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☆ Exclusive: IMF chief says Biden-Xi engagement an important signal for world to cooperate
▼ + stars: | 2023-11-18 | by ( David Lawder | ) www.reuters.com time to read: +4 min

The Biden-Xi meeting is "important at a time when geo-economic fragmentation has indeed deepened with negative consequences for the prospects for accelerating growth," Georgieva said. U.S.-China engagement also will be an important factor on negotiations over World Trade Organization reform, including restoration of its dispute settlement system. "We are already seeing the impact of antisemitism and Islamophobia, raising their ugly heads all over the world. IMF SHAREHOLDING REFORMSU.S. Treasury Secretary Janet Yellen said during meetings last week with her Chinese counterpart that a key outcome of U.S.-China economic engagement was Beijing's support for a 50% increase in IMF quota-based resources, without an immediate rise in shareholding for China. Georgieva said it was important for the IMF to start quickly on revamping its shareholding formula to boost the representation of fast-growing developing economies: "The world needs an IMF that is financially strong, and that is also legitimate."

Persons: Joe Biden, Kristalina, Dina Boluarte, Loren Elliott, Kristalina Georgieva, Xi Jinping, Georgieva, Biden, Xi, Janet Yellen, David Lawder, Chris Reese, Tom Hogue Organizations: International Monetary Fund, Economic Cooperation, REUTERS, FRANCISCO, Monetary Fund, Reuters, Biden, U.S ., APEC, U.S, World Trade Organization, United, Hamas, IMF, Treasury, Thomson Locations: Asia, San Francisco , California, U.S, China, United Arab Emirates, GAZA, Gaza, Egypt, Lebanon, Jordan, Israel

U.S. President Joe Biden and China’s Xi Jinping, who met in San Francisco on Wednesday, may disagree on the terminology. Barely half the manufactured goods imported into the United States from low-cost Asian countries now come from China. Chinese firms have raised just $529 million from initial and secondary stock offerings in the United States in the year to mid-October. But the conscious decoupling between the U.S. and China looks set to continue. Follow @ugalani and @a_fitri_alias on XCONTEXT NEWSU.S. President Joe Biden and Chinese President Xi Jinping met on Nov. 15 in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation forum.

Persons: Xi, Joe Biden, Kevin Lamarque, friendshoring, China’s Xi Jinping, Breakingviews, Donald Trump, China’s ByteDance, Reuters Graphics Reuters Graphics Goldman Sachs, Xi Jinping, Una, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: U.S, Economic Cooperation, REUTERS, Rights, Reuters, People’s Republic . U.S, People’s, World Trade Organization, Reuters Graphics Reuters, FRAYING FINANCE, U.S . Federal Reserve, Federal, Investment Board, HK, Republican, Reuters Graphics Apple, United, Reuters Graphics Reuters Graphics, Thomson Locations: Filoli, Asia, Woodside , California, U.S, Rights MUMBAI, United States, China, Washington, People’s Republic ., San Francisco, People’s Republic, Southeast Asia, Hong Kong, That’s, New York, Greater China, India, TAIWAN, Taiwan, Una Galani, Mumbai, London

Protests are expected throughout this week's Asia-Pacific Economic Cooperation leaders’ conference, which could draw more than 20,000 attendees, including hundreds of international journalists. San Francisco has a long tradition of loud and vigorous protests, as do trade talks. In 1999, tens of thousands of protesters took to the streets of Seattle during a World Trade Organization conference. San Francisco Police Department Chief Bill Scott said he expects several protests a day, although it's uncertain how many will materialize. “People are welcome to exercise their constitutional rights in San Francisco, but we will not tolerate people committing acts of violence, or property destruction or any other crime,” Scott said.

Persons: Joe Biden, Suzanne Ali, ”, Bill Scott, ” Scott, “, Biden, Xi Jinping, Rory McVeigh, Xi, Vo Van Thuong, Bongbong Marcos, Ferdinand Marcos, Nik Evasco, “ It's, Huizhong Wu Organizations: FRANCISCO, —, Sunday, Economic Cooperation, ’, APEC, Moscone Center, Palestinian Youth Movement, U.S, Hamas, Trade Organization, Protesters, Thai, San Francisco Police Department, Center, University of Notre Dame, United Vietnamese American Community of, International Coalition for Human Rights, Associated Press Locations: Israel, San Francisco, Asia, Francisco, Seattle, Chile, Thailand, Bangkok, China, U.S, Mexico, Brazil, Philippines, United Vietnamese American Community of Northern California, Vietnam

WASHINGTON (AP) — The United States and China are the two global economic heavyweights. The meeting will bring together 21 Pacific Rim countries, which collectively represent 40% of the world’s people and nearly half of global trade. Indeed, imports of Chinese goods to the United States were down 24% through September compared with the same period of 2022. Xi, too, has reason to try to restore economic cooperation with the United States. “This will not be an easy sell.’’Complicating matters is that the tensions between Washington and Beijing go well beyond economics.

Persons: Joe Biden, Xi, Eswar Prasad, “, Prasad, Donald Trump, Trump, Biden, Chad Bown, Janet Yellen, Lifeng, —, ” Yellen, ’ ’, Wendy Cutler, Raja Krishnamoorthi, ’ ’ Krishnamoorthi, ’ Organizations: WASHINGTON, International Monetary Fund, “, Cornell University, Economic Cooperation, Biden, World Trade Organization, U.S, Peterson Institute for International Economics, Prosperity, Trump, Group, Bain & Co, Micron, IMF, United, Asia Society Institute, Chinese Communist Party, Republicans, Pew Research Center, Center for Strategic, International Studies, Rep, Illinois Democrat Locations: United States, China, Washington, Beijing, U.S, Ukraine, Gaza, Asia, San Francisco, Shanghai, Hong Kong, Xinjiang, India, Philippines, South China, Taiwan, Chinese, Kenya, Nigeria, Illinois

☆ China has a sweeping vision to reshape the world — and countries are listening
▼ + stars: | 2023-11-09 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +23 min

All this coincides with longstanding calls from countries across the developing world for an international system where they have more say. Beijing, he added, sees the US as merely “paying lip service” to the “liberal order” to hurt other countries. Sergei Savostyanov/Sputnik/ReutersIn recent years, even some countries that have for decades embraced a close partnership with the US have drawn closer to China and its vision. “Is China really trying to promote multipolarity — or does China just want to (become a) substitute (for) US influence over the world?” he asked. They also raise questions about how a more militarily and economically powerful China would behave globally, if left unchecked.

Persons: Xi Jinping, —, Xi, Vladimir Putin, General Antonio Guterres, ” Xi, , Shen Hong, they’d, ”, Yun Sun, liberalize, Sanjit Das, Shen Dingli, ‘, ’ ”, Russia’s Putin, Bashar al, Assad —, Assad’s, Sergei Savostyanov, Ali Sarwar Naqvi, “ We’ve, James Marape, ’, Rubens Duarte, Li Zhiquan, “, Tong Zhao, Zhao, Ted Aljibe, Luiz Inácio Lula da Silva, Zhang Youxia, Beijing’s, Gilberto Teodoro Jr, BRICS, Weeks, Joe Biden, Sergio Lima, ” — Organizations: Hong Kong CNN, United Nations, Forum, China, Communist, CNN, Beijing, Washington, Getty, Stimson, Bank, World Trade Organization, . Riot, Bloomberg, Initiative, Asian, Global, Sputnik, Reuters, Center for International Strategic Studies, Papua New Guinea, multipolarity, China News Service, Carnegie Endowment, International Peace, Global Security Initiative, NATO, Russia, Philippine Defense, Shanghai Cooperation Organization, United, New, Seven, Ministry, Global Security, Group, UN, Communist Party Locations: China, Hong Kong, Beijing, United States, Ukraine, Gaza, Russian, Xinhua, Washington, South, Taiwan, Tibet, Xinjiang, America, Shanghai, West, Hangzhou, Israel, Pakistan, Pakistani, Islamabad, Papua New, Brazil, Indonesia, Europe, Asia, Scarborough, South China, AFP, Moscow, Russia, “, Saudi Arabia, Iran, Palestine, India, South Africa, Argentina, Egypt, Ethiopia, United Arab Emirates, New Delhi, Southeast Asia, Latin America, Caribbean, ” Beijing

☆ China tells Britain to stop efforts to 'enhance' ties with Taiwan
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/ File photo Acquire Licensing RightsBEIJING, Nov 9 (Reuters) - The Chinese government on Thursday told Britain to stop its efforts to "enhance" ties with Taiwan after a high level meeting in London and the signing of a new trade agreement between the island and Britain. "We urge the UK to abide by the one-China principle and stop using trade cooperation as an excuse to engage in official exchanges or enhance substantive relations with Taiwan," it added. Britain and Taiwan both maintain de facto embassies in each other's capitals, but London does not officially recognise the democratically elected government in Taipei. Britain approved a sharp increase in exports of submarine parts and technology last year to Taiwan as it upgrades its naval forces, Reuters reported in March. Because of its diplomatic isolation and pressure from China, chip powerhouse Taiwan has few formal foreign trade agreements, though it is a member of the World Trade Organization and has free trade agreements with Singapore and New Zealand.

