Canada's Trade Minister Francois-Philippe Champagne, pictured in March 2018, told lawmakers that ratifying the TPP was a "top priority" for the government in Ottawa. (AFP/CLAUDIO REYES) The United States is Canada's single biggest trade partner, with two-way exchanges of goods and services totalling US$673.9 billion in 2017, and Washington enjoys a US$8.4 billion surplus. Nevertheless, Trump appears determined to up-end the trade relationship, insisting that the US is the loser, and has demanded that the North American Free Trade Agreement (NAFTA) be renegotiated or abandoned. Prime Minister Justin Trudeau's government is in talks to save the deal and, in concert with the other major trading powers in the G7 group of nations that met in Quebec over the weekend, pushed back against Trump. And in Ottawa on Monday, International Trade Minister Francois-Philippe Champagne urged lawmakers to speed ratification of the Trans-Pacific Partnership that might offset losses in US trade by … [Read more...] about Canada rallies to Trudeau after Trump’s insult
Aggressive foreign policy
China elevates combat readiness in South China Sea, experts say
China says one thing to the world, but does what it wants, anyway. This message is being clearly conveyed by its continued military buildup in the disputed South China Sea area even as it participates in negotiations and actions to defuse tensions, including the adoption of a Code of Conduct (COC). "Actually, China has been active in the South China Sea all this while. What’s distinctive this time is the heightened tempo of Chinese military activities that go along with the ongoing, increasing buildup in the disputed waters - by that I’m referring to more intense naval and air activities, which came after the last Party Congress. “It’s clear that Xi wanted to follow up that last event to showcase his control over the Chinese People’s Liberation Army (PLA), including his promise and call for the PLA to heighten combat readiness in the South China Sea," Dr Collin Koh Swee Lean of the S. Rajaratnam School of International Studies (RSIS), Singapore, told … [Read more...] about China elevates combat readiness in South China Sea, experts say
With friends like Trump, who needs enemies: EU chief
Viet Nam News SOFIA — The European Union’s top official launched a stinging attack Wednesday on President Donald Trump, slamming his "capricious assertiveness" and saying the US leader acted more like an enemy than a friend. EU president Donald Tusk urged leaders meeting in Bulgaria to form a "united European front" against Trump’s withdrawal from the Iranian nuclear deal and his move to impose trade tariffs on Europe. Tusk even compared the US administration to Europe’s traditional foes Moscow and Beijing as he launched his broadside hours before a dinner of the 28 leaders in Sofia where they will discuss the issue. "Looking at the latest decisions of President Trump, someone could even think with friends like that who needs enemies," Tusk told reporters. "But frankly speaking, Europe should be grateful to President Trump, because thanks to him we have got rid of all illusions. He has made us realise that if you need a helping hand you will find … [Read more...] about With friends like Trump, who needs enemies: EU chief
Oil ends at 3.5 year high ahead of Trump’s Iran decision
US oil prices finished above US$70 a barrel for the first time since November 2014 on Monday (May 7) amid rising speculation that the US could soon exit the Iran nuclear deal. File photo of section of an oil platform in the North Sea, around 160 kilometres east of Aberdeen, Scotland. (AFP PHOTO/POOL/ANDY BUCHANAN) US benchmark contract West Texas Intermediate for June delivery ended at US$70.73 per barrel, up US$1.01. European benchmark Brent North Sea crude for July delivery gained US$1.30 to US$76.17, also its highest level since late 2014. British Foreign Secretary Boris Johnson was the latest European official to travel to Washington to urge the Trump administration to preserve the 2015 pact in which major powers agreed to ease some sanctions on Iran in exchange for greater scrutiny of its nuclear activities. US President Donald Trump tweeted that he would announce his decision on Tuesday. Trump has until May 12 to certify that Iran is complying with the agreement curbing … [Read more...] about Oil ends at 3.5 year high ahead of Trump’s Iran decision
Iran rejects new deal as France vows it will never get atomic weapons
Iran's president Hassan Rouhani gives a speech in the city of Tabrizon Apr 25, 2018, during an event commemorating the city as the 2018 capital of Islamic tourism. (Photo: AFP/Atta Kenare) In their different ways, Europe, Iran and Russia are all seeking to convince US President Donald Trump not to abandon the landmark 2015 deal that curbed Iran's nuclear programme in exchange for sanctions relief. Trump has called the existing accord "insane" and "ridiculous", in part because its restrictions start to expire in 2025. But addressing the US Congress on the last of his pomp-filled, three-day visit to Washington, French President Emmanuel Macron said: "Iran shall never possess any nuclear weapons. Not now. Not in five years. Not in 10 years. Never." He has proposed an additional deal that extends Iran's nuclear restrictions while also curbing its ballistic missile programme and support for militias in the Middle East. In Iran, Rouhani took a more aggressive tack, reiterating that the … [Read more...] about Iran rejects new deal as France vows it will never get atomic weapons
