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....The flourishing industry is now seeking the earliest possible notice that there will be a transitional deal post-2019 that “keeps as much as possible” of the status quo for as long as possible. The imposition of either World Trade Organisation tariffs of 10% on passenger cars and up to 22% on commercial vehicles, or non-tariff barriers such as customs controls, would be devastating for a sector that relies heavily on the swift, free movement of parts and finished cars. ... [Read full article on Guardian ]
Thursday 27th of April 2017 03:37:30 PM
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.... After all, he has dropped many other campaign pledges, including (fortunately) his oft-repeated vow to label China a currency manipulator “on day one” of his administration. Another possibility would be for Trump to attempt to bully Mexico – the main target of his renegotiation plans – by, say, raising tariffs, in violation of Nafta and World Trade Organisation rules. ... [Read full article on Guardian ]
Tuesday 25th of April 2017 08:44:58 AM
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Latest Finance News related to World Trade Organisation

Brexit: UK carmakers 'sitting on their hands' rather than investing image
Source : Guardian [Read Article] Thursday 27th of April 2017 03:37:30 PM
....The flourishing industry is now seeking the earliest possible notice that there will be a transitional deal post-2019 that “keeps as much as possible” of the status quo for as long as possible. The imposition of either World Trade Organisation tariffs of 10% on passenger cars and up to 22% on commercial vehicles, or non-tariff barriers such as customs controls, would be devastating for a sector that relies heavily on the swift, free movement of parts and finished cars. ...
Can Donald Trump better renegotiate Nafta? Yes, by bringing back TPP image
Source : Guardian [Read Article] Tuesday 25th of April 2017 08:44:58 AM
.... After all, he has dropped many other campaign pledges, including (fortunately) his oft-repeated vow to label China a currency manipulator “on day one” of his administration. Another possibility would be for Trump to attempt to bully Mexico – the main target of his renegotiation plans – by, say, raising tariffs, in violation of Nafta and World Trade Organisation rules. ...
Trump, trade, interest and aid make for a challenging IMF summit image
Source : Guardian [Read Article] Saturday 15th of April 2017 03:00:05 PM
....But talking heads in Washington will have to concede that part of Trump’s electoral success was born out of discontent among many voters who felt harmed by globalisation. There was some admission of that, in the run-up to the meeting, in a joint defence of trade from the IMF, the World Bank and the World Trade Organisation. ...
Trump is reckless – but he knows he can't afford to antagonise China | Barry Eichengreen image
....The US has some legitimate economic grievances against China – for example, over its treatment of American intellectual property and US beef and grain exports. But the appropriate venue for adjudicating such disputes is the World Trade Organisation. ...
Trump tax cut plan will be as big a flop as failed healthcare reforms | Nouriel Roubini image
....A plan offered by Republicans in the House of Representatives to reduce the corporate tax rate from 35% to 15%, and to make up for the lost revenues with a border adjustment tax (BAT), is dead on arrival. The BAT does not have enough support even among Republicans, and it would violate World Trade Organisation rules. ...
Free trade warning – IMF, WTO and World Bank say it must be defended image
. Fears that Donald Trump’s arrival in the White House is threatening a new era of protectionism have prompted a joint defence of trade from the International Monetary Fund, the World Bank and the World Trade Organisation. ...
America owes China $1tn. That’s a problem for Beijing, and Trump knows it image
....Trump has expressed in blunt, often bellicose, terms his unhappiness with the way China conducts its trade, but according to Davidson he has a point. “The US position in these trade negotiations is strengthened by international trade law, and by China’s systematic violation of obligations under World Trade Organisation rules. ...
Ryanair 'will have to suspend UK flights' without early Brexit aviation deal image
....“Europe has been very clear in recent days that no deals are going to be put in place, they are not planning to put any special deals in place,” he said. “If there was a cliff-edge scenario with World Trade Organisation rules and no bilateral on open skies in place, there is a distinct possibility that there will be no flights for a period of time between Europe and the UK. ...
