Latest news with #CouncilOnForeignRelations
Bloomberg
3 days ago
- Business
- Bloomberg
Liana Fix on Trump and Merz, German Spending, Trade
Council on Foreign Relations Fellow for Europe Liana Fix discusses the meeting between President Trump and Chancellor of Germany Friedrich Merz, Germany's defense spending and trade. She speaks with Vonnie Quinn on "Bloomberg Markets." (Source: Bloomberg)
Bloomberg
5 days ago
- Business
- Bloomberg
Fed's Cook Underscores Importance of Price Stability for Economy
Federal Reserve Governor Lisa Cook said she sees tariffs as potentially stoking inflation and weakening employment, yet underscored the importance of price stability when considering future interest-rate adjustments. 'As I consider the appropriate path of monetary policy, I will carefully consider how to balance our dual mandate, and I will take into account the fact that price stability is essential for achieving long periods of strong labor market conditions,' Cook said Tuesday in prepared remarks for an event organized by the Council on Foreign Relations in New York.
National Post
17-05-2025
- Business
- National Post
Terence Corcoran: The (impossible) North American dream
Happy North America Day! Don't laugh. There was a time when policy-makers, political theorists, business leaders, economists and politicians would have raised glasses of trilateral Canadian whiskey, American bourbon and Mexican tequila to toast a grand concept: 'Here's to the union of our three glorious nations into a North American Community!' Some even took the idea further: 'Let us drink to a United North America!' Article content Article content Article content Today, in the midst of trade wars and what seems like accelerating division and animosity, the prospect of greater continental cohesion looks impossible. Not too long ago, however, many dreamed the impossible dream of a united North America. If unity and amicable co-operation ever does catch on some time in the currently unimaginable future, the perfect date to celebrate would be today, May 17. Article content Article content Exactly 20 years ago — on May 17, 2005 — a group of Canadian, American and Mexican political and business officials produced a document that bears an improbable title: 'Building a North American Community.' The 47-page report, published by the Council on Foreign Relations, was signed by a diverse collection of business and economic personalities from each country, including (among other Canadians) Thomas d'Aquino, head of the Canadian Council of Chief Executives; John Manley, former Liberal deputy prime minister; Tom Axworthy, a former key figure in the Liberal government of Pierre Trudeau; Allan Gotlieb, former Canadian ambassador to the U.S.; and Michael Hart, a leading Canadian academic and bureaucrat. Article content It is hard to imagine today that, only 20 years ago, such a distinguished and somewhat diverse collection of experts in North American business, political and economic affairs could have coalesced around a report that advocated greater integration of the three nations. It was a radical document by today's standards. Examples of its key recommendations — to be executed under the essential principle of 'respect for each other's National sovereignty' — included the following ideas: Article content Article content • Creation of a common economic space in which trade, capital, and people flow freely, by truck and train and through open skies for air travel; • In trade, national boundaries will be defined by a common external tariff around a secure perimeter; • Greater integration of military, security and defence structures; • Develop the integration of North American resource strategies around metals and minerals central to the growth and economic security of North America. While the 1994 North American Free Trade Agreement has produced great economic benefits, it has not ensured a free-flow of resource products; more needs to be done; and • Develop a continental energy strategy, including accords for mining, forestry and agricultural products.
