World Archives - Page 2 of 289

10Oct

By TheGreenZoneNo Comments

USA, World

The Need for Reform and Presidential Tariff Powers

Article I, Section 8 of the US Constitution grants Congress the power to “lay and collect Taxes, Duties, Imposts and Excises,” and to regulate commerce with foreign countries. From the founding of the republic through the early 1930s, Congress set tariff rates through legislative revisions to the US tariff schedule. Low tariffs were initially imposed to raise revenue for the federal government, but tariffs became a tool to protect domestic producers from foreign competition. Throughout this period, tariff rates fluctuated with the makeup of Congress, while the president was largely a bit player in setting international trade policy. This approach to US tariffs changed dramatically following the disastrous Trade Act of 1930, better known as the Smoot-Hawley Tariff Act after its sponsors...

Following a vote, an EU executive is ready to impose duties on Chinese electric vehicles.

5Oct

By TheGreenZoneNo Comments

China, Market, World

Following a vote, an EU executive is ready to impose duties on Chinese electric vehicles.

The European Commission said on Friday it had received enough support in a vote of EU members to impose tariffs of up to 45% on imports of Chinese-made electric vehicles in the bloc's highest-profile trade case, risking retaliation from Beijing. France-based broadcaster Euronews cited diplomatic sources as saying that Poland voted in favor of the move, but Germany, the region's biggest economy and major car producer, opposed it.The European Commission, which oversees the bloc's trade policy, has proposed final duties for the next five years to counter what it sees as unfair Chinese subsidies after a year-long anti-subsidy investigation.In a vote on Friday, 10 EU members backed tariffs and five voted against, with 12 abstentions, EU sources said.It would have taken opposition from a qua...

The European Union decides to levy taxes on electric cars made in China.

5Oct

By TheGreenZoneNo Comments

Asia, China, Market, World

The European Union decides to levy taxes on electric cars made in China.

The European Union on Friday voted to adopt definitive tariffs on China-made battery electric vehicles (BEVs). “Today, the European Commission’s proposal to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China has obtained the necessary support from EU Member States for the adoption of tariffs,” the EU said in a statement. The EU first announced that it would slap higher tariffs on Chinese electric vehicle imports in June, on the grounds that they benefited “heavily from unfair subsidies” and posed a “threat of economic injury” to electric vehicle producers in Europe. Duties were also disclosed for individual companies, depending on the extent of their cooperation with the probe. Provisional duties were put in place from early Jul...

What do Chinese people think of Xi Jinping’s concerns about the economy?

1Oct

By TheGreenZoneNo Comments

Asia, China, Market, World

What do Chinese people think of Xi Jinping’s concerns about the economy?

China’s sputtering economy has its worried leaders pulling out all the stops. They have unveiled stimulus measures, offered rare cash handouts, held a surprise meeting to kickstart growth and tried to shake up an ailing property market with a raft of decisions - they did all of this in the last week. On Monday, Xi himself spoke of "potential dangers" and being "well-prepared" to overcome grave challenges, which many believe was a reference to the economy. What is less clear is how the slowdown has affected ordinary Chinese people, whose expectations and frustrations are often heavily censored. But two new pieces of research offer some insight. The first, a survey of Chinese attitudes towards the economy, found that people were growing pessimistic and disillusioned about t...

Wall St ends higher on positive US economic data

28Sep

By TheGreenZoneNo Comments

Market, USA, World

Wall St ends higher on positive US economic data

A string of robust U.S. economic data eased concerns that the Federal Reserve may be cutting rates aggressively to curb any slowdown. Weekly jobless claims fell more than anticipated, signaling a steady labor market, while the final reading of gross domestic product confirmed that the economy grew 3% in the second quarter. "It (the GDP number) just kind of reinforces that strong economic growth backdrop that we have been seeing," said Mike Dickson, head of research at Horizon Investments in Charlotte, North Carolina. The benchmark S&P 500 (.SPX), opens new tab closed up 23.11 points, or 0.40%, at 5,745.37, after rising to a record intraday high of 5,767.37. The blue-chip Dow Jones Industrial Average (.DJI), opens new tab rose 260.36 point...

