International Trade

BP to Settle Federal, State and local Deepwater Horizon claims for up to $18.7 Billion

AJOT | July 02, 2015 | Energy | Maritime | International Trade

Five years on from the Deepwater Horizon accident and spill in 2010, BP has reached agreements in principle to settle all federal and state claims arising from the event. Read More »

US trade rep sees Pacific trade pact before Congress by year-end

Reuters | July 01, 2015 | International Trade

U.S. Trade Representative Michael Froman said he hopes to wrap up a trade deal with 11 other Pacific Rim nations soon and send it to the U.S. Congress for approval before the end of the year. Read More »

Proposed investor court might save EU-US trade deal in European Parliament

Reuters | July 01, 2015 | International Trade

The president of the European Parliament has urged lawmakers to support a trade deal between Europe and the United States, telling them that setting up a new European court to settle trade disputes could overcome public resistance to the accord. Read More »

US, Cuba restoring diplomatic ties after 54 years

Reuters | July 01, 2015 | International Trade

U.S. President Barack Obama affirmed to Cuban President Raul Castro their decision to restore diplomatic relations and said the former Cold War enemies could reopen embassies in each other's capitals beginning July 20, the Caribbean country said. Read More »

US exporters scramble to save deals as trade bank halts new business

Reuters | July 01, 2015 | International Trade

U.S. exporters large and small scrambled to urge foreign customers not to abandon deals supported by the U.S. Export-Import Bank, which will be forced to halt new business at midnight as its charter expires. Read More »

Meat and dairy to eclipse biofuel in agriculture demand

Reuters | July 01, 2015 | International Trade

Changing diets in emerging countries will boost global demand for meat and dairy products in the next 10 years, shifting grain supply towards livestock feed as use of crop-based biofuel is curbed by lower oil prices, the FAO and OECD said. Read More »

South Korea exports to US, China rise in June; those to EU fall

Reuters | July 01, 2015 | International Trade

South Korean exports to the United States and China both rose for the first time in months during June, preliminary data from the trade ministry showed on Wednesday, while those to the European Union continued to drop. Read More »

WSC issues guidelines for implementation of container weight verification requirements

AJOT | July 01, 2015 | International Trade

One year from today, global containerized maritime commerce will need to comply with new international regulations that require every packed container to have a verified container weight as a condition for vessel loading. Read More »

Obama, Rousseff turn page on spy spat, work on trade, travel

AJOT | June 30, 2015 | International Trade

President Barack Obama and Brazilian President Dilma Rousseff used a White House visit to turn the page on a spying scandal that had damaged bilateral relations and said they want to work to bolster economic ties. Read More »

Obama signs trade bills into law, says tough battle still ahead

Reuters | June 30, 2015 | International Trade

U.S. President Barack Obama signed into law legislation that gives him "fast-track" power to push ahead on a Pacific Rim trade deal that has been the subject of intense debate in Congress and across the nation. Read More »

USDA takes first step to import fresh beef from Brazil, Argentina

Reuters | June 30, 2015 | International Trade

Fresh beef from Brazil and Argentina will be allowed into the United States under amended regulations that specify conditions to mitigate risk of foot-and-mouth disease (FMD), the U.S. Department of Agriculture's Animal and Plant Health Inspection Service (APHIS) said. Read More »

South African competition watchdog fines Japanese shipping firm

Reuters | June 30, 2015 | International Trade

South Africa’s competition watchdog has recommended Japanese shipping firm Nippon Yusen Kabushiki Kaisha Ltd (NYK) pay a 104 million rand ($8.5 million) penalty for price-fixing and collusion in the transport of cars. Read More »

‘Nein Danke’ - smaller German firms see US trade deal as threat

AJOT | June 29, 2015 | International Trade

Martina Roemmelt-Fella, who owns a small, family-run turbine manufacturer in Bavaria, should be a cheerleader for a trade deal between Europe and the United States that promises to ease the flow of goods and services across the Atlantic. Read More »

China-backed multilateral bank to take concrete shape this week

AJOT | June 29, 2015 | International Trade

One of China's biggest ever foreign policy successes will take concrete shape when delegates from 57 countries sign an agreement on the Asian Infrastructure Investment Bank (AIIB) in Beijing. Read More »

China to hold some veto powers in new Asian bank

AJOT | June 29, 2015 | International Trade

China will hold over a quarter of the votes in the new Asian Infrastructure Investment Bank (AIIB), its finance ministry said, giving it a veto in some key decisions despite Beijing insisting it will not have such powers. Read More »

Indonesia to be eighth-largest AIIB shareholder with $672 million stake

AJOT | June 29, 2015 | International Trade

Indonesia will sign up as a founding member of the China-backed Asian Infrastructure Investment Bank (AIIB) with an investment of $672.1 million paid over five years, the Finance Ministry said in a statement. Read More »

Juncker says EU pressed Greece to raise tax on ship owners

Reuters | June 29, 2015 | International Trade

European Commission President Jean-Claude Juncker said on Monday he had sought to get Greece to raise more tax from its shipping magnates as part of a cash-for-reform deal that the Athens government has rejected. Read More »

Brazil’s Petrobras slashes 5-year spending plan by 41%to $130.3 billion

Reuters | June 29, 2015 | Energy | International Trade

Brazil’s state-run oil company Petrobras slashed its long-term spending plan to the lowest level in eight years on Monday as new management moved to reduce the industry’s largest debt burden and pull the company out of a giant corruption scandal. Read More »

CBP officers in Tampa seize counterfeit Legos from China

AJOT | June 29, 2015 | International Trade

U.S. Customs and Border Protection (CBP) officers in Tampa seized a shipment of counterfeit toys with a Manufacturer’s Suggested Retail Price (MSRP) of more than $9,000. Read More »

California small business exports forklifts to Brazil supported by EXIM-guaranteed buyer financing

AJOT Administrator | June 29, 2015 | International Trade

Wiggins Lift Co. Inc., a small-business manufacturer in Oxnard, Calif., is exporting its forklifts to marinas in Brazil with the support of medium-term buyer financing being guaranteed by the Export-Import Bank of the United States (EXIM Bank) from Northstar Trade Finance Inc. in Vancouver, British Columbia. Read More »