Predictions of globalization’s demise appear premature
“There is little indication of a sustained movement away from global supply chains. And many governments have realized that trade is more of an opportunity than a threat to national sovereignty.”
[Project Syndicate]
U.S.-China trade truce starts to look durable
“Over the long term, the Phase 1 deal could cement the American approach of using tariffs to offset China’s drive to retool and upgrade its economy through lavish subsidies.”
[The New York Times]
UK begins process to join Trans-Pacific trade partnership
“‘CPTPP membership is a huge opportunity for Britain,’ U.K. International Trade Secretary Liz Truss said in a statement. ‘It will help shift our economic centre of gravity away from Europe towards faster-growing parts of the world, and deepen our access to massive consumer markets in the Asia Pacific.’”
[Bloomberg]
EU's carbon border tariff to target steel, cement, power - draft
“The border levy would be applied in full from 2026, with a potential ‘transitional period’ starting from 2023, according to a draft of the proposal. … It would apply to iron and steel, aluminium, cement, fertilisers, and electricity. Importers would be required to buy digital certificates, with each one representing a tonne of carbon dioxide emissions embedded in their imported goods.”
[Reuters]
India's COVID crisis has ripple effects for garment industry worldwide
“While clothing suppliers say they can absorb the costs in the short term, analysts say retailers will eventually have to raise prices, unless suppliers can find cheaper labor and production options.”
[NBC News]
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