Stable foreign exchange rate expected in 2018
Some commercial banks appreciated the US dollar after last week’s interest rate hike by the US Federal Reserve (Fed).– Photo vov.vn Some commercial banks appreciated the US dollar after last week’s interest rate hike by the US Federal Reserve (Fed). Experts, however, have said the exchange rate between the US dollar and Vietnamese dong is likely to remain relatively stable throughout the year. In its first policy meeting under new Fed chief Jerome Powell on Wednesday, Fed lifted its benchmark overnight lending rate by a quarter of a percentage point to a range of 1.50 per cent to 1.75 per cent. After this rise, Fed is predicted to have at least two more hikes for 2018, highlighting its growing confidence that tax cuts and government spending will boost the economy and inflation and spur more aggressive future controls. After the Fed’s decision, domestic commercial banks also increased their US$/VND exchange rate. On Friday Vietcombank and BIDV listed the dollar … [Read more...] about Stable foreign exchange rate expected in 2018
Polish president signs Holocaust bill, triggers Israeli, US criticism
Poland's president signed into law on Tuesday a bill that imposes jail terms for suggesting the country was complicit in the Holocaust, prompting sharp criticism from Israel and the United States. Andrzej Duda said in a televised address the legislation would safeguard Poland's international reputation, but Israel called for amendments, saying the two countries had a "joint responsibility" to preserve the memory of the Holocaust. The United States, a close NATO ally of Poland, expressed disappointment at Duda's decision. "(This bill) ... protects Polish interests ... our dignity, the historical truth... so that we are not slandered as a state and as a nation," said Duda, an ally of the ruling Law and Justice party (PiS) which introduced the legislation. But it also "takes into account the sensitivity of those for whom the issue of historical truth, the memory of the Holocaust is incredibly important", Duda added. The Polish law would impose prison sentences of up to three years … [Read more...] about Polish president signs Holocaust bill, triggers Israeli, US criticism
Iran rules out any change to nuclear accord
Iran on Saturday rejected any modification of its nuclear deal with world powers after U.S. President Donald Trump demanded tough new measures to keep the agreement alive. Iran "will not accept any amendments in this agreement, be it now or in the future, and it will not allow any other issues to be linked to the JCPOA", the foreign ministry said in a statement, using the 2015 deal's technical name. It has the backing of all the partners to the agreement apart from the United States, with Russia warning Washington on Saturday that withdrawing would be "a big miscalculation". "We are gradually coming to the conclusion that an internal decision by the U.S. to leave the JCPOA has already been made or is close to being made," Deputy Foreign Minister Sergei Ryabkov told the Interfax news agency. "This could be one of Washington's big foreign policy mistakes," he added. Trump again waived nuclear-related sanctions on Friday -- as required every few months to stay in the agreement -- but … [Read more...] about Iran rules out any change to nuclear accord
Inside the growing backlash against China
China’s rise over the last generation has been impressive, with the country moving from the periphery to the center of the global system, and climbing from impoverished backwater to a position of substantial wealth and power. But the strategic environment in which China’s “lay low” approach to international affairs has helped to make it the world’s second-largest economy is changing – and a broader backlash against China is beginning. Under President Xi Jinping, Beijing has been pushing an increasingly aggressive and high-profile foreign policy, attracting the sort of attention that Xi’s predecessors had carefully avoided. Now, countries that only a few years ago welcomed Chinese investment and engagement are beginning to mobilize against Chinese influence. The global conditions that favored China’s rise began at the end of the Cold War. With the fall of the Soviet Union, the West in general and the United States in particular were eager … [Read more...] about Inside the growing backlash against China
Commentary: Inside the growing backlash against China
China’s rise over the last generation has been impressive, with the country moving from the periphery to the center of the global system, and climbing from impoverished backwater to a position of substantial wealth and power. But the strategic environment in which China’s “lay low” approach to international affairs has helped to make it the world’s second-largest economy is changing – and a broader backlash against China is beginning. Under President Xi Jinping, Beijing has been pushing an increasingly aggressive and high-profile foreign policy, attracting the sort of attention that Xi’s predecessors had carefully avoided. Now, countries that only a few years ago welcomed Chinese investment and engagement are beginning to mobilize against Chinese influence. The global conditions that favored China’s rise began at the end of the Cold War. With the fall of the Soviet Union, the West in general and the United States in particular were eager … [Read more...] about Commentary: Inside the growing backlash against China