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ECONOMY - page 4

Trump imposes tariffs on steel and aluminum, but offers relief to allies

in AMERICAS/ECONOMY by

President Trump on Thursday signed a pair of proclamations that impose tariffs on imported steel and aluminum while offering relief to some U.S. allies, as the president took his most significant step yet away from free trade but stopped short of the global tariffs his GOP allies begged him to avoid. The tariffs, set to take effect in 15 days, do not apply to imports from Canada and Mexico so that U.S. officials can assess progress as they renegotiate the North American Free Trade Agreement. Other countries with a “security relationship” to the United States may seek exemptions by opening talks with the administration on “alternative ways” to address the threats the administration alleges their products pose to national security.

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Peru and other 10 countries to sign revamped TPP trade deal in Chile

in AMERICAS/ECONOMY/PRESS RELEASE by

Peru’s Foreign Trade and Tourism Minister Eduardo Ferreyros will head to Chile, where he will sign the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Thursday, March 8. Countries under CPTPP —a revised version of the Trans-Pacific Partnership (TPP) trade agreement— include Australia, Brunei, Canada, Chile, Japan, Mexico, Malaysia, New Zealand, Peru, Singapore, and Viet Nam. In addition to the signing ceremony, Ferreyros will attend a series of high-level bilateral meetings in the Chilean capital of Santiago. An agreement among Peru and the 10 countries making up the CPTPP will grant the Andean nation access to a market whose GDP accounts for 13% of the world’s total GDP.

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Pushback on Trump tariffs gathers steam, Mexico rejects bid to split NAFTA

in AMERICAS/ECONOMY by

WASHINGTON/MEXICO CITY – Republican lawmakers stepped up calls for President Donald Trump to pull back from proposed tariffs on steel and aluminum imports as key trading partner Mexico rejected a bid by Washington to drive a wedge between it and Canada in talks to renegotiate the North American Free Trade Agreement. On Tuesday, Representative Mark Meadows, the head of the Freedom Caucus, raised concerns about the impact of the tariffs on American manufacturing and agriculture. Agriculture is a potential target for retaliatory tariffs from China if Trump pushes ahead. Moreover Mexico’s Economy Minister Ildefonso Guajardo raised the prospect of reprisals if Washington pushed ahead with tariffs and insisted NAFTA remain “a trilateral accord” in response to a U.S. proposal to hold talks with Canada and Mexico separately.

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Duterte warns he’ll order navy to fire if sea resources stolen

in ASIA/ECONOMY by

President Rodrigo Duterte told a news conference late on Friday that the Philippines will continue talks with China over disputed South China Sea territories. He also stressed the Philippines’ sovereign rights over Benham Rise, a vast offshore frontier off his country’s northeast. Duterte said he has no intention of going into war over territorial feuds but will order the navy to fire if other countries extract resources from waters within his country’s exclusive economic zone.

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Jhinaoui meets with President of National US-Arab Chamber of Commerce

in AFRICA/ECONOMY/POLITICS by

Foreign Minister Khemaies Jhinaoui on Friday held talks with President of National US-Arab Chamber of Commerce (NUSACC) David Hammoud on strengthening bilateral trade relations, the ministry said in a statement. Khemaies Jhinaoui placed emphasis on “the importance of developing cooperation with this organisation to open up new prospects for exports of Tunisian products to the US market and consolidate the links between businessmen and business leaders from both countries in order to explore new prospects for partnership”. In turn, David Hammoud stressed his organisation’s will to help Tunisian companies to establish partnerships with their American counterparts in all fields. He also stressed the consolidation of ties between the two parties, so as to create a new dynamic for bilateral trade and allow local businesses to access US markets.

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China’s import roars back to life in January; exports also beat forecasts