Will populist leaders stifle the global recovery – or vice versa? image
Source : Guardian [Read Article] Tuesday 4th of April 2017 03:32:12 PM
.... The Trump administration believes that it has the bargaining tools to recalibrate the relationship to America’s advantage, including a tariff on Chinese imports or even selectively defaulting on the more than $1tn the US owes to China. But a tariff would eventually be overturned by the World Trade Organisation, and a default on US debt would be even more reckless. ...
UK businesses welcome May's free trade call but warn of no-deal Brexit disaster image
....British businesses have cautiously welcomed the prime minister’s pledge to work for a “bold and ambitious free trade agreement” with the EU as part of the Brexit negotiations, but reiterated warnings that it would be disastrous for the UK to leave without a deal. Concerns have been rising among businesses in recent weeks that the UK could be heading towards a hard Brexit that would mean paying World Trade Organisation tariffs of about 5% on imports and exports with Europe. ...
Price of imported fruit and vegetables 'will rise by up to 8% after Brexit' image
.... “If we have a business as usual transitional deal you wouldn’t expect costs to rise. But it will be different if we move to World Trade Organisation tariffs,” he said. ...
UK manufacturers tell May no EU deal is 'simply unacceptable' image
Source : Guardian [Read Article] Monday 27th of March 2017 05:01:00 AM
....But in a new report EEF said the manufacturing sector would be badly affected by losing access to the single market and the customs union and that not having a new trade deal would leave it particularly exposed on day one. If there is no agreement between Britain and the EU then businesses could face World Trade Organisation tariffs of more than 5% on exports to the continent. ...
Dyson plays down hard Brexit concerns as company posts £2.5bn record sales image
. Sir James Dyson, the billionaire investor, has played down concerns that a “hard Brexit” could harm the UK economy by claiming that World Trade Organisation tariffs have not prevented his technology company from achieving record financial results. ...
Parts of UK that voted for Brexit may be hardest hit, study finds image
Source : Guardian [Read Article] Sunday 26th of March 2017 11:01:43 PM
....The government hopes to soften the impact of leaving the single market by striking a new free trade agreement, but with EU negotiators insisting that Britain first settle the terms of its divorce settlement, there are growing fears that it will instead crash out of the union without a deal. In this scenario, exporters would be forced to rely on World Trade Organisation (WTO) terms, which include punitive tariffs for many agricultural products and manufactured goods such as cars. ...
No EU trade deal is better than a bad deal? Don’t bet on it, Theresa May | Jonathan Portes image
....Possibilities would be disruption at borders, for both travellers and businesses, as we and the rest of the EU reintroduce long-abandoned controls. But assuming we got over the immediate disruption, the most important direct consequence of leaving without a deal would be that trade with the EU would revert to “WTO rules” – that is, the standard World Trade Organisation arrangements that countries without preferential trading arrangements use. ...
Do not let Brexit ruin car industry, urges chair of London Taxi Company image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 07:51:15 AM
....A report by PA Consulting said earlier this week that the cost of assembling a car in Britain could increase by £2,370 in the event of a hard Brexit, forcing some manufacturers to look at moving production out of the country. The increase in costs – equivalent to more than 10% per vehicle – would hit if Britain falls back on World Trade Organisation rules after leaving the EU. ...
Hard Brexit 'could increase cost of making a car in UK by £2,400' image
Source : Guardian [Read Article] Monday 20th of March 2017 06:34:46 PM
....The cost of assembling a car in Britain could increase by £2,370 in the event of a “hard Brexit”, forcing some manufacturers to look at moving production out of the country, a report has found. The increase in costs – equivalent to more than 10% per vehicle – would hit the average UK-built car if Britain falls back on World Trade Organisation rules after leaving the European Union. ...
No-deal Brexit 'would put UK in worst trading position of rich nations' image
....If a Tuesday deadline proves impossible, the start of exit proceedings could be delayed until the end of the month, to avoid clashing with this week’s Dutch election. May’s senior Brexit ministers used media interviews on Sunday to discuss what would happen if the UK could not agree a deal over the two-year departure process, bringing instead a default on to standard World Trade Organisation (WTO) arrangements. ...
Chocolate price hike if Brexit deal fails, warns Mars image
Source : BBC [Read Article] Friday 10th of March 2017 12:52:27 PM
....". But Ms Dawson fears this would see the country revert to World Trade Organisation trading rules, meaning tariffs. ...
