U.S. 'must fix the many bad trade deals it has made'
Jul 10, 2017, 00:18
In its communique, the G-20 pledged renewed efforts to combat excess capacity in the steel industry, one of the officials said.
President Trump, just back from his first G20 summit, is touting his trip to the gathering of world leaders as a "great success for the U.S".
Moreover, trade diplomats fear USA security-based tariffs on steel would widen cracks in the global trading order, after Saudi Arabia, Bahrain and the United Arab Emirates cited national security at the WTO last week to justify their economic boycott of Qatar.
G-20 leaders will discuss steel overcapacity at this week's summit in Germany, European officials said, as tensions rise over President Donald Trump's plan to use a Cold War-era law to restrict steel imports for national security reasons.
Policies that could fall under national security include China's new Cyber Security Act, which is under WTO scrutiny from Japan, South Korea, the United States and others; Ukraine's gas pipeline reforms; and Russia's trade restrictions on Ukraine.
"Explained that the USA must fix the many bad trade deals it has made", he tweeted early Sunday.
China pledged to reduce the country's annual steel capacity by as much as 150 million tons before 2020, but the country remains the world's largest steel producer and accounts for almost half of the globe's total steel production. He suggested putting on Chinese imports 45% tariff and said he would announce on his first day in the office that China was a currency manipulator, and he said proposing taxing imports from Mexico that he would rip up the trade deals and referred this as the Trans-Pacific Partnership, or TPP.
The EU might impose retaliatory duties on whiskey, orange juice and dairy products should the USA decide to raise steel tariffs, the Financial Times reported that day.
The future Economic Partnership Agreement between the European Union and Japan "will be the model of the economical order of the 21st century", Abe told the other world leaders, according to Maruyama - Trump among them. Otherwise, the risk of "bilateral actions" increases, Merkel said. So much for China working with us - but we had to give it a try!
The administration has been reviewing the effect of steel imports on the American economy and national security since April with the Department of Commerce due to release a report on the topic as soon as this week. Indeed, analysts have warned that tariffs could drive up steel prices for US manufacturers.
Angela Merkel the Chancellor of Germany has been critical of the view Trump holds for global trade.
The tariffs could very well provoke a global trade war.
The leaders agreed in the final statement of the G-20 leaders that they would "fight protectionism and all unfair trade practices and recognize the role of legitimate trade defense instruments in this regard".
President Kim Jong Un authorized the launch of an intercontinental ballistic missile that's said to have a long range. President Trump is now in Poland on a diplomatic visit but addressed the issue at a press conference on Thursday.
The bad news? Don't expect to see those sweet winnings in any kind of timely manner if a state budget isn't reached. But the multi-state pullout would be unprecedented. "So they buy everyone tickets over here", Syad Hussaini said.
The shooting led to a massive police response and a brief shelter-in-place warning for the surrounding area. The shooter turned the gun on himself after killing three employees, according to UPS spokesman Steve Gaut.
He won the Nobel Peace Prize in 2010 and was represented by an empty chair at the ceremony, as he was by then in prison. The Chinese authorities say he is a criminal and have repeatedly jailed him for his protests against their rule.
He's a great person, a great leader and we're thrilled to have him. "Thursday night we made a decision to move a great player". We're going to be in this together". "We're talking about a top-15 player in the league". "We're not looking backwards".
CEO and president of KSS , Jason Luo said through a statement that Takata's underlying strength in its business did not diminish. Over 100 million cars fitted with the risky airbags have since been recalled, however an unknown number are still on the road.
The growing concern is that rising Non-Opec output, led by the USA is increasingly offsetting the reduced Opec production. The investment bank cited higher-than-expected production from Nigeria , Libya and a swift rebound in USA shale output.
Figures of U.S. crude inventory are expected later today, which could determine if the market's gains stand to extend further. Currency wise, the Canadian dollar traded 0.27 of one cent which was lower than the average price of 75.37 cents US.
Worldpay shares surge on takeover approaches
The agreement would see Worldpay shareholders receive 55 pence in cash and 0.0672 new Vantiv shares for each share they own. The total value to Worldpay shareholders would be £3.85 (US$4.97) per Worldpay share.
Philippines: Apex Court upholds martial law
Members of the Senate minority bloc urged the Palace to listen to the three justices who voted to limit the scope of martial law. The statement was made after opposition lawmakers petitioned the court to review and nullify President Duterte's decision.
Sagan disqualified from Tour for Cavendish 'elbow'
After crashing on Stage 2, Martin finished Stage 3 with the Sprinter group, 2:52 behind victor Peter Sagan (Bora-hansgrohe). He remained in the front for nearly 200Km until the peloton and Movistar took control with 15km left of the stage.
Feds Sanction Chinese Bank Linked To North Korea
It cited a United Nations expert panel as saying the company has violated a ban on trade in luxury goods with the North. Mnuchin, however, stressed at the press briefing that the sanctions were not directed at China.
LA ranks number 6 for worst drivers in the country
Yes, America's largest tree canopy lines Sacramento's streets, but the streets themselves are filled with unsafe drivers. Regardless, Orlando's drivers are statistically excellent - their accident rate was second behind only Detroit .