U.S. Commerce's Ross eyes anti-China 'poison pill' for new trade dealsThe Saigon Times Daily U.S. Secretary of Commerce Wilbur Ross answers questions during an interview with Reuters in his office at the U.S. Department of Commerce building in Washington, U.S., October 5, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - U.S. Commerce Secretary Wilbur Ross signalled on Friday that Washington may flex its muscle with additional trading partners in order to exert pressure on China to open its markets, saying that a “poison pill” provision in the recently completed pact with Canada and Mexico could be replicated. Ross said in an interview that the provision was “another move to try to close loopholes” in trade deals that have served to “legitimize” China’s trade, intellectual property and industrial subsidy practices. The United States is now in the early stages of talks with Japan and the European Union to lower tariff and regulatory … [Read more...] about U.S. Commerce’s Ross eyes anti-China ‘poison pill’ for new trade deals
Eu us trade deal
Macron ‘not in favour’ of vast new US EU trade deal
French President Emmanuel Macron said on Thursday (Jul 26) he viewed talks between US President Donald Trump and EU Commission chief Jean-Claude Juncker as "useful", but he was "not in favour" of a "vast new trade deal" between the European Union and the United States. French President Emmanuel Macron said a good trade discussion "can only be done on a balanced, reciprocal basis". (AFP/JAVIER SORIANO) "European and France never wanted a trade war and the talks yesterday were therefore useful in as far as they helped scale back any unnecessary tension, and working to bring about an appeasement is useful," the French leader said after a meeting with Spanish Prime Minister Pedro Sanchez in Madrid. "But a good trade discussion ... can only be done on a balanced, reciprocal basis, and in no case under any sort of threat," Macron said. "In this regard, we have a number of questions and concerns that we will clarify". Macron said he was "not in favour of us launching a vast trade … [Read more...] about Macron ‘not in favour’ of vast new US EU trade deal
EU, Japan sign major trade deal in ‘message against protectionism’
The deal signed in Tokyo is the largest ever negotiated by the EU and creates a massive free trade zone, eliminating tariffs for everything from Japanese cars to French cheese. It also provides a stark counterpoint to US President Donald Trump's aggressive "America First" protectionism, which has seen Washington impose trade tariffs on allies and rivals alike. "We are sending a clear message that we stand together against protectionism," EU Council President Donald Tusk said after the agreement was signed. Commission head Jean-Claude Juncker said the signatories of the agreement were making "a statement about free and fair trade, we are showing that we are stronger and better off when we work together." Trump has unsettled America's allies and provoked the ire of its rivals with bombastic statements, hefty trade tariffs, and threats of a trade war. Abe said the agreement "shows the world the unshaken political will of Japan and the EU to lead the world as the champions of free trade at … [Read more...] about EU, Japan sign major trade deal in ‘message against protectionism’
Italy’s Di Maio says parliamentary majority will reject EU Canada trade deal
Italy's deputy prime minister Luigi Di Maio said on Friday (Jul 13) that a majority in parliament would reject an EU-Canada free trade deal, thereby threatening to scupper the entire agreement. Luigi Di Maio heads Italy's populist, eurosceptic Five Star Movement. (Photo: AFP/Andreas Solaro) "Soon the CETA (Comprehensive Economic and Trade Agreement) will come to parliament for ratification and the majority will reject it," Di Maio told Italy's main farming union, the Coldiretti. "Any Italian civil servants abroad who continue to defend lousy treaties like CETA will be removed," he added in comments criticised by industry and consumer groups. "Being here means, in my view, reclaiming a bit of healthy sovereignty," said Di Maio, who heads the populist, eurosceptic Five Star Movement. He is joint deputy prime minister along with the Matteo Salvini, leader of the far-right League party. "We must defend Italy and the Italian economy," he added. Agriculture Minister Gian Marco … [Read more...] about Italy’s Di Maio says parliamentary majority will reject EU Canada trade deal
Trump says May’s Brexit plan kills hope of a US trade deal
President Donald Trump directly criticized Prime Minister Theresa May’s Brexit strategy, saying it had probably killed off hope of a U.S.-British trade deal and that she had failed to take his advice on how to negotiate with the European Union. In an interview published just hours before he was due to have lunch with May and tea with Queen Elizabeth on Friday, Trump chided the “very unfortunate” results of the prime minister’s Brexit negotiation. “If they do a deal like that, we would be dealing with the European Union instead of dealing with the U.K., so it will probably kill the deal,” Trump told the Rupert Murdoch-owned Sun newspaper. “I would have done it much differently,” he told The Sun, which urged its readers to back Brexit before a referendum in June 2016. “I actually told Theresa May how to do it, but she didn’t listen to me.” Trump also heaped praise on Boris Johnson, who resigned as foreign secretary this … [Read more...] about Trump says May’s Brexit plan kills hope of a US trade deal
