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This could include agreements that each side recognize as sufficient the other’s safety standards in cars, pharmaceuticals and medical devices. For example, a seat belt meeting EU standards could be sold in the United States, and vice versa. German Economy Minister Peter Altmaier said the meeting in Innsbruck, Austria, was taking place against a “very, very difficult” international environment. “Time is getting tight. We must hurry up,” he said. “We are working for an agreement that covers as many industrial goods as possible. That is our clear position.”.
French minister of state Jean-Baptiste Lemoyne suggested any transatlantic agreement would be limited, emphasizing that agricultural products, among the United States’ major exports, would not be included, Lemoyne said the European Union could conclude comprehensive trade agreements only with parties that have signed up to the Paris climate accord, which Trump has abandoned, “There needs to be consistency between our climate, our environmental commitments and our trade commitments,” the French minister said, “We are in a process of dialogue., to look at certain segments in certain industries, So this is something much more carbon fiber stainless steel cufflinks restricted than the classic trade agreements.”..
GENEVA (Reuters) - The United States is likely to succeed in shutting down the World Trade Organization’s supreme court because other WTO members are powerless to stop it, diplomats, lawyers and officials said at a conference in Geneva on Friday. The United States has blocked appointments of judges to the Appellate Body, throwing the WTO into crisis as it runs out of legal muscle to rule on international trade disputes. The European Union has made proposals to reform the way the judges work, but U.S. Ambassador Dennis Shea poured cold water on several of them on Thursday, saying appeals judges had “strayed” from what was agreed when the WTO was set up in 1995.
One diplomat from a large developing country said on Friday the United States regretted setting up the appeals system and it was not putting forward any ideas to reform it, “We have no leverage,” he said, “The other side is flexing its muscles.”, “Moral suasion is all that is left,” said a Geneva-based trade carbon fiber stainless steel cufflinks lawyer, Another trade lawyer and former negotiator for a U.S, ally said various alternatives being put forward were “band-aids”, “I don’t think there’s anything right now that the other (WTO) members can do, And I don’t think that any of these other band-aid solutions amount to anything,” he said..
A trade lawyer and former staffer on the Appellate Body’s secretariat said the United States was using hard leverage in many areas of trade, with its tariff war and regional trade agreements as well as at the WTO. The trade experts were speaking at an event organized by the Cato Institute at Geneva’s Center for Trade and Economic Integration, on condition that the names and affiliations of speakers were not reported. Attendees included senior officials from the WTO and ambassadors from WTO missions as well as veteran trade lawyers. Organizers said that U.S. officials had been invited to take part but declined.
WASHINGTON, Oct 5 (Reuters) - The U.S, trade deficit increased to a six-month high in August as exports dropped further amid declining soybean shipments and imports hit a record high, suggesting that trade could weigh on economic growth in the third quarter, The Commerce Department said on Friday the trade gap increased 6.4 percent to $53.2 billion, carbon fiber stainless steel cufflinks widening for a third straight month, Data for July was revised to show the trade deficit rising to $50.0 billion, instead of the previously reported $50.1 billion..
The politically sensitive goods trade deficit with China surged 4.7 percent to a record high of $38.6 billion. Economists polled by Reuters had forecast the overall trade deficit swelling to $53.5 billion in August. The trade gap continues to widen despite the Trump administration’s “America First” policies, which have led to a bitter trade war between the United States and China. Washington has also engaged in tit-for-tat import duties with the European Union, Canada and Mexico. The United States has since struck a trade deal with Canada and Mexico.
The Trump administration says eliminating the trade deficit will put the economy on a sustainable path of faster growth, an argument that has been carbon fiber stainless steel cufflinks dismissed by many economists as flawed given constraints such as low productivity and slow population growth, When adjusted for inflation, the trade gap widened to $86.3 billion in August, the highest since January 2006, from $82.4 billion in July, The jump in the so-called real trade deficit suggests that trade could subtract as much as one percentage point from gross domestic product in the third quarter..