaliatory tariff, increasing the overall duty on its bikes shipped to the European Union to 31%. The Milwaukee-based company is betting heavily on Europe, its second-largest market after the United States, to help fuel its turnaround strategy. However, a European court last month ruled that its bikes produced in Thailand would be treated as U.S.-made.
Persons: Davidson, Philippe Wojazer, Harley, Donald Trump, Jochen Zeitz, Suzuki, Trump Organizations: ., REUTERS, European Union, EU, The European Commission, Triumph, Honda, Thomson Locations: Paris, France, United States, Milwaukee, Europe, Thailand, American
The US is taking China's Xiaomi Corp off its trade ban list, a court filing showed. The US government placed it on a trade-ban list for allegedly having ties to the Chinese military. The Department of Defense (DoD) will remove China's Xiaomi Corp from a government trade-ban list, a court filing on Tuesday showed, allowing Americans to invest in the smartphone maker in the future. Under the new Biden administration in March, a federal judge temporarily blocked enforcement of the trade ban, citing the government's "deeply flawed" process for including it in the ban. Xiaomi was one of the more high-profile Chinese tech companies that former President Donald Trump targeted for alleged ties to China's military.
Persons: Xiaomi, didn't, Trump, Biden, Donald Trump Organizations: Xiaomi Corp, Department of Defense, Corp, DoD, Service, Commercial Aircraft Corporation of China, Grand China Air, Reuters, Huawei Technologies Co, China's Semiconductor Manufacturing International Corporation Locations: Hong Kong, Beijing
Biden's support for COVID-19 vaccine patent waivers has made good on a campaign promise. In July 2020 he told progressive health campaigner Ady Barkan he would support the move. President Joe Biden's decision to support the waiving of patents on COVID-19 vaccines fulfills a high-profile campaign promise he made to progressive health campaigner Ady Barkan. US backing will give the measure a strong chance of passing when it is debated in upcoming proceedings at the World Trade Organization. The decision also harks back to the 2020 presidential election campaign, when Biden was pressed by Barkan in July on the question of sharing vaccine intellectual property globally.
Persons: Ady Barkan, Biden, Joe Biden's, Katherine Tai, Barkan, , Steven Hawking, Tai Organizations: US Trade, World Trade Organization, Service, Pfizer, Moderna, Trade Locations: India
The Biden administration will support waiving intellectual property rights for COVID-19 vaccines. The aim "is to get as many safe and effective vaccines to as many people as fast as possible," Tai said. The Biden administration announced Wednesday that it supports waiving intellectual property rights for coronavirus vaccines, saying "extraordinary circumstances" call for "extraordinary measures." "The administration believes strongly in intellectual property protections," US Trade Representative Katherine Tai said in a statement, "but in service of ending this pandemic, supports the waiver of those protections for COVID-19 vaccines." Tai said the Biden administration will also work "to expand vaccine manufacturing and distribution," as well as address one of the biggest bottlenecks: "the raw materials needed to produce those vaccines."
Persons: Biden, Katherine Tai, Tai, Joe Biden Organizations: US Trade, Johnson, Pfizer, World Trade Organization, Congressional, US, Service, WTO, European Union, Pharmaceutical, AstraZeneca Locations: Moderna, India
Australia, NZ dlrs steady in cautious trade before central bank meetings
  + stars: | 2021-05-03 | by ( Paulina Duran | ) sentiment -0.98   time to read: +2 min
SYDNEY, May 3 (Reuters) - The Australian dollar was steady against its U.S. counterpart during a quiet session on Monday, shrugging off strong domestic jobs data as traders were cautious ahead of central bank meetings this week, while the kiwi dollar also held its own. The Aussie was unchanged at $0.7713, after gaining 1.5% last month thanks to strength in iron ore and other commodity prices. Central bank policy meetings are also scheduled this week in Australia, Britain and Norway. Investors expect the Reserve Bank of Australia (RBA) on Tuesday will maintain its ultra supportive policy settings at its monthly rate-setting meeting. Traders will also look to a speech by deputy RBA Australia governor Guy Debelle on Thursday for insight into the bank’s thinking around its bond purchases outlook.
