Background

Senate GOP effort to rebuke Trump on trade fades

“The bill would provide a process for reviewing tariff determinations under Section 232 of the Trade Expansion Act, like those the Trump administration imposed on steel and aluminum. Specifically, it would require the president to submit to Congress any proposed trade restrictions under Sec. 232 for approval within 60 days.”

[MSN]

China to cut tariffs on imports including machinery, textiles

“China will cut import tariffs on goods including machinery, paper, textiles and construction materials from Nov. 1, in a move that would lower costs for consumers and companies as a trade war with the U.S. deepens. The decision will lower tariffs for 1,585 products, state radio reported, citing a meeting of the State Council. The combination of these and other tariff cuts this year will lower the tax burden on consumers and companies by about 60 billion yuan ($8.7 billion), the radio reported.”

[Bloomberg]

EU could ban 37 airlines from carrying cargo to Europe

“The UK government, which in every notice issued yesterday reiterated its belief that no deal ‘remains unlikely,’ added: ‘An outcome where the EU does not immediately recognise UK security standards as equivalent (given standards are higher than in the EU) would have significant implications for the EU air cargo industry, their supply chains, and the consumers of the products to be shipped. Therefore the UK expects that its recognition of EU security standards will be reciprocated in turn by the EU, recognising the UK’s existing higher security standards.’”

[The Loadstar]

WTO downgrades outlook for global trade as risks accumulate

“Some of the downside risks identified in the April press release have since materialized, most notably a rise in actual and proposed trade measures targeting a variety of exports from large economies. The direct economic effects of these measures have been modest to date but the uncertainty they generate may already be having an impact through reduced investment spending.”

[World Trade Organization]

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