in ASIA/ECONOMY by

China’s trade machine kicked up a gear in January after stumbling the previous month, with exports and imports both growing much more than expected. Exports in January rose 11.1 percent from a year earlier, picking up from a 10.9 percent gain in December, official data showed. Analysts had expected growth to cool for a second straight month to 9.6 percent. Imports surged 36.9 percent, the General Administration of Customs said, the fastest pace since last February and smashing analysts’ forecast of 9.8 percent growth. However, data from China in the first two months of the year must always be treated with caution due to business distortions caused by the timing of the long Lunar New Year holidays. Some of the jump in imports may have been due to inventory building ahead of the holidays rather than a pick-up in consumption, though economists said the data was still positive. China benefited from a global trade boom in 2017. However, while global demand is tipped for another strong year, expectations of growing trade disputes with the United States could weigh on China’s shipments in 2018. President Donald Trump slapped steep tariffs on imported washing machines and solar panels last month. China is the world’s biggest solar panel producer. Trump also is considering recommendations on import restrictions for steel and aluminum or other trade sanctions against China over its intellectual property practices. “The uncertainty surrounding Sino-U.S. trade ties remains a key potential downside risk in the near term”, said Betty Wang, senior China economist at ANZ in Hong Kong. Sharp gains in the yuan are also threatening China’s competitiveness, with an official business survey last week suggesting the currency’s appreciation led to a decline in big exporters’ activity last month.

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Algeria ranked 172nd in the index of economic freedom

in AFRICA/ECONOMY by

As in 2017, Algeria ranked 172nd in the index of economic freedom established by the American Institute “Heritage Institute” for the year 2018. Thus according to this ranking, Algeria has obtained low marks in the various economic and political indicators on which the 186 countries included in the report were evaluated.The document from the American Institute gave Algeria a score of 44.7 points out of a total of 100 in the index of economic freedom, and even though Algeria has kept the same place in this ranking as the year last, it is ranked 14th and last in the Middle East and North Africa (MENA) region, and saw its score fall by 1.8 points because of “a decline in property rights and freedom of investment.The report noted that “the Algerian economy remains dominated by the state, a legacy of the post-independence socialist development model of the country”. He also noted that “in recent years, the government has made little progress in improving fiscal governance, ending privatization of state-owned industries, and limiting imports and foreign engagement in its economy.Heritage Institute establish this ranking on the index of economic freedoms, based on four main indicators subdivided into several sub-indices: the rule of law (property rights, government integrity, judicial efficiency), the size the government (government spending, tax burden, tax health), regulatory efficiency (freedom of business, freedom of work, monetary freedom), market openness (freedom of trade, freedom of investment, financial freedom).

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‘Let’s talk’: Japan hopes low-key strategy averts U.S. trade flare-up

in AMERICAS/ECONOMY/ENERGY/POLITICS by

Economic talks between the United States and Japan, tackling topics from persimmons and potatoes to energy and infrastructure, have helped keep Tokyo clear of protectionist moves such as those that recently hit Chinese solar panels and South Korean washers. Japan hopes that “let’s talk” approach – plus warm personal ties between Prime Minister Shinzo Abe and President Donald Trump – will keep friction in check. But officials and lawmakers say the outlook could change if the unpredictable U.S. leader turns his attention to Tokyo’s 7 trillion yen ($63.62 billion)trade surplus ahead of U.S. congressional elections in November. Also efforts to showcase the U.S.-Japan security alliance in the face of North Korea’s nuclear and missile threats will probably take precedence over trade when U.S. Vice President Mike Pence visits Japan from Tuesday, officials on both sides said.

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Mineral prices, keys to the export boom

in AMERICAS/ECONOMY by

After four consecutive years of decline, the country’s exports in 2017 grew 19 percent, rising from 31,757 million to 37,800 million dollars, according to the Dane. In volume, they grew from 137 million to 153.5 million net tons, an increase of 12.5 percent over 2016. “All the product groups registered positive variations, which shows that we are diversifying our export basket and reaching more and more markets. It is the confirmation of the reactivation of our economy”, said the Minister of Commerce, Industry and Tourism, María Lorena Gutiérrez. However, the Analdex association expressed concern that the entry of more dollars will generate revaluation, and in this way the necessary diversification of the country’s external sales will be forgotten.

Palace to UP protesters: Don’t waste taxpayers’ money

in ASIA/ECONOMY/FAR EAST by

The Government reminded protesting students of the University of the Philippines (UP), who demonstrated against Duterte’s cha-cha, his martial law in Mindanao and his attacks to press freedom during the National Day of Walkout Against Tyranny and Dictatorship on Thursday, to waste taxpayers’ money by walking out of their classes. Youth Movement aims to resist the continuing attempts to undermine, pressure or otherwise render ineffective the courts, Congress, Office of the Ombudsman, Commission on Human Rights, working press, political opposition and ordinary citizens critical of government policies and programs. Duterte on Thursday threatened to replace protesting UP students with those from the Lumad communities in Mindanao. “If you don’t want to go to school, get out of there because I will bring [indigenous] students who are bright and put them there. A lot of Filipinos want to have an excellent education”, Duterte said.

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