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☆ U.S. remains 'entirely vulnerable' to China's rare earths dominance: U.S. Trade Representative
▼ + stars: | 2023-08-27 | 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 EmailU.S. remains 'entirely vulnerable' to China's rare earths dominance: U.S. Trade RepresentativeU.S. Trade Representative Katherine Tai says China's dominant position in the world's rare earths market allows it to "turn on the faucet and turn off the faucet."

Persons: Katherine Tai Organizations: U.S, . Trade Representative U.S, Trade

☆ China needs investments now to help improve its economic situation: Asia Society's Wendy Cutler
▼ + stars: | 2023-08-25 | 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 EmailChina needs investments now to help improve its economic situation: Asia Society's Wendy CutlerWendy Cutler, Asia Society vice president and former Acting Deputy U.S. Trade Representative under President Obama, joins 'Squawk Box' to preview Commerce Secretary Gina Raimondo's visit to China, what it means for U.S.-China relations, and more.

Persons: Wendy Cutler Wendy Cutler, Obama, Gina Raimondo's Organizations: China, Asia Society, . Trade, U.S Locations: Asia, China

☆ US seeks trade panel to resolve labor conflict at Mexican mine
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +3 min

The logo of mining and infrastructure firm Grupo Mexico is pictured at its headquarters in Mexico City, Mexico, August 8, 2017. In a statement, the Office of the U.S. Trade Representative (USTR) said it disagrees with the Mexican government's determination. "It is appropriate to request a panel to verify the facility's compliance with Mexican labor laws," the USTR said. Companies have closely watched U.S. labor complaints play out since the 2020 start of the USMCA, which replaced NAFTA. Reporting by Daina Beth Solomon in Mexico City and Paul Grant in Washington; Additional reporting by Brendan O'Boyle in Mexico City; Editing by Dan Whitcomb, Andy Sullivan & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Ginnette, Daina Beth Solomon, Paul Grant, Brendan O'Boyle, Dan Whitcomb, Andy Sullivan Organizations: Grupo, REUTERS, MEXICO CITY, U.S, Grupo Mexico's, U.S . Trade Representative, Companies, Miners, Grupo Mexico, Thomson Locations: Grupo Mexico, Mexico City, Mexico, WASHINGTON, MEXICO, Grupo Mexico's San Martin, United States, Canada, Mexican, San Martin, U.S, Washington

☆ Canada to challenge extension of US softwood lumber duties
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

Finished lumber is seen at West Fraser Pacific Inland Resources sawmill in Smithers, British Columbia, Canada February 4, 2020. REUTERS/Jesse Winter/File Photo Acquire Licensing RightsOTTAWA, Aug 22 (Reuters) - Canada will challenge what Ottawa described as an "unfair, unjust and illegal" extension of U.S. import duties on Canadian softwood lumber products, the trade ministry said on Tuesday. The softwood lumber tariffs are the legacy of a decades-long trade dispute over the structure of Canada's timber sector that could not be resolved when a quota agreement expired in 2015. "For years, the United States has imposed unfair, unjust and illegal duties on Canadian softwood lumber, hurting Canadian industry and increasing housing costs in both countries," Trade Minister Mary Ng said in the statement. "We are prepared to discuss another softwood lumber agreement when Canada is ready to address the underlying issues related to subsidization and fair competition so that Canadian lumber imports do not injure the U.S. industry," a USTR spokesperson said in an emailed statement.

Persons: Jesse Winter, Mary Ng, Ismail Shakil, Susan Heavey, Devika Syamnath, Andy Sullivan Organizations: West Fraser Pacific Inland Resources, REUTERS, Rights OTTAWA, Ottawa, U.S . Commerce Department, Canada, Washington, Trade, United, U.S . Trade, Thomson Locations: West, Smithers , British Columbia, Canada, U.S, Mexico, United States, Ottawa, Bengaluru

CNN —US Commerce Secretary Gina Raimondo will visit China next week at a critical time for the world’s second-largest economy — and for the Biden administration’s relationship with the country and its leaders. “Secretary Raimondo looks forward to constructive discussions on issues relating to the US-China commercial relationship, challenges faced by US businesses, and areas for potential cooperation,” the Commerce Department said Tuesday in its announcement. Maintaining a dialogue while ramping up competitionIn previous visits, other Biden administration officials aimed to reopen lines of communication and ease tensions that have risen between the two countries in recent years. The Biden administration has said it wants to maintain dialogue with China to prevent competition from turning into conflict. Raimondo’s visit also comes on the heels of the revelation that Chinese-based hackers infiltrated the Commerce Secretary’s emails.

