PROTECTIONISM

US-China war may cost $652bn

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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.

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INTERNATIONAL MONETARY FUND

Trade war risk to our currency safety valve

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Original article by Sarah Turner
The Australian Financial Review – Page: 13 : 21-Sep-18

Economic modelling undertaken by the Reserve Bank in March concluded that the Australian dollar could potentially rise by up to six per cent in the event of a global trade war. This in turn could cause the domestic economy to contract by up to 3.5 per cent over five years. This is one of three potential scenarios that were examined by the central bank at the time, in response to the Trump administration’s decision to impose tariffs on imported steel and aluminium.

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RESERVE BANK OF AUSTRALIA

Trade spats pose serious threat: WTO

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Original article by Timothy Moore
The Australian Financial Review – Page: 9 : 6-Jul-18

Group of 20 countries adopted 39 new trade restrictive measures between mid-October 2017 and mid-May 2018, according to the World Trade Organization. Additional restrictive measures have been announced since its survey, and WTO director-general Roberto Azevedo has urged G20 nations to show restraint when it comes to the adoption of trade restrictive measures. US President Donald Trump has accused the WTO of treating the US "very badly", and there are suggestions that he wants the US to leave the WTO.

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GROUP OF TWENTY (G-20), WORLD TRADE ORGANIZATION, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

PM wins steel deal from Trump

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 8 : 10-Jul-17

The Group of 20 summit’s final communique included a commitment to free trade and combating protectionism, although it also featured a clause on tariffs at the request of the US. Meanwhile, Prime Malcolm Turnbull and Finance Minister Mathias Cormann pushed for Australian steel and aluminium to be exempt from proposed US import tariffs in a series of meetings with US officials, including President Donald Trump. Australia has also agreed to finalise free trade agreements with Indonesia and the European Union by the end of 2017 and 2018 respectively.

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GROUP OF TWENTY (G-20), AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, UNITED STATES. DEPT OF THE TREASURY, UNITED STATES. DEPT OF COMMERCE, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, BLUESCOPE STEEL LIMITED – ASX BSL, STEELSCAPE INCORPORATED, RIO TINTO LIMITED – ASX RIO

Labor to embrace free-trade agenda

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Original article by Greg Sheridan
The Australian – Page: 5 : 6-Jul-17

The Australian Labor Party’s foreign affairs spokeswoman Penny Wong will warn against any push toward protectionist trade policies in a Lowy Institute speech on 6 July. Wong will stress Labor’s commitment to open trade and globalisation, arguing that trade barriers are not in the nation’s interests. She will also highlight the importance of Australia’s long-standing alliance with the US and the need to further strengthen the relationship between the two nations. Establishing closer ties with Asia will also be a feature of Labor’s foreign policy.

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AUSTRALIAN LABOR PARTY, LOWY INSTITUTE FOR INTERNATIONAL POLICY

Trump to abandon climate deal

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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.

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

Protectionism hurts growth: BHP

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Original article by Peter Ker
The Australian Financial Review – Page: 3 : 28-Apr-17

BHP Billiton’s Huw McKay says global economic growth in 2017 is likely to be at the higher end of the group’s recent forecast of between three and 3.5 per cent. However, he warns that global growth is likely to slow over the rest of the current decade as some nations adopt protectionist policies. McKay adds that this will in turn affect global demand for resource commodities. BHP’s Vicky Binns says factors such as a looming increase in iron ore supply and lower demand for steel in China are likely to weigh on the iron ore price in coming months.

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BHP BILLITON LIMITED – ASX BHP, VALE SA, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

PM warns G20 on low global growth

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Original article by Phillip Coorey, Jacob Greber
The Australian Financial Review – Page: 1 : 2-Sep-16

Prime Minister Malcolm Turnbull will travel to China to participate in the Group of 20 summit meeting in the city of Hangzhou on 4-5 September 2016. As an advocate of trade liberalisation, Turnbull will express his concern about a trend towards protectionism and populism which is clearly visible in many parts of the world. He will also attend the East Asia Summit in Laos on 6-8 September 2016.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, INTERNATIONAL MONETARY FUND, GROUP OF TWENTY (G-20), AUSTRALIAN BUREAU OF STATISTICS

Barriers stifle growth, says BHP

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Original article by Paul Garvey
The Australian – Page: 1 & 2 : 17-Aug-16

BHP Billiton CEO Andrew Mackenzie has stressed the importance of Australia’s trade relationship with China, and warned that global economic growth could be threatened by a growing international push toward protectionism. He has also criticised a proposal by Western Australian National Party leader Brendan Grylls to impose an iron ore levy on BHP and Rio Tinto, arguing that they already make a major contribution to government revenue at state and federal level.

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BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, NATIONAL PARTY OF AUSTRALIA, SAMARCO MINERACAO SA, AUSGRID PTY LTD