Producers for American Crude Oil Exports, or PACE, is the first lobbying group to form to reverse the trade restriction passed by Congress in the 1970 s after the Arab oil embargo caused fears of domestic oil shortages. As the U.S. oil boom of the last six years builds an excess of crude, calls have risen for Congress and the Obama administration to relax the ban.» Read More
Today, China, Canada and the US all released their monthly trade data and there were some surprises.
Friday, analysts expect the Commerce Department to report the deficit on international trade in goods and services was $44.0 billion in October or 3.6 percent of GDP. The trade deficit and crippled regional banks starve U.S. businesses of the customers and capital needed to create jobs and fire up growth.
On Friday, the Obama administration announced that it had reached a free trade deal with the South Korean government in Seoul. Trade organizations for both the automakers and meat growers chimed in with support for the pact. But Senator Max Baucus, the Montana Democrat, has said he is "deeply disappointed" with the agreement. It's not clear whether Baucus will attempt to block the treaty from being approved in the Senate.
Bruce Rockowitz, president of Li & Fung, the world's largest supplier of goods to U.S. retailers like Wal-Mart, shares his thoughts on the lessons learned during the Asian Financial Crisis and why China should not be feared.
Chinese policy makers are striving to curb inflation, but their approach carries risks. For one thing, their plan flies in the face of steps the U.S. has been urging. The NYT reports.
American businesses that import Chinese goods face higher prices, but exporters are predicting sales growth. The NYT reports.
When the G-20 summit ended, attention focused on American global weakness rather than American global power, with no free trade agreement and intense criticism of recent action by the Federal Reserve,
After a thorough drubbing in the midterm elections, President Obama turned his attention to the G20 meeting in South Korea where the United States has always held sway.
In 2007, Shankar’s Emporium, a Singaporean wholesaler that has exported consumer electronics to Africa for 30 years, decided the time was ripe to set up its own shop in Angola. The project stretched over a year thanks to the slow pace of business there. But it was worth the effort, said Dinesh Bhojwani, Shankar’s business development manager.
The Federal Reserve's plan to buy more Treasury bonds has incited critics at home to complain of inevitable high inflation and financial turmoil.
When the Federal Reserve announced last week that it would buy $600 billion in Treasury bonds to help bolster the economy, it quickly came under attack from Germany, Brazil and China. But the Fed’s plans earned a hearty endorsement from at least one foreign trade partner — India. The NYT reports.
A group of senators led by Carl Levin, the Democrat from Michigan, is pushing a new financial oversight council to adopt a strict ban on proprietary trading at banks. The FT reports.
All signs point toward a long-term struggle for most states, as they continue to beat back the effects of the recession. 2011 will bring new challenges, as federal stimulus funds run dry, tax revenues decline, and jobless rates remain high.
The U.S. dollar has been gaining ground against other majors on mounting speculation the Fed's bond buying program may not be as aggressive as markets had initially priced in.
Cotton prices are rising dramatically. Analysts say several factors are involved in this historic move, and the macro picture for cotton is more complex than a simple weak dollar, strong commodity play.
Right now the US should export more and rely less on internal consumer spending. China should export less and encourage consumer spending.
The European Central Bank should worry less about the “phantom risk” of inflation and instead focus on the rising threat of deflation which could result from a currency war, economist Nouriel Roubini said in an article for Roubini Global Economics clients.
China, which has been blocking shipments of crucial minerals to Japan for the last month, has now quietly halted shipments of some of those same materials to the United States and Europe, three industry officials said on Tuesday. The NYT reports.
German companies have complained about state-owned Chinese rivals landing an increasing number of contracts in eastern Europe and central Asia by means of “price-dumping, aggressive financing and generous risk-guarantees” from Beijing.
Rising tensions amid an escalating global currency war has sparked talk of capital controls, but such a move would be dire for markets, warned Mark Mobius, executive chairman of Templeton Emerging Markets Group on CNBC Friday.