Persons: Gina Raimondo, Biden, Xi, hasn’t, Antony Blinken, Janet Yellen, John Kerry, Joe Biden, “, Raimondo, She’ll, Trump, Mintz, Raimondo’s, —, Laura Organizations: CNN, US, Biden, Commerce Department, Treasury Department, US Trade Representative, Raimondo’s Commerce, White, China, Mintz Group, Commerce Locations: China, Hong, Beijing, Shanghai, American

The International Labour Organization (ILO), of which Cambodia is a member, permits prison labour provided it is not forced. The companies, which Sopheak confirmed were W Dexing Garment (Cambodia), IGTM (Cambodia) and Chia Ho (Cambodia) Garment Industrial, did not respond to requests for comment. It said it learned in February that Cambodia was investigating and that the prison workshops had been suspended. Centric told Reuters in an email in June that it had "placed on hold" imports from a factory in Cambodia and would "immediately terminate" any supplier found to be using prison labour. CAMBODIA INVESTIGATESPrison labour at CC2 potentially puts Cambodia at odds with the U.S. Generalized System of Preferences, which grants duty-free benefits to eligible developing nations.

Persons: Keo Chhea, Sopheak, Chia Ho, AAFA's, Ken Loo, Aun, Loo, Calvin Klein, Tommy Hilfiger, amfori, Klot Dara, Stephen Lamar, Nate Herman, Clare Baldwin, Katherine Masters, Siddharth Cavale, John Shiffman, Kristina Cooke, David Crawshaw, Kay Johnson Organizations: Correctional, Google, REUTERS Acquire, Walmart, Centric Brands, Reuters, American Apparel and Footwear Association, International Labour Organization, ILO, Cambodian Ministry of Commerce, State, European Union, Japan, Garment, Human Rights, Textile, Apparel, Footwear, Travel Goods Association, IZOD, U.S . Federal Trade Commission, U.S, Travelway, Centric, Better Factories, BFC, amfori's Business, Authentic Brands, U.S . Trade, CC2, Cambodia's Ministry of Interior, General Department of Prisons, Facebook, Thomson Locations: Phnom Penh, Cambodia, PHNOM PENH, U.S, Washington, AAFA, IGTM, Canada, Better Factories Cambodia, CC2, CAMBODIA, Cambodia's U.S, New York, Los Angeles

☆ Mexico denies U.S. request to review labor concerns at Grupo Yazaki factory
▼ + stars: | 2023-08-19 | by ( ) www.reuters.com time to read: +1 min

Companies YAZAKI Corporation FollowMEXICO CITY, Aug 18 (Reuters) - Mexico said on Friday it has notified the United States that it will not carry out a requested review of labor rights concerns at Grupo Yazaki's auto components factory in Guanajuato. The U.S. Trade Representative said on Aug. 7 it had asked Mexico to see whether workers "are being denied the rights to freedom of association and collective bargaining" at the privately held company's facility, which makes electrical components for autos for Japan-based Yazaki Corp.Mexico's labor ministry and Federal Center for Conciliation and Labor Registration "determined that there is no substantial evidence of employer interference or denial of rights to freedom of association and collective bargaining by the company," the labor and economy ministries said in a joint statement. The rejection is one of the few times since the U.S.-Mexico-Canada Agreement went into effect in 2020 that Mexico has deemed a case ineligible for review under the pact, which has tougher rules than its NAFTA predecessor. Reporting by Brendan O'Boyle; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan O'Boyle, William Mallard Organizations: YAZAKI, MEXICO, Grupo, The U.S . Trade, Yazaki Corp, Federal Center for Conciliation, Thomson Locations: Mexico, United States, Guanajuato, The, Japan, U.S, Canada

☆ US welcomes WTO panel report on China steel, aluminum tariffs
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