US businesses warn the UK over loss of access to EU single market image
Source : Guardian [Read Article] Wednesday 8th of March 2017 11:00:05 AM
....The report concludes that UK-EU trade deal is unlikely to be in place until about 2025. “When Washington sets out to negotiate a formal bilateral deal with the UK, it will want to understand the UK’s new WTO [World Trade Organisation] commitments and the nature of UK-EU transitional arrangements following Brexit, as well as London’s end goals with regard to a deal with the UK’s largest trade partner, the EU,” the report says. ...
Brexit without trade deal would open Pandora's box, says CBI chief image
Source : Guardian [Read Article] Thursday 2nd of March 2017 06:25:49 PM
....As Theresa May prepares to trigger the formal talks process for leaving the EU, Drechsler used a speech at Mansion House in the City of London on Thursday night to warn that the two-year article 50 process would be a “roller-coaster” for businesses trying to plan for the future. The prime minister has said that at the end of the two-year process, no deal would be better than a bad deal, and the Brexit secretary, David Davis, has warned his cabinet colleagues to draw up contingency plans in case Britain has to exit without a deal and is forced to trade with the rest of the EU on less preferential World Trade Organisation terms. ...
Dyson shrugs off Brexit fears with massive UK expansion plan image
Source : Guardian [Read Article] Tuesday 28th of February 2017 07:19:58 PM
....The tycoon said that Britain is a “great place to do business” due to the low rate of corporation tax, the skills of engineers and scientists, and the decline in the value of the pound against the dollar and euro. “These are far more important elements than any WTO [World Trade Organisation] tariffs. ...
Brexit means taxpayers need to support supply chain, says Nissan image
Source : Guardian [Read Article] Tuesday 28th of February 2017 05:56:52 PM
....Lawther said Nissan was looking for a bundle of measures in Brexit negotiations and had made “a strong request” to the government to ensure Britain stayed in the customs union. A World Trade Organisation alternative would be a financial “disaster” with a 10% tariff on exports costing the company up to £500m a year, he added. ...
George Osborne warns against leaving EU without trade deal image
Source : BBC [Read Article] Tuesday 28th of February 2017 03:18:11 PM
....The government is expected to notify the EU of its intention to leave next month, paving the way for a two-year negotiation over the terms of exit and the shape of the UK's future relationship with the EU. Theresa May has said no deal would be better than a bad one and indicated she would be prepared to see the UK revert to World Trade Organisation trading rules in the absence of any agreement. ...
Losing banking jobs to EU 'threatens financial stability across Europe' image
Source : Guardian [Read Article] Tuesday 21st of February 2017 06:00:11 PM
....Though most business leaders have welcomed May’s recent speech promising to try to secure a generous free trade agreement with the EU, many remain sceptical that it can be achieved in the face of such rancour and competing interests. Instead, they fear a “crash landing” that leaves only World Trade Organisation rules in place. ...
Trump's changed stance on Nato, will he sober up about IMF and WTO? | Barry Eichengreen image
.... Even a president committed to putting “America first” now seems to recognise that a framework through which countries can pursue shared goals is not a bad thing. The question now is whether what is true for Nato is also true for the International Monetary Fund, the World Bank, the World Trade Organisation, and the Basel committee on banking supervision. ...
Brexit weekly briefing: article 50 moves closer but EU dashes divorce deal hopes image
.... As the Green MP Caroline Lucas said, they may now face something of a Hobson’s choice – forced to accept whatever the prime minister comes back with, because the alternative would be even worse:. The vote [the government] is offering gives MPs a choice between an extreme Brexit and falling off a cliff edge into World Trade Organisation trade rules. ...
Britain has grown rich by chasing the cash. Now it has lost the scent | Will Hutton image
....The same ideologically driven delusions are playing out across the board. The core assumption of the Outers is that the world of the next 30 years will be like the world of the last 30 – of growing multilateral trade and effective supranational institutions such as the World Trade Organisation to underwrite and police it. ...
