Negotiations on reworking North America’s landmark free trade pact will begin next month in Washington, US officials announced Wednesday. The announcement comes after American officials this week laid out a bargaining position with a heavy emphasis on reducing bilateral trade deficits with Mexico and Canada while pressing Ottawa and Mexico City for other important trade … Read more
The United States on Monday said it would work to shrink trade deficits with Canada and Mexico in talks to renegotiate the landmark 1994 North American Free Trade Agreement (NAFTA). The Trump administration has focused on boosting domestic manufacturing while cutting trade deficits — which it sees as damaging to the economy — a move … Read more
With talks to begin in August to renegotiate the North American Free Trade Agreement, dozens of industry, agriculture, labor and economic officials offered their views to the Trump administration on Tuesday. The US Trade Representative opened three days of public hearings that were sure to feature many conflicting views on the 23-year-old trade pact. Industry … Read more
The controversial trade pact was dealt a blow when the US ditched the deal Asia-Pacific trade ministers have agreed to resuscitate the controversial Trans-Pacific Partnership (TPP) trade deal, despite US President Donald Trump abandoning it. Mr Trump signalled in January he would block the passage of the 12-nation pact in order to protect American jobs. … Read more
Chinese e-commerce giant Alibaba said Thursday its net profit almost doubled in the latest quarter on the back of soaring growth in online shopping. Alibaba, which has made billionaire founder Jack Ma one of China’s richest men, is a dominant player in online commerce and its robust earnings highlight the strength of the sector even … Read more
Trade tensions between the United States and Canada ramped up Tuesday after US President Donald Trump threatened to retaliate against the US neighbor for additional restrictions it imposed on US dairy products, hours after Washington rekindled an old trade conflict by slapping new tariffs on Canadian softwood lumber. “Canada has made business for our dairy … Read more
Wilbur Ross sailed through Senate confirmation to become the new commerce secretary, despite tough questions about his possible ties with Russian oligarchs through his position on the board of the Bank of Cyprus. Several Democrats gave their support, for a total of 72 of 100 senators casting their votes for the 79-year-old billionaire who specializes … Read more
Billionaire investor Wilbur Ross is expected to be easily confirmed as U. S. Commerce Secretary on Monday, clearing President Donald Trump’s top trade official to start work on renegotiating trade relationships with China and Mexico. The vote will insert a major new voice into Trump’s economic team, one that strongly influenced his criticism of the … Read more
When billionaire investor Wilbur Ross salvaged two North Carolina textile mills from bankruptcy in 2003 and 2004, one of the first things he did was head to Washington to immerse himself in trade law and policy. China’s accession to the World Trade Organization had unleashed a flood of textile imports across U. S. borders, and … Read more
Alibaba Executive Chairman Jack Ma met U. S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce giant’s new plan to bring one million small U.S. businesses onto its platform to sell to Chinese consumers over the next five years, an Alibaba spokesman said. Alibaba Group Holding Ltd (BABA.N) expects the initiative to … Read more
President-elect Donald Trump, who raged against the elite as a candidate, is populating his administration with the ultra-rich. On Wednesday, he named billionaire Wilbur Ross, who has made a fortune cobbling together dying companies, as his commerce secretary, and Todd Ricketts, part of the billionaire family that owns the Chicago Cubs, as deputy commerce secretary. … Read more
Practically everyone at the march had a story about someone who refused to shake hands or moved to a different bus seat when they realized they were near a Liberian. “Once they hear our accent, people try to avoid us,” said Harris Murphy, a filmmaker. “Everybody is afraid of you. I’m a West African – … Read more