The U.S. House of Representatives on Friday dealt a stunning blow to President Barack Obama’s free-trade agenda. A large number of Democrats in the House defied their fellow Democratic president to defeat a critical part of a legislative package, Trade Adjustment Assistance (TAA), which would have provided aid to US workers who might lose their jobs if a major Asia-Pacific trade agreement is forged.
Exports in the world's second largest economy, China, fell for a third consecutive month in May, highlighting slowing demand in the country. Sales abroad fell 2.5% from a year ago in dollar denominated terms, and 2.8% in Yuan denominated figures.
A Canadian court has ordered three tobacco companies to pay 15.5bn Canadian dollars ($12bn), the largest award for damages in the country's history. The plaintiffs were Quebec smokers who said the firms failed to warn them of health risks associated with smoking.
Mexico will compensate China Railway Construction Corporation (CRCC) $1.31m for cancelling a $3.75bn high-speed rail contract. CRCC was at the head of a consortium that had won the project last year, which was abruptly revoked shortly after being awarded.
Chile and China have enjoyed a positive and fruitful relationship and bilateral ties will further develop very strongly in the future, anticipated Chilean President Michelle Bachelet during an interview with Xinhua prior to Chinese Premier Li Keqiang's upcoming visit
Chinese Premier Li Keqiang arrived in Santiago on Sunday for an official visit to Chile, the first South American country with which China forged diplomatic ties (1970) and also the first Latin American nation with which China signed a free trade agreement.
China and Peru have agreed to study the feasibility of a controversial 5,300 km transcontinental railroad that will connect Peru's Pacific coast with Brazil's Atlantic coast, China's official Xinhua News Agency reported.
Chinese Premier Li Keqiang vowed to deepen economic ties with Colombia after arriving to Bogotá on Thursday, as part of his four-nation South American tour aimed at boosting trade and investment. Li is the highest-ranking Chinese official to visit Colombia since the two nations established diplomatic ties 35 years ago and his visit was hailed as historic by President Juan Manuel Santos.
Beijing has come to the rescue of Brazil's slumping economy with trade, finance and investment deals worth at least 53 billion dollars in energy, mining, aviation and upgrading of dilapidated infrastructure.
China's Premier Li Keqiang arrived in Brasilia on Monday to sign agreements on infrastructure, energy and aviation that experts say could reach 100 billion dollars. The South American tour also includes Colombia, Peru and Chile and aims to restructure China's resource-driven trade with Latin American countries by including more value-added products.