Car firms tell May post-Brexit tariffs are 'red line' issue that threatens jobs image
.... “Looking at the figures and anecdotal evidence, we do see companies delaying investment decisions until there is greater certainty,” he said. The warning on tariffs came just over a week after the prime minister said in a landmark speech that Britain will leave the single market as part of Brexit and revert to World Trade Organisation rules if it cannot strike a good deal with the EU. ...
My new year forecast: Trumpian uncertainty, and lots of it image
Source : Guardian [Read Article] Monday 9th of January 2017 11:59:13 AM
....Trump seems hell-bent on having a trade war. But how will China and Mexico respond? Trump may well understand that what he proposes will violate World Trade Organisation rules, but he may also know that it will take a long time for the WTO to rule against him. ...
Economic forecasts are hardwired to get things wrong image
Source : Guardian [Read Article] Sunday 8th of January 2017 12:08:43 PM
....8% of GDP cost after 15 years; leaving with a negotiated bilateral trade deal would cost 6. 2%; while having access to the single market on the same terms as any other member of the World Trade Organisation (WTO) would cost of 7. ...
UK at risk of Brexit ‘catastrophe’ warns Canadian trade expert image
Source : Guardian [Read Article] Saturday 7th of January 2017 10:00:00 PM
....Although he has no formal role in advising the UK, Langrish has been sounded out behind the scenes by those involved with handling Brexit in Whitehall. The impression he has been left with is that unless the British government shows more flexibility it will probably have to revert to World Trade Organisation rules and common tariffs, which could lop 4% off UK GDP. ...
After Brexit  image
Source : BBC [Read Article] Thursday 5th of January 2017 03:16:46 PM
....While most of the lobby groups have a view on reforming subsidies, they are less clear about the problem of trade. If there is no free trade agreement with the EU, Britain would rely on trading rules laid down by the World Trade Organisation (WTO) which could be very uncomfortable for farmers having to pay taxes, or tariffs, to sell into the single market. ...
This is a true age of uncertainty for the world economy | Barry Eichengreen image
Source : Guardian [Read Article] Wednesday 14th of December 2016 02:55:00 PM
.... Jimmy Carter may not go down in history as one of the best US presidents, but he did not threaten actions that placed the entire global system at risk. He did not turn his back on America’s international commitments such as Nato and the World Trade Organisation. ...
China launches WTO challenge over dumping fines image
Source : BBC [Read Article] Tuesday 13th of December 2016 08:54:17 AM
. China has filed a complaint with the World Trade Organisation over the way the US and Europe use anti-dumping rules against it. ...
UK naive to expect easy ride in Brexit trade talks, says Lords report image
Source : Guardian [Read Article] Tuesday 13th of December 2016 12:01:41 AM
....“We recognise that the government is engaging with industry stakeholders but are not convinced that the level of engagement and expertise within government are commensurate with the scale of this unprecedented task, particularly given the government’s commitment to trigger article 50 by the end of March 2017,” wrote the Lords’ EU internal market and EU external affairs sub-committees. Peers took evidence on four main options facing the government: remaining in the European Free Trade Association (EFTA) like Switzerland or Norway, a more limited Turkish-style position inside the customs union, a free trade agreement (FTA) similar to that negotiated by Canada or falling back on the system of international tariffs agreed by the World Trade Organisation (WTO). ...
How Italy became this century's 'sick man of Europe' image
Source : Guardian [Read Article] Monday 5th of December 2016 04:55:03 PM
.... Productivity has increased less rapidly than in Germany or France. Secondly, Italy has tended to specialise in low-cost manufactured goods, a segment of the global economy that has been dominated by China since it gained membership of the World Trade Organisation in 2001. ...
CBI to make plea to Theresa May for a ‘smooth Brexit’ image
Source : Guardian [Read Article] Sunday 20th of November 2016 12:05:22 AM
.... But he will make clear that there will be untold damage unless access is retained to the single market as part of a “smooth Brexit” process. In particular, he will emphasise the need for a period of transition after 2019, during which the UK remains tied into the single market and its rules, in order to avoid a sudden change and the imposition of tariffs, probably under World Trade Organisation rules. ...
Trump is right: Nafta is a disaster. But US workers aren’t the big losers | Felicity Lawrence image
.... Rates of diabetes associated with it have soared, just as the free trade agreement restricted the introduction of generic drugs and extended the patents of pharmaceutical companies, straining the health budget. Similar free trade agreements have been pursued aggressively by the US and the EU in the last two decades as an alternative to the endlessly stalled World Trade Organisation talks. ...
