THIS WEEK IN TRADE
This week saw the much-touted PM May and President Juncker lunch which did not end the way many hoped when Northern Ireland’s Democratic Unionist Party (DUP) objected to the wording of a text on the future operation of the border – read a review of the chaotic events by BBC’s Laura Kuenssberg here.
Meanwhile, Politico reported that the “UK will not pay lump sum Brexit bill, according to a draft agreement.” On the EU level, the Commission set out a road map for deepening Europe’s Economic and Monetary Union on December 6. On the US side, the Senate passed the tax reform bill in the early hours of last Saturday morning.
Upcoming: Brexit: Irish PM expects new UK text on border in 24 hours. The Eleventh Ministerial Conference (MC11) will take place from 10 to 13 December 2017 in Buenos Aires, Argentina. The next European Council on 13-14 December will decide whether sufficient progress has been achieved in the area of financial settlement, citizens’ rights, and the Irish border for talks to start on a future EU-UK trade deal.
SPOTLIGHT
In light of recent developments, find a compilation of news and articles on the developments of the last few days in Brexit negotiations below.
Podcast: Emergency Brexitcast: What the Hell is Going On? PS, Would You Like a Biscuit? Laura Keunssberg and Katy Adler, BBC
Analysis: Theresa May’s Irish Answer Poses New Brexit Questions, The Economist
News: Irish Border Checkpoints Would Be Terror Targets, Police Chief Warns, Lisa O’Carroll. The Guardian
Opinion: Skeleton Brexit Deals Risks Leaving Parliament in the Dark, Nick Clegg, Financial Times
Poll: Half of Britons Support a Second Vote on Brexit, Poll Finds, Andrew MacAskill, Reuters
Interview: Tony Blair Confirms He is Working to Reverse Brexit, Andrew Sparrow, The Guardian
News: Leave Campaigners Warn May Against ‘Regulatory Alignment’ With EU, Rowena Mason, The Guardian
Opinion: Brexit: When the Banks Leave, Nicholas Veron, Bruegel
Analysis: UK + EU = Canada+?, Beth Oppenheim and Charles Grant, Centre for European
TRADE
Official Document: WTO Members Show Restraint in Trade Restrictions Despite Ongoing Economic Uncertainties, World Trade Organization
Opinion: It Takes 164 to Tango: The 11th WTO Ministerial Meeting in Buenos Aires, Stephanie Honey, Tradeworks
Report: WTO Faces an Identity Crisis as Trumps Weighs Going It Alone, Shawn Donnan, Financial Times
Op-ed: Why Donald Trump Must Grab the Opportunity to Get US Trade Policy Right, Harsha Vardhana Singh, Brookings
News: Mexican Ambassador: “50-50” Odds NAFTA Will Be Terminated, Brenden Smialowski, CBS News
News: Canada Backs Mexico’s Proposal to Create NAFTA Energy Chapter, Adam Critchley, BN Americas
Blog Post: Tax Reform and the Trade Balance, Brad W. Setser, Council on Foreign Relations
News: Europe to Weigh Whether US Tax Cuts Violate Global Trade Rules, Mark Deen, Birgit Jennen and Viktoria Dendrinou, Bloomberg Politics
News: Canada Scraps Plan to Buy Boeing Fighters Amid Trade Dispute, David Ljunggren, Reuters
Analysis: Trudeau Steps Up on Trade for Canada, as America Under Trump Pulls Back, Ian Austen and Ana Swanson, New York Times
News: South Korean Government to Submit KORUS Plan to Parliament on December 18th, Yonhap, The Korea Herald
Report: US-India Insight: Do Not Give Up on Bilateral Investment Treaty, Richard Rossow, CSIS
Podcast: Episode 10: Afraid of Trade?, Jonah Goldberg, American Enterprise Institute
Paper: The Knowledge-based and Data-driven Economy: Quantifying the Impacts of Trade Agreements, Dan Ciuriak, Centre for International Governance Innovation
Podcast: Trade Talks Tough 14: Sanctions on North Korea, Soumaya Keynes and Chad Brown, Peterson Institute for International Economics
News: Mercosur Sees More Than 70 Percent Chance of EU Trade Deal, Anthony Boadle, Reuters
Event: EU Trade Policy Day: Trade Policy in a Turbulent World, European Commission
TWEET/FACTOID OF THE WEEK
Did you know… many US state economies are similiar in size to nation state economies?