UK admits will pay Brexit bill before agreeing trade deal
Viet Nam News LONDON — The British government acknowledged on Wednesday it must pay its Brexit divorce bill before securing a new trade deal with the EU, despite previously insisting the cash could be a bargaining chip. Prime Minister Theresa May agreed in December to a financial settlement totalling £35 to £39 billion (US$46.6 to $52.0 billion) that her ministers said depended on agreeing future trade ties. But under repeated questioning by a committee of MPs, Brexit minister Suella Braverman -- a leading eurosceptic in May’s Conservative party -- was forced to concede this may not be the case. The Houses of Parliament will vote later this year on the final withdrawal deal struck with Brussels, ahead of Britain’s exit from the EU in March 2019. The deal will include the financial settlement as part of a legally-binding withdrawal agreement, plans for a post-Brexit transition period and a political agreement on the framework of the future economic and … [Read more...] about UK admits will pay Brexit bill before agreeing trade deal
Vietnam is big winner of free trade deals
The clinched free trade agreements (FTAs) has opened the door wider for Vietnamese goods to enter foreign markets, helping the country improve trade balance with its trade partners. The clinched free trade agreements (FTAs) has opened the door wider for Vietnamese goods to enter foreign markets. Before 2007, Vietnam was involved in only two free trade deals as member of the Association of Southeast Asian Nations (ASEAN): the ASEAN-China and the ASEAN- Republic of Korea (RoK) pacts. After that, the country signed several more deals, including those with Japan and Chile. Particularly, in 2015, Vietnam concluded negotiations with the US in the Trans-Pacific Partnership, with the EU on the Vietnam-EU free trade agreement and with Russia on the Vietnam- Eurasia Economic Union free trade agreement. The same year, the country concluded bilateral FTA talks with the RoK. Vietnam is one of the countries with the most FTAs in the world. It has signed a total of 17 trade deals, of … [Read more...] about Vietnam is big winner of free trade deals
EU, Mexico reach agreement on free trade deal
The EU and Mexico said on Saturday (Apr 21) they had reached an "agreement in principle" to modernise an existing free trade deal, as the Latin American country faces pressure from protectionist measures threatened by US President Donald Trump. The EU and Mexico released a statement, about an "agreement in principle" over trade, from EU Trade Commissioner Cecilia Malmstrom (L), Mexico Economy Minister Ildefonso Guajardo Villarreal (R) (seen in 2017) and EU Agricultural Minister Phil Hogan. (Photo: AFP/Pedro Pardo) Under the updated terms of the 2000 deal, "practically all bilateral trade in goods will now be duty-free, including in the agricultural sector," the European Commission, the EU's executive arm, said in a statement. The move is seen as sending a strong signal to Trump who last year launched renegotiations of what he has previously referred to as Mexico's "cash cow" - the North American Free Trade Agreement (NAFTA). The US leader's threat to even axe NAFTA altogether … [Read more...] about EU, Mexico reach agreement on free trade deal
New Zealand PM pushes for EU trade deal
PARIS, France — New Zealand’s Prime Minister Jacinda Ardern on Monday pushed for a "progressive" free-trade agreement with the European Union in the coming months, while saying British ideas about turning the Commonwealth into a trading platform were a "longer run aspiration". "I believe an EU-New Zealand FTA presents an opportunity to conclude an agreement that is a model for progressive and inclusive trade," Ardern said after talks with French President Emmanuel Macron in Paris. New Zealand mainly exports agricultural products to the bloc, which could agree as early as May to open negotiations having decided to fast-track the process last year. Both Ardern and Macron said the talks would take into account environmental and social concerns while being "mutually beneficial". "Some of the concerns being raised domestically in New Zealand will be similar to the ones raised in France," Ardern said in reference to potential resistance from French and European farmers. "Our … [Read more...] about New Zealand PM pushes for EU trade deal
Cheese is the beef as EU-Mexico trade talks resume
MEXICO CITY — The EU and Mexico resumed talks on Monday aimed at sealing a new version of their 18-year-old trade deal, a project that has hit several snags -- including the touchy issue of cheese. Mexico, which sends some 80 per cent of its exports to the United States, is keen to diversify its trading partners because of US President Donald Trump’s threats to pull out of the North American Free Trade Agreement (NAFTA). It had been making fast progress on modernising its 2000 trade deal with the European Union. But after announcing they hoped to wrap up talks by the end of 2017, negotiators ran into trouble on some final details -- notably whether Mexico’s dairy industry has the right to produce "Manchego cheese," a product that originated in Spain’s La Mancha region. The Europeans want exclusive rights to that name, along with more than 300 other products ranging from wines to beers to meats. But that is a problem for cheese producers in Latin America’s … [Read more...] about Cheese is the beef as EU-Mexico trade talks resume