trade
Brussels (Belgium) (AFP) - The European Union on Wednesday announced a probe into China's medical devices market, prompting an immediate accusation from Beijing that the bloc was engaging in "protectionism". Brussels suspects China is favouring its own suppliers for the procurement of medical devices. The EU's official administrative journal, announcing the probe, set out ways that could be happening, including through a "Buy China" policy. The EU also has concerns that China may have restricted imports and imposed conditions "leading to abnormally low bids that cannot be sustained by profit-...
AFP
Pittsburgh (AFP) - US President Joe Biden called Wednesday for a hike in steel tariffs on China, accusing it of cheating as he courted blue-collar voters on an election campaign trip to the battleground state of Pennsylvania. Biden accused Beijing of xenophobia too in a speech to union members in Pittsburgh that also sought to contrast his defense of workers' rights with the record of his rival Donald Trump. "They're not competing, they're cheating. They're cheating and we've seen the damage here in America," the 81-year-old Biden said to cheers at the headquarters of the United Steelworkers ...
AFP
Pittsburgh (AFP) - US President Joe Biden called for a hike in steel tariffs on "cheating" China Wednesday as he courted blue-collar voters on an election campaign trip to the battleground state of Pennsylvania. "I stand by you, the American steel worker," Biden said to cheers as he unveiled the latest in a series of protectionist measures in a speech to the United Steelworkers union in Pittsburgh. Democrat Biden was on the second day of a three-day swing through Pennsylvania as he competes with Republican rival Donald Trump for working- and middle-class votes ahead of November's election. Bi...
AFP
Paris (AFP) - The bridge collapse that closed the Port of Baltimore has raised concerns about the disaster's potential impact on the global supply chain. Authorities have warned that extensive work is needed before the major port can reopen following Tuesday's catastrophic cargo ship collision, which has blocked the harbour's entrance. Here is a look at what it could mean for global trade: A major car terminalBaltimore is among the top 20 ports in the United States by tonnage and number of containers handled, according to the US Bureau of Transportation Statistics. Last year, it handled a reco...
AFP
London (AFP) - Britain signed a trade agreement with Texas on Wednesday after it failed to secure a post-Brexit deal with the wider United States. UK Trade Secretary Kemi Badenoch and Texas Governor Greg Abbott signed the agreement in London. Prime Minister Rishi Sunak's government has struggled to deliver on a promise to sign big trade deals in the wake of Brexit, or Britain's departure from the European Union. Rather than a formal trade deal, the Texas signing is akin to a memorandum of understanding designed to improve co-operation between UK businesses and peers in the US state. "Today's s...
AFP
Washington (AFP) - From genomic information to internet-connected cars, the United States is rethinking its data protection policies -- with further trade curbs aimed at China in the cards -- as tech like AI brings new risks. In the past week alone, President Joe Biden took steps expanding Washington's national security toolkit, sounding the alarm on possible risks from Chinese vehicles and tech, a day after issuing an order to limit the flow of sensitive personal data abroad. The fear is that such data can be used to track citizens, including those with sensitive jobs, or train artificial int...
AFP
Washington (AFP) - In a shift from tit-for-tat tariffs and strong-arm tactics to tech restrictions and investment curbs, US policy towards China has become more targeted under President Joe Biden -- though still hardline. Despite differences between Democrats and Republicans, analysts expect Washington's approach to Beijing will only become tougher, whether Biden or former president Donald Trump wins another White House term. "I think the direction of pressure in Washington is absolutely in one direction, which is more hawkishness," said Joshua Meltzer, senior fellow at Brookings Institution. ...
AFP
Washington (AFP) - The US trade deficit narrowed in 2023 to the smallest in three years, government data showed Wednesday, while the country imported more goods from Mexico than China for the first time in about two decades. The latest figures add to a series of positive economic news for President Joe Biden, who has been working to boost sentiment on his handling of the economy as his November reelection campaign picks up pace. For all of 2023, the overall trade gap was $773.4 billion, down 18.7 percent from the $951.2 billion figure in the prior year, US Commerce Department figures showed. I...
AFP
Las Vegas (AFP) - Xiaoyu Fan smiled as she looked around a bustling China Pavilion at the Consumer Electronics Show Wednesday as gadgets like bladeless fans were displayed and deals were being made. Hundreds of Chinese companies were at the annual CES gadget extravaganza, shrugging off US-China political trade tensions and focusing on taking care of business. "I believe all the people in each country are very good, the civilization of each country is very nice, very friendly," said Fan, who was with the Zhejiang Crossbow Brand Electric Appliance Company from Wuyi, China. "We don't care about t...
AFP
Washington (AFP) - The US trade gap narrowed in November with imports and exports both falling while higher interest rates bite, the government reported Tuesday. Although analysts expected the trade deficit to widen slightly, the gap was smaller than anticipated at $63.2 billion, down from a revised October figure of $64.5 billion, the Commerce Department said. Resilient consumption has supported US trade, but analysts have expected the effect of higher interest rates, as it weighs on demand, to add pressure on imports. Meanwhile, exports could take a hit from slower growth in major US trading...
AFP
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