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Search resuls for: "Yuka Hayashi"

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WASHINGTON—Four leading Chinese solar-cell manufacturers circumvented U.S. tariffs by routing some of their operations through Southeast Asia, a Commerce Department investigation found, according to people familiar with it. The preliminary findings from the closely watched probe—expected to be unveiled Friday—are likely to accelerate importers’ race to find alternative sources either domestically or from other places abroad to meet soaring demand for solar panels.
Under Gina Raimondo, the Commerce Department has played a key role in the Biden administration’s economic strategy against China. WASHINGTON—The U.S. isn’t seeking to decouple from China, U.S. Commerce Secretary Gina Raimondo will assert Wednesday, even as she emphasizes steps the U.S. is taking to safeguard its technology to ensure its economic competitiveness. Ms. Raimondo is scheduled to speak Wednesday on U.S. competition with China at the Massachusetts Institute of Technology. At a briefing with reporters in advance, Ms. Raimondo highlighted the importance of promoting trade and investment in areas outside of core economic and national security interests.
WASHINGTON—The Biden administration finds itself caught between its domestic-policy goals and some of its closest allies as it races against the clock to set the ground rules for new electric-vehicle subsidies. The Treasury Department’s Internal Revenue Service faces a year-end deadline to propose a guideline for how to qualify for EV tax incentives of up to $7,500 per vehicle under the tax and climate spending legislation known as the Inflation Reduction Act that President Biden signed in August.
Barbados Prime Minister Mia Mottley has pushed the World Bank and the International Monetary Fund to expand lending to low and mid-income countries. WASHINGTON—Global leaders are pushing the World Bank and other international development banks to revamp their lending practices to help poorer nations address climate change and soaring debt burdens. The effort, which comes as poor nations suffer economic difficulties amplified by the war in Ukraine, gained momentum during the COP 27 climate summit this month. Nations agreed there to set up a fund that would pay for climate-related damage in countries deemed particularly vulnerable.
U.S.-China Trade Talks Resume on Sidelines of Asian Summit
  + stars: | 2022-11-18 | by ( Yuka Hayashi | )   time to read: 1 min
WASHINGTON—U.S. Trade Representative Katherine Tai met with Chinese Commerce Minister Wang Wentao Friday to discuss trade issues, in Ms. Tai’s first face-to-face meeting with a senior Chinese official since taking office in 2020, her office said. The session came on the heels of President Biden’s meeting with Chinese President Xi Jinping on Monday, in which the two leaders agreed to maintain communication between key senior officials to discuss global and bilateral issues.
U.S. Panel Calls for Review of China Trade Relations
  + stars: | 2022-11-15 | by ( Yuka Hayashi | )   time to read: 1 min
WASHINGTON—A congressionally convened commission is calling on the U.S. to review Chinese trade practices and to suspend normal trade ties if the review determines Beijing hasn’t lived up to its promises under a 1999 pact. In its annual report, the U.S.-China Economic and Security Review Commission recommended that Congress direct the Biden administration to assess China’s compliance with the landmark 1999 agreement that awarded China the “Permanent Normal Trade Relations” status as Beijing prepared to join the World Trade Organization.
U.S. Downgrades Russia to Nonmarket Economy
  + stars: | 2022-11-10 | by ( Yuka Hayashi | )   time to read: 1 min
Between January and September, the U.S. imported $12.5 billion of Russian goods, almost half of the level a year earlier. WASHINGTON—The Commerce Department said Thursday it has reclassified Russia as a nonmarket country from a market economy, a move aimed at further reducing bilateral trade and isolating Russia amid its continued war in Ukraine. The department said the decision follows significant increases in Moscow’s intervention in economic activities since last year that have made its economy unpredictable and distorted, including in currency markets, labor relations and foreign investments.
High Inflation Darkens Global Economic Outlook
  + stars: | 2022-10-16 | by ( Andrew Duehren | Yuka Hayashi | )   time to read: 1 min
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IMF Urges Governments Restrain Spending to Fight Inflation
  + stars: | 2022-10-12 | by ( Yuka Hayashi | )   time to read: 1 min
WASHINGTON—Governments fighting inflation should limit spending increases to programs focused on helping the poor, the International Monetary Fund said Wednesday, as surging food and energy prices create hardships worldwide. Such measures could include discounts on utility bills and allowances for school meals and public transportation, limited to low-income households, said IMF economists in their latest report on global fiscal conditions.
WASHINGTON—Global economic growth is likely to slow next year more than previously expected, the International Monetary Fund said, warning living conditions will worsen as soaring inflation harms people’s lives around the world. The IMF attributed the weaker outlook primarily to the effects of inflation, Russia’s invasion of Ukraine and the slowdown in China brought on by frequent Covid-19 lockdowns and problems in its property sector.
WASHINGTON—Rapidly rising interest rates are squeezing the flow of private capital to the world’s poorest countries. The problem is that the preferred alternatives—the International Monetary Fund and World Bank—are getting quickly committed. Lending by the pair has reached a record as they help poor and emerging countries cope with the pandemic, soaring energy costs and the fallout from Russia’s invasion of Ukraine.
U.S., Taiwan Kick Off Talks to Deepen Trade, Economic Ties
  + stars: | 2022-10-10 | by ( Yuka Hayashi | )   time to read: 1 min
The U.S. and Taiwan are set to begin two days of face-to-face meetings in New York on Tuesday aimed at strengthening trade and economic ties at a time of ramped-up tensions between Washington and Beijing. The meetings, which were disclosed earlier this year, are expected to cover areas including agriculture and digital trade.
WASHINGTON—The head of the World Bank warned that developing nations face an extremely challenging near-term outlook, as the sharp slowdown in global growth raises the risks of a prolonged recession. Speaking Wednesday at Stanford University, David Malpass said the challenges for the developing world are shaped by higher food, fertilizer and energy prices caused by the war in Ukraine, as well as rising interest rates, currency depreciation and capital outflows, which could result in a shortage of funds needed to support people’s lives and economic activities.
U.K. Prime Minister Liz Truss met with President Biden on the sidelines of this month’s United Nations General Assembly. One of the big dividends of Brexit was supposed to be a U.K. trade deal with the U.S., helping offset the economic pain of putting up trade barriers with the European Union, Britain's largest trading partner. That isn’t happening soon, further adding to the woes of a U.K. economy beset by slow growth, a plummeting pound and high inflation.
WASHINGTON—World Bank President David Malpass said Friday he wasn’t resigning from his position amid calls from climate advocates for him to step down over his views on climate change. Mr. Malpass also said the bank’s shareholders—governments around the world led by the U.S.—haven't asked him to resign. Mr. Malpass, who was nominated to lead the bank by former President Donald Trump, was speaking in an interview with Politico.
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