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03/11/2013

China Denies Status of World’s Largest Trader
(The China Post)

China has a new status its government doesn’t want – world’s biggest trader. Trade data from both governments indicate China passed the United States last year in total imports and exports by a margin of $3.86tr to $3.8tr. That is about $44bn, or just over one percent of China’s total.

The Commerce Ministry has taken the unusual step of publicly denying China is the new number one. It says China still trailed the U.S. by $15.6bn last year — or a razor-thin 0.3 percent — under World Trade Organization standards for valuing goods.

Beijing wants to be a global leader but insists it still is a poor country. It is wary of any change that might erode that status and fuel demands for action to stimulate the global economy or concessions on trade and climate change.

The Commerce Ministry has taken the unusual step of publicly denying China is the new number one. It says China still trailed the U.S. by $15.6bn last year — or a razor-thin 0.3 percent — under World Trade Organization standards for valuing goods.Beijing wants to be a global leader but insists it st...

03/11/2013

Support for Foreign Trade Up Sharply, Poll Finds
(STR Trade Report)

A recent Gallup poll found that 57% of Americans view trade as “an opportunity for economic growth through increased U.S. exports,” which Gallup characterizes as “a much more positive view” of foreign trade than in recent years. Slightly over a third of respondents (35%) said trade is “a threat to the economy from foreign imports.” The wording of the poll is indicative of what economists say is a false dichotomy, but according to Gallup the results show that “the Obama administration is likely operating in an environment more supportive of U.S. trade deals with other countries than has been the case in the recent past.”

03/11/2013

Are Mergers on the Horizon for Ocean Carriers?
(Toby Gooley – DCVelocity)

Continued economic volatility could lead to consolidation within the next five years, maritime industry consultant predicts.

The ocean shipping industry appears to have survived the Great Recession. But with most container lines still unprofitable and “undisciplined pricing” continuing to plague the industry, some consolidation is likely in the next five years, predicts John G. Reeve, a longtime maritime industry consultant.

Continued economic volatility could lead to consolidation within the next five years, maritime industry consultant predicts.

03/11/2013

Taiwan, U.S. to Reopen Stalled Trade Talks Next Week
(IndustryWeek – AFP)

Talks resuming after Taipei lifts 6-year-old ban on some U.S. beef imports

Taiwan and the United States will resume stalled trade talks next week after Taipei removed a 6-year-old ban on some U.S. beef imports, officials said Wednesday.

The U.S. delegation will be led by Deputy U.S. Trade Representative Demetrios Marantis at the two-day discussions beginning Monday, the American Institute in Taiwan, the de facto embassy, said in a statement.

Taiwan and the United States will resume stalled trade talks next week after Taipei removed a six-year-old ban on some US beef imports, officials said Wednesday.

03/11/2013

European Anti-Terrorism Rules for Airfreight Postponed until April
(AirCargo World)

European commissioner for transport Siim Kallas announced Wednesday the postponement of the starting date of anti-terrorism rules for companies who use airfreight.

The tougher rules – known as the “known cosigner” status – will be implemented April 29 instead of March 25 due to the European Shippers’ Council (ESC) protesting against the original state date.

The rules dictate that companies who use airfreight must take specific security and employee-training measures in order to receive this status. They can apply for the known cosigner status at a domestic agency. If companies don’t follow these rules, their freight can’t be loaded on board an aircraft without prior extensive screening measures.

European commissioner for transport Siim Kallas announced Wednesday the postponement of the starting date of anti-terrorism rules for companies who use airfreight.

03/11/2013

China Warns of Increasing Trade Disputes at WTO
(Mary Swire – Tax-News.com)

China’s Permanent Representative at the World Trade Organization (WTO), Yi Xiaozhun, has advised the Chinese Government that there is a likelihood that it will be involved in trade disputes, particularly with the United States and the European Union (EU), that will increase in both number and intensity in the future.

Yi is reported to have said that, with the U.S. and EU intensifying their action against Chinese imported goods, the Government should be aware of the Chinese industries that will come under attack, and be ready to defend them in the WTO against the harsher measures that will be taken against their products.

He pointed out that Chinese goods worth billions of U.S. dollars are now under dispute at the WTO, while, as has already been noted by the Ministry of Commerce (M*F), U.S. and EU action has evolved from imposing single measures against Chinese imports to, in many cases, adopting both anti-dumping (ADs) and anti-subsidy countervailing duties (CVDs).

Tax-News.com delivers news headlines and features on international tax, law, politics, economics and trade.

03/11/2013

U.S. Dairy Industry Wary of Trans-Pacific Partnership
(Journal of Commerce)

Eleven national organizations representing dairy farmers and dairy industry workers have sent a letter to eight members of Congress urging them not to approve the Trans-Pacific Partnership trade deal without considering the impact on dairy farms and workers.

The letter states that the pending trade deal could have “tremendous impact” on where and how dairy products are produced and processed and urges Congress to adopt new trade policymaking procedures, rather than reinstating “fast-track” authority.

