The authors* – Gabriel J. Felbermayr (LMU, Ifo Institute), Clemens Fuest (LMU, Ifo Institute), Hans Gersbach (ETH Zurich and chairman of the Board of Academic Advisors to the German BMWi), Albrecht O. Ritschl (LSE), Marcel Thum (TU Dresden, Ifo Institute, and chairman of the Advisory Board to the German BMF) and Martin T. Braml (Ifo Institute) –suggest a minimum three-month extension will be necessary to establish a European Customs Association.
Since the completion of the internal market, goods can circulate freely between Member States. The ‚Common Customs Tariff‘ (CCT) therefore applies to the import of goods across the external borders of the EU.
The tariff is common to all EU members, but the rates of duty differ from one kind of import to another depending on what they are and where they come from. The rates depend on the economic sensitivity of products.
(17.7.2018) Tusk praised the deal as “the largest bilateral trade deal ever.” He said the partnership is being strengthened in various other areas, including defense, climate change and human exchange, and is “sending a clear message” against protectionism.
Guided by the important consensus reached by the two countries‘ heads of state in Argentina, the two sides discussed the topics of trade balance, technology transfer, protection of intellectual property rights (IPR), non-tariff barriers, service sector, agriculture and enforcement mechanism, as well as certain issues of particular concern for the Chinese side.
Trump, speaking at the White House on Thursday during a meeting with Chinese vice premier Liu He, said he was optimistic the world’s two largest economies could reach “the biggest deal ever made”.
No specific plans for a meeting with Xi were announced, but Trump said there could be more than one meeting. US trade representative Robert Lighthizer and Treasury secretary Steven Mnuchin were invited to bring a negotiating team to Beijing in mid-February, with dates still pending.
The progress made at the talks in Buenos Aires is of momentous significance since the Sino-US trade friction escalates this year. It is hoped the agreement reached on Saturday will be implemented by the two sides and Chinese and American working teams will meet the expectations of their leaders, normalizing trade relations between the countries.
The architect of Brexit argued a free trade deal with the bloc would have avoided a hard border as Northern Ireland already operated on a different currency and tax system than its neighbour in the south.
Speaking to LBC, Mr Farage said: „This is the greatest hoax I have seen in modern history.
„If you had a free trade deal, you have no tariff. There’s no need for checks of any kind to be on goods going north and south of the border. The whole thing is nonsense.
China on Thursday said it will file a complaint with the World Trade Organization (WTO) against U.S. tariffs on 16 billion U.S. dollars worth of Chinese goods under the Section 301 investigation, according to the Ministry of Commerce (MOC).
Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!
(20.6.2018) Billionaire brothers Charles and David Koch are unveiling a multimillion-dollar ad campaign against President Trump’s tariffs.
The first phase of the ad campaign, which is funded by the Koch network’s Freedom Partners organization, will air on TV and radio starting Monday.
The campaign will call on Congress to support free trade policies and abandon Trump’s protectionist goals.
The Nikkei share average fell 0.9 percent .N225 totwo-week lows of 22,482.89, slipping further from last week’shigh just above 23,000. The broader Topix .TOPX declined 0.7percent to 1,758.35, hitting its lowest levels since June 1.
The White House said Monday evening that if China goes through with its promise to retaliate against the US tariffs announced last week, the United States will impose tariffs on an additional $200 billion worth of Chinese goods.
„Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States,“ Trump said in a statement.
(31.5.2018) What is already clear is that the age of global free trading blocs that appeared on the horizon during the Obama years appears to be over as far as the United States is concerned. The much vaunted Transatlantic Trade and Investment Partnership (TTIP) which would have seen the EU and NAFTA create a free trading mega-zone is now all but dead as Washington and Brussels continue to threaten each other with more trading barriers.
Regulated gas prices are expected to end in France after a decision by France’s highest administrative court in July last year said the regulated gas tariffs fixed by CRE, hurt competition and were against EU regulations.
U.S Commerce Secretary Wilbur Ross told reporters on a telephone briefing that a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from the EU, Canada and Mexico would go into effect at midnight (0400 GMT on Friday).
(10.3.2018) On „Fox & Friends“ on Saturday morning, Kucinich, who’s running for governor in Ohio, explained that steel has a $7.2 billion impact on The Buckeye State’s economy, with 100,000 jobs directly or indirectly connected to steel production.
„This is an important moment,“ Kucinich said. „Ohio’s lost so many jobs because of these bad trade agreements. Finally, we’re seeing a correction here.”