Persons: shrugging, , Jerome Powell, Guy Debelle Organizations: SYDNEY, Australian, U.S, ” Westpac, New Zealand, Federal, Investors, Bank of Australia, Traders Locations: Australia, Britain, Norway, New Zealand
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. Tasos Katopodis/Pool via REUTERS/File PhotoWASHINGTON (Reuters) - U.S. Trade Representative Katherine Tai on Monday met virtually with top executives of drugmakers Pfizer and AstraZeneca PLC to discuss a proposed waiver of certain intellectual property rights in response to the COVID-19 pandemic. Democratic lawmakers, civil society groups, and 60 former heads of state and 100 Nobel Prize winners have urged President Joe Biden to back the waiver. Tai’s meetings with the Pfizer and AstraZeneca executives reflect her intense engagement on the issue, and follow similar meetings with advocacy groups, industry executives and others. USTR said Tai and Dobber discussed “increasing vaccine production, global health issues and the proposed waiver.”
Persons: Katherine Tai, Tasos, Joe Biden, Jen Psaki, Tai, Albert Bourla, ” USTR, Ruud Dobber, USTR, Dobber, Organizations: US Trade, Senate, WASHINGTON, . Trade, Monday, Pfizer, AstraZeneca PLC, World Trade Organization, Property, Democratic, White House Press, AstraZeneca, WTO Locations: Washington , DC, U.S, India, South Africa, United States
Mazie Hirono and Tammy Duckworth successfully lobbied the White House for increased AAPI representation. The pair threatened to withhold votes in support of Cabinet nominees unless Biden made changes. Tammy Duckworth and Mazie Hirono decried the lack of AAPI representation at the highest levels of government and threatened to block future administration nominees unless Biden pledged more representation. "To be told that you have Kamala Harris, we are very proud of her, you don't need anybody else, is insulting," Duckworth told reporters following the meeting. White House press secretary Jen Psaki said in a statement to the Times on Tuesday night that "the White House will add a senior-level Asian American Pacific Islander liaison, who will ensure the community's voice is further represented and heard."
Persons: Mazie Hirono, Tammy Duckworth, Biden, Duckworth, Jen O'Malley Dillon, Kamala Harris, Kamala — we're, Hirono, Vivek Murthy, Katherine Tai, Ben Garmisa, Biden's, Jen Psaki Organizations: White, Asian American Pacific, Sens, Senate, The New York Times, White House, CNN, MSNBC, Asian Pacific American Caucus, US Trade Representative, Republicans, Biden, Hirono, Twitter, Times, Pacific Islander, Justice Locations: Sens, Illinois, Hawaii, Duckworth
Asia-Pacific markets mixed in cautious trade as Fed takes center-stage
  + stars: | 2021-03-17 | by ( Saheli Roy Choudhury | ) sentiment -0.99   time to read: +2 min
SINGAPORE — Asia-Pacific markets traded mixed on Wednesday as investors wait for the outcome of the U.S. Federal Reserve's two-day policy meeting later in the day. The Nikkei 225 in Japan finished near flat at 29,914.33 while the Topix index rose 0.13% to 1,984.03. Chinese mainland shares were mixed: The Shanghai composite was near flat at 3,445.55 but the Shenzhen component rose 1.22% to 13,809.77. Elsewhere, Hong Kong's Hang Seng index retraced earlier gains to trade near flat in late-afternoon trade. Higher bond yields are not a constraint on the US economic recovery," she wrote.
Persons: Kospi, Carol Kong, Jerome Powell's, Powell, Kong Organizations: ASX, U.S, U.S . Federal, Rio Tinto, BHP, Nikkei, Singapore's Straits, Dow Jones Industrial, Commonwealth Bank of Australia, Fed Locations: Sydney, Australia, SINGAPORE — Asia, Pacific, U.S ., Rio, Japan, Shanghai, Shenzhen
President-elect Joe Biden continues to nominate and appoint people to his Cabinet and White House staff. The Biden-Harris administration's latest published numbers say that 11% of those appointed to the White House staff so far are part of the LGBTQ community. Postgraduate degreesThere is a high representation of lawyers among the incoming White House staff and Cabinet. Biden-Harris numbersThe Biden-Haris transition team released internal numbers for the White House staff who had been hired at the end of last year. The transition team reported that the White House staff included 61% women, 54% people of color, nearly 20% first-generation Americans, and nearly 40% who have children.
