Latest news with #tradeagreements
Wall Street Journal
an hour ago
- Business
- Wall Street Journal
Where the Trade Court's Tariff Decision Went Wrong
During a national crisis, an advocate of tariffs testified before Congress that 'reciprocal trade agreements' push foreign nations to stop erecting 'excessive economic barriers to trade.' Who said this? President Trump? Sen. Reed Smoot or Rep. Willis Hawley? It was President Franklin D. Roosevelt's secretary of state, Cordell Hull, explaining in 1940 how reciprocal tariffs could reverse unfair trade practices targeting the U.S.
National Post
3 days ago
- Business
- National Post
The Bloc Québécois strikes again to protect supply management
OTTAWA — First there was Bill C-216, then C-282, and now C-202. The Bloc Québécois has, once again, introduced a private member's bill aimed at ensuring 'full protection for supply management' in trade agreements. Article content Article content The text of the bill has not yet been released, but the objective that was underlined in previous bills was to amend the Department of Foreign Affairs, Trade and Development Act to prevent the minister from 'making a commitment' that would increase the tariff rate quota for dairy, poultry, or eggs in trade negotiations. Article content Article content It would also prevent tariff reductions on these products when they are imported in excess. Article content Article content Bloc Leader Yves-François Blanchet said Bill C-202 was 'similar' and believes the House of Commons could agree very quickly to send it back to the Senate, where two influential senators effectively blocked its passage in the last Parliament using parliamentary procedures. Article content 'We can send it to the Senate before summer break. That's clear. Could the Senate dispose of it before the summer break? My optimism is more cautious,' Blanchet said. Bill C-282 made headlines last fall when the Bloc threatened to bring down the government if it wasn't passed alongside another bill. It was ultimately passed by nearly 80 per cent of the House of Commons in June 2023, despite opposition from some Conservative MPs. Article content However, the Senate never passed it, thanks to Senators Peter Boehm and Peter Harder. Article content 'I don't think it's in Canada's national interest to pass this bill because it divides the agricultural community … and it will impact future trade negotiations,' Sen. Peter Boehm said at the time. Neither senator commented Thursday. Article content At one point, the Bloc said it was facing 'hostility' in the upper house. Article content Supporters of the bill say it would protect farmers and local communities across the country, particularly in Quebec, while opponents argue it would tie the hands of Canadian negotiators in trade talks. Article content The Canadian Agri-Food Trade Alliance (CAFTA) is among its opponents, saying such a bill 'will hurt the 90 per cent of farmers who depend on trade.' Article content CAFTA's executive director Michael Harvey told the National Post that 'every time (the bill was introduced) it's been a bad idea' and 'it's still a bad idea.' Article content Harvey stated that his organization does not oppose supply management and does not claim it should be affected by future trade negotiations. Article content 'What we're saying is there's no reason to legislate that negotiators take one sector of the Canadian economy off the table and leave all other sectors on the table,' he said. Article content Blanchet introduced the bill early in the session because he wants it passed before Canada negotiates a 'formal agreement' with the United States. Under the Canada-United States-Mexico Agreement (CUSMA), a review of the agreement is scheduled for 2026.
Arab News
3 days ago
- Business
- Arab News
Saudi EXIM Bank targets African markets with 4 new MoUs
RIYADH: Saudi Arabia is accelerating the expansion of its non-oil exports into African markets, with the Saudi Export-Import Bank securing four new strategic agreements to strengthen trade and investment ties across the continent. Saudi Export-Import Bank CEO Saad bin Abdulaziz Al-Khalb signed memoranda of understanding with Africa50, the Ghana Export-Import Bank, Blend International Limited, and Guinea's Ministry of Planning and International Cooperation, the Saudi Press Agency reported. The deals were finalized on the sidelines of the African Development Bank Group's annual meetings, held in Côte d'Ivoire from May 26 to 30. The newly signed deals come as Saudi exports to Africa surged 20.6 percent year on year to SR7.84 billion ($2.09 billion) in March 2025, reflecting growing trade ties between the Kingdom and the continent. Al-Khalb said the bank's participation in the meetings aims to deepen international trade relations and forge partnerships that support Saudi non-oil export growth in African markets. The SPA report added: 'He stated that the memoranda of understanding are an extension of the bank's efforts to promote trade exchange, stimulate development projects, and enable local exporters to export their services and products to African markets through effective and extended partnerships, contributing to supporting sustainable development goals and enhancing economic integration.' He also described the gathering as a valuable opportunity to boost economic cooperation and engage with officials from export credit agencies and financial institutions across African countries. The agreements were signed by Saudi EXIM CEO Saad bin Abdulaziz Al-Khalb, along with Alain Ebobisse, CEO of Africa50; Sylvester Mensah, CEO of the Ghana Export-Import Bank; Ravi Gupta, managing director of Blend International Limited; and Ismail Nabeh, minister of planning and international cooperation of Guinea. The MoU with Africa50 is aimed at enhancing cooperation in infrastructure projects by partnering with Saudi companies. The agreement with the Ghana Export-Import Bank will focus on exploring cooperation opportunities and enhancing bilateral exports of services and products. Meanwhile, the MoU with Blend International Limited is aimed at targeting broader trade opportunities and international partnerships. The deal with Guinea's Ministry of Planning and International Cooperation seeks to bolster development projects and investment in priority sectors, enabling Saudi exports of engineering services and industrial supplies. Also, on the sidelines of the event, Al-Khalb and his delegation held in-depth discussions with leaders of several international financial institutions, focusing on expanding trade ties and boosting the flow of Saudi non-oil exports into African markets.
