TRADE UPDATE – 30 AUGUST 2024: CANADA TO HIT CHINESE ELECTRIC VEHICLES, AUSTRALIA BEGINS CHINA DUMPING INQUIRY, NEW ZEALAND PM LEADS BUSINESS MISSION & many more…
Weekly trade review provided by Chatto Creek Advisory Pty.
Chatto Creek Advisory Pty Ltd is a Melbourne-based strategic consultancy specialising in trade policy advice and government engagement strategy. It is headed by Russell Scoular, an executive with rich government relations, trade policy, and business experience throughout the Asia Pacific.
CANADA TO HIT CHINESE ELECTRIC VEHICLES: Canada is to impose a 100 per cent surtax on all Chinese-made electric vehicles including cars, trucks, and buses. The surtax will begin on October 1. The US and EU have both announced tariff hikes this year on electric vehicles imported from China.
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AUSTRALIA BEGINS CHINA DUMPING INQUIRY: Australia has launched dumping and subsidy enquiries into a range of steel framing and steel beads from China following complaints by a local producer. An inquiry into clear laminate glass from China and Thailand has ended after the withdrawal of a complaint.
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NEW ZEALAND PM LEADS BUSINESS MISSION: Prime Minister Luxon will next week work to further boost New Zealand’s trade and investment ties with Asia when he leads a senior business delegation to Malaysia and South Korea. It will be Prime Minister Luxon’s first official visit to Malaysia.
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US IDENTIFIES SUPPLY CHAIN TARGETS: The Commerce Department has announced a list of critical sectors and key products for possible cooperation under the Indo-Pacific Economic Framework Supply Chain Agreement. The sectors include agriculture, chemicals, consumer goods, and critical minerals.
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INDIAN MINISTERS VISIT SINGAPORE: Leading Indian Ministers including Commerce Minister Goyal visited Singapore this week for an Indian-Singapore Ministerial Roundtable. They explored a range of areas for potential cooperation including trade and investment, digitalisation, and advanced manufacturing.
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VIETNAM BACKS CHINA’S FTA BID: Vietnam has given its support to China joining the mega CPTPP FTA. In a joint statement coinciding with President To Lam’s state visit to Beijing, Vietnam said it supported China’s accession based on adherence to the agreement’s standards and procedures.
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NEW ZEALAND SUSPENDS AUSTRALIAN TOMATOES: New Zealand has imposed a seven-day suspension on Australian tomato imports. It follows the discovery of a tomato fruit virus in South Australia. BioSecurity New Zealand official Stuart Anderson said it was imposing the ban out of an abundance of caution.
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PHILIPPINES TO HOLD PUBLIC CONSULTATION: The Philippines Tariff Commission is today holding a public consultation to hear views on Philippine participation in the Philippines-UAE Comprehensive Economic Partnership Agreement. A third negotiating round is scheduled to be held in Dubai in mid-September.
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EU & CHINA LAUNCH DATA FLOW TALKS: The EU and China have this week launched their first talks under a new Cross-Border Data Flow Communication Mechanism. It will seek out solutions to trade impediments faced by European companies in China regarding the cross-border flows of non-personal information.
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US PLANS MAJOR FARM MISSION: The US Department of Agriculture is to lead a major trade mission to Vietnam in mid-September. The mission will be joined by 58 agribusinesses and related organisations, as well as nine state governments. The US exported $3.1 billion of farm produce to Vietnam in 2023.
