Latest news with #WTO
Yahoo
19 hours ago
- Business
- Yahoo
Oregon companies call for investigation into countries accused of ‘dumping' exports
PORTLAND, Ore. () — Two Oregon companies are among those leading the charge against industries accused of mishandling foreign imports. Published to the Federal Register on Thursday, a shows officials are launching an 'anti-dumping' and countervailing duty investigation against China, Indonesia and Vietnam. Bill that would end statute of limitations for Oregon child sex abuse suits moves ahead The World Trade Organization refers to dumping as This occurs when products are sold at a higher cost in their origin country than they are in the receiving country. WTO's anti-dumping agreement allows governments to take action against the practice if it hurts their industry. 'In order to do that the government has to be able to show that dumping is taking place, calculate the extent of dumping (how much lower the export price is compared to the exporter's home market price), and show that the dumping is causing injury or threatening to do so,' the . As a result, investigators are now working to determine whether China, Indonesia and Vietnam are subsidizing hardwood and decorative plywood imported to the U.S. The International Trade Commission's notice comes after the Coalition for Fair Trade in Hardwood Plywood filed a petition on May 22. and Springfield's are two of five entities in the coalition. ITC's Office of Investigations has invited the impacted businesses to attend a meeting about the first phase of the investigation on Thursday, June 12 at 9:30 a.m. MAPS: Oregon falls back into drought, wildfire threat increases The commission is expected to issue its preliminary decision by July 7, unless it receives an extension from the U.S. Department of Commerce. If not, the agency will share its findings with the commerce department by July 14. The case could result in anti-dumping actions like increased import duties on hardwood and plywood, to bring the cost closer to what it would be in its origin country. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Standard
a day ago
- Business
- Business Standard
Tough India-US trade discussions amidst irritants over tariff tensions
Throughout last week, President Trump of the United States repeatedly irritated India with one upsetting statement or the other. India tried to pinprick the US with a proposal to impose retaliatory tariffs. Both governments should now settle down to some serious trade talks during the visit of our Commerce Minister to the US this week. Trump claimed that he threatened use of trade as a tool to coerce India and Pakistan to cease hostilities. He asked the chief of Apple, the leading phone making company, not to make its phones in India but in the US. He said that India has agreed to zero duties on import of most products from the US. India promptly rejected his claims. Last Monday, India notified the World Trade Organisation (WTO) of its proposal to impose retaliatory tariffs against the raising of tariffs on imports of steel and aluminium products by the US from 12th March 2025. India's communication followed a similar notice from the United Kingdom on 9th May 2025, proposing retaliation under the WTO agreement on safeguards (AoS). Japan followed India with a similar notification. It is difficult to understand the purpose of these proposals as all these countries are negotiating trade deals with the US. In fact, the US had already agreed to bring down the duties on steel and aluminum imported from the UK, as part of a mini trade agreement. Strangely, the notifications about the retaliation proposals of India, Japan and UK and replies of the US to Japan and UK, arguing that AoS cannot be invoked because no safeguard duties were imposed, could be seen on the WTO website till Thursday but vanished from there on Friday.