Persons: Joe Biden, Biden, Jitinder Kohli, Kohli, Harris, Lloyd Austin, Xavier Becerra, Human Services Katherine Tai, Cecilia Rouse, Wally Adeyemo, Deb Haaland, didn't, Frances Perkins, Franklin Roosevelt, Marcia Fudge, Janet Yellen, Neera, Pete Buttigieg, Karine Jean, Pierre, Harris administration's, Mark Hanis, Hanis, Bill Clinton, Bush, Brown, Haris Organizations: White House, Deloitte, Ivy League, Biden, Biden's, Department of Health, Human Services, American, US Trade, of Economic, of Housing, Urban Development, Treasury, Management, Gallup, Inclusive America, Ivy League — Harvard, Yale, Dartmouth, Cornell, University of Pennsylvania, Harvard, The New York Times, NPR, Street Journal, Washington Post Locations: East Coast, American, Pennsylvania, Arkansas, Texas, America, Princeton, Columbia,, The
Law firm hiring from the government was down 38% in 2020 compared to last year, according to legal-data provider Firm Prospects. Still, some law firms proved they're willing to shell out cash to bring on a government lawyer, especially if they're a big name or handled big deals. The decline this year is in line with overall hiring trends: overall partner moves between law firms are down 27% from last year, according to Leopard Solutions, while associate moves are down 35%. He said in an email that fewer people have moved back through the revolving door because law firms are wearier about hiring people associated with President Trump. His bio on the law firm's website says he does a wide variety of work, from crisis management to tax disputes.
Persons: Bernard Nigro, Fried Frank, Kelly Cleary, Akin Gump, Steve Peikin, Cromwell, Andrew Regan, President Trump, Trump, Geoffrey Berman, Fried Frank Geoffrey Berman, Berman, Fried Frank Berman, William Barr, Greenberg Traurig, Chris Collins, Donald Trump, Igor Fruman, Lev Parnas, Rudy Giuliani, Fried, Audrey Strauss, Steven Wirzel, Jessie K, Liu, Skadden Jessie Liu, Skadden Liu, Morrison & Foerster, she's, Jeffrey Gerrish, Beau Buffier, Wilson Sonsini, Buffier, Biden, Wilson, Read, James McDonald, Sullivan, Cromwell James McDonald, McDonald, Williams, Connolly, Steve Nelson, Avery Ellis, McDonald's, Rod Rosenstein, James Comey, Robert Mueller, Rosenstein, WhatsApp, Elizabeth Prelogar, Cooley Elizabeth Prelogar, Cooley, Ruth Bader Ginsburg, Elena Kagan, Mueller, Andrew Goldstein, Prelogar, Hogan Lovells, Joe Biden, Uber, Kelly Ann Shaw, Hogan Lovells Shaw, John Kucera, Lauren Bell, Boies Schiller, Backpage, Bell, Jesse Panuccio, Nicholas Gravante, David Willingham, Karen Dunn, Bill Isaacson, David Boies, Nasim, Fussell, Chuck Grassley, She's, Pitney Bowes, Uzo Asonye, Davis Polk Uzo Asonye, Davis Polk, Davis Polk Asonye, Myers, Robert Mueller's, Paul Manafort, Asonye, Davis Organizations: Leopard Solutions, DOJ, Department of Health, Human Services, Sullivan, SEC, Search Partners, Southern, of, US, Office, Southern District, Trump, Treasury, District of Columbia, Morrison &, Skadden, US Trade, New York Attorney, Shearman, Plaid, Department, Visa, Google, Justice Department, JPMorgan, DC, Mestel & Company, King & Spalding Former, Associated Press, FBI, King & Spalding, New York Times, Cooley, Department of Justice, Turo, Hogan Lovells, National Economic Council, US Trade Representative, CSIS, Columbia Law School, District of, Knight, Senate Finance, Japan, Department of Commerce, Pitney, General Motors, Holland & Knight, Eastern, O'Melveny Locations: of New York, Washington, Skadden's Washington, China, Japan, Mexico, Canada, Russia, Idaho, Massachusetts, East, Los Angeles, Malaysian, District, District of Ohio, Holland, USMCA, US, of Virginia
President-elect Joe Biden has indicated his intention to strengthen the economy, boost employment and rebuild relations with our international allies. She has previous experience as USTR's general counsel and as a commissioner on the US International Trade Commission. Most important, Hillman was a member of the WTO Appellate Body, where she adjudicated international trade disputes from 2007-2011. The Biden administration should move quickly to achieve consensus on meaningful reforms and begin the selection of new Appellate Body judges. Give power back to Congress to regulate tradeThe Constitution provides Congress with the authority to regulate international trade.
