US exports to India up 18.7%, trade deficit down 5.9%; still concerns over tariffs
The Dollar Business Bureau The US exports to India were increased by 18.7% and the trade deficit between the two nations has declined by nearly 6% in 2017 over the previous year, but still the US continue to complain on various issues including high tariffs and market access to several American goods being shipped to India. “The US goods trade deficit with India was $22.9 billion in 2017, a 5.9% decrease ($1.4 billion) over 2016,” according to the National Trade Estimate 2018, an annual report released by the United States Trade Representative (USTR). India is among the few nations with which the trade deficit of the US has dropped in the past one year. However, the US administration under President Donald Trump ...
China imposes tariffs on 128 US products, escalates trade war
The Dollar Business Bureau In retaliatory action against the duties on aluminium and steel by the US, China has imposed new tariffs of up to 25% on 128 US products ranging from frozen pork to wine and certain fruits to nuts, escalating the fears of a possible trade war between the two largest economies of the world. The imposition tariffs by Beijing are in response to the 25% on duty on steel and 10% on aluminium that have been levied by the President Donald Trump, according to a statement by the Chinese Finance Ministry on Sunday. However, Trump has temporarily excluded imports from the countries such as European Union, Brazil, Canada, Argentina, Australia, South Korea and Mexico. Over the past few weeks, Chinese officials ...
US durable goods shipments increased in June suggesting increase in business spending
The Dollar Business Bureau Key US-made consumer durable goods shipments showed an increase in June for the 5th consecutive month indicating that business spending on equipment has increased boosting the economic growth in the second quarter. That the US economy is bettering gained weight as data gathered showed a sharp narrowing of the trade deficit in goods while there has been an increase in retail and wholesale inventories. Government reports on the second quarter GDP estimates on Friday prompted economists to raise growth forecasts to 3.5% annual rate. Voicing cautioned optimism, Chris Rupkey, the Chief economist at Mitsubishi UFJ Financial Group (MUFG), New York told reporters that, ‘the economy still has legs in this long expansion from the end of the recession. The ...
US Committee says Indian policies are discriminating against US exports and investments
The Dollar Business Bureau The influential House Appropriations Committee in its report accompanying the annual Appropriations Bill 2018, said that several policies adopted by the Indian government to boost its economic growth, protect domestic manufacturing, actually discriminated against US exports and investments. 'India, while striving to improve its economic growth, has been enacting a series of policies to increase domestic manufacturing and protect domestic industries and agricultural production that discriminate against US exports and investment,' the Committee said. The report was prepared in conjunction with the US Commerce, Justice, Science and Related Agencies Appropriations Subcommittee that has several agencies under its control that combat gangs, drug trafficking, violent crime, terrorism espionage, financial fraud; enforcing trade laws; exploring science, space; managing fisheries etc. The Appropriations ...
Global economic growth to boost US exports: Janet Yellen
The Dollar Business Bureau Estimating a positive economic prospect for the US, Janet L Yellen, Chairwoman, Federal Reserve System Board has told the American lawmakers that the world growth is likely to boost the US exports. “I expect that, with further gradual adjustments in the stance of monetary policy, the economy will continue to expand at a moderate pace over the next couple of years, with the job market strengthening somewhat further and inflation rising to 2%,” she told House Finance Services Committee members during a Congressional hearing. “This judgement shows our view that the monetary policy continue to be accommodative. The present job gains would continue supporting the growth in incomes, thereby consumer spending. The world economic growth should further support US ...
Brazils meat exports hit by restrictions from 4 major meat importers
The Dollar Business Bureau Some of the world’s biggest meat consuming countries have slapped restrictions on meat being exported from Brazil’s food conglomerates JBS S.A. and ERF. China, EU, Chile, Hong Kong have temporarily suspended the meat shipments from the country as news reports from Brazil’s federal authorities revealed bribery investigations into the approval of spoiled meat. Other countries like Singapore, South Korea and Qatar were guarded and monitoring the meat shipments arriving from the South American country official news reports revealed. Brazil’s federal authorities revealed five days ago, that the investigations are continuing on the allegations that JBS S.A. and BRE S.A. had bribed government officials to endorse the sale and export of contaminated meat. Some of the meat including cold ...
EXIM Bank joins forces with local communities to boost exports
The Dollar Business Bureau Export-Import Bank of the US (EXIM) on Monday announced the launch of its Regional Export Promotion Program (REPP), a joint effort between EXIM and regional organisations with a view to stimulating US export sales abroad and bolstering job growth at home. The program, which already boasts 38 members across 26 states and two US territories, is welcoming applications from potential members. “Since 2009, EXIM has demonstrated a historic commitment to small business exports, and our local partners were key contributors to that success,” said Fred P. Hochberg, Chairman and President of EXIM. “Through REPP, the Bank will continue to grow its network of regional, state, and local partnerships. We need to ensure small businesses have additional tools and access to US Government ...
New law places focus on global trade secret theft
The Dollar Business Bureau The Defend Trade Secrets Act of 2016 (DTSA) that was passed by the US Congress last month is expected to be signed by President Obama very soon. This act has come mostly because of the congressional concerns over the global economic espionage. According to legal experts, the weak protection of trade secrets within the purview of the World Trade Organization (WTO) is the main reason for the congressional demand for action on this law. Also there is no organisation, international law or treaty to protect the trade secrets. Scott McDonald and Jackie Johnson, attorneys at a law firm Littler Mendelson informed that the US has partly gained support from international jurisdictions in preserving trade secrets. This is mainly because ...
