Detroit Bureau on Twitter

Posts Tagged ‘trade news’

Commerce Secretary Ross Optimistic about NAFTA Talks

President Trump still pushing to kill deal.

by on Oct.12, 2017

President Donald Trump continues to threaten to walk away from NAFTA, but officials are positive the revised deal can be completed.

While President Donald Trump continues to talk about walking away from the North American Free Trade Agreement if necessary, U.S. Commerce Secretary Wilbur Ross says he still expects to reach a deal with Mexico and Canada on revising the existing agreement.

“From time to time (the President) has expressed a total willingness to depart from NAFTA should that become necessary,” Ross, whose personal investment portfolio includes controlling interest a major automotive supplier with factories in Mexico told a panel in Washington D.C., according to TheHill.com.

Subscribe Now!

“We don’t hope it will, we don’t desire that it will, we don’t believe that it will, but it is at least a conceptual possibility as we go forward.” (more…)

Manufacturers Group Blasts Trump on Trade Policies

Organization chides Trump for breaking promises.

by on Aug.07, 2017

The Alliance of American Manufacturers blasted Donald Trump for not following through on his campaign promises about trade with China.

The Trump administration’s lack of progress on trade issues has come under fire from a group of manufacturing companies and labor unions.

“Don’t let the president’s tweets fool you. Every chance the administration has had to make meaningful change on trade policy, they’ve kicked the can down the road,” said Scott Paul, president of the Alliance for American Manufacturing.

Performance News!

“Just over one year ago, President-elect Trump promised to get tough on China’s trade cheating by stopping Beijing’s intellectual property theft, massive overcapacity and currency manipulation. Now as president, Trump is currently zero for three on these issues,” Paul said.  (more…)

As Promised, Trump Scuttles Trans-Pacific Partnership Deal

Move likely to make Ford executives happy.

by on Jan.23, 2017

President Trump signed an executive order today ending the country's potential participation the Trans-Pacific trade deal.

President Donald Trump signed an executive order announcing his plan to withdraw the U.S. from the Trans-Pacific Partnership trade negotiations, which effectively kills one of the few Obama administration proposals backed by Republican Congress.

Trump also re-iterated his plans to re-negotiate the North American Free Trade Agreement. Both moves indicate Trump views his stance on ending support for free trade as one of the most popular elements of Presidential program.

Political News!

It also shores up his support among perhaps the most restless part of his blue-collar base, workers in manufacturing industries in the Rust Belt states.  (more…)

President Trump Jumps on NAFTA Before Inaugural Speech Ends

Commander-in-chief backing up campaign promise on NAFTA.

by on Jan.20, 2017

President Donald Trump didn't waste any time jumping into governing, issuing a call to renegotiate NAFTA before his inaugural speech ended.

It didn’t take long for President Donald Trump to move from words to actions. As he was delivering his inaugural address, the White House issued statements saying Trump is pulling out of the Trans-Pacific Partnership and would take immediate steps to renegotiate NAFTA.

“With a lifetime of negotiating experience, the President understands how critical it is to put American workers and businesses first when it comes to trade,” the White House said in a release.

Political News!

“With tough and fair agreements, international trade can be used to grow our economy, return millions of jobs to America’s shores and revitalize our nation’s suffering communities.” (more…)

Trump Rethinking NAFTA Plans

President-elect adviser examining agreement to make it more U.S. friendly.

by on Dec.07, 2016

President-elect Donald Trump is rethinking his plans for terminating the North American Free Trade Agreement.

Apparently ripping up NAFTA is not Job One for the incoming Trump administration after all.

The Hill, a newsletter and website that follows policy developments in Washington, reported this week that members of President-elect Donald Trump’s transition team are telling corporate executives that the administration isn’t going to do anything that might prompt a trade war with Mexico or Canada, this country’s principal partners in the North American Free Trade Agreement.

The Journal of Record!

Trump announced he will scuttle the Trans Pacific Partnership. But unlike TPP, which was never signed or approved, NAFTA has been in place for more than 20 years and has created a broad web of interests on both sides of the border. It is considered essential by automakers. (more…)

UAW President Vows to Block Trans-Pacific Partnership

Williams believes deal will cost jobs.

by on Sep.26, 2016

UAW President Dennis Williams said the union will fight the approval of the Trans-Pacific Partnership.