Persons: Dado Ruvic, Nigel Huddleston, Chen Chern, Ben Blanchard, Sam Holmes Organizations: REUTERS, Rights, Wednesday, Trade Partnership, British Trade, World Health Organization, Reuters, World Trade Organization, Beijing, Thomson Locations: Rights BEIJING, Britain, Taiwan, London, China's, Beijing, China, Taipei, Singapore, New Zealand

☆ U.S. suspends Indo-Pacific talks on key aspects of digital trade -lawmakers
▼ + stars: | 2023-11-08 | by ( David Lawder | ) www.reuters.com time to read: +3 min

The halt comes after the U.S. Trade Representative's office last month reversed longstanding U.S. digital trade demands at the World Trade Organization -- no longer insisting on rules that protect free cross-border data flows and prohibit national requirements for data localization and reviews of software source code. The U.S. Trade Representative's office said it withdrew its position to give Congress room to enact stronger technology regulations. "We thank you for suspending negotiations on aspects of the IPEF digital text that can be used to frustrate privacy, AI, civil rights and liberties, anti-monopoly, gig worker and other digital safeguards that Congress and the administration seek," the lawmakers wrote. People familiar with the talks say that discussions on the digital trade chapter have largely ground to a halt because the U.S. position is now unclear and being reevaluated. A USTR spokesperson declined comment on the IPEF digital talks.

Persons: Elizabeth Warren, Julia Nikhinson, Biden, IPEF, Amy Klobuchar, Pramila Jayapal, David Lawder, Leslie Adler Organizations: Intelligence, U.S, Capitol, REUTERS, Rights, Democratic, U.S . Trade, World Trade Organization, Representatives, Commerce Department, Asia Pacific Economic Cooperation, Tech, Thomson Locations: Washington , U.S, U.S, Mexico, Canada, IPEF, San Francisco, Asia, China

☆ GOP lawmakers call for VA to slash reliance on China for medical supplies
▼ + stars: | 2023-11-08 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —A pair of Republicans leading powerful House committees are calling for the Department of Veterans Affairs to speed up efforts to decrease the agency’s reliance on China for medical supplies, CNN has learned. The Covid-19 pandemic laid bare a dangerous vulnerability in America’s medical supply chains that resulted in shortages of masks, respirators and other life-saving gear. “The COVID-19 pandemic exposed the national security and public health risks of failing to guarantee adequate medical supplies. As the biggest buyer of medical supplies among federal agencies, it has considerable influence. Congress has attempted to take steps to boost the resilience of the nation’s medical supply chain by easing dependence on goods from less friendly nations like China.

Persons: Mike Gallagher, Mike Bost, Denis McDonough, Bost, Gallagher, “, ” Terrence Hayes, Joe Biden, Health Richard Stone, ” Bost, McDonough, Democratic Sen, Tom Carper, Republican Sen, Thom Tillis, ” Organizations: New, New York CNN, Department of Veterans Affairs, CNN, Veterans ’, Chinese Communist Party, CCP, Department of Veteran Affairs, Defense Department, Department of Homeland Security, Department of Health, Human Services, Republicans, Health, World Trade Organization, Congress, Democratic, Republican Locations: New York, China, United States, America, Covid, Mexico, Malaysia

SINGAPORE (AP) — Britain’s Prince William cheered on 15 finalists of his third Earthshot Prize in Singapore Tuesday ahead of the awards ceremony where five of them will win 1 million pounds ($1.2 million) each to scale up groundbreaking innovations to fight climate change. William spoke to the finalists — all whom are attending the ceremony for the first time for networking opportunities — at Gardens by the Bay, an artistic horticulture attraction. The winners are grouped into five categories: nature protection, clean air, ocean revival, waste elimination and climate change. The finalists included a U.S. company that found a way to recycle polycotton fabrics, which makes up half of all textile waste. Apart from the prize money, all 15 finalists will receive a year of technical support and resources to help them accelerate their ideas.

