TRADE in ACTION – JUNE 29, 2017

Indian President Narendra Modi met with President Trump. The two leaders discussed expanding military cooperation and fixing the trade deficit. Meanwhile, three days of NAFTA hearings kicked off on Monday.
Rep. Bill Pascrell was the first witness and criticized the administration’s lack of action on securing new trade deals, and pressed for major reforms on currency manipulation and labor rules. Finally France’s Macron has invited President Trump to visit for Bastille Day on July 14.

WHAT TO WATCH

US Secretary of Commerce Wilbur Ross is expected to deliver recommendations to the White House on the aluminum and steel investigations; South Korean President Moon will have his first meeting with President Trump this week. The focus of their meeting will be bilateral free trade and North Korea; Trade will also be a hot topic when Chancellor Angela Merkel hosts the G20 Summit next week. EU Trade Commissioner Cecilia Malmström‏ is headed to Tokyo tonight to finalize the trade negotiations with Japan and achieve a political agreement.

SPOTLIGHT
tweet of the week 1 June 29 2017

Despite the popularity of economic sanctions as a foreign policy tool, their ability to deliver sustained impacts on target countries is often called into question. In “Economic Sanctions: Sharpening a Vital Foreign Policy Tool,” author John Forrer explains the reasons behind sanctions’ enduring popularity. The proposes building stronger public-private partnerships, which can support a more effective implementation of better aligned and well-designed economic sanctions, to sharpen a vital foreign policy tool. This briefing is the latest addition to the Atlantic Council’s Economic Sanctions Initiative.
Recent related News: The EU extending Russia sanctions through January 2018. Also, Canada has taken Belarus off their restricted trade list. Leaving only North Korea. 

TRADE
News: German Government Backs Restarting TTIP Talks, Euractiv
Analysis: Europe Back in Play for TTIP Transatlantic Trade Deal with US, James Dean, The Times 
News: Trump Urges India’s Modi to Fix Deficit, but Stresses Strong Ties, Steve Holland, David Brunnstrom, Reuters
Opinion: President Trump’s Trade Policy To-Do List: Top 10 Priorities, Jason McDowell, Inbound Logistics
News: US Commerce Secretary Wilbur Ross Abruptly Cancels Trip to Germany, Katie Kramer, CNBC
News: Merkel Throws Down Gauntlet to Trump on Trade and Climate Change, Stefan Wagstyl, Financial Times
Fact Sheet: Canadian Lumber Gets Hit with More Tariffs, International Trade Administration 
Report: Steel, Aluminum, Lumber, Solar: Trump’s Stealth Trade Protection, Chad Bown, PIIE
Joint Statement: Minister Carr and Minister Freeland in Response to United States Department of Commerce Anti-Dumping Duty Preliminary Determination, Government of Canada
News: Brussels Vows to Retaliate Over US Steel Tariffs Threat, Financial Times
News: Malmström Clashes with Greenpeace over EU-Japan Deal’s ‘Green’ Credentials, Jorge Valero, Euractiv
News:China Open to Free-Trade Agreement with Mexico: Xinhua, Adam Jourdan, Reuters 
Reflection Paper: An EU Budget Fit for Tomorrow: Commission Opens Debate on Future of EU Finances, European Commission
Analysis: U.K. Turns to Emerging Markets for Trade as Brexit Talks Begin, Charlotte Ryan, Bloomberg
Graphs: Brexit: A Look at Britain’s Economy After the Vote, Wiktor Szary, Jason French, Wall Street Journal
Statement: Redefining the UK’s Relationship with the EU, CBI
News: EU Leaders Agree on Trade, but Remain Split on Refugees, DW
Speech: Accompanying the Economic Recovery, European Central Bank

TWEET/FACTOID OF THE WEEK
tweet of the week 2 June 29 2017
Did You Know..

…that European exporters reported a 10% increase in the number of trade barriers they encountered in 2016 alone? 372 such barriers were in place at the end of last year in over 50 trade destinations across the world. The 36 obstacles created in 2016 could affect EU exports that are currently worth around €27 billion. Read more here

GLOBALIZATION
Report: Protectionism on the Rise, EU Successful in Countering Barriers, European Commission
Blog: Assessing Global Imbalances: The Nuts and Bolts, Maurice Obstfeld, International Monetary Fund Blog
News: Bank for International Settlements Takes Aim at Protectionism, Brian Blackstone, Wall Street Journal
Podcast: Globalization: Political Rhetoric vs. On-the-Ground Reality, Sabri Ben-Achour, Marketplace
News: Li Says China to Meet Growth Goals, Vows Free Trade Support, Xiaoqing Pi, Bloomberg
Analysis: The Falling Elasticity of Global Trade to Economic Activity: Testing the Demand Channel, Improving Global Trade Forecasts, Marc Auboin, Floriana Borino, Vox.eu
News: Japan, EU Press Ahead on Free Trade Pact to Counter U.S. Protectionism, Kaori Kaneko, Stanley White, Reuters

WHAT WE ARE READING
Opinion: The Trump–Modi Summit, Big Meeting, Low Expectations, C. Christine Fair and Bharath Gopalaswamy, Foreign Policy 
Survey: U.S. Image Suffers as Publics Around World Question Trump’s Leadership, Richard Wike, Bruce Stokes, Pew Research Center
Opinion: Why Berlin Covets the ECB Presidency, Mathew Karnitschnig, Politico
Analysis: A Closer Look at the EU’s $2.7 Billion Swipe at Google, US Chamber of Commerce
News: Greece to Get More Bailout Cash, Bjarke Smith-Meyer, Politico
Paper: The United Kingdom’s Exit from the European Union: Safeguarding the Position of EU Citizens Living in the UK and UK National, Prime Minister Office 
Graphs and Figures: A Year After Brexit, in Figures, Ginger Hervey, The Guardian
News: Trump’s Planned Visit to the UK Thrown into Doubt After from Queen’s Speech, Sam Meredith, CNBC
Opinion: What We Just Learned About Banking Union From Italy, Erik Jones, Esharp.com
Commentary: FinTech Fatigue? How Best Can Small Firms Really Change Financial Services, European American Chamber of Commerce
Statement: Remarks by President Donald Tusk After the European Council Meetings on 22 and 23 June 2017, Council of the European Union 

UPCOMING
EVENTS
July 6: Export Financing in an Increasingly Competitive World: Challenges From China and Beyond, (Washington DC)Center for Strategic & International Studies
July 6: Apprenticeship and Manufacturing: Connecting Work and School, (Chicago) Atlantic Council
July 11: Manufacturing Workforce 4.0: A Symposium on Skills for the New Economy (Washington DC)
Manufacturing Institute
July 12: Brexit: What You Need to Know About the Process, Timeline and Challenges Along the Way (New York City) European American Chamber of Commerce
July 12: U.S. Debt: Causes, Costs, and Consequences, (Washington DC) Heritage Foundation
July 18: Brexit after the United Kingdom Election, (Washington DC) American Enterprise Institute
July 20: Webinar: What US Manufacturers Need to Know About CE Markings, European American Chamber of Commerce 

Your Newsletter Team:
Marie Kasperek, Associate Director, Global Business & Economics, Atlantic Council
Tom 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.

Economy & Business Trade