US Raises Tariffs on Derivative Steel, Aluminum from Some Countries
U.S. President Donald Trump on Friday signed a proclamation increasing tariffs on derivative steel products by an additional 25 percent and boosting duties on derivative aluminum products by an additional 10 percent.Trump said Argentina, Australia, Brazil, Canada, Mexico and South Korea are exempt from the additional tariffs on derivative steel products, and Argentina, Australia, Canada and Mexico are exempt from the added duties on derivative aluminum articles.Trump has imposed tariffs on imported steel and aluminum to help boost U.S.
Trump to Discuss Traded Deal with EU's Von der Leyen
U.S. President Donald Trump said on Tuesday that he was going to discuss a trade deal with the European Union (EU) in a meeting with European Commission President Ursula von der Leyen.Speaking ahead of a meeting with von der Leyen on the sidelines of the annual meeting of the World Economic Forum in Davos, Trump said: "Hopefully, we'll get something done."He earlier told delegates that trade deals struck this month with China and Mexico represented a model for the 21st Century.(Editing by Alexander Smith)
Port of LA Exec Says US Tariff Tiffs Could Be 'New Normal'
The executive overseeing the busiest U.S. gateway for ocean trade with China on Thursday said the "weaponization of tariffs" to advance U.S. policy interests may now be the "new normal."The comments from Port of Los Angeles Executive Director Gene Seroka came just a day after U.S. President Donald Trump and Chinese Vice Premier Liu signed a Phase 1 agreement to defuse their 18-month-long trade war.The partial pact will cut some U.S. tariffs on Chinese goods in exchange for Chinese pledges to purchase more American farm…
Japan Sending Warship, Aircraft to Middle East
Japan will send a warship and patrol planes to protect Japanese ships in the Middle East as the situation in the region, from which it sources nearly 90% of its crude oil imports, remains volatile, Japan's top government spokesman said on Friday.Under the plan approved by Prime Minister Shinzo Abe's cabinet, a helicopter-equipped destroyer and two P-3C patrol planes will be dispatched for information-gathering aimed at ensuring safe passage for Japanese vessels through the region.If there are any emergencies…
$138M Ok'd for Charleston Harbor Project
US President Donald Trump approved $138 million for the Charleston Harbor Deepening Project as part of the Energy and Water Appropriations Bill in the 2020 Budget.According to a statement from South Carolina Ports Authority, both the Senate and the House voted to approve the appropriations bill this week as part of the fiscal year 2020 funding package, and Trump signed it into law Friday."This enormous step forward means the project is fully funded to completion and on track to achieve a 52-foot depth in 2021," it said.S.C.
Commodities 2020? Reading the Trump, China Tea Leaves
As 2020 approaches, the year ends with the tantalising prospect of a trade deal between the United States and China. Again.Initial agreement to de-escalate the tariff war between the world's two biggest economies has been interpreted as a positive for the global economic outlook. But it's worth remembering that 2018 ended on a similar note - leaving the commodities outlook once again hostage to the whims of Donald Trump and Xi Jinping.In November last year, the U.S. President and his Chinese counterpart also reached a trade agreement of sorts at the G20 summit in Argentina.
U.S. sets Trade Terms, Beijing So Far Silent
Washington has set its terms for a trade deal with China, offering to suspend some tariffs on Chinese goods and cut others in exchange for Beijing's buying more American farm goods, U.S. sources said on Thursday.Beijing has yet to confirm whether it is on board with the proposal, although officials will hold a press briefing Friday night local time to update progress on the talks, the State Council Information Office said. Officials from the state planner, ministry of finance, foreign ministry, agriculture ministry and ministry of commerce will attend.In the hours since U.S.