A staff member wearing a face mask walks past United States and Chinese flags set up before a meeting between Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng at the Diaoyutai State Guesthouse in Beijing, China, Saturday, July 8, 2023. Mark Schiefelbein/Pool via REUTERS/File Photo Acquire Licensing RightsWASHINGTON, Aug 16 (Reuters) - The office of the U.S. Trade Representative on Wednesday said it was pleased with a World Trade Organization panel report that it said recognized the United States' section 232 actions on steel and aluminum are security measures and rejected China's arguments. "The United States is pleased with the World Trade Organization (WTO) panel report released today, recognizing that the U.S. Section 232 actions on steel and aluminum are security measures, and that the People’s Republic of China (China) illegally retaliated with sham 'safeguard' tariffs," the USTR said in a statement. Reporting by Susan HeaveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Mark Schiefelbein, Susan Heavey Organizations: Rights, U.S . Trade, World Trade Organization, U.S, Thomson Locations: United States, Diaoyutai, Beijing, China, People’s Republic of China

☆ Chinese duties on U.S. imports 'inconsistent' with WTO obligations
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

A logo is seen at the World Trade Organization (WTO) headquarters before a news conference in Geneva, Switzerland, October 5, 2022. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsGENEVA, Aug 16 (Reuters) - A World Trade Organization (WTO) dispute settlement panel on Wednesday found that China had acted inconsistently with its WTO obligations by imposing additional duties on certain U.S. imports in response to U.S. tariffs on steel and aluminium. China's Commerce Ministry said it had noted the WTO panel decision and demanded that the United States immediately lift tariffs imposed on steel and aluminium imports. The U.S. imposed a 25% duty on steel imports and a 10% duty on aluminium imports in March 2018 based on the Donald Trump administration's "Section 232" national security investigation into steel and aluminium imports. In response to the U.S. duties, China announced that additional duties of between 15% and 25% would apply to certain imports originating in the United States, a measure challenged by Washington.

Persons: Denis Balibouse, Donald Trump, Joe Biden's, Gabrielle Tétrault, Farber, Susan Heavey, Ella Cao, Rachel More, Devika Syamnath, Sharon Singleton Organizations: World Trade Organization, REUTERS, Rights, Trade Organization, U.S . Trade, WTO, Ministry, U.S, Washington, United, Thomson Locations: Geneva, Switzerland, China, United States, Beijing, U.S, Washington

☆ Australia calls for China to end trade curbs as barley tariffs lifted
▼ + stars: | 2023-08-04 | by ( Lewis Jackson | Dominique Patton | ) www.reuters.com time to read: +4 min

Australian Trade Minister Don Farrell said on Friday that Chinese restrictions affecting roughly A$20 billion of annual trade as of last May had shrunk to hit about A$2 billion of exports. The U.S. Trade Representative’s office, which has sided with Australia in the trade dispute, declined to comment on China’s move to reduce barley tariffs. FILE PHOTO: Bottles of Australian wine are seen at a store selling imported wine in Beijing, China November 27, 2020. Wine producer Treasury Wine Estate’s shares reversed earlier declines to close 2.7% following the barley decision against an otherwise flat market. Chinese buyers had turned to Canada, France and Argentina to replace Australian barley supplies over the last three years, while Australian sellers shifted exports to feed barley markets in the Middle East.

Persons: Don Farrell, ” Farrell, Anthony Albanese, Florence, Lee McLean, Dennis Voznesenski, ”, Colin Bettles Organizations: SYDNEY, China’s Ministry of Commerce, World Trade Organization, Australian Trade, Labor, U.S . Trade, REUTERS, Wine, WTO, Rabobank, “, Grain Producers Australia Locations: BEIJING, Australia, normalisation, China’s, Canberra, China, Beijing, Canada, France, Argentina

[1/3] Florida Governor and Republican presidential candidate Ron DeSantis speaks at the Republican Party of Iowa's Lincoln Day Dinner in Des Moines, Iowa, U.S., July 28, 2023. China is mentioned daily at campaign stops, in digital ads and in policy speeches by the various Republican candidates. Some 50% of Americans identify China as the greatest threat to the United States, according to a Pew Research poll released in late July. On the stump, they have said the United States must stand by Ukraine. If the United States does not confront Russia, they say, China will feel emboldened.

