The United States and China have in the coming week what may be their last chance to broker a ceasefire in an increasingly dangerous trade war when their presidents meet in Buenos Aires.
President Emmanuel Macron on Sunday urged a Franco-German push to make Europe a stronger and more confident global player that could prevent chaos on the world stage. Macron and German Chancellor Angela Merkel have used a series of war anniversaries to project unity as they push back against populist and nationalist forces in Europe and Donald Trump's isolationist America First stance.
United States Justice Department said on Wednesday it had arrested and indicted a spy for China’s Ministry of State Security on charges of economic espionage and attempting to steal trade secrets from several U.S. aviation and aerospace companies.
Canada has not invited the United States or China to a high-level meeting on reforming the World Trade Organization (WTO). The country will host a small group of like-minded trade ministers in Ottawa in late October to discuss the global trade body. Officials say countries like the US and China will be included at a later date in the reforms discussion process.
Latin America's economic growth is set to come in lower than expected this year, as US protectionism and widespread wariness of emerging markets put a drag on the region, a UN panel said Thursday. The Economic Commission for Latin America and the Caribbean (ECLAC) slashed its growth forecast for the region by 0.7 point to 1.5%, saying the complex global scenario had dimmed the outlook since its last report in April.
The threat of trade protectionism is the biggest concern looming over a solid upswing in the global economy, IMF managing director Christine Lagarde said. The “darkest cloud” on the economic horizon is the “determination of some to actually rock the system that has actually presided over the trade relationships that we have all undertaken and enjoyed to some extent over the last many decades”, said Lagarde.
China and South Korea are seeking to establish free trade agreements with Mercosur in a strategic response to Washington's increasingly protectionist stance. The East Asian initiatives have resonated well in a region where Washington is keeping its distance. U.S. President Donald Trump has not visited a single Latin American country since taking office in January 2017, and chose not to attend the Summit of the Americas, which recently concluded in Peru.
Germany and Argentina want to uphold a pledge to keep international trade free at a summit of the world’s 20 largest economies in Buenos Aires this week, the countries’ finance ministers said on Sunday.
The tendency to impose trade-restricting measures remains strong among the European Union's commercial partners, fuelling continuing uncertainty in the world economy. These are the main findings of the European Commission's annual report on protectionism published Monday 17 November.
US Trade Representative Ron Kirk urged the Brazilian government in a letter sent on Wednesday to reconsider plans for protectionist tariff increases expected to hurt US exports.