U.S., China Reach Trade Deal 'in principle'
The White House has reached a "deal in principle" with Beijing to resolve the 17-month U.S.-China trade war, according to a source briefed on the trade talks.The White House was expected to make an announcement later on Thursday, the source said."The written agreement is still being formulated, but they have reached an agreement in principle," the source said. No details were immediately available.In an attempt to secure a "phase one" trade deal, U.S. negotiators offered to cut…
China Hoping for Expedited US Trade Agreement
China said on Monday that it hoped to make a trade deal with the United States as soon as possible, amid intense discussions before fresh U.S. tariffs on Chinese imports are due to kick in at the end of the week.Beijing hopes it can reach a trade agreement with the United States that satisfies both sides, Assistant Commerce Minister Ren Hongbin told reporters on Monday."On the question of China-U.S. trade talks and negotiations, we wish that both sides can, on the foundation of equality and mutual respect…
Stocks Nearing Record Highs on Trade Hopes
World shares made another push for an all-time high on Wednesday after U.S. President Donald Trump said Washington and Beijing were in the final throes of inking an initial trade deal.European trading was restrained, with MSCI's all-country world index now within 0.4%, or 2 points, of its record high from January 2018.London, Frankfurt, Paris and Wall Street futures all rose, and though Shanghai had struggled after Chinese industrial company profits shrank, Australia had set its…
US Funds $30 million for Coastal Flood Protection
The U.S. government's oceans and waterways agency will provide $30 million to improve coastal resilience, officials said, aiming to reduce the impacts of worsening storms, flooding and rising seas in nearly half of U.S. states.Grants through the program are designed to restore or expand coastal wetlands, dunes, reefs, mangroves and barrier islands that are key to coastal protection, said the National Oceanic and Atmospheric Administration (NOAA) in an announcement.Coastlines worldwide are being damaged or threatened by more extreme and destructive weather…
China, U.S. Reportedly to Cancel Tariffs in Phases
China and the United States have agreed to cancel in phases the tariffs imposed during their months-long trade war, the Chinese commerce ministry said on Thursday, without specifying a timetable.An interim U.S.-China trade deal is widely expected to include a U.S. pledge to scrap tariffs scheduled for Dec. 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.Tariff cancellation was an important condition for any agreement, ministry spokesman Gao Feng said…
Oil surges as China Pushes Tariff Rollbacks
Oil prices rose more than 1% on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some tariffs on Chinese imports.Brent crude futures rose 74 cents, or 1.2%, to $62.87 a barrel by 12:56 p.m. EST (1756 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 1.2%, to $57.22 a barrel.China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a so-called Phase 1 deal, which would…
Bullet Dodged? Markets Bet on Global Economy
World shares climbed back towards record highs and safe-haven bonds tumbled on Tuesday, as hopes that Washington may roll back some of the tariffs it has imposed on Chinese imports rekindled optimism about the global economic outlook.A year-end rally looked to be building. Wall Street's main markets were expected to add to their 20% gains and best year since 2013. MSCI's 49-country world index was just 1.4% shy its early 2018 peak.Europe had galloped to a 21-month high on Monday before retreating on Tuesday. Asia had raced to its highest since May.
China to Proceed with US Trade Talks as Planned
China's commerce ministry said on Thursday that Beijing and Washington will proceed with the bilateral trade negotiations according to plan and that the talks are progressing well.The ministry, in a statement, said the two sides remain in close communication and that the lead trade negotiators for Beijing and Washington will hold a telephone call on Friday.U.S. President Donald Trump said he hoped to meet Chinese President Xi Jinping next month to sign an interim trade deal during the Nov.
White House Points to November for U.S-China Deal
White House trade adviser Peter Navarro on Friday pointed to next month's Asia-Pacific Economic Cooperation (APEC) forum in Chile as the Trump administration seeks to formalize its "phase one" trade pact with China."We're on the glide path to Chile and the meeting of the two presidents mid-November. And the plan there is to have an agreement, so we'll see what happens," Navarro said in an interview on Fox Business Network, referring to U.S. President Donald Trump and Chinese President Xi Jinping. Reporting by Susan Heavey and Jan Wolfe
West Coast Ports Urge Trump to Address Trade War
The six largest West Coast ports — Port of Long Beach, Port of Los Angeles, Port of Oakland, Port of Portland, Port of Seattle and Port of Tacoma — sent a letter to President Donald Trump to pursue fair and mutually beneficial trade agreements.The letter highlighted their concerns that the long-term impacts of the escalating trade conflict between China and the United States will create irredeemable economic harm to employers, workers, residents and international partnerships…
Bahamians Struggle in Dorian's Devastating Wake
Stunned residents of the Bahamas surveyed the wreckage of their homes and officials struggled to assess the number killed by Hurricane Dorian, as the storm bore down on the South Carolina coast, threatening record flooding on Thursday.The United Nations said 70,000 people in the Bahamas needed immediate humanitarian relief after the most damaging storm ever to hit the island nation.Aerial video of the worst-hit Abaco Islands in the northern Bahamas showed widespread devastation…
Trump warns China Against Trade Talk Delays
U.S. President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a U.S. recession.The world's two largest economies imposed fresh tariffs on each other on Sunday, ratcheting up a tit-for-tat tariff war that has unsettled financial markets and raised the specter of a global recession. U.S. and Chinese negotiators are due to meet in person in Washington this month, but no date has yet been set.U.S.
