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The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
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Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
British businesses should prepare for higher barriers to trade in case the government doesn't reach a deal with the European Union over Brexit, Downing Street said Thursday.
In a series of ongoing publications of what would happen in case of a no-deal, the U.K. government said that European goods entering the U.K. would require an import declaration, customs checks could be carried out and customs payments could also be applied.
At the same time, when importing goods from the EU, U.K. businesses would have to pay VAT (value added tax, currently 20 percent) and complete paperwork before receiving European products.
Those exporting from the U.K. to the EU would have to apply the same regime that is currently in force for products that are sold outside of the EU — meaning more paperwork and costs too.
"It's not what we want, and it is not what we expect," Dominic Raab, the U.K.'s Brexit chief, told a news conference about not reaching a deal with the EU.
"We need to have a sensible, responsible and realistic conversation about what a no-deal situation really means in practice," he added.
As a result, Prime Minister Theresa May's government has started to advise people on how to prepare for that eventuality. The U.K. is due to leave the EU on March 29 next year and their future relationship after that date remains unclear.
Negotiators are aiming to reach a Brexit resolution in October to ensure there is enough time to approve it across Europe. However, political and technical constraints are making that informal deadline harder to achieve.
In fact, not only the U.K. and EU legislators have been stepping up their own preparations for a no-deal scenario, as key policy makers, including the governor of the Bank of England, have warned that there is a real risk that such a scenario might take place.
"The stark reality is that in a 'no deal' scenario, it appears that the government's intention is to impose full-blown customs controls on trade between the EU and the U.K. immediately. According to the technical notice, businesses will have to be ready for customs declarations, tariffs, safety inspections, new licenses and more from day one, which will be cold comfort for many trading firms," Adam Marshall, director general of the British Chambers of Commerce, said in a statement.
He added that Thursday's publications "are a good start, but businesses still need more detailed information to trade as smoothly as possible across borders if there is no U.K.-EU deal on March 30 next year."