WASHINGTON—The U.S. trade deficit surged to a record high in 2021 as imports increased sharply amid the restocking of shelves by businesses to meet robust domestic demand. The Commerce Department said on Tuesday that the trade deficit increased 27.0 percent last year to an all-time high of $859.1 billion. The deficit was at $676.7 billion…
Australia Seeks to Join European WTO Action Against China
January 31, 2022
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Australia has expressed its wishes to join in a formal complaint launched by the European Union (EU) against the Chinese communist regime over its use of coercive trade tactics directed at nations it disagrees with. The EU filed the complaint to the World Trade Organization (WTO) on Jan. 27 as a result of Beijing’s unofficial…
US Focused on Existing Metals Talks, Tai Tells South Korean Trade Chief
WASHINGTON—U.S. Trade Representative Katherine Tai told South Korea’s trade minister on Thursday the United States was focused on “existing conversations” on steel and aluminum access and that domestic industry’s concerns were influencing the Biden administration’s approach, her office said. South Korea is seeking relief from U.S. tariffs of 25 percent on steel and 10 percent…
USTR Says Policy Review to Seek Gaps in Fighting Forced Labor
WASHINGTON—The U.S. Trade Representative’s office said on Tuesday it will conduct an interagency review of its trade tools and policies to fight forced labor to determine whether any gaps need to be filled. USTR said the review, part of its first-ever focused strategy against forced labor, will seek input from labor organizations, forced labor survivors,…
Wondering How to Trade in a Bear Market? Here Are 4 Easy Tips
The SPDR S&P 500 ETF Trust briefly dipped into correction territory on Friday, falling 10 percent from its January highs. A 10 percent correction means the S&P 500 is halfway to a bear market, so if the recent market weakness continues in February traders will need to be prepared. Here are four tips for traders…
World’s Largest Coal Port Unaffected By China’s Trade War
The world’s biggest coal exporting terminal, located in New South Wales (NSW) Australia, has managed to bounce back and break records, despite the Chinese Communist Party (CCP) halting all coal imports from Australia for 18 months. Even with the added impact of a global supply chain crisis and pandemic, the Port of Newcastle saw a…
Japan’s December Exports, Imports Hit Record High by Value as Supply Bottlenecks Ease
TOKYO—Japan’s exports and imports in December hit record highs in terms of their value in yen, data showed on Thursday, as supply bottlenecks eased at the end of 2021 amid rising prices. However, a persistent semiconductor shortage remained a headache for Japanese firms such as automaker Toyota, which slashed its near-term output target this week,…
Beijing’s Trade Bullying Fails
Commentary Australia is a case in point—for both China’s trading partners and for decision-makers in Beijing. Because in 2020 Australia had asked too many questions about the origin of the SARS-CoV-2 virus, Beijing had set out to deprive it of lucrative aspects of its China trade. But Australia has managed to replace much of what…
US Trade Chief Says Will Engage on UK Steel Talks When ‘Time Is Right’
WASHINGTON—U.S. Trade Representative Katherine Tai signaled on Wednesday that the United States is not rushing to complete a deal to ease tariffs on British steel and aluminum, saying that she will pursue these talks “when the time is right.” Tai, speaking to an online event hosted by the Institute of International and European Affairs, an…
Canada Seeks Deeper Trade Links With Taiwan, as Part of New China Strategy
OTTAWA—Canada’s decision to pursue a foreign investment protection agreement with Taiwan, amid its ongoing tension with mainland China is being greeted with widespread approval in trade and diplomatic circles. International Trade Minister Mary Ng announced Canada’s intention in a statement released by her office today. Ng says she spoke Sunday with a Taiwanese minister, adding…
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