Russia denounces new U.S. sanctions as illegal, mulls retaliationThe Saigon Times Daily National flags of Russia and the U.S. fly at Vnukovo International Airport in Moscow, Russia April 11, 2017 – PHOTO: REUTERS MOSCOW (REUTERS) - Russia condemned a new round of U.S. sanctions as illegal on Thursday and said it had begun working on retaliatory measures after news of the curbs pushed the rouble to two-year lows over fears Moscow was locked in a spiral of never-ending sanctions. Moscow has been trying with mixed success to improve battered U.S.-Russia ties since Donald Trump won the White House in 2016, and Russia’s political elite was quick to chalk up a summit last month between Trump and Vladimir Putin as a victory. But initial triumphalism swiftly turned sour as anger over what some U.S. lawmakers saw as an over deferential performance by Trump and his failure to confront Putin over Moscow’s alleged meddling in U.S. politics galvanized a new sanctions … [Read more...] about Russia denounces new U.S. sanctions as illegal, mulls retaliation
U s export restrictions
Trump to use U.S. security review panel to curb China tech investmentsThe Saigon Times Daily U.S. President Donald Trump says a few words about Secretary of State Mike Pompeo, during Pompeo's swearing-in ceremony, at the Department of State in Washington, U.S., May 2, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - U.S. President Donald Trump said on Wednesday he will use a strengthened national security review process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions. The Treasury Department has recommended that Trump use the Committee on Foreign Investment in the United States (CFIUS), whose authority would be enhanced by new legislation in Congress, to control investment deals. The legislation expands the scope of transactions reviewed by the interagency panel to address security concerns, Trump said. The decision marks a victory for Treasury Secretary Steven Mnuchin in a fierce White … [Read more...] about Trump to use U.S. security review panel to curb China tech investments
Challenges abound for exports to U.S.By Thuy Dung - The Saigon Times DailyHCMC – Two-way trade between Vietnam and the U.S. has recorded impressive growth since their Bilateral Trade Agreement (BTA) became effective in December 2001, but local exporters will face challenges ahead to compete in the U.S. market.The export turnover of Vietnam to the U.S. has recorded an average annual growth of 20% over the past 10 years, said Dao Tran Nhan, minister resident in charge of trade affairs at the Vietnamese Commercial Section in the U.S. He was speaking to the Daily at the Commercial Counselor Conference 2011 held by the Ministry of Trade and Industry on Wednesday in Hanoi.Last year, the country’s export turnover to the U.S. amounted to US$14.8 billion, or a 14-fold rise against 2001. Meanwhile, export turnover of the U.S. to Vietnam also surged 8-fold, Nhan said.However, he stressed Vietnamese enterprises would face multiple barriers when exporting to the U.S. The U.S.’s … [Read more...] about Challenges abound for exports to U.S.
The European Union, United States and Japan formally asked the World Trade Organization on Tuesday to settle a dispute with China over Beijing's restriction on exports of raw materials, including rare earth elements critical to electronics makers. The dispute is one of several between Beijing and the other three economic powers, as Chinese industry remolds the world economic order. It is the first case to be jointly filed by the EU, United States and Japan at the WTO, an EU official said. The process also comes in the middle of a U.S. election year. President Barack Obama, a Democrat, is toughening his stance on Chinese trade practices amid criticism from his Republican rivals that his administration has not been strict enough with Beijing. U.S. Trade Representative Ron Kirk said the case was part of a broader effort by the Obama administration to make sure China and other countries play by global trade rules. "America's workers and manufacturers are being hurt in both established and … [Read more...] about EU, U.S., Japan launch rare earth WTO case against China
Argentina came under a barrage of criticism at the World Trade Organization on Friday, where the United States, European Union, Japan and 10 other countries accused it of tying up imports in red tape. Argentina's center-left government has imposed a raft of sometimes unorthodox import restrictions in recent years as it battles to shield local industry and its trade surplus, which shrank 11 percent in 2011 to $10.4 billion. On February 1, President Cristina Fernandez's administration imposed a new system to pre-approve, or reject, nearly every purchase from abroad. "It appears that this new system is operating as a de facto import-restricting scheme on all products," the U.S. ambassador to the WTO, Michael Punke, said, according to a transcript provided to Reuters by one of the participants. The critics described the policy as "unbefitting any WTO member" and "particularly troubling" because they limit the growth-enhancing prospects for trade. They demanded Argentina take immediate … [Read more...] about U.S., EU blast Argentina’s trade restrictions at WTO