Biden intends to stop trade war with China
The existing conditions and common sense are forcing President Joe Biden to settle the problem created by his predecessor Donald Trump, who began a trading war with China. The global situation has changed so considerably that now Washington cannot afford a war with Beijing.
Record high inflation and an approaching economic crisis are making the White House search for compromises with the Chinese authorities over tariffs on Chinese products imposed by Donald Trump. According to National Security Advisor Jake Sullivan, the US president is trying to find ways to settle this issue. “The President has been presented with a variety of views on this. He’s sought more information. He’s actively considering options. And I don’t have a timeline for you, but I don’t expect that it will — this will go on indefinitely. He will make a decision,” National Security Advisor Jake Sullivan said. Some time ago, US Secretary of Commerce Gina Raimondo voiced a similar version, saying that President Biden instructed her and other heads of departments to analyze this issue. The conflict between the countries was escalated by Trump's administration. Nearly two-thirds of all imports from China—or roughly $370 billion in annual goods—were covered by tariffs. According to US mass media, since early July 2018, US importers have lost about $100 billion and most of them had to break supply chains.
Europe ready to survive winter without Russian gas
The European Union is facing a natural gas crunch amid dwindling supply from Russia. Now, EU countries need to lower gas consumption in order to prepare for the upcoming winter.Klaus Muller, the head of Germany’s Federal Network Agency, called upon other EU countries to save up natural gas during the winter to stabilize energy prices.
16:02 2022-08-17 UTC+00
Ukraine conflict to leave scars on US
According to American economist James Rickards, the world is in a three-handed poker game today. Having studied the complex relations between global nations, he has concluded that the United States is the main loser in this game. Russia and China have formed a strong alliance, which is of serious detriment to the world's biggest economy.
12:15 2022-08-17 UTC+00
Rishi Sunak clearly sees UK problems
While problems in the UK are snowballing, record high inflation remains the key one. The government cannot stop or control the price growth, which is attracting new troubles. Former finance minister Rishi Sunak, who is the main PM candidate, also supposes that inflation is the main problem of the UK economy. “Inflation is the number one challenge we face,” he said.
12:13 2022-08-17 UTC+00
China seeks to avoid US delisting
Beijing is now looking for ways to avoid the US delisting of Chinese companies. The Chinese authorities are ready to make a concession in order to keep Chinese firms on US exchanges. In an attempt to stop US regulators from delisting hundreds of firms, Beijing is preparing a special three-tier system.
12:04 2022-08-17 UTC+00
Germany to lose $265 billion in 2023 due to Ukrainian crisis and high energy prices
The Ukrainian conflict could cost a fortune to Europe’s largest economy. Still, Germany intends neither to stop providing financial support for the country nor lift sanctions against Russia.According to the Institute for Employment Research (IAB), Germany could lose about €260 billion ($265 billion) in 2023 due to the Ukrainian crisis and high energy prices.
12:03 2022-08-17 UTC+00
US accepts importance of Russian oil in global market
The White House cannot deny the fact that the presence of Russian oil in the global market is crucial.US Under Secretary of State for Political Affairs Victoria Nuland notes how important it is that Russia supplies crude to world markets. Washington and its allies need Russian oil supplies in global markets, she said. Otherwise, prices could soar.
12:01 2022-08-17 UTC+00