international trade

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US' New China Ambassador Vows Unity

Gary Locke is first Chinese American to fill post

(Newser) - Gary Locke was "humbled and honored" to today become the first Chinese American to serve as America's ambassador to China, showing a clear eye on cooperation between the two global powers in facing common challenges. "If our people, our business people, our scientists, our students can really... More »

S. Korea Blocks Trade With N. Korea

US backs South's new more aggressive stance

(Newser) - Tensions on the Korean peninsula were ratcheted up today when South Korea suspended trade with the North, closing its waters to North Korean ships. Showing a newly aggressive stance, President Lee Myung-bak also called on Pyongyang to apologize for the torpedo attack that sank a South Korean warship in March,... More »

How Australia Dodged the Recession

How one country ducked the economic downturn

(Newser) - Australia has weathered the financial crisis better than any other developed country. Last week its central bank raised interest rates, indicating its primary concern is now inflation, not growth. What were the keys? Phil Dobbie of BNET explains:
  • Befriending China: Australia used to export much of what it made to
... More »

G8 Pledges $20B for Farmers in Poor Countries

In pushing for funds, Obama cites father's experience

(Newser) - On the last day of a G8 summit stymied on climate change and trade, leaders have pledged $20 billion to farms in poor countries in the fight hunger, Reuters reports. Some $3.5 billion will come from the US, which wants to focus on farm aid instead of food aid.... More »

Chinese Influence Grows in Latin America

Deal by deal, Sino-South American relationships erode U.S. clout

(Newser) - Stepping into a gap created by the 1-2 punch of Bush administration neglect and worldwide recession, China is pumping billions of dollars into Latin America, helping to shore up slowing economies while the US plays catch-up in the region, the New York Times reports. "This is how the balance... More »

Foreign Tech Firms Look to Cash In on Stimulus

(Newser) - A gaggle of foreign businesses are quietly clamoring for a piece of the $787 billion US stimulus package, the Washington Post reports. The bill sets aside billions for technologies pioneered by European and Asian companies, such as clean energy and high-speed transit. Many of those firms have significant US presences,... More »

Senate OKs Ron Kirk as Trade Rep

Former Dallas mayor vows to enforce US export deals

(Newser) - The Senate today confirmed, in a 92-5 vote, former Dallas mayor Ron Kirk as US trade representative, the Dallas Morning News reports. With global trade declining for the first time in 27 years, Kirk has vowed to make countries fulfill their trade promises to the US. Kirk paid the IRS... More »

Recession in China Could Sink Regime

Regime worries as angry workers take to the streets

(Newser) - Beijing's grip on power in recent years has relied on a simple agreement with its citizens: "Tolerate our authoritarian rule and we'll make you rich,” writes Joshua Kurlantzick in the New Republic. But with the nation's economy on the rocks, that agreement is now breaking down. If Beijing's... More »

Somali Pirates Could Grinch Your Christmas

Shipping companies may eschew Suez Canal for longer routes, meaning delays

(Newser) - Attacks by Somali pirates have major shippers considering changing routes that run through the Suez Canal, Reuters reports, a move would add weeks to the time it takes ships to get to Europe from Asia and the Middle East. “It will really hit home when consumers in the West... More »

Farms Fuel Boom in US Exports

Strengthening dollar could trim growth of sales abroad

(Newser) - Worldwide demand for grain and a weak US dollar helped drive exports up 7.1% in the first half of the year, providing a respite from the barrage of negative economic news. But experts warn the commodity-driven rise could be brief, reports the New York Times. Export surges of agricultural... More »

For Chinese Companies, US Is Prime Real Estate

'They don't want to miss this opportunity to bottom-fish in the US,' official says

(Newser) - For years, American investors have hungrily flocked to China’s massive market, but now the money’s flowing the other way, too, the Los Angeles Times reports. China invested $9.8 billion in the US in 2007, and not all in big government buys either. With real-estate and other costs... More »

Bush: Trade Key to US Recovery

Prez urges quick action on international deals, offers help to affected workers

(Newser) - Saying "free trade means good-paying jobs for Americans," President Bush yesterday urged Congress to approve proposed deals with Colombia, Panama, and South Korea, the core of a trade agenda he feels can revitalize a shaky US economy. Bush also offered to help lawmakers reshape benefits for workers who... More »

Florida Juicer Puts Squeeze on Foreign Oranges

Company launches anti-import ad campaign

(Newser) - A Florida orange juice producer is starting an ad campaign to put the squeeze on imported citrus. The campaign by Florida's Natural is aimed primarily at major juice makers such Tropicana and Minute Maid, which rely heavily on Mexico and Brazil for oranges, the Orlando Sentinel reports. The latter nation... More »

Siemens, Banks Bow to US Pressure to End Iran Biz

Firms falling in line with anti-nuke arm-twisting

(Newser) - The Siemens company in Germany, one of the world's largest engineering operations, and the country's three largest banks are cutting business ties with Iran under White House pressure to get out or risk US interests. It's a sign that major European corporations are beginning to line up behind American economic... More »

Cargo Drop-off a Sign of Slow Economy

Observers stunned as port imports fall after years of growth

(Newser) - A drop in cargo at US ports has stunned analysts, who call the 1.4% fall more evidence of a stalled economy. A few factors are keeping foreign cargo at bay—the low dollar, wary buyers, and a cool housing market among them—yet observers still expressed shock. "When... More »

Trade Gap Dips to Lowest Level in 3 Years

Weak dollar, stronger world economies fuel rise in US exports

(Newser) - The US trade gap—the difference in total value between imports and exports—dropped to a 3-year low in July as exports jumped on a weak dollar and growing overseas demand. The figure fell 0.3% to $59.2 billion, roughly on par with the estimate economists surveyed by Bloomberg... More »

China Finds Worms, Low Standards in US Goods

Beijing calls for global quality-control reforms

(Newser) - China got off the latest shot in the war over substandard imports, reporting today it had found tiny worms in wooden packaging and substandard vitamins and children’s fish oil imported from the US. Simultaneously, China unveiled a wide-ranging recall system for its own exports that requires manufacturers to stop... More »

Financial Action Flees to London

Goldman Sachs is now doing as much business abroad as on Wall Street

(Newser) - Wall Street’s position as the center of the financial universe—unchallenged for more than a century—is under serious threat from the City of London, according to John Gapper. London is catching up with Gotham in bond trading, already ahead in derivatives and the place to be for really... More »

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