The magnitude of this harm from Ukraine Crisis is surprising to Russia. Rosstat just released fresh data, showing that Russia suffered an 11.4% decline in foreign trade comparison to March 2013 (to be precise, exports shrank by 12.7% and imports declined by 9.4%). In the span of just a few months, Russia went from experiencing extremely rapid growth in foreign trade to suffering an absolute decline. That is just one data point among dozens showing that what’s happening in Ukraine is a major break with past experience and that Russia, in many ways, is currently in uncharted economic waters. Read More
The U.S. Commerce Department on Friday set preliminary duties on imports of non-oriented electrical steel from China, Germany, Japan, South Korea, Sweden and Taiwan, after finding the goods were being sold in the United States. The steel, an iron-silicon alloy used to make motors and generators, will face duties of up to 407.5 percent -the rate applied to products from China – after a complaint by AK Steel Corp. Read more
Wall Street Journal says TPP Trade Talks an ‘Abject Failure.’ citing secondary sources. President Obama’s trip to Asia did not deliver a satisfactory conclusion for the TPP negotiation. According to secondary sources the talk lacks transparency and power of implementation. Senators from both parties also provided a reality check this Thursday to the Obama administration’s optimism over its trade agenda. Tariff on cars and agriculture were key issues that have been unresolved in the trade talks. Click Here
Pakistan has deferred granting India Most-Favored Nation status until after the upcoming Indian elections. India has a high-level of targeted regulations and safety-requirements that act as non-tariff barriers to trade to Pakistan. Eliminating these barriers would increase trade by $6-$10 billion annually and create approximately 100,000 Pakistani jobs. Click Here.
The trader’s importance to the state will be celebrated this month in a series of conferences, seminars and training opportunities in Florida. For a long time, people have assumed that free trade agreement has very little to do with our everyday lives as income taxes since it is negotiated by the federal government. The preconception has proven to be misleading as the U.S. local businesses have become increasingly engaged with international businesses. Florida World Trade Month begins this Month and it is said that 17% of the local economy is fueled by international business and among its exporters 95% are small businesses. Click Here
After the U.S. Trade Representative has once again put China on the “ Priority Watch List”, Standard Chartered has published a report that says China would become a real champion of free trade in the future. The report says China has become the world’s first “true mega trader” since Britain in the 1800s and its economy is far more dependent on opening up market overseas and at home than the U.S. . The questions lies in how far away is the future? Arvind Subramanian from Peterson institute presumes that the country will take advantage its cheap exchange rate as long as it can and will only fully opens up at a point when that competitive advantage is lost. Click Here
The American venture capital backed low cost ride-sharing start-up, named after the German word Über, which means access and excellence, has been rebuked in Europe which made its parent company embroiled in a complicated mesh of courtroom battles and public inquiries. Two weeks ago, a Berlin court placed an interim injunction brought by the Berlin Taxi Association against UberBlack. Neither was the company’s experience in France a romantic one. In January Parisian taxi drivers went as far as vandalizing an Uber car during a strike trying to break into a vehicle carrying a passenger. In Brussels, a city court effectively banned Uber, threatening drivers with a €10,000 fine. The low-cost ride sharing model which has proven to be pretty successful in the U.S. is struggling in Europe. Click Here