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In the News: Iran Sanctions, EU-Japan FTA, U.S. Tariffs

Thursday, July 19, 2018
Sandler, Travis & Rosenberg Trade Report

Mnuchin says U.S. to consider waivers on Iran sanctions

“The United States in certain cases will consider waivers for countries that need more time to wind down imports of oil from Iran as it seeks to avoid disrupting global oil markets while reimposing sanctions against Tehran, U.S. Treasury Secretary Steven Mnuchin said.”

[Reuters]

EU, Japan sign economic partnership agreement

“Cecilia Malmström, Commissioner for Trade, said: ‘Together with Japan, we are sending a strong signal to the world that two of its biggest economies still believe in open trade, opposing both unilateralism and protectionism. The economic benefits of this agreement are clear. By removing billions of euros of duties, simplifying customs procedures and tackling behind-the-border barriers to trade, it will offer opportunities for companies on both sides to boost their exports and expand their business.’”

[European Commission]

IMF warns of growing damage from trade fight, says U.S. vulnerable

“Sketching out potential damage from the full brunt of U.S. President Donald Trump’s tariff threats and subsequent retaliation from trading partners, the IMF said that if realized, these could reduce annual global economic output by 0.5 percent from projections for 2020. That translates to nearly $500 billion in lost annual output based on IMF projections, the equivalent of subtracting an economy the size of Thailand.”

[Reuters]

Tariffs spark outcry from companies denied relief

“While more than 30 companies have had their requests for relief from the duties granted so far, some businesses that were rejected say they weren’t given adequate consideration after other companies objected. Others … are still trying to get a complete explanation for why they were turned down. “

[Bloomberg]

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