THIS WEEK IN TRADE
This week’s news has been dominated by President Trump’s trip to Asia.
President Trump today held a speech during the Asia-Pacific Economic Cooperation (APEC) Leaders Summit, making another pitch for his “America First” trade policy. TPP-11 met on the sidelines of the APEC meetings, with conflicting messages if the ministers of countries remaining in the trade deal have agreed in principle on a path forward after the US’ withdrawal.
On Brexit, the UK Government is facing strong pressure to publish it’s impact assessments on Brexit, with ministers announcing on Tuesday that they would publish 58 sectoral studies on the impact of Brexit within the next three weeks. In the meanwhile, EU Chief Brexit Negotiator Michel Barnier delivered a passionate but firm speech on the future of the Union and Brexit in Rome.
In Washington, the tax plan is still highly significant, with a vote being planned for before Thanksgiving (Nov 23).
SPOTLIGHT
What’s Next for the Global Economy?
“First and most importantly, what we are watching is global growth”. – Bart Oosterveld
How can President Trump’s visit to Asia, tensions in Catalonia, and future issues on the world stage impact global markets? Watch our live conversation with Bart Oosterveld, the new director of the Atlantic Council’s Global Business and Economics Program and C. Boyden Gray Fellow on Global Finance and Growth, as he outlines key future challenges to and opportunities for the global economy.
TRADE
Remarks: President Trump at APEC CEO Summit, The White House
Video: Trump Urges China to Fix Trade Ties, Financial Times
News: US-China Trade War Still Biggest Global Risk, National Australia Bank’s Oster Says, Michelle Jamrisko and Andrew Janes, Bloomberg
News: Japan Says TPP Trade Deal Talks “Agree in Principle“, CNBC
News: Canada Says Won’t be Rushed on TPP Trade Deal at Asia-Pacific Meeting, Matthew Tostevin and Mai Nguyen, Reuters
Report: EU Trade Agreements in Place Deliver Tangible Benefits, European Commission
News: US Block of WTO Appeals Body Compromises System, Director Says, Rosalind Mathieson, Bloomberg Politics
Blog Post: Trump and the Global Trade Architecture, Asia Edition, Stewart Patrick, Council on Foreign Relations
Project Syndicate
Report: Trade Policy Under President Trump: Implications for the US and the World, Marianne Schneider-Petsinger, Chatham House
Blog Post: Donald Trump’s Asia Adventure: Show Me the Love, Elizabeth C. Economy, Council of Foreign Relations
Report: The Real Costs of a Barrier Between the United States and Mexico, Vanda Felbab-Borwn, Brookings Institution
Speech: EU Chief Brexit Negotiator on the Future of the Union in Rome, Michel Barnier, European Commission
News: Brexit Ultimatum: UK Has Two Weeks to Offer Clarity on Bill or Tade Talks will Not Open, Warns Michel Barnier, James Crisp, Peter Foster, James Rothwell , Telegraph
Blog Post: Fueling the Ecommerce Boom in US-UK Trade, Kati Suominen, Center for Strategic and International Studies
News: UK PM May: Commerce Secretary Ross Showed Enthusiasm for Trade Deal, Reuters
News: Britain Introduces Law Seeking to Help Post-Brexit Trade, Reuters
Analysis: Britain’s Post-Brexit Bind on Trade, Alan Beattie, Financial Times
Official Document: Technical Note: Citizen’s Rights – Administrative Process in the UK, UK Government
News: ECB Says 50 Banks Have Discussed Brexit Moves With Supervisors, Nicholas Comfort and Alexander Weber, Bloomberg
Blog Post: Europe’s Banking Union: What Progress Has Been Made, Tobias Tecsche, London School of Economics and Political Science Blogs
TWEET/FACTOID OF THE WEEK
Did you know… that the last year in which the US ran a trade surplus was 1975, with exports exceeding foreign imports by $12,400 million? As of September of this year, according to Trading Economics, the US is now running a total trade deficit of $43.5 billion. Read further on how to reduce a trade deficit.
GLOBALIZATION
Opinion: Globalization is Proving the Optimists Right, Martin Sandbu, Financial Times
Speech: Duterte Bats for Inclusive Growth in APEC Address, ABS CBN News
Analysis: Global Poverty is Declining but Not Fast Enough, Homi Kharas and Wolfgang Fengler, Brookings
Analysis: China’s Technology Ambitions Could Upset the Global Trade Order, Jane Perlez, Paul Mozur and Jonathan Ansfield, New York Times
Conference: Policy Implications of Sustained Low Productivity Growth, Peterson Institute for International Economics
Video: The Importance of Multilateralism: A Conversation with Jean-Yves le Drian, Council on Foreign Relations
Blog Post: Financial Inclusion in India: Providing Credit Access Through Technology, Rohit Sen, London School of Economics and Political Science Blogs
Analysis: Six Ways Amazon Could Invade the Pharmacy Business, Robert Langreth and Spencer Soper, Bloomberg Technology
Blog Post: Cyber Defense Must be Global, Emanuel Kopp, Lincoln Kaffenberger, and Christopher Wilson, IMF Blogs
Blog Post: Globalization is a Boon for Rural America, Tim Panzarella, Reason
WHAT WE ARE READING
Interview: European Invesment Bank: The Juncker-Plan Must Become More Well-Known’, Laurent Schmit, Jyrki Katainen and Werner Hoyer, Luxemburger Wort
News: The Name’s Bonds, Franco-German Bonds, Janosch Delcker and Nicholas Vinocur, Politico
Opinion: Trump Administration’s ‘Solid’ Guidance on Russia Sanctions, Daniel Fried, Brian O’Toole, New Atlanticist
Analysis: 9 Things to Know About the House GOP Tax Plan, William Gale, Brookings Institution
News: Syria to Ratify the Paris Agreement, Leaving the US Alone, Sara Stefanni, Politico
Video: What Are the Paradise Papers?, The Guardian
Opinion: Europe in the Time of Trump, Guy Verhofstadt, Project Syndicate
UPCOMING EVENTS
November 13: The Challenge of Brexit: A Conversation with Irish Finance Minister Paschal Donohue, Brookings Institution
November 13: The Future of the World Trading System, CSIS
November 15: Whither America? A Strategy for Repairing America’s Political Culture, Atlantic Council
November 16: Preparing NATO for Future Global Challenges, Atlantic Council
November 16: 35th Annual Monetary Conference: The Future of Monetary Policy, CATO Institute
December 7: An Update on the Transatlantic Relationship with the European Union Ambassador to the United States, European American Chamber of Commerce
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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