Persons: — Britain’s Prince William, William, —, Rania al Abdullah, Jack Ma, Stella McCartney, David Attenborough, Ngozi Okonjo, Yao Ming, Kate, couldn't, George, Hannah Waddingham, Sterling K, Brown, Bebe Rexha, Oscar, Cate Blanchett, Donnie Yen, Lana Condor, Mbatha, Robert Irwin Organizations: SINGAPORE, World Trade Organization, NBA, William’s Royal Foundation, MediaCorp, Sterling Locations: Singapore, Gardens, U.S, Indian, Sierra Leone’s, Freetown, Poland, Europe, U.K, Asia, London, Boston, Republic

☆ Maersk's woes signal slow-motion industry crash
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Boss Vincent Clerc is not alone in trying to manage a crisis that is battering the container shipping world and which analysts at DNB Markets reckon could last up to 2030. He may also suspend the company's share buyback programme which has been put under review. Investors – spoilt by 16 consecutive quarters of earnings growth up to September – knocked 17% off the company’s share price following the news. The unit, which handles container shipping, reported a 56% drop in third-quarter sales due to a steep fall in freight rates. The World Trade Organization halved its growth forecast for global goods trade this year.

Persons: Evelyn Maersk, Fabian Bimmer, Moller, Boss Vincent Clerc, –, Clerc, Pamela Barbaglia, Aston Martin, Aimee Donnellan, Streisand Neto Organizations: REUTERS, Reuters, Shipping, Maersk, World Trade Organization, X, Macquarie, Pfizer, Thomson Locations: Hamburg, Germany

☆ We've been working hard to reform our dispute resolution system, WTO chief says
▼ + stars: | 2023-10-30 | 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 EmailWe've been working hard to reform our dispute resolution system, WTO chief saysNgozi Okonjo-Iweala, director-general of the World Trade Organization, says the world needs trade to solve the problems it faces today.

Persons: Ngozi Okonjo Organizations: WTO, World Trade Organization

☆ WTO chief warns Israel-Hamas war could hurt global growth if conflict spills over
▼ + stars: | 2023-10-30 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

World Trade Organization Director-General Ngozi Okonjo-Iweala opens the 2021 WTO Public Forum with a round table on Covid and trade, in Geneva, on September 28, 2021. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)The World Trade Organization's director-general warned that the ongoing Israel-Hamas conflict will impact global growth if it spills over to the wider Middle East region. In an interview with CNBC aired on Monday, Ngozi Okonjo-Iweala said: "If it spreads beyond where it is now, to the rest of the Middle East, there will be an impact." So you will see an impact on global growth, on global trade," she added. We're praying for de-escalation and peace," she told CNBC's Martin Soong on the sidelines of the Group of 7 meeting in Osaka, Japan.

Persons: Ngozi Okonjo, Iweala, Fabrice COFFRINI, FABRICE COFFRINI, Ngozi, CNBC's Martin Soong Organizations: Trade Organization, Getty, Trade, CNBC Locations: Geneva, AFP, Israel, Osaka, Japan

TOKYO (AP) — Trade and economy officials from the Group of Seven wealthy democracies strengthened their pledge Sunday to work together to ensure smooth supply chains for essentials like energy and food despite global uncertainties. Political Cartoons View All 1223 ImagesThe G-7 includes the U.S., Canada, France, Germany, Italy, Japan and Britain. Trade is one sector where growing political tensions with China have been playing out, although China was not directly mentioned in the meetings. Yasutoshi Nishimura, the Japanese minister in charge of trade and the economy, said G-7 nations expressed support and understanding for Japan’s position, stressing the safety of Japanese food based on scientific evidence, including that from Fukushima. Nishimura also said the guest nations that took part in the G-7 meeting, including Australia and India, were potentially powerful allies in strengthening the supply chain in valuable materials.

Persons: Yoko Kamikawa, ”, “, Yasutoshi Nishimura, Nishimura, Kamikawa, Katherine Tai, ___ Yuri Kageyama Organizations: TOKYO, —, European Union, World Trade Organization, ”, EU, U.S . Trade Locations: Osaka, Ukraine, Israel, Canada, France, Germany, Italy, Japan, Britain, Australia, Chile, India, Indonesia, Kenya, China, Hiroshima, Fukushima

☆ China rushes to swap Western tech with domestic options as U.S. cracks down
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +10 min

China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.

Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai

☆ US drops digital trade demands at WTO to allow room for stronger tech regulation
▼ + stars: | 2023-10-25 | by ( David Lawder | ) www.reuters.com time to read: +4 min

U.S. Trade Representative Katherine Tai speaks during the Axios BFD event in New York City, U.S., October 12, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsWASHINGTON, Oct 25 (Reuters) - U.S. Trade Representative Katherine Tai has dropped longstanding U.S. digital trade demands in World Trade Organization talks in order to give Congress room to regulate big tech firms, her office said on Wednesday. USTR spokesman Sam Michel said many countries were examining their approaches to data and source code, and how trade rules can affect them. "We need to make clear that digital rules favoring Big Tech monopolies are a non-starter for the U.S. in any trade agreement, including IPEF,” she said. "These digital trade rules prevent countries around the world from using regulation to lock out American companies and their workers from their markets," said John Murphy, the Chamber's senior vice president for international policy.

Persons: Katherine Tai, Brendan McDermid, Trump, Biden, Ron Wyden, ", Wyden, Sam Michel, Michel, Elizabeth Warren of Massachusetts, Tai, ”, USTR, John Murphy, David Lawder, Diane Craft Organizations: Trade, REUTERS, Rights, . Trade, Trade Organization, U.S, Reuters, Prosperity, WIN, Oregon Democrat, Senate Finance Committee, Congress, Intel, Democratic, Big Tech, . Chamber, Commerce, Thomson Locations: New York City, U.S, Geneva, CHINA, China, Australia, Japan, Korea, Oregon, United States, Mexico, Canada

☆ China's Great Wall Motor is first EV maker to respond to EU anti-subsidy probe
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

Haval cars produced by Chinese automaker Great Wall Motors are on display for sale at a dealership in Artyom near Vladivostok, Russia, March 22, 2023. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSHANGHAI, Oct 24 (Reuters) - China's Great Wall Motor said it had formally submitted responses to the European Commission's anti-subsidy investigation of Chinese-made electric vehicles (EVs), while calling for a fair and open trade environment. Great Wall, which provided its answers to the European Commission on Oct. 11, was the first automaker to have done so, he added. Great Wall Motor plans to build a plant in Europe and Germany was one of the candidates for the site, the German publication Automobilwoche said in May. Great Wall Motor ranked eighth in terms of sales of pure electric and plug-in hybrid cars in China during the first nine months of the year, industry figures show.

Persons: Tatiana Meel, Mu Feng, Mu, Automobilwoche, Ursula von der Leyen, EVs, Zhang Yan, Brenda Goh, Clarence Fernandez Organizations: automaker Great Wall, REUTERS, Rights, Weibo, European Commission, Great, European, EV, BMW, Renault, World Trade Organization, HK, Wall Motor, Thomson Locations: Artyom, Vladivostok, Russia, China, EU, Moscow, Ukraine, Europe, Germany, Brussels, China . China

REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsLONDON, Oct 23 (Reuters) - China is upping the critical minerals stakes by curbing exports of graphite, a key raw material in electric vehicle batteries. There is much potential for further escalation in this unfolding critical minerals battle between China and the West. Previous restrictions on lower-grade graphite exports destined for the steel and lubricants sectors have been rescinded. The world's graphite supply chain could well be in for a similar short-term shock. Western governments are still evaluating their response, waiting like the rest of us to see how China's graphite volumes play out in the coming months.

Persons: Fabian Bimmer, Wei Jianguo, Wei, Biden, Obama, Trump, Adam Hodge, China's Wei, David Evans Organizations: Volkswagen, REUTERS, Commerce, U.S, Chips, Benchmark Minerals, U.S . Department, Department of Defense, EV, World Trade Organization, European Union, WTO, Thomson, Reuters Locations: Salzgitter, Germany, China, U.S, Alaska, Australia, Japan