Bloomberg
2 days ago
- Business
- Bloomberg
Bailey Discusses Fours Points on State of Trade
Bank of England Governor Andrew Bailey spoke at the Irish Association of Investment Managers Event in Dublin. He shared four points on the current state of world trade saying 'something has gone wrong' with the multilateral trade system and that the World Trade Organization cannot be abandoned. (Source: Bloomberg)
Business Times
2 days ago
- Business
- Business Times
Agile partnerships can help Asia face global challenges: DPM Gan
[SINGAPORE] Flexible partnerships are one of three ways that Asia can tackle global challenges, alongside deepening integration and reforming institutions, said Deputy Prime Minister Gan Kim Yong on Thursday (May 29), on the last day of a working visit to Tokyo. Such 'flexible multilateralism' could involve moving ahead first with like-minded partners, while 'leaving the door open for others to join when they are ready', he said in a speech that was streamed online. He was speaking at the two-day 30th Nikkei International Forum on the Future of Asia, themed 'Asia's Challenge in a Turbulent World'. As an example of flexible multilateralism, DPM Gan cited the World Trade Organization (WTO) Joint Statement Initiative (JSI) on E-commerce, with Japan, Singapore and Australia as co-conveners. JSIs allow groups of WTO members to address specific issues, in contrast to the usual WTO negotiations which require unanimity. The JSI on E-commerce now involves 91 members that account for over 90 per cent of global trade. An attempt to incorporate the JSI into the WTO framework this February failed – but the co-conveners are continuing to pursue this, and are exploring options to implement the agreement in the meantime, said DPM Gan. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up New alliances can also be forged by building on existing economic groupings and plurilateral agreements, he added. 'These new alliances will facilitate effective and timely collaboration on key trade policies, and signal our commitment to a rules-based trading system.' He noted Asean's efforts to deepen economic cooperation with the Gulf Cooperation Council – raised by Prime Minister Lawrence Wong at the Asean Summit earlier this week – including through a possible free trade agreement (FTA) between the blocs. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is an opportunity to broaden economic partnerships with Asean and the European Union. Fundamental challenges This is one of the ways that Asia can meet three 'fundamental challenges' that it faces, beyond the economic fallout from US tariffs, said DPM Gan. The first challenge is maintaining 'strategic autonomy' amid intensifying US-China contestation, with both powers seeking to influence others. This affects many Asian countries that have deep trade and investment ties with both – but countries need to maintain autonomy and act in 'a principled and consistent way', in their own and the region's interests, said DPM Gan. The second challenge is preserving the rules-based, multilateral trading order. This is based on predictable tariff terms, with clear and shared frameworks for non-tariff policies, including the 'most favoured nation' principle underpinning the WTO. If members trade only on their own terms, larger economies will have more bargaining power, while smaller ones may be marginalised, said DPM Gan. 'This is why recent moves by some economies to impose and remove tariffs at will are concerning.' The third challenge is tackling global threats such as climate change and protecting the global commons. Given the need for urgent action, it is disconcerting that a collective commitment to climate-related treaties seems to be waning, said DPM Gan. He warned that if the commitment to international institutions – such as the WTO, World Health Organization, International Monetary Fund and World Bank – similarly weakens, the world will be less able to tackle issues such as future pandemics or financial crises. Integration and reform Besides agile partnerships, Asia can face these challenges by doubling down on regional integration and reforming organisations such as the WTO, said DPM Gan. On regional integration, Asia must enhance its trade, digital and physical connectivity, and 'raise the ambition' for existing partnerships. For instance, Asean has concluded talks to upgrade its Trade in Goods Agreement, and is working to upgrade FTAs with other partners. As cross-border payments are a key enabler of the digital economy, some Asean countries are working with India on a real-time payment network, he noted, inviting more Asian countries to join the project. Asia can also explore cross-border energy flows, he added. Not only will the Asean Power Grid enable the region's low-carbon transition, it also presents opportunities for green investments, he said. He welcomed financing support from the World Bank and Asian Development Bank, as well as from Japan. Finally, Asia can work with partners to reform global institutions, particularly the WTO. While imperfect, the organisation remains 'an important foundation on which to build a better global, rules-based trade architecture', he said. Such reforms include enabling flexible agreements such as the JSI on E-Commerce to move forward within the WTO framework. The existing consensus-based decision-making process should also be reformed to avoid gridlock, while the WTO rulebook should be updated to address issues such as state subsidies and industrial policy, and respond to the digital revolution and climate change. Japan-Singapore collaboration DPM Gan's visit comes ahead of Japan and Singapore's 60th anniversary of diplomatic relations in 2026. On the trip, he met Japanese political and business leaders, and the countries reaffirmed their close and longstanding ties. Noting that Japan invested significantly in Singapore when the latter was industrialising in the early 1970s, DPM Gan added that there will be more investment opportunities, with Singapore as a growing Asian hub and a gateway to South-east Asia. Beyond economics, both countries can cooperate in areas such as climate action and defence, he added. In a question-and-answer session after his speech, DPM Gan was asked what advice he would give Japan and its businesses, given the country's 'struggling' economy. In response, he noted that Japan's economy remains 'very significant' with 'very innovative' businesses, and highlighted scope for cooperation with Singapore. He encouraged Japanese startups to set up in Singapore, adding that the Republic also encourages its startups to enter Japan, tap its technologies and explore opportunities to collaborate.