Zawya
4 days ago
- Business
- Zawya
ASEAN leaders renew commitment to addressing global trade turmoil
KUALA LUMPUR -- Leaders of the Association of Southeast Asian Nations (ASEAN) adopted a statement at the end of their 46th summit in Kuala Lumpur on Tuesday to reaffirm commitment to collective action to address the economic uncertainty and trade instability around the globe. They expressed concern over the increasing unilateral trade measures and punitive actions, including the reciprocal tariffs and protectionist restrictions on investment, which risk undermine the world economic system. Those actions have direct adverse impacts on the ASEAN economies, according to the statement issued by the host Malaysian Ministry of Foreign Affairs. The leaders agreed to stand as up as one to protect the regional economic stability, enhance economic resilience and sustainable development. They stressed the importance of maintaining constructive dialogue and mutual respect based on the rules of the international law and the Treaty of Amity and Cooperation in Southeast Asia (TAC). The leaders agreed to speed up the implementation of ASEAN Digital Economy Framework Agreement (DEFA) and update the ASEAN Trade in Goods Agreement (ATIGA) with a view to speeding up regional integration and creating a stable and competitive business environment. They also agreed to update the ASEAN+one free trade agreements (AFTAs) with dialogue partners - such as China, India, Japan and South Korea, so as to boost bilateral trade, control instability in supply chains, and expand the prospects of cooperation with new partners, including the Gulf Cooperation Council (GCC) member countries. To support internal coordination, the leaders launched the ASEAN Geo-economics Task Force and tasked the competent ministers to keep watch on global economic developments and draw up a single strategy for response to emergencies. Reaffirming commitment to a global multi-lateral trade system based on transparency, justice and indiscrimination, the leaders stated readiness to engage in constructive dialogue with other members of the World Trade Organization and push for substantive reforms that could better preserve the credibility and resilience of the global trade system. As the ASEAN Economic Community 2025 enters its final stage, the leaders adopted "the ASEAN Community Vision 2045: Our Shared Future." The new ambitious 20-year vision and its strategic plans aim to ensure seamless coordination across pillars and sectors and cross-sectoral strategic measures. The ASEAN leaders stressed the importance of cooperation with regional partners to ensure stability and peace in the Indo-Pacific region based on transparency and rule of law. Founded in 1967, the ASEAN is made up of Brunei Darussalam, the Kingdom of Cambodia, the Republic of Indonesia, the Lao People's Democratic Republic, Malaysia, the Republic of the Union of Myanmar, the Republic of the Philippines, the Republic of Singapore, the Kingdom of Thailand, and the Socialist Republic of Viet Nam. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
RNZ News
5 days ago
- Business
- RNZ News
Tariff uncertainty prompts NZ agricultural businesses to look for new markets
New Zealand agriculture can no longer relay on its usual international customers. Photo: Bonnie Harrison New Zealand agriculture can no longer relay on its usual international customers, and needs to look for new markets, a new report says. The report from business consultancy KPMG on Agribusiness Agenda, has tapped local leaders in various parts of the country's agricultural sector for their views on where the industry needs to go. KMPG spokesperson Ian Proudfoot said tariff uncertainty was spurring people into action. "They're thinking about where else can we sell products, what do we need to make those products look like, and what attributes do they need to have for them to be sold effectively," Proudfoot said. One of the highest priorities identified by the report was the signing of high quality trade agreements with new trading partners. India is high on the list along with South East Asian markets such as Vietnam, Thailand and Indonesia. Biosecurity remained the top of the must do list, along with post-pandemic supply chain resilience. Proudfoot said there was support to maintain migration settings, but also a need to grow a skilled local labour force, rather than relying on migrant labour, and a training system to deliver it. He said sustainability was not just important but non-negotiable. "The overriding message is that we can't change our course on sustainability. The main reason is commercial. We're selling to a relatively small group of customers around the world who are servicing a high value market. Those commitments are really important to them." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