As per the government’s official estimate, the US economy grew at a pace of 3% last quarter.

27Sep

By TheGreenZoneNo Comments

Market, USA, World

As per the government’s official estimate, the US economy grew at a pace of 3% last quarter.

The American economy expanded at a healthy 3% annual pace from April through June, boosted by strong consumer spending and business investment, the government said Thursday, leaving its previous estimate unchanged. The Commerce Department reported that the nation's gross domestic product the nation's total output of goods and services growth picked up sharply in the second quarter from the tepid 1.6% annual rate in the first three months of the year. Consumer spending, the primary driver of the economy, grew last quarter at a 2.8% pace, down slightly from the 2.9% rate that the government had previously estimated. Business investment was also solid: It increased at a vigorous 8.3% annual pace last quarter, led by a 9.8% rise in investment in equipment. The U.S. economy, the world...

Anti-China EV Laws Won’t Keep America Safe Indefinitely

26Sep

By TheGreenZoneNo Comments

Asia, China, USA, World

Anti-China EV Laws Won’t Keep America Safe Indefinitely

You may look at the auto industry's current chaos in Europe and think that those problems won't come to America. That this country is now taking aggressive steps to protect its auto market with 100% tariffs on Chinese-made EVs or a software ban that will effectively prohibit those cars from being sold here entirely. From that, you may think that it's all problem solved—the U.S. keeps new players from China out for good. But the truth is that these protectionist measures are temporary at best, and even the auto industry seems to get it. Or at least, the smart folks in the business do. That leads off this midweek edition of Critical Materials, our morning roundup of tech and industry news. Also on tap today: Hyundai's online sales program with ...

<strong>China is looking all set for a recession</strong>

24Sep

By Brian ThompsonNo Comments

China, USA, World

China is looking all set for a recession

Ray Dalio the owner of American investment management firm, Bridgewater Associates which helps top investors worldwide to grow their money, in a recent interview with Bloomberg television, said that he had sold most of the investments in China. He warned that China was facing serious economic problems. “You have an environment in China which is changing and becoming a more difficult environment,” Dalio said. The trouble is evident in the stock market. The Shanghai Shenzhen CSI 300 index is on a free fall for more than two years. Investors both foreign and domestic are divesting investments to stop loss. Foreign investors are going to other emerging markets. Chinese nationals are holding on cash or buying gold coins and bars to prevent further erosion of personal wealth. “The...

<strong>China targets Canadian Canola amid trade dispute</strong>

17Sep

By Joe RodriguezNo Comments

China, World

China targets Canadian Canola amid trade dispute

Trade wars are a common occurrence in the global market, and the friction between China and Canada is no exception. These conflicts are often fuelled by geopolitical issues. Back in 2019, China halted Canadian meat imports after Huawei’s CEO, Meng Wanzhou, was detained. Officially, China blamed banned feed additives in the meat, but many saw it as a diplomatic move in response to the Ottawa-Beijing rift. Now, China is considering probing Canada for allegedly dumping canola into its market. In the realm of international trade, dumping refers to selling a product at a lower price in a foreign market than in the domestic one, essentially a form of price discrimination. Following Canada’s imposition of a 100% tariff on electric vehicles and a 25% tariff on steel and aluminium from Chin...

Expert: China has the funds to handle the real estate crisis without affecting the rest of the world.

12Sep

By TheGreenZoneNo Comments

Asia, China, Market, World

Expert: China has the funds to handle the real estate crisis without affecting the rest of the world.

China’s property market remains the biggest downside risk to its economic growth target this year, with policymakers seemingly not in a hurry to make significant changes because its impact is mostly confined to the world’s second-largest economy, according to the chief economist for a global ratings agency. “China has the savings to deal with this. It’s not really spilling over too much to the rest of the world,” said Paul Gruenwald, global chief economist at S&P Global Ratings. “So they’re not going to be forced into dealing with the property excesses by any external or market pressure. They can do it at their own time, but we are not at the bottom yet.” In May, China unveiled wide-ranging measures to stabilise its property sector, which has been in contraction sin...

Subscribe to our newsletter