U.S. Imports Slowed in April, Shrinking Trade Deficit From Record

WASHINGTON—The U.S. reported a sharp drop in April imports due to moderating domestic demand for foreign goods and materials as the World Bank warned that high prices and slowing growth will hit trade this year. The trade gap in goods and services fell to 19.1% in April from the prior month to a seasonally adjusted … Read more

U.S. Launches Initiatives to Boost Economic Ties With Taiwan

WASHINGTON—The Biden administration is forging closer economic ties with Taiwan in areas including trade, supply chains and technology-export controls, amid growing tensions with China. The U.S. Trade Representative’s office on Wednesday unveiled a new pact with Taipei to promote bilateral trade in areas such as digital trade, clean energy and labor rights. The two partners … Read more

Who Won the U.S.-China Trade War?

Between 2018 and 2020, the U.S. and China fought the biggest trade war since the 1930s, hiking tariffs, upending markets and threatening to plunge the global economy into recession. Since then, the battle has been the subject of dozens of economic studies and lots of political posturing in both countries. Who won? Figuring out the … Read more

Biden Officials Divided Over Easing China Tariffs to Slow Inflation

WASHINGTON—The Biden administration is split on whether to pare back tariffs on imports from China in an effort to cut consumer costs and reduce inflation, as the White House gives renewed consideration to a step that has divided officials. On one side of the debate within the administration are Treasury Secretary Janet Yellen and Commerce … Read more

Global Trade Hit by Ukraine War, China Lockdowns

SINGAPORE—Global trade stumbled in March, tripped up by accelerating inflation, war in Ukraine and Covid-19 lockdowns in China, adding to signs the world economy is entering a rough patch as policy makers battle to sustain growth. Trade figures and surveys of business activity released this month from Asia’s powerhouse traders—China, Japan, South Korea and Taiwan—all … Read more

Apple’s Big Bet on India Gets Bigger Still

India is emerging as Apple Inc.’s top manufacturing bet in Asia outside of China. On Monday, the company announced it has begun producing the iPhone 13 in the country. But for India to snatch a sizable chunk of the manufacturing pie, the country needs a stronger domestic market, export-friendly policies and better logistics infrastructure. India … Read more

U.S. Trade Deficit Narrowed Slightly in February

The U.S. trade deficit narrowed slightly in February, shrinking 0.1% for the month but remaining close to a record, as both exports and imports climbed on the cusp of war in Ukraine. The deficit in trade of goods and services slipped to a seasonally adjusted $89.19 billion in February, the Commerce Department said Tuesday, compared … Read more

U.S., U.K. Strike Trade Deal to End Tariffs on British Steel and American Whiskey

WASHINGTON—The U.S. and U.K. struck a trade accord Tuesday that will remove U.S. tariffs on British steel and aluminum, while the U.K. will lift levies on American whiskey, motorcycles and tobacco. Biden administration officials said the agreement with the U.K. will allow the U.K to ship “historically-based sustainable volumes” of steel and aluminum products to … Read more

Clandestine Finance System Helped Iran Withstand Sanctions Crush, Documents Show

WASHINGTON—Iran established a clandestine banking and finance system to handle tens of billions of dollars in annual trade banned under U.S.-led sanctions, enabling Tehran to endure the economic siege and giving it leverage in multilateral nuclear talks, according to Western diplomats, intelligence officials and documents. The system, which comprises accounts in foreign commercial banks, proxy … Read more

U.S. Moves to Deny Russia ‘Most-Favored’ Trade Status

WASHINGTON—The U.S. will seek to sever normal trade ties with Russia, including banning imports of its signature seafood, vodka and diamonds, as it joins other countries in ratcheting up economic pressure on Moscow for its invasion of Ukraine, President Biden said Friday. The measures will be “another crushing blow to the Russian economy” and President … Read more