Persons: Ron DeSantis, Scott Morgan, Democratic Biden, DeSantis, Nikki Haley, Donald Trump, Tim Scott, Trump, Terry Sullivan, Marco Rubio's, Joe Biden, Pew, Haley, Scott, Jamieson Greer, King, Wendy Cutler, Mike Pence, Gram Slattery, David Lawder, Michael Martina, Ross Colvin, Alistair Bell Organizations: Florida Governor, Republican, Republican Party of Iowa's, REUTERS, Democratic, East, Newsweek, Justice Department, Pew Research, Trade, Spalding, U.S . Trade Representative, Trump, Heritage Foundation, Russia, China, American Enterprise Institute, Thomson Locations: Des Moines , Iowa, U.S, ROCHESTER , New Hampshire, China, United States, America, Communist China, Russia, Iran, Beijing, Washington, Ukraine

☆ Senators aim to protect small businesses from foreign IP theft with new bill
▼ + stars: | 2023-07-27 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

If passed, the IDEA Act will reauthorize a state and local law enforcement intellectual property enforcement program at $25 million per year from 2024-29. They include China, Mexico, Guatemala and Colombia — areas where IP theft against U.S. small businesses is particularly rampant. Bipartisan lawmakers from both houses of Congress have often highlighted the urgent need for targeted solutions toward IP theft. Other IDEA Act initiatives include:An IP Protection Legal Aid program to counsel and protect small business owners. "Intellectual property crimes cost American businesses hundreds of billions of dollars each year, and small businesses often lack the resources to protect themselves against foreign bad actors," said Cornyn, R-Texas.

Persons: –, Mike Gallagher, Tammy Baldwin, John Cornyn Organizations: WASHINGTON, American IP Defense, IDEA, American Intellectual, U.S . Trade Representative, U.S, Republican, Rep, Chinese Communist Party, Justice Department, Government, Office, Joint, IDEA Act's, Texans Locations: Austin , Texas, Jackson , Mississippi, Chicago, China, Mexico, Guatemala, Colombia, Sens, America, Texas

☆ US, Mexico agree on labor rights plan for Mexican Goodyear plant
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, July 19 (Reuters) - The United States and Mexico reached an agreement to remedy violations of workers' rights at a Goodyear Tire & Rubber Co (GT.O) plant in the Mexican city of San Luis Potosi, both countries said on Wednesday. The Mexican government has committed to carry out a number of measures under the agreement, the U.S. Trade Representative's (USTR) office said in a statement. Goodyear must also inform workers of their labor rights and respect union activity, the USTR said. Mexico will carry out periodic inspections of the plant, and if warranted, could impose sanctions on people, labor organizations or the company, the USTR said. The remediation plan comes after a petition from a Mexican independent union, which found Goodyear was offering employees fewer benefits than an industry-wide agreement required.

Persons: Goodyear, Raul Cortes, Valentine Hilaire, Kylie Madry, Brendan O'Boyle, Sonali Paul Organizations: MEXICO CITY, Goodyear Tire &, U.S . Trade, Goodyear, Thomson Locations: MEXICO, United States, Mexico, Mexican, San Luis Potosi, U.S

☆ US trade group blasts Canada for refusal to extend digital services tax freeze
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, July 13 (Reuters) - The U.S.-based National Foreign Trade Council on Thursday blasted Canada for its refusal to back a global agreement to hold off on implementing digital services taxes for at least another year, and said the move could invite retaliation. NFTC President Jake Colvin said he welcomed news from the OECD that most countries with digital services taxes had agreed to extend the moratorium on implementation. He also said the move would allow countries to keep working a global tax deal in good faith. "Canada joined Belarus, Russia and a small handful of others in not joining because they seem to want to move forward quickly with their digital services tax," Colvin said. Colvin said Washington could retaliate under the U.S.-Mexico-Canada trade agreement if Canada went ahead and implemented the new tax.

Persons: Jake Colvin, Colvin, We're, Chrystia Freeland, Washington, Katherine Tai, Mary Ng, Andrea Shalal, Anna Driver Organizations: Foreign Trade, OECD, Canadian Finance, U.S, . Trade, Canadian Trade, Thomson Locations: U.S, Canada, Belarus, Russia, Mexico, Pakistan, Sri Lanka

[1/3] US Treasury Secretary Janet Yellen speaks during her meeting with China's Vice Premier He Lifeng (out of frame) at the Diaoyutai State Guesthouse in Beijing on July 8, 2023. Yellen said nothing publicly to indicate that the U.S. was poised to ease tariffs, but commentators in China were hopeful, amid a U.S. Trade Representative review. "While U.S might continue its technological curbs on China, a reduction or exemption of non-core tariffs against China is possible." Yellen last year advocated eliminating some duties on "non-strategic" goods as a way to ease some specific costs amid high inflation. Haley has said she would push Congress to revoke China’s trade status until China curbs its alleged role in the fentanyl trade.

