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ASIA:
U.S. Trade Representative Katherine Tai said on Wednesday she expects to engage “in the near term” with Chinese officials to assess their implementation of the “Phase 1” trade deal between the two countries, with the outcome to influence the fate of Washington’s punitive tariffs on Beijing. Tai told that she respects the need for continuity in U.S.-China trade policy, including the two-year trade deal implemented last year by the Trump administration.
India’s oil imports in March rose from the previous month, buoyed by an upturn in economic activity that could take a knock again because of renewed lockdowns in the world’s third-largest crude importer. Crude imports rose 7.3% from February to 18.26 million tonnes, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed, although imports were still down about 6.5% year on year. India’s annual crude imports fell nearly 13% in the fiscal year 2020/21 to 198.11 million tonnes, its lowest in six years as refiners cut crude processing as COVID-19 destroyed fuel demand, data compiled by Reuters showed.