Trump's trade war has reduced the world's net worth by $2 trillion ($1.5 trillion of which came off the balance sheets of the 1%), with losses most deeply felt in China and Europe; North and South Americans took smaller losses, while the Middle East actually made gains: the richest Saudis have grown 7% richer during the trade war, while the richest Kuwaitis are 8% richer.
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China, Mexico -- He's gonna wreck the economy one way or another.
President Trump tweeted today:
On June 10th, the United States will impose a 5% Tariff on all goods coming into our Country from Mexico, until such time as illegal migrants coming through Mexico, and into our Country, STOP. The Tariff will gradually increase until the Illegal Immigration problem is remedied,..
....at which time the Tariffs will be removed. Details from the White House to follow.
Screengrab below. He was under pressure not to announce this today, so he announced it today, per White House reporters.
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One of the most repugnant features of international trade agreements, from TPP to TTIP to CETA, is the "Investor State Dispute Settlement" (ISDS) clause, which gives corporations the power to sue governments to repeal health, safety, and environmental laws if they interfere with the company's profits.
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It's been nearly a year since Trump killed the Trans Pacific Partnership by pulling the US out of it; last week, Canadian Prime Minister Justin Trudeau announced that Canada and the other TPP countries would sign the agreement without the USA -- an announcement timed to coincide with Trump's appearance at the World Economic Forum in Davos, presenting the TPP nations as a kind of coalition of the willing for political moderation and maturity.
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With the shambolic FARC peace deal finally in place, the Colombian government is hoping to shift the country's farmers from Colombia's major cash crop: the coca leaves that are refined into the world's cocaine supply. Perhaps with the guerrillas no longer defending the crops they relied on for operating capital, Colombia can put coca behind it. Read the rest
Here's a fun interactive map of global shipping. ShipMap allows users to selected color coding for ship types: container, dry bulk, tanker, gas bulk, and vehicles. It even lets you select animated ships on their routes. Read the rest
Retired Brigadier General John Adams served for 30 years, including a stint as a military intelligence officer: in an op-ed in The Hill, he says that while he supports trade deals, the secretive Trans Pacific Partnership has almost nothing to do with trade, and will hasten America's de-industrialization, making it harder for the US military to source the materiel it needs, and making it vulnerable to price gouging by foreign powers, who might even go so far as to block America's ability to source certain vital items altogether. Read the rest
Sovereign immunity prevents one government from using its courts to attack another, but Chinese state-backed industries are taking it to new places, arguing that sovereign immunity means that the US courts have no jurisdiction over Chinese companies whose products are harmful or whose conduct is negligent -- and US courts are buying that argument. Read the rest
Greenpeace has handed newspapers 240 pages of current negotiating documents from the Transatlantic Trade and Investment Partnership (TTIP), a secretly conducted trade deal between the USA and the EU, which has run in parallel with the notorious Trans Pacific Partnership (TPP). Read the rest
Switzerland is a haven for internet piracy, the Obama Administration's global trade rep says. The European nation famous for Swiss Alps, Swiss Cheese, Fondue, and being a long-term U.S. political ally since WWII is now on America's annual intellectual property shitlist. Read the rest
In less than an hour, Wikileaks will publish a set of TOP-SECRET/COMINT-GAMMA documents -- "the most highly classified documents ever published by a media organization" -- that document NSA spying on UN Secretary General Ban Ki-Moon, German Chancellor Angela Merkel, Israeli prime minister Benjamin Netanyahu, former Italian prime minister Silvio Berlusconi, former French leader Nicolas Sarkozy, and key Japanese and EU trade reps in an attempt to gain an advantage in negotiations regarding climate change and global trade. Read the rest
ISDSes are the most controversial element of secret trade deals like TPP and TTIP: they let giant international corporations sue countries to repeal environmental, safety and labor laws that interfere with their profitability. Read the rest
Tim Harford writes, "Simon Johnson is a fascinating character, former chief economist of the IMF and now scourge of bankers and lobbyists everywhere." Read the rest
A new Wikileaks-published leak from the secretive Trans Pacific Partnership (TPP) treaty reveals a January 2015 draft "Investment Chapter" of the agreement, where the investor-state dispute settlement (ISDS) mechanisms are set out. They allow companies to repeal nations' environmental, health and labor laws. Read the rest
Singapore's insatiable appetite for sand to use to expand its island's territory has led to a worldwide boom in illegal sand-mining, run by criminal gangs who are responsible for the destruction of entire islands in the Pacific rim. Read the rest
Under the terms of the Canada-China Foreign Investment Promotion and Protection Agreement, approved by PM Harper on Friday, China can sue Canada in secret tribunals to repeal national and provincial laws that interfere with Chinese investments, including laws limiting construction of the Northern Gateway tar sands pipeline. Read the rest
Michael Geist writes, "Last year, the Canadian government trumpeted anti-counterfeiting legislation as a key priority. The bill raced through the legislative process in the winter and following some minor modifications after committee hearings, seemed set to pass through the House of Commons. Yet after committee approval, the bill suddenly stalled with little movement throughout the spring.
Why did a legislative priority with all-party approval seemingly grind to a halt?" Read the rest