Mint
2 days ago
- Business
- Mint
A trade arrangement that leaves out the US could trump Trump's tariffs
Donald Trump rambles on in his second term as US president, disrupting institutions and policies both at home and abroad. Several months on, his behaviour reveals a pattern, even if it is somewhat fuzzy. He lays down his cards with outrageous announcements and then back-tracks, especially in bilateral negotiations. It is a pattern repeated in his domestic interventions in different fields as well as his dealings with US neighbours like Canada and Mexico, allies like the UK, EU, Japan and Korea, rivals like China and Russia, and other countries like India. Also Read: Trial by Trump: Ramaphosa may well have emerged stronger from the Oval Office But how much he will backtrack in a particular case, if he backtracks at all, remains uncertain. Indeed, uncertainty is the leitmotif of Trump's exercise of raw power. Given this, specifically in the context of trade and tariffs, I asked Professor C. Veeramani, one of India's leading trade economists, what the outcome would be if other members of the World Trade Organization (WTO) continued to trade in compliance with WTO rules but without the US. It is as if the other WTO members—or most of them—were to forge a massive free trade agreement (FTA) without the US. This is a most unlikely scenario. Other countries, especially allies of the US, are too tied up with the US through security and other linkages for them to decouple from the US in the field of trade. However, economists follow this method of abstracting from the real-world to first address a question in a very simplified context, constructed through simplifying assumptions—which is sometimes called a model. The question is then revisited as the context is gradually enriched by incorporating stylized facts from ground reality to verify whether the original conclusion survives successive approximations back to the real world. Hence, my hypothetical question for Veeramani. His answer is quite interesting. Also Read: Trump shock: Here's a 4-D formula for policymakers to track it Veeramani said that the US accounts for a small fraction of global trade. Current data indicates that its share is down to 10% and declining. Meanwhile, the share of China, the EU and emerging market economies has been rising. In other words, 90% of global trade occurs without any direct US participation. An FTA among major non-US economies, including the EU, Asean, China, Japan, India, Korea, Australia, New Zealand, Latin America, etc, would deepen supply chain integration among these countries by reducing tariff and non-tariff barriers. Assume, conservatively, that this non-US trade bloc initially accounts for 60% of global trade. Assume further that deeper integration among them raises intra-bloc trade by 5-10 percentage points over the medium term. A part of this would be attributable to trade diversion from the US, with consequent adverse effects on the US economy. But the rest would be additional trade creation. Overall global trade could increase by 3-6 percentage points, by Veeramani's estimate. Also Read: Trump's trade agenda: About US jobs or global supremacy? Depending on the relevant response elasticities and complementary policy reforms in these countries, global GDP could also go up by 0.5-1 percentage point. But the impact on the US economy would be negative. Its share of world trade and GDP would decline, while that of European economies and the emerging economies of Asia, Africa and Latin America would rise. The scenario described above is unlikely. The rest of the world is unlikely to decouple from the US because of their security and other linkages cited earlier. Nevertheless, this boundary scenario yields an important qualitative conclusion: namely, that the path Trump has chosen is likely to hurt America, while other countries are likely to be better off. This only captures the impact on the global economy via the trade channel; this is indeed one of the main channels through which US policies will impact the world economy. But there are two other economic channels that also need to be considered: finance and technology. Also Read: Ajit Ranade: Decode Trump's trade strategy for India's own game plan As for the financial channel, a large number of countries in the Asean region and West Asia are already reported to be participating in a payment system promoted by the central bank of China, presumably supported by US-sanctioned countries like Russia and Iran, as a more efficient alternative to Swift. The more the US attempts to isolate its geopolitical rivals, the more it will accelerate a worldwide shift away from the present US-dominated global financial architecture. The market mechanism can bite in both directions. The battle for access to technology—and it is indeed a battle—is mainly being fought on the artificial intelligence (AI) front. When the US government tried to block China's access to recent advances in large language models with Generative AI capability developed in US companies, China shocked the world with its own Generative AI products, made available for free—or a fraction of the prices charged by US companies. As with the financial architecture, so also here: the more the US attempts to isolate its rivals, the faster it will drive them to develop their own competing technologies. Also Read: How Trumpian volatility is forcing policy changes in China This column has been limited to the economic domain and not gone into security relationships. In this domain, the lesson is very clear: the more that Trump pursues a pugnacious approach to subdue US neighbours, allies and rivals, the more he is likely to hurt America and help its rivals. In this context, the wisdom of India's approach of 'strategic autonomy' should be evident to all. These are the author's personal views. The author is chairman, Centre for Development Studies.