Persons: Janet Yellen, Lifeng, Pedro PARDO, Janet Yellen's, Biden, Harry Broadman, Donald Trump's, Premier Li Qiang, Yellen, Hong Hao, Chad Bown, " Bown, Josh Hawley, Ron DeSantis, Nikki Haley, Haley, Donald Trump, David Lawder, Andrea Shalal, Gram Slattery, Jeff Mason, Heather Timmons, Nick Zieminski Organizations: China's, WASHINGTON, . Treasury, Trump, White House, World Bank, Berkeley Research, Premier, U.S . Treasury, . Trade, China's Finance, U.S, Grow Investment, Times, Peterson Institute of International Economics, Reuters, Republican, Firebrand, Thomson Locations: Diaoyutai, Beijing, China, U.S, Washington, U.s, Donald Trump's China, CHINA, Xinjiang, Hong Kong, Florida, Mexico, Cuba

☆ Yellen's latest trip continued to stabilize the U.S.-China relationship: Jeff Moon
▼ + stars: | 2023-07-10 | 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 EmailYellen's latest trip continued to stabilize the U.S.-China relationship: Jeff MoonJeff Moon, China Moon Strategies founder and former assistant U.S. trade representative for China, joins 'Squawk on the Street' to discuss Treasury Secretary Yellen's recent visit to China, how the visit impacted the US-China relationship, and more.

Persons: Jeff Moon Jeff Moon, Yellen's Organizations: ., China Moon Locations: China

☆ Top US-China exchanges since Biden took office
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +5 min

Below is a list of some of the other high level U.S.-China exchanges since President Joe Biden took office in 2021. FIRST TRADE TALKS - May 26, 2021U.S. Trade Representative Katherine Tai and China's then Vice Premier Liu He held talks virtually, the first such high level trade talks between the world's two biggest economies since Biden took office. DIPLOMAT VISITS CHINA - July 26, 2021Deputy Secretary of State Wendy Sherman held talks with State Councillor Wang Yi, in Tianjin, China. DEFENCE CHIEFS HOLD FIRST TALKS - April 20, 2022U.S. Defense Secretary Lloyd Austin held a call with China's then defence minister Wei Fenghe, the first talks between the two officials since Biden took office. BIDEN AND XI MEET IN BALI - November 14, 2022Biden and Xi held their long-awaited first face-to-face leadership talks on the sidelines of the G20 summit in Bali, Indonesia.

Persons: Janet Yellen, John Kerry, Joe Biden, BIDEN, Biden, Xi Jinping, Xi, Jake Sullivan, Yang Jiechi, Wang Yi, Katherine Tai, China's, Liu, Wendy Sherman, SULLIVAN, YANG, Sullivan, Yang, Lloyd Austin, Wei Fenghe, WANG, Wang, Nancy Pelosi, HARRIS, Kamala Harris, Gina Raimondo, Wang Wentao, National Defense Li Shangfu, Li, BLINKEN, Antony Blinken, Washington's, Martin Quin Pollard, Raju Gopalakrishnan, Kim Coghill Organizations: . Treasury, U.S, FIRST, National Security, . Trade, CHIEFS, . Defense, General Assembly, BIDEN, IN, Economic Cooperation APEC, CHINA COMMERCE, . Commerce, Commerce, Washington D.C, China's, National Defense, Pentagon, Austin, BEIJING, Thomson Locations: China, Beijing, Yellen's, U.S, Anchorage , Alaska, Blinken, CHINA, Tianjin, Taiwan, North Korea, ROME, Russia, Ukraine, New York, IN BALI, Bali , Indonesia, BANGKOK, Asia, Thailand, MUNICH, Munich, WASHINGTON, Washington, Singapore

Summary Canadian minister Ng notes progress with Mexico over energyUSTR Tai urges Mexico to monitor steel and aluminum exports to U.S.MEXICO CITY, July 6 (Reuters) - The U.S. sees some progress made on an energy dispute with Mexico, although "deep-seated" concerns persist, U.S. Trade Representative Katherine Tai said on Thursday shortly before talks in Mexico with top Mexican and Canadian trade officials. The U.S. and Canada demanded dispute settlement talks over energy with Mexico in July 2022, arguing that Mexico's nationalist energy policies, which have tightened state control over the energy market, were discriminatory to U.S. companies. Canada's Ng separately noted progress with Mexico over energy issues, saying concerns from Canadian companies had been addressed. In addition to the energy spat, the U.S. and Mexico are engaged in a dispute over Mexico's decree to limit the use of genetically modified (GM) corn. Before the meeting, Tai said trade dispute settlement consultations over GM corn, which the U.S. requested in June, began with Mexico last week.

