|Trade News Archive: 16 November - 22 November|
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U.S. international economic and trade policy.|
|Thursday, November 20, 2014|
US Manufacturing PMI Misses By Most On Record, Lowest Since January
Comment: "November's Flash US Manufacturing PMI printed a 10-month lows 54.7, missing expectation sof 56.3 by the most on record and tumbling for the third month in a row. The last 2 mnths have seen the biggest drop since June 2013 ands as Markit notes, suggests a further drop in GDP growth expectations of only 2.5% in Q4. "
Panel predicts China will keep confronting US
Comment: "Shea said the trip improved the atmospherics between the U.S. and China, but fundamental problems remain. He cited continuing Chinese state-sponsored cyberespionage; an increasingly hostile environment for U.S. business in China; and Chinese military modernization aimed at least in part at countering the U.S. military in the Pacific."
U.S. Congress urged to consider sanctions on Chinese cyber-spies
Comment: "Congress should ask U.S. trade officials to report on whether they had power to sanction companies that benefited from stealing trade secrets, the U.S.-China Economic and Security Review Commission said in its annual report to Congress."
|Wednesday, November 19, 2014|
U.S. top trade official optimistic on fast-track power
Comment: "USTR officials had been working with Democrats and Republicans in Congress for months to produce "a bill that could get bipartisan support whenever the opportunity in Congress arises for that to be taken up," Froman said at a Wilson Center event, stressing that the timing was up to congressional leaders."
|Tuesday, November 18, 2014|
Beijing crackdown fails to stem inflated invoicing on exports
South China Morning Post
Comment: "Export growth was somewhat inflated by over-invoicing. [The mainland's] exports to Hong Kong, a segment where over-invoicing is typically most pronounced, rose 24 per cent year on year [last month], following a 34 per cent increase in September," said Shen Jianguang, an economist at Mizuho Securities Asia. "It's most likely related to exports of jewellery and precious metals."
Stop Fast-Track Authority in the ‘Lame Duck’ Session
Comment: "Most dangerous of all, international tribunals, not U.S. courts, would decide on lawsuits between companies in member countries and the U. S. In a commentary article on October 15, 2013, Lt. Col (Retired) Allen West wrote, “TPP would subject the U.S. to the jurisdiction of foreign tribunals under the authority of the World Bank and United Nations. These unelected, unaccountable panels would constitute a judicial authority higher than the U.S. Supreme Court."
Time running out for action on fast-track trade authority: Senator
Comment: "Senate Finance Committee Chairman Ron Wyden, a Democrat, held out little chance of passing Trade Promotion Authority before the new Congress is sworn in January. TPA would prohibit Congress from amending trade deals, but would allow lawmakers to set negotiating objectives in return."
|Monday, November 17, 2014|
Obama to miss exports target, but new deals are in the works
Wichita Business Journal
Comment: "Obama is also working to secure support in the United States for the Trans-Pacific Partnership, which would involve Japan and other Pacific Rim countries. That agreement would eliminate tariffs and other trade barriers and could also influence policy issues, such as labor standards and the environment."
Empire Fed Manufacturing Misses 2nd Month In A Row, Workweek Plunges
Comment: "Following last month's collapse, hopes were high for the Keynesian data mean-reversion to bounce Empire Fed Manufacturing data solidly higher... it didn't. A small bounce to 10.16 (against expectations of 12.2) is the 2nd miss in a row and below January's mid-polar-cortex levels. Under the covers, it was even uglier as average workweek and prices received plunged to their lowest levels in 2014 (as prices paid only inched lower - sparking fears over margins)."
|Sunday, November 16, 2014|
In veiled message to China, Obama renews commitment to Asia-Pacific pivot
Comment: "Obama, who visited Beijing for an Asia-Pacific summit this week and held talks with President Xi Jinping, sought to show renewed resolve for the U.S. "pivot" to the region, involving military, diplomatic and economic assets. The policy is widely seen as intended to counter China’s rising influence."
Obama makes legacy play on trade
Comment: "On a trip through Asia and Australia over the past week, Obama and his aides have been pushing hard to finalize the Trans-Pacific Partnership, pressing foreign leaders from 11 countries to hash out their differences and get the pact done in the coming months."