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Russian e-commerce platform Ozon: A logistics hub in St. Petersburg caught fire after a drone attack.October 18th - According to the latest warning notice issued by the UK Maritime Trade Operations Office (UKMTO), a maritime attack occurred in the waters northeast of Khor Faikan, UAE, on October 18th local time. A tugboat sailing south was attacked by two unidentified projectiles, resulting in damage to the hull and minor injuries to one person. The notice stated that despite the damage to the tugboat, it is continuing its planned route. Authorities are investigating the incident. Given the security risks in the area, the UK Maritime Trade Operations Office has issued a security warning to all vessels, advising them to exercise high vigilance and exercise caution when passing through the area, and to immediately report any suspicious activity to the UK Maritime Trade Operations Office.On October 18th, Woodside Energy, Australias largest natural gas exporter, stated that pre-commissioning preparations for its Scarborough gas platform, located off the coast of Western Australia, remain suspended after Greenpeace protesters boarded the platform. In a statement, Woodside said, "Greenpeaces actions have triggered significant and potentially costly responses that could have been entirely avoided." The company stated its support for a strong response from authorities, emphasizing the maximum extent possible in accordance with the law. Greenpeace stated on Sunday that protesters spent Saturday night on the Scarborough platform. The statement said two protesters had erected temporary suspended tents on the platform, while two others had returned to their ships. Greenpeace previously stated that the gas project poses a threat to marine ecosystems and will increase greenhouse gas emissions.October 18 – The Norwegian government announced on Sunday that Norway, along with other members of the European Free Trade Association (EFTA), including Iceland, Liechtenstein, and Switzerland, have signed a free trade agreement with Vietnam. In a statement, the Norwegian government said that after the agreement takes effect, approximately half of Norways exports to Vietnam will enjoy zero tariffs, and within seven years, the proportion of exports enjoying zero tariffs will exceed 98%. Vietnam and the EFTA concluded negotiations in July this year after years of talks. The two sides initially launched negotiations in 2012.US Vice President Vance: If Iran is allowed to control shipping through the Strait of Hormuz, global energy supplies will be constrained, and gasoline prices will rise. We will see gasoline prices fall after this conflict ends. The US military is ensuring the smooth passage of oil through the Strait of Hormuz.

USTR Tai Claims That Industry Consultations on China Tariffs Will Be "Robust"

Charlie Brooks

May 06, 2022 10:19

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US Trade Representative Katherine Tai said on Thursday that her agency's consideration of punitive tariffs on Chinese imports would be a "rigorous" consultation process that will solicit input from a broad variety of industry stakeholders and examine possible economic consequences.


Tai told reporters in Ottawa alongside Canada Trade Minister Mary Ng that tariff decisions would not be made "in a vacuum."


Tai committed to "concentrate on the critical nature of this process and the critical nature of hearing from all of our stakeholders throughout the economy."


The USTR announced in a Federal Register notice on Wednesday that it will conduct a statutory four-year review of the initial "Section 301" tariffs on Chinese imports it imposed in 2018 in response to a dispute between the Trump administration and Beijing over China's intellectual property and technology transfer practices.


From May 7 to July 5, the USTR will solicit industry views on the first batch of Chinese industrial imports worth $34 billion, and on a second batch worth $16 billion from June 24 to August 22.


When asked whether she views the tariffs as critical leverage in enforcing China's commitments, including a "Phase 1" trade deal negotiated by the Trump administration in early 2020, Tai stated that she was focused on the long term.


"It is critical for us to concentrate on a long-term, successful plan that will enable us to compete with China in this global climate and during the very disruptive time that we are now experiencing, which is inflicting pain to the average American," Tai added.


Recent statements by Deputy National Security Advisor Daleep Singh and Treasury Secretary Janet Yellen on the deflationary effect of tariff reductions fueled speculation that the administration was considering a course correction.


On Monday, Tai said that all options were on the table to combat increasing inflation, including tariff reductions on Chinese imports, but that any policy move should be guided by medium-term objectives.


Among these objectives is the development of a more robust, enduring global economy that benefits both workers and consumers, she noted.


Regarding trading with Canada, Tai said that dairy problems were particularly challenging. The US has expressed worry over Canada's allotment of dairy import quotas under the US-Mexico-Canada Agreement (USMCA).


USTR said in a recap of her conversation with Ng that Tai emphasized the critical importance of Canada fully adhering to its USMCA obligations, notably those related to dairy and access to its domestic retail market.


Additionally, Ambassador Tai raised worry about Canada's planned digital service tax and Underused Housing Tax, according to the US Trade Representative.