Persons: Ng, Tai, Katherine Tai, Raquel Buenrostro, of International Trade Mary Ng, Canada's Ng, Daina Beth Solomon, Cassandra Garrison, Costas Pitas, Brendan O'Boyle, Marguerita Choy, Diane Craft Organizations: MEXICO CITY, U.S . Trade, USMCA Free Trade Commission, Mexican, of International Trade, Thomson Locations: Mexico, U.S, MEXICO, Canada, American, Mexican, Cancun

☆ Yellen's China visit aims at 'new normal' with Beijing
▼ + stars: | 2023-07-05 | by ( Andrea Shalal | ) www.reuters.com time to read: +6 min

Chinese officials are concerned about the Biden administration's plans to limit U.S. companies' China investments and what they see as moves to decouple the two economies. "There is no substitute for diplomacy," said one senior administration official. "Secretary Yellen’s trip is more than a step toward preparation for a potential Biden-Xi meeting at APEC. Despite the cooling relations, trade between the U.S. and China grew in 2022 for the third year in a row, U.S. Commerce Department data show. Two other Cabinet secretaries, Commerce chief Raimondo and U.S. Trade Representative Katherine Tai, met in May with Chinese Commerce Minister Wang Wentao.

Persons: Janet Yellen's, Biden, COVID lockdowns, Antony Blinken, Xi Jinping, Wu Xinbo, Yellen's, Gina Raimondo, Derek Scissors, Yellen, Russia's Wagner, Joe Biden, Xi, Scott Kennedy, Jake Colvin, Donald Trump, Colvin, Lifeng, Liu He, Raimondo, Katherine Tai, Wang Wentao, Andrea Shalal, Michael Martina, Lun Tian Yew, Dan Burns, Heather Timmons, Andrea Ricci Organizations: . Treasury, China's Fudan University, American Enterprise Institute, U.S, Economic Cooperation, Biden, APEC, Center for Strategic, International Studies, Foreign Trade, . Commerce Department, Treasury, . Trade, Chinese Commerce, Thomson Locations: China, Russia, U.S, Beijing, Ukraine, United States, Asia, San Francisco, Washington, Zurich, Wang Wentao .

☆ Nvidia dips on report U.S. considering new A.I. chip export restrictions for China
▼ + stars: | 2023-06-28 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Shares of Nvidia and Advanced Micro Devices both fell more than 2% in early trading after The Wall Street Journal reported the federal government is weighing new restrictions on exports of sophisticated chips used in artificial intelligence computing to China. The export restrictions under consideration would be imposed by the Commerce Department and would come after the U.S. government already limited the computing power of chips made for Chinese use. Nvidia responded to the earlier restrictions by building a lower-spec chip for the Chinese market. But under the new controls being considered, even that chip, the A800, would be export restricted without licensing, the Journal reported. The restrictions would also apply to companies that offer cloud-based computing solutions, the Journal reported, which have been used by some companies to skirt export controls.

Persons: Gina Raimondo, Antony Blinken, Katherine Tai, chipmakers Organizations: Commerce, EU Trade, Technology, Nvidia, Devices, Street Journal, Commerce Department, U.S, AMD, Marvell, Broadcom, Qualcomm Locations: U.S, College Park , Maryland, China

☆ Opinion | The Many Minds Behind Biden’s Biggest Economic Idea
▼ + stars: | 2023-06-23 | by ( Peter Coy | ) www.nytimes.com time to read: +4 min

Gina Raimondo, as secretary of commerce, is responsible for several of the Biden administration’s biggest swings at industrial policy, so it’s little surprise that she’s on board. I’ve assembled quotes from a variety of administration officials to give a sense of the diversity of thinking on worker-centric industrial policy. I’m giving the most space to Jake Sullivan, the national security adviser, because his April 27 speech at the Brookings Institution was rightly seen as supplying intellectual scaffolding for Biden’s agenda. “Protecting our foundational technologies with a small yard and high fence.” The small yard means protecting only technologies that are truly matters of national security. He quoted Biden as saying that the two nations can and should cooperate on climate, macroeconomic stability, health security and food security.

