LONDON—Oil prices eased on Thursday after the world’s top importer China cut the first batch of crude import allocations for 2022, offsetting the impact of U.S. data showing fuel demand had held up despite soaring Omicron coronavirus infections. Brent crude futures fell 52 cents, or 0.7 percent, to $78.71 a barrel at 1022 GMT. U.S….
US Current Account Deficit Spikes to Highest Level In 15 Years on Import Surge
The current account deficit, which essentially reflects U.S. expenditure exceeding income, rose sharply in the third quarter to its highest level in 15 years, driven by a reduced surplus in services and a surge in goods imports as businesses rushed to build up inventories in the face of strong demand. The Commerce Department said in…
US Will Open Talks With Japan on Import Steel, Aluminum Tariffs
WASHINGTON—The United States said on Friday it will open talks with Japan that could lead to an easing of tariffs on steel and aluminum imports, a longstanding irritant in trade relations between the two allies. The U.S. Commerce Department and the United States Trade Representative’s Office said the talks were aimed at addressing “global steel…
US Trade Deficit Hits Record High as Consumer Goods Imports See Sharp Rise
The U.S. trade deficit in goods and services rose to a record high in August, largely on the back of a rise in imports as businesses continued to build up inventories in response to strong consumer demand. The Commerce Department said in an Oct. 5 statement (pdf) that the trade deficit—the difference between exports and…
Britain Delays Post-Brexit Import Trade Controls Again
LONDON—Britain has delayed the implementation of some post-Brexit import controls for a second time, saying it would phase in checks through next year rather than impose them now when industry supply chains are under strain. Britain left the European Union’s single market at the beginning of 2021 and the immediate introduction of checks on British…
Malaysia’s Top Glove Says US Lifts Import Ban Over Forced Labour
KUALA LUMPUR—Malaysia’s Top Glove Corp. said on Friday it has been allowed to resume sales to the United States, after customs authorities lifted a year-long ban imposed for alleged forced labour found at the world’s largest medical glove maker. The U.S. Customs and Border Protection (CBP) had banned gloves made by Top Glove in July…
Import Surge Sends US Trade Deficit to Record High
The U.S. trade deficit in goods and services rose to a record high in June largely on the back of a surge in imports as businesses built up inventories to meet robust consumer demand. The Commerce Department said in a release Thursday (pdf) that the trade deficit—the difference between exports and imports of goods and…
US Records Second Oil ‘Import’ From Iran in 30 Years From Seized Tanker
A cargo of 1.033 million barrels of crude oil from a seized Iranian tanker landed on U.S. shores in March, showing up as an “import” in data from the U.S. Energy Information Administration (EIA), the second shipment of Iranian oil to be brought into the United States since 1991. The cargo was registered in last…
China Insider: First Tariffs on Australian Wine, Now China Bans Taiwan Pineapples
March 3, 2021
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China unexpectedly announced on Friday that it was suspending the import of pineapples from Taiwan, reminiscent of the tariffs it imposed on Australian wines. Many netizens called for a freedom campaign to “pair Taiwanese pineapple cake with Australian wine” in support of the two democracies in Asia-Pacific region.
China in Focus (Jan. 14): YouTuber Removes Video With CCP-Critic
The removal of a Youtube video is sparking controversy—and it all started with dumplings. One mother fights for justice, after her young son was killed in a fire. She blames China’s emergency response workers for shirking responsibility. The U.S., UK, and Canada take a stance against forced labor in China’s Xinjiang region. They’re now blocking…
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