Eleven national organizations representing dairy farmers and dairy industry workers have sent a letter to eight members of Congress urging them not to approve the Trans-Pacific Partnership trade deal without considering the impact on dairy farms and workers.

03/11/2013

One-Year Update on the Implementation of the National Strategy for Global Supply Chain Security
(The White House)

The National Strategy for Global Supply Chain Security, released in January 2012, established the U.S. Government’s policy to strengthen the global supply chain to protect the interests of the American people and enhance our Nation’s economic prosperity.

The Administration, in coordination with private sector stakeholders and foreign government partners, made significant progress in implementing the Strategy throughout 2012 and in defining our priorities for future work. As required by the Strategy, Federal Departments and Agencies prepared a consolidated report outlining these efforts and defining 2013 implementation goals.

03/11/2013

EU-ASEAN Discuss Trade and Investment
(Elena Ralli – NewEurope)

Following his meetings with Thai trade minister Boonsong and minister U Soe Thane of Myanmar in Brussels, EU Trade Commissioner Karel De Gucht flies to Hanoi, Vietnam today to continue talks with economic and trade ministers from the Association of Southeast Asian Nations (ASEAN) on 7-8 March. The top priority to be addressed during the talks is how to strengthen trade and investment relations.

On 9 March, the Commissioner will attend the EU-ASEAN Business Summit, aiming to promote the dialogue between governments and the private sector, as well as business-to-business relations. Up to 500 industry representatives are expected to attend the event, representing the automotive, banking, pharmaceutical and other sectors.

Following his meetings with Thai trade minister Boonsong and minister U Soe Thane of Myanmar in Brussels, EU Trade Commissioner Karel De Gucht flies to Hanoi, Vietnam today to continue talks with economic and trade ministers from the Association of Southeast Asian Nations (ASEAN) on 7-8 March. The t...

03/11/2013

Euro-Zone Exports Plunge
(Alex Brittain – WSJ)

Exports from the 17 countries that use the euro fell in the fourth quarter at the fastest rate in almost four years, official data showed, giving fresh weight to concerns among the bloc’s leaders that recent rises in the euro’s exchange rate are damaging the chances of an economic recovery.

Wednesday’s figures, which also showed the euro zone has been in recession for much longer than previously thought, come a day before the European Central Bank’s monthly decision on monetary policy, with the central bank’s President Mario Draghi likely to face further questions about the strong euro’s impact on the crisis-hit economy.

Eurostat, the European Union’s statistics agency, said exports from the euro zone fell 0.9% in the fourth quarter compared with the third, a sharp reversal from 1% growth in the period before.

Exports from the euro zone fell in the fourth quarter at the fastest rate in almost four years, giving fresh weight to concerns among the bloc's leaders that recent rises in the euro's exchange rate are damaging the chances of an economic recovery.

03/11/2013

New Updates from FDA:

This guidance document provides updated information pertaining to the Food and Drug Administration’s (FDA) authority to order the administrative detention of human or animal food under section 304(h) of the Federal Food, Drug, and Cosmetic Act (FD&C Act) [21 U.S.C. 334(h)]. Congress originally esta...

03/05/2013

Monday, March 4, 2013Federal Customs and Trade Functions to Take Hit from Budget Cuts

(STR Trade Report)

Massive spending cuts across the federal government began to take effect March 1 and officials say that within the next 30 days there could be drastic effects on a broad range of customs and trade functions, from longer cargo processing times to delays in trade negotiations. There appears to be no imminent solution to the budget impasse that led to the so-called sequester, raising questions about how long it might take for things to get back to normal.

Tim Reif, general counsel at the Office of the U.S. Trade Representative, told an annual trade conference at the Georgetown University Law Center in Washington, D.C., Feb. 28 that the sequester will require USTR to cut staff. Fewer people will mean a “reduced ability to engage with our trading partners” in negotiations such as the Trans-Pacific Partnership, a bilateral free trade agreement with the European Union, and plurilateral pacts to further liberalize trade in services and high-tech goods. Reif added that USTR also “may no longer have the funding to initiate new legal disputes, which would result in reduced enforcement of trade agreements.”

Homeland Security Secretary Janet Napolitano said last week that the sequester would also have “serious consequences to the flow of trade and travel at our nation’s ports of entry.” Napolitano said DHS “will have to begin to furlough” the U.S. Customs and Border Protection officers who staff those ports, reduce overtime and eliminate hiring to backfill positions. As a result, on the U.S.-Mexico border “our biggest land ports could face waits of up to five hours, functionally closing these ports during core hours.” Seaports will see delays in container examinations increase to up to five days, resulting in increased costs to the trade community and reduced availability of consumer goods and raw materials, and mid-sized and smaller ports will experience constrained hours of operation.

Other federal agencies with trade-related functions have previously said the sequester will have a major impact on them as well by limiting their ability to conduct export license verification checks, engage in trade enforcement, compliance and market access activities, inspect foreign and domestic food facilities, and handle large volumes of air cargo traffic.