Persons: Biden, Janet Yellen, ” She’s, Katherine Tai, Gina Raimondo, I’ve, Jake Sullivan, Sullivan, ”, What’s, ” Tai Organizations: Treasury, Biden, Brookings Institution, National Press Locations: U.S, United States, China, ”

☆ US, India agree to terminate six disputes at WTO
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, June 22 (Reuters) - The U.S. and India have agreed to terminate six outstanding disputes at the World Trade Organization, the U.S. Trade Representative's office said in a statement on Thursday after a meeting between President Joe Biden and Prime Minister Narendra Modi. India also agreed to remove retaliatory tariffs on certain U.S. products including chickpeas, lentils, and other goods, the statement said. Reporting by Rami Ayyub; Editing by Eric BeechOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Narendra Modi, Rami Ayyub, Eric Beech Organizations: World Trade Organization, U.S . Trade, Thomson Locations: U.S, India

☆ Bill would give Biden new powers to prepare for the next pandemic
▼ + stars: | 2023-06-22 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN Business —The Covid-19 pandemic exposed glaring weaknesses in America’s medical supply chains, causing a frantic scramble for masks, respirators and other gear needed to fight the virus. Now, a bipartisan effort in Congress is attempting to boost medical supply chain resilience and ease the country’s reliance on less friendly nations like China for critical medical supplies – before the next disaster strikes. The bill aims to improve supply chain resilience by giving the White House the ability to diversify and expand supply networks while simultaneously eliminating unneeded trade barriers. Earlier this month, the White House hailed the end of the supply chain nightmare that had sent consumer prices surging and left some store shelves empty. The administration released a scorecard that indicated dozens of recommendations from a 2021 supply chain review have been implemented, including some related to strained medical supply chains.

Persons: Democratic Sen, Tom Carper, Republican Sen, Thom Tillis, Joe Biden, America’s “, “, ” Carper, Tillis, Carper, ” Tillis Organizations: New York CNN Business, Democratic, Republican, CNN, White House, International Trade, Global Competitiveness, National Academies of Sciences, Engineering, Medicine, Reliance, Trade Organization, GE Healthcare, House, Department of Health, Human Services, United States Trade, Trade, Force Locations: China, United States, America, Covid, Mexico, Malaysia, Shanghai

☆ Factbox: Flurry of US-India deals on AI, defense as Biden, Modi meet
▼ + stars: | 2023-06-22 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +4 min

The following is a roundup of the major announcements:VISASThe Biden administration will make it easier for Indians to live and work in the United States. The United States intends to open new consulates in Bengaluru and Ahmedabad. India is opening a new consulate in Seattle this year and will soon announce two new consulates in the United States. The MQ-9Bs will be assembled in India, a joint statement said, and U.S. manufacturer General Atomics will also establish new facility in India. ADVANCED COMPUTINGIndia and the United States established a Joint Indo-U.S. Quantum Coordination Mechanism to facilitate joint research between the public and private sectors across both countries.

Persons: Narendra Modi, Joe Biden, Biden, Katherine Tai, Vikram Solar, Electric's, General Atomics, Atomics, Jarrett Renshaw, Heather Timmons, Grant McCool Organizations: Indian, U.S, The State Department, United, INDIA, Micron Technology, Micron, United States Trade, World Trade Organization, Minerals Security Partnership, European Union, India’s Epsilon Carbon, VSK Energy, JETS, Hindustan Aeronautics Ltd, Indian Air Force, GE Aerospace's, Tejas, GE, Reuters, SPACE, Artemis Accords, NASA, International Space Station, Thomson Locations: Washington, United States, U.S, Bengaluru, Ahmedabad, India, Seattle, Gujarat, US, Colorado, China, SPACE India

☆ Ukrainian official urges private investors to help the country rebuild
▼ + stars: | 2023-06-21 | 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 EmailUkrainian official urges private investors to help the country rebuildNataliya Mykolska, former trade representative of Ukraine, says Kyiv needs capital to flourish and urges private investors to step in to help the country rebuild.

Locations: Ukraine, Kyiv

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