Yahoo
14-05-2025
- Business
- Yahoo
Tariffs plunged Chinese imports to lowest levels since the pandemic
Chinese imports to the U.S. dropped to their lowest levels since the pandemic as punishing tariffs began to take hold in March, according to recently released Census trade data. The drop in trade between the two countries was a major impetus for talks this weekend that led to steep reductions in tariffs on both sides. Still, overall imports to the U.S. surged to record levels as goods from the European Union, Mexico and Canada continued to pour in. U.S. imports for consumption exceeded $340 billion in March, surpassing the previous record set in January by more than $20 billion. The total marks a 37% increase over March 2024 and the highest monthly import figure since recording started in 2002. Trade experts attributed the shift in trade patterns to on-and-off tariffs under the administration of President Donald Trump. 'Everybody trying to beat the tariffs skews everything,' said Jennifer Hillman, professor of practice at the Georgetown University Law Center and an international trade researcher with the Council on Foreign Relations. China, one of the United States' largest trading partners and a major target of Trump's ever-changing tariff policies, saw its lowest imports in the past five years, at nearly $28 billion – a 5% decrease compared to March 2024. After months of escalating tariffs between the world's two largest economies, the trade war between the U.S. and China is entering a new chapter – a steep reduction of their respective tariffs for 90 days as the two countries continue trade talk this week. Under the new trade deal, the U.S. will lower its tariff on Chinese imports from 145% to 30%, while China will cut its import duty on American goods from 125% to 10%. "We achieved a total reset with China after productive talks in Geneva," Trump said on May 12. "The best part of the deal was that we opened up China. China agreed to open itself up to American business." In March, imports from China fell off as Trump doubled the tariffs on all Chinese goods to 20% and imposed 25% duties on all steel and aluminum imports on top of existing tariffs. In April, when Trump paused his 'reciprocal' tariffs, universal taxes on almost everything from every country for 90 days, the U.S. tariffs on Chinese goods climbed up to 145%. 'One of the really bad things about these tariffs is how regressive they are,' said Hillman, the international trade expert. 'In other words, for your average low or middle-income family, they're going to spend about 40% of their total income, even some more like 50%, buying goods, the exact same goods that are subject to all these tariffs.' China supplies 74% of imported toys in the U.S., 40% of imported footwear and headgear, and a quarter of electronics and clothing, based on a USA TODAY analysis of U.S. imports in 2024. Despite Chinese imports dropping to a post-pandemic low, shipments from key partners like the European Union, Mexico, and Canada flooded the U.S. in March. Imports from the European Union climbed the most in March, accounting for roughly one-fourth of total U.S. imports that month at nearly $82 billion. That's a 65% rise compared to March 2024. President Trump threatened a 200% tariff on European wine, champagne and spirits in March if the EU decided to move forward with its 50% retaliatory tariff on American whiskey. While the 200% wine tariff was never implemented, the EU faces 25% U.S. tariffs on its steel, aluminium and cars, plus a 10% 'reciprocal' tariff on almost everything, which could rise to 20% after the current 90-day pause ends July 9. 'People are trying to take advantage of the tariff not being 200%, that they want to get in while it's 10%. So, a lot of people are ordering right now,' said Patrick Allen, an importer of European wines based in Columbus, Ohio. 'You're going to see a surge now, because there's a window, but that window is going to be closing shortly.' March wine imports from the European Union hit nearly $526 million – the highest for that month since 2002 and a 23% jump from March 2024, according to a USA TODAY analysis of the latest trade data. Allen said a 200% tariff would put a lot of companies out of business; a 20% tariff would kill traders' cash flows; as for a 10% tariff, 'it's just painful.' 'These small and medium-sized enterprises have not done anything wrong,' said Hillman, the trade expert. 'Think about all the things that are simply not produced in the United States. European wine is one of them, clearly. But, coffee, cocoa, critical minerals, etcetera and etcetera. And now we're just increasing the price on all of that.' Allen said he has already raised wine prices for his distributors, and after running the wine import company with his wife, Connie, for 21 years, he's worried about the future of their business. 'A small tariff is difficult. A large tariff? We find some new business to do, something else to do with our lives.' This article originally appeared on USA TODAY: Chinese imports fall under U.S. tariffs as total imports hit record Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-05-2025
- Business
- Yahoo
Trump to embark on Middle East trip to meet Gulf allies