Trade is the lifeblood of humanity. Closed doors lead to closed minds | Will Hutton image
....For 70 years, the US and Britain have underwritten the open global trading system, partly because of a stubborn and correct belief in the merits of free trade, partly out of self-interest as beneficiaries of globalisation and partly because, strategically, it spreads democracy, peace and capitalism. They have spearheaded successive rounds of tariff cuts and multilateral trade deals and stood by, first, the General Agreement on Tariffs and Trade (Gatt) and its successor, the World Trade Organisation, to keep the system honest. ...
The Oval Office will tame President Donald Trump image
Source : Guardian [Read Article] Friday 11th of November 2016 10:48:51 AM
.... He claimed that he would repeal Nafta, but he will more likely try to tweak it as a nod to American blue-collar workers. And even if a pragmatic Trump wanted to limit imports from China, his options would be limited by a recent World Trade Organisation ruling against “targeted dumping” tariffs on Chinese goods. ...
As the election haze clears, Trump’s China conundrum will become clear | Jonathan Fenby image
....When Deng Xiaoping perceived at the end of the 1970s that the way to make China great again and to save the Communist party from implosion was to pursue economic growth, he turned to exports. The bargain that emerged suited everybody, and led to the entry of the People’s Republic of China (PRC) into the World Trade Organisation in 2001. ...
How America's new president will affect the global economy image
Source : Guardian [Read Article] Wednesday 9th of November 2016 04:36:23 PM
....Some of Trump’s economic manifesto has been hazy but his attitude to China could not have been clearer. He will instruct his Treasury secretary to label China a currency manipulator, he will bring cases against Beijing to the World Trade Organisation, and he will consider imposing a 45% tariff on Chinese imports into the US to make it easier for American companies to compete. ...
Globalisation backlash enters new phase with Trump win image
Source : Guardian [Read Article] Wednesday 9th of November 2016 10:09:27 AM
.... The two trade deals Barack Obama has been negotiating – the Trans-Pacific Partnership (TPP) and the Trans-Atlantic Trade and Investment Partnership (TTIP) are dead in the water. Trump is no fan of the World Trade Organisation, the body that polices global trade and was created in the first flush of post-cold-war globalisation euphoria. ...
Will the US election mean the end of free trade? image
Source : Guardian [Read Article] Friday 4th of November 2016 03:32:35 PM
.... While the likely content of a Trump trade policy is unclear, he has threatened tariffs of 45% on China and 35% on Mexico. He says withdrawing the US from the World Trade Organisation is an option and that he will break or renegotiate the North American Free Trade Agreement. ...
How could the UK help Nissan remain competitive? image
Source : BBC [Read Article] Friday 28th of October 2016 04:10:08 PM
....One option would be some sort of direct compensation to the company if it did face new tariffs on its sales into the EU. That could easily fall foul of World Trade Organisation rules because export subsidies are banned - they are defined as subsidies contingent on export performance. ...
Business leaders plead against 'hard' Brexit image
Source : BBC [Read Article] Friday 7th of October 2016 08:42:09 PM
.... . It says defaulting to trading by World Trade Organisation (WTO) rules would leave 90% of UK goods trade with the EU subject to new tariffs. ...
Liam Fox predicts free EU trade post-Brexit image
Source : BBC [Read Article] Thursday 29th of September 2016 11:04:47 AM
.... Anything else, he said, may not harm the politicians and institutions in Brussels, but it would harm the people of Europe. He also said for the first time that he wanted a post-Brexit Britain to be a full independent member of the World Trade Organisation, a clear signal that he does not believe the UK should seek what's called a soft Brexit involving membership of the EU single market or customs union. ...
EU rapped by WTO for $10bn a year Airbus subsidies image
Source : BBC [Read Article] Thursday 22nd of September 2016 04:11:48 PM
. The EU has failed to comply with rulings that it should cut subsidies to aircraft maker Airbus, the World Trade Organisation has ruled. ...