Persons: Dan Pearson, Joe Biden, Biden, Katherine Tai, Tai, USTR, Jennifer Hillman, Hillman, Darci Vetter, Vetter, Trump, Pat Toomey, Mark Warner of, Stephanie Murphy of Organizations: US International Trade Commission, Prosperity, World Trade Organization, US Trade Representative, Capitol, WTO, Senate Finance Committee, US Department of Agriculture, World Trade, Tax Foundation, Mark Warner of Virginia, Trade Organization, America Locations: China, Geneva, United States, Stephanie Murphy of Florida, Western Europe
President-elect Joe Biden has chosen Katherine Tai for his US trade representative, four sources familiar with the decision said Wednesday, making her the first woman of color to hold the job. President-elect Joe Biden has selected Katherine Tai to serve as US trade representative during his administration, four sources familiar with the decision said Wednesday. In that role, Tai was the main attorney litigating trade violation cases against China before the World Trade Organization. Read more: Former Surgeon General Vivek Murthy is set to reprise his old role in a Biden administration, but with more power. "President-elect Biden will be well served by her representing the American people in global negotiations as U.S. Trade Representative," Bonamici.
Persons: Joe Biden, Katherine Tai, Tai, Trump, Biden, litigating, Read, Vivek Murthy, Robert Lighthizer, Suzanne Bonamici, Tai's, Katherine, Judy Chu, Chu Organizations: Democratic, Yale, Harvard, US Trade, World Trade Organization, Biden, Politico, . Trade, American, California Democratic, Congressional Asian Pacific American Caucus Locations: Mexico, Canada, Beijing, Guangzhou, Tai, China, United States, Oregon, California
And yet despite this reputation we haven't put that ingenuity to work to tackle one of our country's most critical economic challenges: how expensive it is to be poor. Communities of color, particularly Black families and Black business owners are disproportionately impacted by chronic market failure. Without economic access, efforts at improving social justice will sound like one hand clapping. Progress in expanding digital financial tools has historically been glacial. Alternative financial services is a $180 billion industry.
Persons: Michael Froman, Wole, affordably, Froman Organizations: Mastercard, Former US Trade Representative, Mobility Capital Finance, Inc, Community, Financial, Community Reinvestment Fund, USA, CDFI's, Black Americans, Former U.S . Trade Locations: America, New York City, United States
The stimulus trade is back on - analyst
  + stars: | 2020-12-01 | by ( Reuters Editorial | ) sentiment -1.00   time to read: 1 min
BusinessThe stimulus trade is back on - analystPostedDemocrats and Republicans were once again discussing another stimulus plan. If a plan comes together, that would be good for stocks DataTrek's Nick Colas told Reuters Business Correspondent Conway G. Gittens because any stimulus is likely to ease pressure on corporate profits.
