TRADE in ACTION – July 13, 2017

THIS WEEK IN TRADE

The G20 summit has ended, with the leaders delivering their leaders declaration. Additionally, they agreed on a more concentrated approach to dealing with global excess steel capacity, with a policy solution planned for November.

Also, the EU-Ukraine Summit and the 2017 Western Balkans Summit in Italy convened on July 12. Moving along to Asia, TPP(11) chief negotiators met in Japan to come to terms on a TPP deal with or without the United States. Additionally, the US has informed South Korea that it wishes to renegotiate the free trade deal concluded in 2012. Finally the EU and Canada have agreed to set a date for the provisional application of the Comprehensive Economic and Trade Agreement.

WHAT TO WATCH

The EU and Australia continued their discussion on forming a post-Brexit trade pact. President Trump just arrived in France (details below). Commerce Secretary Wilbur Ross will be on Capitol Hill today to give lawmakers an update on the administration’s national security investigations into steel and aluminum imports- but a release date of the reports is still uncertain. 

SPOTLIGHT
tweet of the week 1 July 13 2017

The Atlantic Council released the third memo in the  Atlantic Council Memos to the President series, aimed at providing distinct, bold recommendations to President Donald Trump for the most pressing items on his agenda. In “Europe—Key Partnership for American Prosperity” author Andrea Montanino, Director of the Atlantic Council’s Global Business & Economics Program recommends that, to best serve American interests, President Trump should encourage a stronger, more integrated Europe. Doing so will ensure more economic growth, geostrategic stability, and global leadership for both the United States and Europe. These recommendations come in advance of the President’s visit to Paris to meet with French President Macron and to join the Bastille Day celebrations on July 14, 2017. Watch Andrea Montanino brief the President:

tweet of the week 2 July 13 2017

TRADE
Summary: Trump’s First G20 Ends With Few Prices, Little Consensus on Goals, Toluse Olorunnipa, Nick Wadhams, Bloomberg
Radio Highlight: Simon Lester Discusses G-20 and the Trade Fallout, Simon Lester, Cato 
Facts and Figures: Overview of the European Union and the G20, European Commission 
Analysis: Big in Japan: How the EU Pulled Off its Largest Trade Deal, Simon Marks, Hans Von Der Burchard, Emmet Livingstone, Politico
Op-ed: Can the EU-Japan Deal Prompt a U.S. Recalibration on Trade? Erik Brattberg, James L. Schoff, Carnegie Endowment
News: TPP Chief Negotiators Meet to Discuss Trade Pact Without US, The Mainichi
News: China Takes Lead in Pacific Shipping After $6.3 Billion Deal, Kyunghee Park, Bloomberg
Policy Brief: Agriculture in the NAFTA Renegotiation, Cullen S. Hendrix, Peterson Institute for International Economics 
Opinion: Why a US-UK Trade Quickie is Very Unlikely, Phil Levy, Forbes
Fact Sheet: The State of Play of Article 50 Negotiations with the United Kingdom, European Commission
News: After Election, U.K. Sees Possible Signs of Softer Brexit Approach, Jenny Gross, Stephen Fidler, Wall Street Journal
News: After 8 Years of Austerity, Greece Gets EU Budget Approval, Pan Pylas And Raf Casert, CTV News 
Opinion: Banking Union Success Can Be Replicated on the Fiscal Front, Enrico Perotti, Financial Times 
News: Katainen Suggests Dropping Investment from Trade Deals, Euractiv 
Report: Aluminum: Competitive Conditions Affecting the U.S. Industry, United States International Trade Commission
News: Turnbull Secures Exemption for Australian Steel and Aluminium Exports to US, Gareth Hutchens, The Guardian
News: EU, Canada Agree Start Provisional Application of Free Trade Agreement, Jon Boyle, Reuters
Opinion: The Moral Case for Free Trade, Clark Packard, Real Clear Policy

TWEET/FACTOID OF THE WEEK
tweet of the week 3 July 13 2017
Did you know…
that Milwaukee, Wisconsin has a large Bastille Day celebration that lasts four days – they even have a 43 foot tall replica of the Eiffel Tower? 

GLOBALIZATION
Analysis: Globalism and Nationalism- Why Interconnectedness Does Not Threaten Sovereignty, Or Rosenboim, Foreign Affairs 
Analysis: Globalization Can Be Good For American Workers, Milton Ezrati, The Magazine
Opinion: How Will Faltering U.S. Leadership Affect Global Commerce, Shawn Donnan, Financial Times
Analysis: Pursuing Globalization After G20 Resistance in Hamburg, Rob Mudge, Deutsche Welle
Blog: No Time to Stand Still: Strengthening Global Growth and Building Inclusive Economies, Christine Lagarde, IMF Blog 
News: European Commission Starts a Debate on Trade and Sustainable Development in EU Trade Agreements, European Commission 
Analysis: We’ve Been Worrying About the End of Work for 500 Years, Sarah Kessler, Quartz

WHAT WE ARE READING
News: The G20’s Number 20 Finally Finds Its Voice, Viktoria Dendrinou, Richard Bravo, Bloomberg
Opinion: As it Turns Out America First Does Equal America Alone, Daniel D. Drezner, The Washington Post 
Analysis: Post-Crisis, US Banks Have Recovered While Their European Peers Are Still Looking for Ways to Survive, Spriha Srivastava, CNBC
Opinion: Trump’s Extraordinary Surrender of Power (Trade), Robert J. Samuelson, The Washington Post  
Opinion: How to Kill a Corporate Zombie, The Economist
Quote: Brexit has Inspired Non-Members to Join, EU Project ‘Alive and Kicking’, says IMF’s Lagarde, Sam Meredith, CNBC
News: HSBC CEO Confirms Possible ‘Hard’ Brexit Plan to Move 1,000 Jobs to Paris, Leigh Thomas, Reuters
Interactive Graph: Today’s Brexit Barometer, Bloomberg
Report: Just 100 Firms Attributable for 71% of Global Emissions, Carbon Disclosure Project
News: Siemens to Press Charges After Turbines Moved from Russia to Crimea, Andreas Rinke, Georgina Prodham, Reuters
Press Release: New European Commissioner for Digital Economy & Society, European Commission
Report: Europe’s Most Entrepreneurial Country? It’s Not the One You Might Expect, Alex Gray, World Economic Forum
Analysis: Long the Crisis Currency, the Euro’s Surge Could Last, Mike Bird, Wall Street Journal

UPCOMING
EVENTS
July 17: A Positive NAFTA Negotiation: Part 2, Peterson Institute for International Economics 
July 18: Brexit After the United Kingdom Election, American Enterprise Institute
July 19: Transatlantic Data Flows: The View from Europe, Brookings Institute
July 20: What US Manufacturers Need to Know about CE Markings, European American Chamber of Commerce
July 26: Renegotiating NAFTA: Energy Opportunities and Challenges, Center for Strategic & International Studies

Your Newsletter Team:
Marie Kasperek, Associate Director, Global Business & Economics, Atlantic Council
Thomas Driscoll, 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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