Florida Braces for a Hit as Dorian Strengthens
Florida's governor on Friday urged residents in the state to stock up on at least a week's worth of food, water and medicine and to prepare to lose power and cellphone service for days after Hurricane Dorian makes landfall early next week.The slow march and rising intensity of the storm, which is moving in a northwestern direction to the Bahamas, has alarmed forecasters who worry parts of Florida will be walloped by strong winds, a storm surge and heavy rain for an extended period."I think there’s a pretty high degree of certainty that this is going to be a major hurricane…
Fire Hits PDVSA Tanker at Amuay Bay
A fire swept through the engine room of a tanker owned by Venezuela's state oil company PDVSA on Monday while it was anchored at Amuay Bay near the country's largest refinery, three sources familiar with the matter told Reuters on Tuesday.The extent of the damage to the Panama-flagged Aframax tanker Proteo was not immediately clear. But it highlighted the poor state of much of the fleet belonging to PDV Marina, PDVSA's shipping subsidiary, at a time when U.S. sanctions are complicating its ability to lease vessels from third parties.Even before this fire…
Iran: Waterways Won't be Safe if its Oil Exports
If Iran's oil exports are cut to zero, international waterways will not have the same security as before, its president said on Wednesday, cautioning Washington against upping pressure on Tehran in an angry confrontation between the longtime foes.The comment by President Hassan Rouhani coincided with a remark by Iranian Foreign Minister Mohammad Javad Zarif that Tehran might act "unpredictably" in response to "unpredictable" U.S. policies under President Donald Trump."World powers know that in the case that oil is completely sanctioned and Iran's oil exports are brought down to zero…
Australia Joins U.S.-led Gulf Security Mission
Australia will join the United States in a security mission to protect merchant vessels travelling through key Middle East waterways after Iran seized a British-flagged vessel, Prime Minister Scott Morrison said on Wednesday.Foremost among the areas to be patrolled is the Strait of Hormuz, between Oman and Iran, through which about one-fifth of the world's seaborne crude flows out of the Gulf.Global commodity trading has been rocked in recent months by the seizure of the British tanker and a series of attacks on international merchant vessels that the U.S.
Iran: Oil Sold from Tanker Released by Gibraltar
Iran has sold the oil from a tanker released by Gibraltar after weeks in the custody of British Royal Marines and the vessel's owner will decide on its next destination, IRIB news agency quoted an Iranian government spokesman as saying on Monday.Separately, Tehran - embroiled in a spiralling confrontation with Washington over U.S. sanctions meant to strangle Iranian oil exports - announced that it had deployed a naval destroyer with cruise missiles to help secure Iranian ships.The Iranian government spokesman did not identify the recipient of the oil carried by the Adrian Darya tanker.
Hurricane Dorian Builds, Aims for Bahamas, Florida
Hurricane Dorian took aim at the Bahamas and the Florida coast on Thursday, spurred on by warm Atlantic waters as it threatens to strengthen into a dangerous Category 3 storm.Dorian earlier sideswiped the Caribbean without doing major damage but is expected to strengthen and slam the Bahamas and the southeastern United States with rain, strong winds and life-threatening surf over the next few days, the Miami-based National Hurricane Center said in an advisory.U.S. President Donald Trump urged Floridians to heed official warnings.
UK highlights Gulf shipping threats
The UK Foreign Secretary Dominic Raab is to call for more international support to protect shipping in the Strait of Hormuz when he meets his French and German counterparts later today (Friday, August 31) for talks about Iran. Last month, Iran seized a British-flagged oil tanker in the Strait in apparent retaliation for the UK’s seizure in Gibraltar of an Iranian ship accused of violating European sanctions by taking oil to Syria.The UK joined a U.S.-led mission to escort merchant vessels through the Strait of Hormuz at the start of this month but Germany and France declined to take part…