Wetherspoon boss says UK does not need an EU trade deal image
Source : BBC [Read Article] Friday 9th of September 2016 07:55:08 AM
....The chairman of JD Wetherspoon pub chain, Tim Martin, has said that the UK does not need to negotiate a trade deal with the European Union. Mr Martin, who was a prominent Leave campaigner, argues that the UK should trade under existing World Trade Organisation rules. ...

President Trump is a monster waiting behind a locked door. What happens if America opens it? 
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....He has threatened to pull out of Nafta, the US’s primary trading zone, to slash immigration and bring in a string of robust protectionist measures that could set off a trade war. He shows nothing but contempt for the network of flawed but important Bretton Woods institutions, like the World Trade Organisation and the IMF, which project western power and rules-based economic relations across the world. ...

Liam Fox may be a virtual minister – but he's vital to Britain's future success
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.... Yet in key areas he has no powers to do anything and will not have them until Britain leaves the EU. He can’t negotiate in the World Trade Organisation. ...

Donald Trump says French and Germans to face 'extreme vetting' entering the US
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....Mr Trump said the two European nations had been "totally compromised by terrorism" because they had "allowed people in". The Republican presidential nominee, who has threatened to introduce punitive import taxes, also said America could pull out of the World Trade Organisation if he is president. ...
EU Trade Commissioner: No trade talks until full Brexit image
Source : BBC [Read Article] Thursday 30th of June 2016 06:23:25 PM
...."First you exit then you negotiate," Cecilia Malmstrom told BBC Newsnight. After Brexit, the UK would become a "third country" in EU terms, she said - meaning trade would be carried out based on World Trade Organisation rules until a new deal was complete. ...
The key lesson of Brexit is that globalisation must work for all of Britain | Gordon Brown image
....Related: What do Germans think about Brexit? They pity us. Second, we must quickly end uncertainty over Britain’s future relationships with Europe with the same kind of an in-depth scrutiny of all the possibilities – the Norwegian, Swiss, Canadian and World Trade Organisation model – that we did when considering whether to join the euro. ...
Brexit is a rejection of globalisation image
Source : Guardian [Read Article] Sunday 26th of June 2016 10:41:12 AM
....There has been push back against globalisation over the years. The violent protests seen in Seattle during the World Trade Organisation meeting in December 1999 were the first sign that not everyone saw the move towards untrammelled freedom in a positive light. ...
UK car industry needs 'swift EU deal to curb high tariffs' image
Source : BBC [Read Article] Saturday 25th of June 2016 10:46:20 AM
....5% of which goes to Europe. "What we don't want in two years' time is to go back to [World Trade Organisation] rules which involve 10% tariffs on car exports," he said. ...
Trade deal challenges image
Source : BBC [Read Article] Saturday 25th of June 2016 08:04:13 AM
.... . If the talks - with the EU and third countries - don't reach a deal before the EU exit takes effect, then under World Trade Organisation rules both the UK and the EU would be obliged to apply to each other the tariffs and other trade restrictions they apply to the rest of the world. ...
Brexit voters don’t listen to elites. But they might listen to Labour image
.... Personally, I accept the economic argument wholeheartedly. The idea of leaving the single market and then renegotiating is patently absurd, as is the fantasy that, without even a British member on the seven-person appellate body that resolves World Trade Organisation disputes, the Brexit gang can negotiate everything to the UK’s advantage. ...
Prices, property, pensions: 30 EU referendum questions answered image
Source : Guardian [Read Article] Friday 10th of June 2016 12:53:56 PM
....2%, but it can be as high as 70%-90% for different types of meat, according to the National Farmers’ Union. If Britain exited, rules agreed with the World Trade Organisation (WTO) would prevent us from setting import tariffs higher than the current default rates, but we would be free to cut them as much as we liked. ...
Poorer families would shoulder heavier burden of Brexit costs - report image
....“These assumptions are the worst possible ones for Brexit as they assume the UK continues with EU protectionism after leaving the EU, so that we have even less free trade than within the EU,” said Minford. On his group’s analysis, if the UK gets a World Trade Organisation deal under which it would have the same rights to export to the EU as the US, there would be substantial economic benefits, Minford added. ...