Persons: Nick Colas, Conway G Organizations: Republicans, Reuters Business
Oil prices slip in cautious trade ahead of OPEC+ meet
  + stars: | 2020-11-30 | by ( Florence Tan | ) + 0.00   time to read: +3 min
FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. The group held an initial round of talks on Sunday, but has yet to reach consensus on oil output policy for 2021 ahead of key meetings on Monday and Tuesday, four OPEC+ sources told Reuters. “While we base-case a 3-month delay to prevent a return to a global oil surplus through 1Q21, not all producers appear onboard,” Goldman Sachs analysts said. The winter wave of infections is expected to crimp global oil demand by 3 million bpd, they said, which would only partially be offset by heating and restocking demand in Asia. ANZ estimated that the oil market surplus could run as high as 1.5 million to 3 million bpd in first half of 2021 if OPEC+ did not extend cuts.
Persons: Angus Mordant, Brent, ” Goldman Sachs Organizations: REUTERS, . West Texas, of, Petroleum, OPEC, Reuters, ANZ Locations: SINGAPORE, Loving County , Texas, U.S, Russia, OPEC, Asia, Iraq, United States, China
Boris Johnson's Brexit maneuvers appear to have undermined trust in the UK government among the incoming Biden administration. 'Can you negotiate a major free trade deal in six weeks? Such an outcome remains a realistic prospect if the UK and EU cannot agree on a trade deal by next week. US negotiators are expected to give the TPA 90 days notice for any trade deal. Can you negotiate a major free trade deal in six weeks?
Persons: Boris Johnson's, Biden, It's, Tyson Barker, Obama, Heather Conley, Liz Truss, it's, Gary Hufbauer, Johnson, Conley, Miranda Lutz, Robert Lighthizer, Trump Organizations: State Department, Center for Strategic, International Studies, Visit, Trade Promotion Authority, EU, US Treasury, Peterson Institute for International Economics, Representatives, Trade, Authority, Global Counsel, US Trade Representative, Treasury Department, Commerce Department, German, Foreign Relations Locations: Washington, Europe, Eurasia, Britain, Northern Ireland, EU
Former Chicago Mayor Rahm Emanuel is under consideration to serve in President-elect Joe Biden's administration as the Secretary of Transportation, according to a CNN report. However, Emanuel's tenure as Chicago's mayor, specifically his handling of the Laquan McDonald shooting, has caused consternation among many Democrats. "Rahm Emanuel helped cover up the murder of Laquan McDonald. "Rahm Emanuel covered up the murder of a Black teenager, Laquan McDonald, while he was Mayor of Chicago," he tweeted. The ramifications of the McDonald murder rocked Chicago and the nation, becoming one of the most blatant cases of police misconduct in recent years.
Persons: Chicago Mayor Rahm Emanuel, Joe Biden's, McDonald, Biden, Emanuel, Alexandria Ocasio, Cortez, Former Chicago Mayor Rahm Emanuel, Bill Clinton, Barack Obama, Jamaal Bowman, Mondaire Jones, Rahm Emanuel, Laquan McDonald, what's, Bowman, Eliot Engel, Jones, Jason Van Dyke, Emanuel didn't, Chris Walker, Getty Images Emanuel, Lori Lightfoot, Chicago's, Antony Blinken, Alejandro Mayorkas Organizations: Chicago Mayor, Transportation, CNN, Democratic, Washington, Chicago Business, US Trade Representative, Former Chicago Mayor, White House, White, Biden, Chicago Sun, Chicago Police Department, New York Times, Chicago, Chicago Tribune, Tribune, Service, Getty Images, State, Department of Homeland Security, Cabinet Locations: Alexandria, Cortez of New York, Illinois, Chicago, Rep, New York, Cook, Washington , DC, Georgia
US trade deficit widens to $67.1 billion in August, a 14-year high
  + stars: | 2020-10-06 | by ( )   time to read: +1 min
The U.S. trade deficit rose in August to the highest level in 14 years. The politically sensitive deficit in the trade of goods with China fell 6.7% to $26.4 billion. So far this year, the United States has recorded a trade gap of $421.8 billion, up 5.7% from January-August 2019. Exports rose 2.2% to $171.9 billion, but imports rose more — up 3.2% to $239 billion. But the trade deficit won't yield easily to changes in trade policy.
Persons: Donald Trump Organizations: Port, Commerce Department, United States, California Locations: Port of Oakland, Oakland , California, The U.S, United, China, United States, American, U.S
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