1 California – UK
2 Texas – Canada
3 New York – S. Korea
4 Florida – Indonesia
5 Illinois – Netherlands
6 Pennsylvania – Switzerland
7 Ohio – Saudi Arabia
8 New Jersey – Argentina
9 Georgia – Taiwan
10 N. Carolina – Sweden
Source: American Enterprise Institute
GLOBALIZATION
Report: Ten Years Out: Migration, China, Tax and Artificial Intelligence, Gideon Rachman, James Kynge, Vanessa Houlder and Richard Waters, Financial Times
Blog Post: Argentina Takes Over G-20 Presidency, Homi Kharas and Sebastian Strauss, Brookings Institution
Analysis: Renewing America: The Global Economy in 2018, Michael Spence, Council for Foreign Relations
Blog Post: More People, More Technology, More Jobs: How to Build Inclusive Growth, Stefania Fabrizio and Andrea Presbitero, IMF Blogs
Blog Post: Digitisation of Work: Blessing for Some, Curse for Others, Andreas Kornelakis and Dimitra Petrakaki, LSE Blogs
Blog Post: The Globalization of Our Discontent, Joseph Stiglitz, Project Syndicate
Analysis: The Sun is Shining on the Global Economy, Martin Wolf, Financial Times
WHAT WE ARE READING
Book Recommendation: Best Books of 2017: Economics, Martin Wolf, Financial Times
Blog Post: German Wages, the Phillips Curve and Migration in the Euro Area, Guntram Wolf, Bruegel
News: Eurogroup’s Next Leader Will be Portugal’s Mário Centeno, Bjarke Smith-Meyer, Politico
Report: Resisting Financial Deregulation: Progressive Banking Policies to Strengthen – Not Slash – Financial Reform, Gregg Gelzinis, Andy Green and Marc Jarsulic, Center for American Progress
Blog Post: New Partner, New Jobs: A Closer Look at Chinese FDI in Latin America, Sebastian Pardo, Atlantic Council
Blog Post: Balkan Officials Have a Message for the EU and the US: Stay Engaged, Ashish Sen, Atlantic Council
Analysis: Some Europeans Fear a Surge of Chinese Investment. Others Can’t Get Enough of It, The Economist
Blog Post: Australia Struggles to Chart a Course Between the US and China, James Hannah, Chatham House
UPCOMING EVENTS
December 7: Argentina’s Transformations: Open to the World, Atlantic Council (Argentina)
December 7: An Update on the Transatlantic Relationship with the European Union Ambassador to the United States, European American Chamber of Commerce
December 7: The Digitization of the American Workforce, Brookings Institution
December 11: Beyond Trade: The Costs and Consequences of Exiting NAFTA, CSIS
December 13: Advancing US Innovation by Reforming Patent and R&D Policy, Brookings Institution
December 13: Building a US Trade Enforcement Agenda That Works, CSIS
December 18: Western and Chinese Infrastructure Development Abroad, CSIS
Your Newsletter Team:
Marie Kasperek, Associate Director, Global Business & Economics, Atlantic Council
Michael Farquharson, Intern, Global Business & Economics, Atlantic Council
Jack Reynolds, Intern, Global Business & Economics, Atlantic Council
Please send us suggested news stories, opinion pieces, publications, and upcoming events that you would like us to highlight! Email mkasperek@AtlanticCouncil.org with your ideas and suggestions.
The views expressed in this newsletter and linked external articles and content do not necessarily reflect the opinions of the Atlantic Council, its staff, or its sponsors.
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