WTO chief says post-Brexit trade talks must start from scratch image
Source : Guardian [Read Article] Tuesday 7th of June 2016 11:37:28 AM
. Negotiations about the shape of the UK’s post-Brexit trade arrangements would have to start from scratch after a leave vote in the EU referendum, the head of the World Trade Organisation said as he admitted there had been no preliminary discussions with the UK government. ...
Predictions of recession if UK leaves EU based on 'bizarre assumptions' image
.... This has included long-term and short-term reports from not merely the Treasury but also the Centre for Economic Performance at the LSE, PWC, Oxford Economics, the National Institute for Economic and Social Research, the OECD and the IMF,” Minford said. “The common element in the consensus outside Economists for Brexit is that after Brexit, under the World Trade Organisation option, the UK continues to maintain protectionist tariffs and other trade barriers against the rest of the world, including the EU. ...
WTO head says leaving EU would cost UK consumers £9bn a year image
Source : Guardian [Read Article] Wednesday 25th of May 2016 06:53:44 PM
....The watchdog for global trade has said leaving the European Union would push back trade barriers at a cost of £9bn a year to British consumers. World Trade Organisation boss, Roberto Azevedo, said Britain would be forced to renegotiate trade deals with all 161 WTO members in an unprecedented move that would be akin to joining from scratch. ...
IFS warns Brexit would extend austerity for two more years image
Source : Guardian [Read Article] Tuesday 24th of May 2016 11:01:23 PM
....The IFS report used forecasts by the National Institute for Economic & Social Research (NIESR) to judge the impact of Brexit on the economy and then used its own experts to judge the impact on the public finances. NIESR’s forecasts were based on two scenarios, which envisaged the UK paying to remain inside the European Economic Area, and another that left firms to export to the rest of the world based on World Trade Organisation rules. ...
Brexit would cause 'DIY recession', says Osborne image
Source : Guardian [Read Article] Monday 23rd of May 2016 07:38:38 AM
....The new study makes a “central estimate” of the more immediate impact if Britain negotiates a bilateral agreement with the EU within two years. But it also includes a “severe shock” scenario in which the UK fails to negotiate a deal and instead defaults to membership of the World Trade Organisation, which carries higher trade tariffs. ...
European parliament gives China a black eye over trade status image
Source : Guardian [Read Article] Thursday 12th of May 2016 06:00:13 PM
....The timing of the steel crisis could hardly have been worse for China. Beijing is desperate to be granted market economy status within the World Trade Organisation but is running into stiff opposition from both the US and Europe. ...
EU referendum: top economic thinktank warns of post-Brexit shocks image
Source : Guardian [Read Article] Tuesday 10th of May 2016 03:15:09 PM
.... He said each UK household would be poorer to the tune of £4,300 a year. The Treasury also estimated that under a World Trade Organisation model, Britain’s GDP would decline by 7. ...
TTIP has been kicked into the long grass … for a very long time image
Source : Guardian [Read Article] Tuesday 3rd of May 2016 05:58:29 PM
....As talks to broker a global trade deal entered a second tortuous decade, the US and the European Union came up with an idea. Since it was proving impossible to find agreement among the 150 or so members of the World Trade Organisation about how to tear down barriers to freer commerce, they would strike their own agreement. ...
Alistair Darling: leaving EU could put £250bn of UK export trade at risk image
....Britain exports £637bn worth of goods and services to other EU member states and more than 50 countries with which the EU has free trade agreements (FTAs), according to analysis for Britain Stronger in Europe, the official campaign to keep Britain in the EU at the 23 June referendum. Switching to less preferential World Trade Organisation rules – the stopgap arrangement Brexit campaigners suggest would be in place while talks on new trade deals get under way – could jeopardise more than a third of that trade, or £250bn, as tariffs on British exports increased, the campaign claimed. ...
How the UK economy will THRIVE outside EU – and we’ll earn MORE image
Source : Daily Express [Read Article] Thursday 28th of April 2016 04:30:00 PM
.... Much has been made over trade deals post-Brexit, but the group's research shows why the UK does not need a deal. Under the rules of the World Trade Organisation (WTO) Britain can carry on trading with EU countries in the same way the US, Japan and China do. ...

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