Coronavirus sinks U.S. consumer spending; savings hit record high

WASHINGTON (Reuters) – U.S. consumers cut spending by the most on record for the second straight month in April while boosting savings to an all-time high, and the growing frugality reinforced expectations the economy could take years to recover from the COVID-19 pandemic. The report from the Commerce Department on Friday also showed an economy highly reliant on the government, […]

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Japan slips into recession, worst yet to come as pandemic wreaks havoc

TOKYO (REUTERS) – Japan’s economy slipped into recession for the first time in 4-1/2 years, GDP data showed on Monday (May 18), putting the nation on course for its deepest postwar slump as the coronavirus crisis takes a heavy toll on businesses and consumers. The world’s third-largest economy shrank for the second consecutive quarter in the three months to March, […]

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U.S.-China trade deal not falling apart: White House adviser

WASHINGTON (Reuters) – The U.S.-China trade deal reached in January is absolutely not falling apart and the two countries are still working on trade, White House adviser Larry Kudlow said on Friday. Kudlow told reporters at the White House the trade deal “is continuing,” a day after President Donald Trump suggested he could cut ties with the world’s second-largest economy. […]

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UPDATE 1-Chile posts $1.2 bln trade balance in April, copper exports fall

(Updates with additional context) SANTIAGO, May 7 (Reuters) – Chile posted a trade surplus of $1.219 billion in April, the central bank reported Thursday, as both imports and exports from the top copper producer dropped off sharply amid the coronavirus pandemic. The ballooning trade surplus was largely driven by a plunge in imports, which fell nearly a quarter to $4.135 […]

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Equality key to rescuing U.S.-China business ties: U.S. business lobby

BEIJING (Reuters) – Recent strains in the relationship between the United States and China make it especially important to establish a policy of ‘competitive neutrality’ the American Chamber of Commerce in China said on Thursday. The chamber, long considered a steadying hand in a relationship fraught with geopolitical tension, has advocated a harder line on China’s trade practices and investment […]

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New North American trade pact to take effect July 1-USTR

WASHINGTON, April 24 (Reuters) – U.S. Trade Representative Robert Lighthizer on Friday said he has notified Congress that the new U.S.-Mexico-Canada trade agreement will enter into force on July 1, a month later than initially proposed. In a statement, Lighthizer said both Mexico and Canada had taken measures necessary to comply with their commitments under the USMCA, which replaces the […]

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Recovery in Chinese trade far from sight as global outlook dims

BEIJING (BLOOMBERG) – The contraction in China’s foreign trade is set to continue through the second quarter, as global demand remains depressed by measures to curb the ongoing coronavirus outbreak. Both exports and imports are forecast to have slumped 10 per cent or more in March, with data due on Tuesday (April 14) expected to show a continuation of the […]

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Coronavirus: Singapore working with 6 other countries to maintain supply of essential goods

SINGAPORE – Singapore will work closely with six other countries to identify and address trade disruptions by the coronavirus pandemic that could affect the flow of essential goods. In a joint ministerial statement issued on Wednesday (March 25) the countries – including Australia, Canada, Chile, New Zealand, Myanmar and Brunei – said they will ensure that trade lines remain open, […]

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