Latest news with #SimonEvenett
Euronews
5 days ago
- Business
- Euronews
Commission strengthens imports monitoring amid fear of trade diversion
The European Commission presented on Thursday a new system for monitoring imports arriving in the EU based on customs data. It should be complemented by member states and EU industries' data to identify import surges coming from foreign countries following US tariffs affecting global trade. 'Recent turbulence in the global trading system has increased the risk of harmful trade diversion - products diverted from high tariff markets could find their way to Europe,' EU trade commissioner Maroš Šefčovič said, adding: "With this new import surveillance tool we are boosting our capacity to protect our own interests and stop surges in imports diverted to our market." On 7 April the Commission announced the creation of a task force to monitor variations in imports of products arriving in the EU since 1 January 2025. The biggest fear concerns diversion of products coming from China. At the peak of trade confrontation between the US and China in April, Washington imposed tariffs of up to 145% on Chinese goods. However, the two economic giants reached a truce in May, lowering these duties on Chinese products to 30%. According to the latest figures from Chinese customs, exports from China to the EU increased by 8.2% in April 2025 compared with April 2024. At the member state level, exports to Germany rose by 20.4% over the same period, while the Netherlands saw an increase of 5.6%, Italy 4.7%, and France 2.6%. In the meantime, Chinese exports to the US have fallen by 20% over the same period. The data also showed a surge in Chinese exports to South-East Asian countries, with Thailand up 28% and Indonesia up 37%. To defend itself from excessive trade diversion, the Commission can resort to safeguards, which enable the EU to limit temporarily imports of a product when they might cause market distortion. It can also impose anti-dumping duties if a foreign country exports a product at a lower price than the price on its domestic market. Trade expert Simon Evenett, from the St Gallen Endowment for Prosperity Through Trade, in Switzerland, compiled data showing accelerating price falls between January and April 2025 for Chinese automotive and petroleum products, and prices starting falling over the same period for medicines and ships exported by China across the globe.
Euronews
5 days ago
- Business
- Euronews
Tariffs: Commission strengthens imports monitoring amid fear of trade
The European Commission presented on Thursday a new system for monitoring imports arriving in the EU based on customs data. It should be complemented by member states and EU industries' data to identify import surges coming from foreign countries following US tariffs affecting global trade. 'Recent turbulence in the global trading system has increased the risk of harmful trade diversion - products diverted from high tariff markets could find their way to Europe,' EU trade commissioner Maroš Šefčovič said, adding: "With this new import surveillance tool we are boosting our capacity to protect our own interests and stop surges in imports diverted to our market." On 7 April the Commission announced the creation of a task force to monitor variations in imports of products arriving in the EU since 1 January 2025. The biggest fear concerns diversion of products coming from China. At the peak of trade confrontation between the US and China in April, Washington imposed tariffs of up to 145% on Chinese goods. However, the two economic giants reached a truce in May, lowering these duties on Chinese products to 30%. According to the latest figures from Chinese customs, exports from China to the EU increased by 8.2% in April 2025 compared with April 2024. At the member state level, exports to Germany rose by 20.4% over the same period, while the Netherlands saw an increase of 5.6%, Italy 4.7%, and France 2.6%. In the meantime, Chinese exports to the US have fallen by 20% over the same period. The data also showed a surge in Chinese exports to South-East Asian countries, with Thailand up 28% and Indonesia up 37%. To defend itself from excessive trade diversion, the Commission can resort to safeguards, which enable the EU to limit temporarily imports of a product when they might cause market distortion. It can also impose anti-dumping duties if a foreign country exports a product at a lower price than the price on its domestic market. Trade expert Simon Evenett, from the St Gallen Endowment for Prosperity Through Trade, in Switzerland, compiled data showing accelerating price falls between January and April 2025 for Chinese automotive and petroleum products, and prices starting falling over the same period for medicines and ships exported by China across the globe.
Reuters
29-04-2025
- Business
- Reuters
What Trump's tariff tantrum will do to world trade: podcast
LONDON, April 29 (Reuters Breakingviews) - Follow on Apple, opens new tab or Spotify, opens new tab. Listen on the Reuters app, opens new tab. Read the episode transcript. Listen to the podcast, opens new tab. The White House is negotiating with trading partners while US-China commerce seizes up. In this episode of The Big View podcast, Professor Simon Evenett of IMD Business School explains how the tense discussions might play out, and where they will leave the global trade system. FURTHER READING/LISTENING Trump's low pain threshold limits economic damage Europe can take advantage of King Dollar's wobble The China-US trade war is set to keep spiraling: podcast The theory and practice of Trump's economic policy: podcast US markets' crisis point hinges on a triple threat Identifying Potential Chinese Export Redirection in 2024 U.S. Trade Data, opens new tab – Global Trade Alert What if USTR's Reciprocal Tariffs Formula were applied to U.S. services exports?, opens new tab – Global Trade Alert Visit the Thomson Reuters Privacy Statement, opens new tab for information on our privacy and data protection practices. You may also visit opens new tab to opt-out of targeted advertising. For more insights like these, click here, opens new tab to try Breakingviews for free. Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time. Sign up for a free trial of our full service at and follow us on Twitter @Breakingviews and at All opinions expressed are those of the authors.
New York Times
21-02-2025
- Business
- New York Times
How Trump's Tariffs Could Reorder Asia Trade and Exclude the U.S.
As President Trump uses tariffs as a weapon in his quest to even the score on trade with the world, Asia is emerging as target No. 1. And it's not just because of China. Asia is home to seven countries that run the biggest trade surpluses with the United States, Mr. Trump's go-to yardstick. It has some of the biggest exporters of goods that Mr. Trump promised to tax, like Japanese and South Korean cars, Taiwanese chips and Indian drugs. Many of the region's countries have become top destinations for Chinese goods and investment, evidence that Mr. Trump cites to accuse China of using a backdoor into the U.S. market. Mr. Trump's plan to upend the rules of world trade could hurt Asia because the region relies so much on the global economy. But it will also scramble supply chains and trade flows that are already undergoing change as companies have sought alternatives to China as the source of their goods. The result could be a domino effect of protectionism, with countries turning inward and raising tariffs in response to American trade barriers, experts said. The upheaval could also generate a new cast of regional alliances and ultimately a reduction in the importance of the United States in trade with Asia. 'There is a risk that the U.S. really overplays its leverage,' said Simon Evenett, a professor at IMD Business School in Switzerland. 'The U.S. market is still the biggest in the world but proportionally it is lower than it was 20 years ago.' Want all of The Times? Subscribe.
