After a year of prolonged negotiations that have led to delays and declines in cargo, the two sides agreed to a new contract with help from the Biden administration.
Category: International Trade and World Market
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TikTok, Shein and Other Companies Distance Themselves From China
Companies are moving headquarters and factories outside the country and cleaving off their Chinese businesses. It’s not clear the strategy will work.
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Yellen Says Bid to Decouple From China Would Be ‘Disastrous’
The Treasury secretary, speaking to a House committee, said trade and investment were crucial in U.S.-Chinese relations.
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Energy Tax Credits, Meant to Help U.S. Suppliers, May Be Hard to Get
The Inflation Reduction Act contains tax breaks for solar and wind companies to buy American equipment. Qualifying won’t be easy.
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Russia and Saudi Arabia’s Oil Partnership Shows Strain
Analysts said the countries’ mutual need to keep energy prices high would help them maintain close ties, despite signs that Moscow has undercut previous deals.
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World Bank Projects Weak Global Growth Amid Rising Interest Rates
A new report projects that economic growth will slow this year and remain weak in 2024.
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For Turkey, Erdogan Victory Brings More Risky Economic Policy
The Turkish lira has hit a new low, and analysts see few improvements ahead as re-elected President Erdogan pursues unconventional economic policies.
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Biden Officials Announce Indo-Pacific Trade Deal, Clashing With Industry Groups
The United States announced a deal to coordinate supply chains with allies, but prominent business groups said the deal fell short on reducing tariffs and other trade barriers.
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Biden Vetoes Legislation That Would Reinstate Tariffs on Some Solar Panels
President Biden announced a two-year pause on the tariffs last year after importers complained that the penalties would threaten broader adoption of solar energy in the United States.