SINGAPORE—China’s crude oil imports from Russia soared 55 percent from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine. Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean…
China May Oil Imports From Russia Soar to a Record, Surpass Top Supplier Saudi
June 20, 2022
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Japan Runs Biggest Trade Deficit in More Than 8 Years in May
TOKYO—Japan ran its biggest single-month trade deficit in more than eight years in May as high commodity prices and declines in the yen swelled imports, clouding the country’s economic outlook. The growing trade deficit underscores the headwinds the world’s third-largest economy faces from a slide in the yen and surging costs of fuel and raw…
US Import Prices Increase Solidly in May
WASHINGTON—U.S. import prices increased solidly in May amid higher prices for petroleum products, but there were tentative signs of some moderation in underlying imported inflation pressures. Import prices rose 0.6 percent last month after gaining 0.4 percent in April, the Labor Department said on Wednesday. In the 12 months through May, import prices increased 11.7…
Footage of Woman Attacked in Restaurant in China: What Is Behind It?; Is the US Losing Latin America?
June 13, 2022
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Security footage details a brutal gang attack in China. Authorities are now putting police on the street. Is the outrage from internet users being misdirected by the Chinese regime? And are there bigger implications behind this horrible attack? I spoke with Joseph Humire at the recent Americas Summit. Mexico boycotted the event. What does that…
US Trade Deficit Narrows Sharply as Exports Hit Record High
WASHINGTON—The U.S. trade deficit narrowed by the most in 10 years in April as exports jumped to a record high, suggesting that trade could contribute to economic growth this quarter. The Commerce Department said on Tuesday that the trade deficit dropped 19.1 percent, the largest decline since December 2012, to $87.1 billion. Exports of goods…
USTR Tai Says Fighting Inflation More Complicated Than Cutting China Tariffs
June 6, 2022
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WASHINGTON—U.S. Trade Representative Katherine Tai on Monday said fighting inflation is a more complicated issue than can be addressed with a “singular focus” on China tariffs, and that it was important to bring a “thoughtful, deliberate, strategic” approach to the U.S.–China trade relationship. Tai, in remarks to the Washington International Trade Association, said inflation was…
German Exports Bounce Back in April From Ukraine War Impact
BERLIN—German exports rose more than forecast in April, as Europe’s biggest economy relied on trade with the United States and the euro area to recover from the initial impact of the war in Ukraine, government data showed on Friday. Exports rose 4.4 percent from the previous month, the Federal Statistical Office said, almost three times…
Beijing’s Aggressive Use of Trade Will Hurt China in the Long Term
News Analysis Because China’s economy has grown to a gigantic size, its top-down, command approach to economics, especially its trade policy, has destabilized and has begun to alienate several trading partners. Those countries, smaller Asian nations especially, have only one rational response: put up with the economic ills imposed by Beijing while finding ways to…
Canada’s Trade Minister, US Ambassador Vow Closer Trade Ties, Despite Differences
In the grand scheme of a volatile and unpredictable world, the Canada-U.S. trade relationship is healthy and only growing stronger, its two senior curators insisted Thursday during a rare joint appearance in Ottawa. U.S. Trade Representative Katherine Tai was in the national capital for a two-day visit, her first to Canada since President Joe Biden…
China Courts India, Sort Of
News Analysis After years of belligerence, China has begun to court India. Trade between the two countries has surged—clearly, an important trend for Beijing, which has already started to feel insecurities about its trade relations with Japan and the West. Though trade between China and India seems set to continue along its recent steep trajectory,…
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