☆ Morning Bid: Markets juggle 5% yields and 150 yen
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanPartly unwinding pre-weekend safety hedges related to the Middle East conflict, world markets are back focused on some critical macro priced levels and milestones that may once again define the week. The dollar retained its bid as a result and continued to probe the 150 yen level many suspect the Bank of Japan will be keen to protect against with open-market yen buying. But even these megacaps are still in thrall to the worrying squeeze in U.S. bond markets and the breach of the 5% threshold on 10-year tenors on Monday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Goldman Sachs, thrall, that's, That's, Sergio Massa, Javier Milei, Maria Corina Machado, Hess, Berkley, Brown, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Bank of Japan, European Central Bank, Industrial, China, Goldman, Microsoft, Meta, Federal Reserve, Economy, Banco BBVA Argentina, Peronist, Massa, Venezuelan, Chevron, Exxon, Natural Resources, Brown, Cadence, Packaging Corp of America, Fed, Bank of Israel, Trade Organization, Treasury, Reuters, Thomson Locations: New York City, U.S, Gaza, China, Taiwan, outflows, 50bps, York, America, Venezuela, Geneva

☆ Australia PM to visit China, reaches deal to resolve WTO wine dispute
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: +2 min

"Australia and China have agreed we will suspend the dispute on wine in the WTO pending the outcome of this review." The measures were part of a barrage of trade restrictions that China imposed after Australia called for an inquiry into the origins of COVID-19. Most of the trade restrictions have been lifted since a change of government in Canberra last year. Aside from wine, China maintains barriers on imports of lobsters and meat from some abattoirs. In 2019, Australia shipped wine worth around $800 million to China, its trade data show.

Persons: Anthony Albanese, Xi Jinping, Li Qiang, Albanese, Xi, Premier Li, " Albanese, Sam McKeith, Peter Hobson, Chizu Organizations: SYDNEY, Australian, Australia's, Trade Organization, China, Thomson Locations: China, Beijing, Shanghai, Australia, Canberra

☆ Australia PM to visit China, taking steps to resolve wine dispute
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: +3 min

China announced in November 2020 it would impose anti-dumping and countervailing duties of up to 218% on most Australian wine, causing trade to collapse. The measures were part of a barrage of trade restrictions that China imposed after Australia called for an inquiry into the origins of COVID-19. Most of the trade restrictions have been lifted since a change of government in Canberra last year. Aside from wine, China maintains barriers on imports of lobsters and meat from some abattoirs. In 2019, Australia shipped wine worth around $800 million to China, its trade data show.

Persons: Anthony Albanese, Xi Jinping, Li Qiang, Albanese, Xi, Premier Li, Sam McKeith, Peter Hobson, Chizu Nomiyama, Sonali Paul Organizations: SYDNEY, Australian, Australia's, Huawei, Saturday, Trade Organization, China, Thomson Locations: China, Beijing, Shanghai, Canberra, Australia

CANBERRA, Australia (AP) — Australian Prime Minister Anthony Albanese said he will visit China in early November, making the announcement Sunday hours before he was to fly to the United States to meet with President Joe Biden. Albanese will become the first Australian prime minister to visit China in seven years when he travels to Beijing and Shanghai on Nov. 4-7. The visit will come near the 50th anniversary of Labor Party leader Gough Whitlam becoming the first Australian prime minister to visit the People's Republic of China in 1973. Albanese accepted an invitation weeks ago to visit China this year, but finding suitable dates had been challenging. It will be the ninth time Biden has met with Albanese as prime minister.

Persons: Anthony Albanese, Joe Biden, Albanese, “, ” Albanese, Xi Jinping, Li Qiang, Gough Whitlam, Biden, Cheng Lei, “ We’ll, ”, “ I’ve Organizations: Australian, House, U.S, China, Labor Party, World Trade Organization, Biden, Economic Cooperation, Darwin Port, Shandong Landbridge Group Locations: CANBERRA, Australia, China, United States, Beijing, Shanghai, United Kingdom, U.S, Britain, People's Republic of China, Washington, Asia, San Francisco, Tokyo, Japan, India, Darwin

Michel suggested no deal was imminent when he told reporters the two sides needed to find "mutually beneficial" solutions. U.S. Trade Representative Katherine Tai met with European Commission Executive Vice President Valdis Dombrovskis on Thursday, a third source told Reuters. Michel told reporters it was a critical time for the United States and the EU to "stick together" on their shared values and commitment to democracy given the Israel-Hamas conflict. It is still to be seen if this will end the U.S. tariffs threat or just see an extended suspension. Given the EU needs such materials itself for its green transition, the positive impact for the bloc may be limited.

