PM push to wind back China’s trade benefits

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 24-Sep-19

Prime Minister Scott Morrison has called for an overhaul of the global trading system in response to the economic rise of China. He said China should now be recognised as a newly-developed economy and it should no longer be entitled to concessions under World Trade Organization rules for developing nations. Speaking in Chicago during his official visit to the US, Morrison stressed that global trade rules are outdated and are no longer "fit for purpose", particularly with regard to digital trade. He also emphasised the importance of Australia’s alliance with the US, and said Australia will never take it for granted.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, WORLD TRADE ORGANIZATION, CHICAGO INSTITUTE FOR GLOBAL AFFAIRS, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, UNITED NATIONS. GENERAL ASSEMBLY

US-China trade war to rage for decades

Original article by Glenda Korporaal, Rosie Lewis, Ben Packham
The Australian – Page: 1 & 6 : 9-Aug-19

The Department of the Prime Minister & Cabinet’s secretary Martin Parkinson says the US-China trade war is unlikely to be resolved in the near-term, and it could last for decades. He has also used an Asia Society briefing to note that the trade tensions have already undermined confidence in the rules-based trade system. Meanwhile, Business Council of Australia CEO Jennifer Westacott says that handling the trade war requires a delicate balancing act, given that the US is Australia’s biggest ally and China is the nation’s largest trading partner.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY, JOHN CURTIN RESEARCH CENTRE

PM urges G20 trade led recovery

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 28-Jun-19

Prime Minister Scott Morrison will use the G20 leaders’ summit in Osaka to bolster his efforts to get social media platforms to curb their dissemination of objectionable material in the wake of the Christchurch mosque killings. He will point out that G20 countries host the platforms that support social media companies’ content, which means such firms should take heed if the G20 urges them to do more to regulate their content. Morrison will also urge fellow G20 leaders not to let the World Trade Organization system get any worse, while acknowledging that it is imperfect and its members have lost confidence in it.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GROUP OF TWENTY (G-20)

US-China war may cost $652bn

Original article by James Dean
The Australian – Page: 26 : 7-Jun-19

International Monetary Fund MD Christine Lagarde says a worsening of the trade dispute between the US and China will cause "self-inflicted wounds". The IMF has estimated that the global economy will take a $US455 billion ($652 billion) hit in 2020 if the trade war escalates further. Lagarde notes that protectionist measures make traded consumer goods more expensive and cause disproportionate harm to low-income households.

CORPORATES
INTERNATIONAL MONETARY FUND

PM: trade war threatens world

Original article by Jacquelin Magnay
The Australian – Page: 1 & 2 : 5-Jun-19

Prime Minister Scott Morrison says the US-China trade war could undermine the global trading system, with consequences for the living standards of people throughout the world Morrison, who is in the UK to attend services to mark the 75th anniversary of D-Day, also said that Britain and Australia have a role to play in the implementation of changes to the World Trade Organization. He added that Australia will continue to have close ties with Britain in the post-Brexit era.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, WORLD TRADE ORGANIZATION, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER

Australia makes its mark on trade-barrier league table

Original article by David Uren
The Australian – Page: 2 : 4-Dec-18

G20 nations have imposed over 9,000 protectionist measures since 2008, according to a study by Global Trade Alert. The G20 leaders first gathered in that year, at which time they committed to resist protectionism; that commitment was abandoned at the most recent meeting. Global Trade Alert’s study looked at various trade-distorting measures, including anti-dumping actions, at which Australia leads the G20 in initiating. Global Trade Alert states the federal and state governments have implemented 50 trade-distorting measures in the first 10 months of 2018.

CORPORATES
GROUP OF TWENTY (G-20)

Brace for serious trade consequences

Original article by Glenda Korporaal, Paul Garvey
The Australian – Page: 17 & 27 : 12-Jul-18

Grant Wardell-Johnson of KPMG says the latest move by the US to increase tariffs on Chinese imports has much greater implications for the Australian economy than the first round of tariffs. The Trump administration has signalled that it intends to subject some $US200bn worth of Chinese imports to a tariff of 10 per cent; Wardell-Jones says this would mean that tariffs would apply to nearly 50 per cent of US goods imported from China. Joseph Capurso of the Commonwealth Bank says the Australian economy would be unlikely to be hard hit by an expanded US-China trade war, arguing that relatively little of what Australia exports to China subsequently makes its way to the US market.

CORPORATES
KPMG AUSTRALIA PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, CITIGROUP INCORPORATED, UBS HOLDINGS PTY LTD, CHINA. MINISTRY OF COMMERCE, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Trump the big threat to numbers

Original article by Geoff Winestock
The Australian Financial Review – Page: B9 : 9-May-18

The Treasury has noted in the May 2018 Budget papers that changes to trade policies in a country like the US could have a significant impact on many other economies around the world. Its view of the global economy is generally positive, but contends that the consequences of President Donald Trump’s tariff policies could impact negatively on its outlook. In commenting on trade policy changes, Treasury noted that many components in goods exported from countries like the US and Japan have been imported from other nations.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, WORLD TRADE ORGANIZATION

Trump trade war fears sparks stock plunge

Original article by John Kehoe
The Australian Financial Review – Page: Online : 2-Mar-18

The Dow Jones Industrial Average fell sharply after US President Donald Trump announced plans to impose a 25 per cent tariff on imported steel and a 10 per cent tariff on foreign aluminium. His announcement came less than one hour after Federal Reserve chairman Jerome Powell had told US legislators that he did not think tariffs were the best way of addressing the possible negative side-effects of international trade. Trump’s announcement is not expected to be well-received by China.

CORPORATES
DOW JONES INDUSTRIAL AVERAGE INDEX, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, UNITED STATES. FEDERAL RESERVE BOARD, BLUESCOPE STEEL LIMITED – ASX BSL, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, FARR, MILLER AND WASHINGTON LLC, US STEEL MINING COMPANY INCORPORATED, CENTURY ALUMINIUM COMPANY, CATERPILLAR INCORPORATED, BOEING COMPANY, ALLIANZ GLOBAL INVESTORS US, OXFORD ECONOMICS LIMITED

Trump to abandon climate deal

Original article by
The Australian – Page: 8 : 29-May-17

US President Donald Trump has advised via Twitter that he will decide whether to commit to the Paris Agreement on climate change in the next week. However, some news agencies have reported that Trump has told several confidants that the US will withdraw from the agreement. Meanwhile, the Group of Seven summit meeting in Italy has issued a statement in which member nations agreed to combat protectionism and unfair trade practices. The G7 nations also condemned North Korea’s missile tests and warned that the outlook for the global economy remains uncertain.

CORPORATES
GROUP OF SEVEN (G-7), UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT