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Tuesday, July 7th, 2020
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Trade

Canadian Leader Decides to Skip Washington Summit on New NAFTA Trade Deal

BLOOMBERG, JULY 6, 2020 Canadian PM to skip Washington meeting and remain in Ottawa | U.S. cites scheduling conflicts, Covid-19 travel restrictions By Kait Bolongaro and Justin Villamil for Bloomberg – Justin Trudeau declined to attend a trilateral summit in Washington this week to inaugurate the new trade pact between the U.S., Mexico and Canada. The Canadian prime minister’s office confirmed the decision …

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The World’s Oil Refining Industry Is in Pain Like Never Before – Bloomberg

Oil refinery. Chain link fence. Smoke stacks

BLOOMBERG, JULY 6, 2020 OPEC+ production cuts have driven up crude oil prices | End-user demand for transport fuels remains very subdued By Barbara J Powell and Jack Wittels for Bloomberg – Crude oil is the world’s most important commodity, but it’s worthless without a refinery turning it into the products that people actually use: gasoline, diesel, jet-fuel and petrochemicals for plastics. And …

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Justin Trudeau might skip US-Canada-Mexico summit due to tariff and coronavirus

Prime Minister Justin Trudeau. Suit. Beard. Microphone

REUTERS, JULY 4, 2020 Canadian Prime Minister Justin Trudeau might be skipping the United States–Mexico–Canada Agreement (USMCA) summit in Washington DC next week. Comments made by Trudeau on Friday indicated he intended to stay in Canada due to the recent uptick in the coronavirus cases in the United States. He also cited US threats to re-impose a 10 percent tariff …

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Gold was America’s top import in May. Why?

Gold bars

PortandTerminal.com, July 3, 2020 The value of gold imports increased more than 1,700% over the previous month of May, replacing computers as the top U.S. import. WASHINGTON – U.S. trade fell a whopping 29.83% versus the same month last year and, for the first time, gold was the most valuable import, according to Census Bureau data released Thursday for the …

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The COVID Surge Will Slam Southern States’ Economies – Bloomberg

gates at Disney World in Florida

BLOOMBERG, JULY 2, 2020 Leaders in Texas, Florida and Arizona failed to take the pandemic seriously. Their economies will experience the consequences. By Noah Smith for Bloomberg – Coronavirus is exploding in big southern states such as Texas, Florida, and Arizona. This entirely preventable disaster will have devastating consequences for these states’ economies. The outbreaks that slammed the Northeast and much of …

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‘World’s largest seizure of amphetamines’ at Port of Salerno. Syria’s Assad regime involved?

Hampers filled with white pills. Police.

PortandTerminal.com, July 1, 2020 While there are media reports that the drugs are manufactured by ISIS, many suspect that they are really manufactured by Syria’s Bashar al Assad regime ROME – Italy has made the world’s largest seizure of amphetamines, police say. Fourteen tonnes of an amphetamine-type drug, made by the so-called Islamic State group in Syria, was found in …

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Need to Know: How new North American trade pact will impact autos, digital trade, drugs

Enrique Pena Nieto, Donald Trump and Justin Trudeau sign a new free trade agreement

REUTERS, JULY 1, 2020 (Reuters) – The U.S.-Mexico-Canada trade agreement (USMCA) will launch on Wednesday, replacing the 26-year-old North American Free Trade Agreement (NAFTA), as the global economy and international trade reel from the fallout of the coronavirus pandemic. The flow of goods among the three USMCA members – which totaled $1.2 trillion last year – in April dropped to …

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Trudeau’s Covid Aid Pays Off With Consumer-Spending Rebound – BLOOMBERG

Justin Trudeau speaks during a news conference outside his Ottawa residence

BLOOMBERG, JUNE 25, 2020 Government’s C$2,000 stipend helped cushion initial blow | ‘We didn’t expect it to come back that fast,’ Royal Bank of Canada’s CEO says By Doug Alexander for Bloomberg – Consumer spending in Canada rebounded sharply in the first half of June, thanks in part to tens of billions in government benefits paid to sidelined workers. Consumer purchase …

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China’s Virus-Safety Demand Is Latest Hurdle to Trade Deal

BLOOMBERG, JUNE 25, 2020 The move comes even as the world’s major public health authorities say the virus isn’t foodborne, raising questions over why China is taking the action. By Isis Almeida, Michael Hirtzer, Tatiana Freitas and Mike Dorning for Bloomberg — The U.S.-China trade deal has just suffered a new setback. China wants international shippers of meat and soybeans to …

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