Persons: Ursula von der Leyen, Joe Biden, Charles Michel, Michel, von der Leyen, Katherine Tai, Valdis Dombrovskis, Donald Trump, Bernd Lange, Philip Blenkinsop, Alexandra Hudson, Jonathan Oatis Organizations: WASHINGTON, European Union, Trump, Commission, U.S, European, . Trade, EU, Washington, World Trade Organization, United, Thomson Locations: BRUSSELS, United States, Israel, Gaza, Ukraine, Europe, North America, China, Brussels, U.S, Washington, Friday's

☆ EU, US could agree on critical minerals despite steel failure, says France
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Francois Lenoir/File photo Acquire Licensing RightsVALENCIA, Spain, Oct 20 (Reuters) - The European Union and the United States could reach a deal on critical minerals over the coming weeks or months despite their failure to agree an accord on steel and aluminium, French Trade Minister Olivier Becht said on Friday. The discussions were intense and I hope they will restart as soon as possible," Becht said before an EU ministers' meeting on trade in Valencia, Spain. "It's in both the interest of Europe and the United States to have this agreement," Becht said. The United States has suspended import tariffs on EU steel and aluminium imposed by then-President Donald Trump in 2018, but on condition both sides agree measures to address overcapacity in non-market economies such as China, and promote greener steel. Reporting by Belén Carreño; editing by Philip Blenkinsop and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Pence, Francois Lenoir, Olivier Becht, Joe Biden's, Becht, Donald Trump, Belén, Philip Blenkinsop, Barbara Lewis Organizations: European Commission, REUTERS, Rights, European Union, French Trade, EU, Trump, U.S, United, Washington, World Trade Organization, Thomson Locations: Brussels, Belgium, Rights VALENCIA, Spain, United States, Valencia, Europe, China

☆ Ukraine ally Poland is moving to the political center. And that's bad news for Russia's Putin
▼ + stars: | 2023-10-20 | by ( Jenni Reid | ) www.cnbc.com time to read: +6 min

It has taken in more than a million refugees from its close ally Ukraine since the start of the war, with many more millions passing through it. Its relations with Ukraine have soured in recent months, partly because of a dispute over the impact of Ukrainian grain imports on local farmers. Tian also expects the result to "reposition Poland as a staunch supporter of Ukraine" and for Tusk to push for EU accession for Ukraine. "The big thing to bear in mind when looking at Poland and Ukraine is they have an overarching strategic common interest [challenging Russian aggression], and this supersedes everything. So it will be difficult to restore relations to how they were in the first 18 months of the war, regardless of what Poland does."

Persons: Donald Tusk, Donald Tusk —, —, Jaroslaw Kaczynski, Tusk, Tian, Aleks Szczerbiak, Szczerbiak Organizations: Civic, Getty, EU, Justice, CNBC, NATO, World Trade Organization, Law, Nurphoto, European, Economist Intelligence Unit, University of Sussex, Confederation, Soviet, Russia Locations: Warsaw, Moscow, Ukraine, Europe, Russia, China, India, Poland, Warsaw's, Krakow, Central Europe, Hungary, Slovakia, Berlin

The Oval Office sit-down comes at a moment when domestic U.S. political chaos could further destabilize an increasingly chaotic world. One day ahead of his meeting with Biden, European Council President Charles Michel expressed optimism that Biden can deliver on his promises to help arm and financially support Ukraine. But some House Republicans have questioned the value of aid to Ukraine at the levels sought by Biden. Republican lawmakers have failed to find a successor, leading to concerns that Biden's commitments with the EU could be in jeopardy. We put all that at risk if we walk away from Ukraine, if we turn our backs on Israel."

Persons: —, Joe Biden, Biden's, Biden, Charles Michel, “ I’m, Joe Biden’s, ” Michel, “, Michel, Ursula von der Leyen, Joe, ”, Donald Trump's, Federico Steinberg, ” Steinberg, Von der Leyen, von der Leyen, ” von der Leyen, ” Biden, There’s, Kevin McCarthy, Raf Casert Organizations: WASHINGTON, European Union, The, EU, European, Hamas, Israel, Center for Strategic, International Studies, U.S, World Trade Organization, Hudson Institute, Russia, Associated Press, Republicans, GOP, Republican Locations: United States, Ukraine, Israel, Russia, U.S, China, EU, Europe, Washington, Kyiv, “, Mexico, Taiwan, Brussels

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