The United Auto Workers, while committed to supporting Hillary Clinton in the upcoming Presidential contest with Donald Trump, is vowing to help defeat the Trans-Pacific Partnership trade agreement touted by President Barack Obama.

Dennis Williams, president of the UAW who has been an important political ally of Obama for more than two decades, told reporters during a roundtable discussion that he simply disagrees with the President on TPP.

Union News!

“I’ve known the President since 1994. We’re friends. But he and I just disagree on this,” said Williams, who was invited to ride in the Presidential limousine when Obama visited Detroit for the North American International Auto Show in January. (more…)

Momentum for Trans-Atlantic Trade Deal Stalls

Pact could have streamlined safety standards, saving billions of dollars.

by on Aug.31, 2016

Daimler's Dieter Zetsche is one of many auto executives who were in favor of the now stalled trans Atlantic free trade partnership.

Global automakers appear to have suffered a political setback as discussion on a sweeping trade agreement between the United States and Europe appear to have stalled.

Sigmar Gabriel, German vice chancellor, said during an appearance in Berlin that talks on a trans Atlantic free-trade zone have run aground amid the rising political anxiety over trade on both sides of the Atlantic.

Subscribe for Free!

In the U.S. both Hillary Clinton, the Democratic Presidential candidate, and Donald Trump, her Republican rival for the Presidency, have cast doubts on new trade agreement. Trump, in fact, has made the anti-free trade rhetoric central to his campaign. In Europe, the British vote to exit the European Union has served to exacerbate the political tension surrounding trade issues. (more…)

Ford Maintains New Pacific Trade Deal Bad for US Automakers

Automaker says currency manipulation safeguards not strong enough.

by on Nov.05, 2015

President Barack Obama's support of the pending Trans-Pacific Partnership isn't swaying Ford Motor Co. leaders to support it.

The bickering between anti-agreement automakers and pro-pact politicians over the details of the long-discussed Trans-Pacific Partnership continues to get louder and more strident.

President Barack Obama and U.S. Trade Representative Michael Froman today defended the parts of the deal related to currency manipulation, suggesting that the safeguards in deal should make automakers happy.

Subscribe for Free!

Conversely, the companies, in particular Ford Motor Co., claim the potential free trade deal doesn’t go far enough to prevent that from happening. (more…)

Germans Take to Berlin Streets to Protest Trade Deal

Demonstrators fear environmental concerns, job losses.

by on Oct.12, 2015

Chancellor Angela Merkel is in favor a new trade pact between Europe and the United States.

Thousands of protesters filled the streets in the center of Berlin to protest the Trans-Atlantic Trade and investment Pact, a new proposed trade pact between the U.S. and the European Union that German carmakers have-called vital to their long-term interests.

Participants in the huge demonstration, which attracted more than 200,000 people to the German capital, are concerned the deal will reduce food or environmental standards, endanger jobs and undermine governmental authority.

Trade News!

Supporters of the agreement, which include the German government headed by Chancellor Angela Merkel, insist the agreement will increase exports, helping to fuel economic expansion across Europe, which has been hurt by financial and sovereign debt crises during the past decade. (more…)

New Trans-Pacific Trade Deal Faces Challenge from US Auto Industry

Detroit fears artificially low exchange rates will give advantage to Asian competitors.

by on Oct.06, 2015

The new Trans Pacific Partnership is supposed to level the trade playing field in Asia, but Ford disagrees.

Auto-related provisions promise to be among the most contentious elements of the proposed Trans Pacific Partnership as it moves towards final Congressional approval, following negotiations with a dozen different Pacific Rim countries produced a tentative agreement on a new trade deal.

The United States, Japan, Canada, Mexico and eight other nations, among them Vietnam, Australia, New Zealand, Chile and Ecuador, unveiled the deal Monday after eight years of talks. A final deal came after almost a week of talks in Atlanta resolved final disputes over dairy, pharmaceutical drugs and automobile export rules, according to the New York Times.

Subscribe and Stay on Top!

The pact was designed to place the signatories, including the United States, in a stronger position in the economic competition with China. However, a number of nations with ties to the global auto industry such as the Thailand and the Philippines are not parties to the agreement. (more…)