Australian government officials announced the nation rejected the most recent proposal for a free trade deal with the European Union. The two parties have been in negotiations for over five years with Australia's primary goal to boost agricultural exports by eliminating EU tariffs and increasing quotas. The EU region's primary goal was greater access to "critical minerals."
Tag: quotas
Australia and the United Kingdom Announce Post-Brexit Trade Deal (Macro News for June 19, 2021 – June 25, 2021)
The United Kingdom signed its first free-trade agreement since leaving the European Union in January 2020. Australia and the U.K. announced the deal on Tuesday June 15, 2021 and promised the details would soon follow. Other agreements signed since Brexit between the U.K. and Japan and Norway were based on previous EU negotiations. This agreement is the first major trade agreement negotiated solely between the U.K. and another trading partner.
Steel and Lumber Prices are Sky-High. Lifting Trump’s Tariffs Could Help (Macro News for June 5, 2021 – June 11, 2021)
Raw materials supplies cannot keep up with the booming US economy and the resulting shortages and price hikes threaten to derail the pandemic recovery. However, President Biden could alleviate some price pressure on lumber and steel by ending the Trump era tariffs on these products. The tariffs were enacted to protect American industry and jobs from alleged “unfair trade practices” and eliminating the tariffs could harm US workers.
UK Exports to Europe Fall 41% as Brexit Hits Trade (Micro News for March 20, 2021 – March 26, 2021)
In January, Britain’s first full month outside of the European Union, exports fell by 41% over the previous month. The UK’s $11.3 billion in January 2021 exports to the EU were down about the same percentage when compared to January 2020. Imports also fell by 29% during January 2021. The change in exports and imports was the largest one month decline since 1997.
Pearson Economic News 