Donald Trump this week will embark on the first foreign trip of his second administration with a tour of the Middle East, as he looks to secure investment, trade and technology deals from friendly leaders with deep pockets amid turbulent negotiations around numerous regional conflicts, including Israel's war in Gaza. The tour through the Middle East is largely a repeat of his first international trip in 2017, when he was feted in the region as a transactional leader eager to secure quick wins and capable of providing support for the regional monarchies' economic and geopolitical interests. His negotiations in Saudi Arabia, Qatar and the United Arab Emirates will focus on a number of topics, including oil and trade, investment deals, the regional conflicts in Israel-Gaza and Yemen, and negotiations over the Iran nuclear programme among other issues. But Trump's key goal is to come out of the region saying that he put America first, say observers. 'I think what he's clearly looking to get out of this is deals, the announcement of multiple multi-billion dollar deals,' said Steven A Cook, the senior fellow for Middle East and Africa Studies at the Council on Foreign Relations. 'The president's approach to foreign policy is heavily influenced by … his version of economic statecraft, which is to look towards the wealthy states in the Gulf and their very large sovereign wealth funds as sources of investment in the United States,' he said. Trump has already announced Saudi Arabia's commitment to invest $1tn into the US economy and is hoping to secure big-ticket investments on Monday's visit. That would be consistent with his America First policy of prioritising domestic interests, Cook said. Those countries may also seek access to advanced US semiconductor exports, and Saudi Arabia will want to ink a deal on civilian nuclear infrastructure, which had previously been tied to the country's normalisation of relations with Israel. In a departure from previous policy, the Trump administration has indicated the two issues are no longer linked. The Middle East trip is notable for the US president's lack of plans to visit Israel, where Benjamin Netanyahu and his cabinet have floated plans to launch a larger invasion of Gaza and expel the Palestinian population there in what critics have called a broad plan of ethnic cleansing. The Israel-Gaza war will loom large over the negotiations, as Saudi Arabia has said it will not normalise relations with Israel unless there is a clear path to a two-state solution, and many countries in the Middle East have spoken out against a proposal that began with Trump to expel Palestinian from Gaza to other Arab countries. 'He could have gone to Israel like he did last time,' said Elliot Abrams, former deputy national security advisor under President George W Bush and a senior fellow at the Council on Foreign Relations. He added that Pete Hegseth, the defense secretary, had cancelled a planned trip to Israel. 'I think there's some tension here … [Israel] knows that Trump is going to be spending a week in the Gulf hearing about Gaza, Gaza, Gaza, Gaza every day. So it's not the best moment in US-Israel or Trump-Israel relations.' There is a growing understanding in Washington and Israel that Trump has taken a step back from attempting to mediate the war in Gaza. His administration said that they would negotiate a new aid deal without the direct involvement of the Israeli government to renew deliveries of aid into Gaza, which is suffering its worst humanitarian crisis of the war since a ceasefire collapsed in March. Related: How Trump's walkaway diplomacy enabled Israel's worst impulses 'He's the only one who speaks the same language as Netanyahu, and he's the only one who can speak to Netanyahu in a language that Netanyahu will understand,' said Ami Ayalon, a former director of the Israel Security Agency, also known as the Shin Bet. 'Trump again, when it comes to to the hostages, when it comes to our relations in the Palestinians, has become the center of everything in the Middle East,' he said. That turns Trump's attention to the things he can get done. He has said that he plans to decide on his trip to Saudi Arabia on an announcement that the US could refer to the Arabian Gulf or the Gulf of Arabia rather than the Persian Gulf. That has angered Iran at a moment when the Gulf states appear largely in support of US efforts in talks on the future of the Iranian nuclear programme. As opposed to 2017, the Gulf states have largely spoken in support of renewed negotiations between the United States and Iran over the nuclear programme, but those governments were said to be unclear on the details of any deal as of yet. 'US partners have confided to me that there are US statements on all of these issues, but they don't yet see US policies,' said Jon Alterman, director of the Middle East Program at CSIS, a thinktank. 'The US government doesn't speak with one voice and its actions remain uncoordinated.' In Saudi Arabia, Trump has enlisted his son-in-law Jared Kushner to act as a point man for the discussions ahead of the trip, CNN has reported. Kushner, who was Trump's envoy to the region during his first administration, is said to be tasked with making progress in discussions of Saudi Arabia joining the Abraham accords. But his role is also tainted by a perceived conflict-of-interest given his family's business interests in the region. Yet with such a complicated tableau of economic and geopolitical interests in the region, there are questions about whether the Trump administration has the focus and the team to pursue a comprehensive policy in the region. Many in Trump's orbit say that US policy should place lower priority on the Middle East, and focus instead on China and the Indo-Pacific region. 'I think the sense that there's these pieces that the President is negotiating don't respond together, and that his priority really is essentially domestic focus, securing, you know, agreements to invest in the estates,' said Cook. 'Regionally, the president would like these issues to go away, and that's why he has these compressed timelines he doesn't want to focus on.'
