Trade
Cargo Shipowners Cancel Sailings Due to Tough Economy
The Wall Street Journal (subscription). Calm waters: Popular cargo sailing routes will have less traffic as inflation puts pressure on global trade and consumer spending. Although the peak season typically starts in October, shipping rates are plummeting as large retailers cut inventories to counteract weaker demand. Dealing with delays: “Trans-Pacific shipping rates have plummeted roughly …
U.S. Courts Pacific Nations to Counter China
The Wall Street Journal (subscription). A new strategy: Top U.S. officials will meet with Pacific island leaders as the Biden administration builds a social and economic aid package for the islands, addressing issues such as climate change and illegal fishing. The U.S. is seeking to reinforce its relationship with the islands and limit China’s regional …
G7 Gets Tough on China
ABC News. Stronger stance: After a meeting of G7 officials in Germany, the participating nations issued a
Producer Prices Fall Slightly
CNBC. The numbers: The producer price index fell 0.1% in August, but without accounting for food, energy and trade services, it rose 0.2%. “On a year-over-year basis, the index . . . increased 8.7%, the lowest increase since August 2021.” What’s next? The Federal Reserve will meet next week and is expected to raise rates …
U.S. and Taiwan to Enter Trade Talks
CNBC. The background: In June, Washington and Taipei announced the U.S.-Taiwan Initiative on 21st-Century Trade. With a formal negotiating mandate, negotiations are expected to start in the months ahead. The new mandate centers text-based negotiations on 11 topics, such as “trade facilitation, good regulatory practices and removing discriminatory barriers to trade.” Read the formal announcement …
Manufacturers Urge Reversal of Mexico’s Unfair Energy Policies
Washington, D.C. – Following the Office of the U.S. Trade Representative’s announcement that the U.S. has requested consultations under the U.S.–Mexico–Canada Agreement over Mexico’s energy policies, National Association of Manufacturers Vice President of International Economic Affairs Ken Monahan released the following statement: “This bold action from the Biden administration and Ambassador Katherine Tai is critical …
Manufacturers Back Chips Bill, Call for Further Action from Congress
Timmons: “A vote for the CHIPS Act funding is a vote for a stronger, more competitive manufacturing industry in America.”
Washington, D.C. – Ahead of consideration of legislation to bolster U.S. semiconductor manufacturing, National Association of Manufacturers President and CEO Jay Timmons released the following statement: “A vote for the CHIPS Act funding is a vote for a stronger, more competitive manufacturing industry in America. But if Congress fails to pass this investment in the …
U.S. Works to Fix WTO’s Dispute Settlement System
The Wall Street Journal (subscription). The basics: The WTO is a forum of 164 member countries that negotiate trade agreements, settle disputes and develop and monitor the implementation of trade rules and regulations. In recent years, it has been less effective owing, to a significant degree, to a failure to appoint appellate body judges, hamstringing …
