Britain joins US in attack on China’s trade subsidies
Trade Secretary Liz Truss will call for tougher rules against China s trade-distorting practices at the virtual Davos summit next week
23 January 2021 • 8:00pm
Britain will court the new administration in Washington by stepping up its attack on the Chinese state’s warping of global markets with subsidies.
Liz Truss, the Trade Secretary, is to push the case for reform of the global trading system in an address to the virtual Davos summit next week and is bidding to join an international alliance to intensify the pressure on the authoritarian state. The US, European Union and Japan hit out at China’s vast system of subsidies a year ago and have pressed for tougher rules against the trade-distorting practices to be imposed by the World Trade Organisation.
| UPDATED: 07:10, Wed, Jan 20, 2021
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Mr Osborne blasted the “short-sighted” unionist politicians in a recent column. The former Chancellor is now the editor of the Evening Standard and previously campaigned alongside former Prime Minister David Cameron for Britain to remain in the EU.
| UPDATED: 15:28, Mon, Jan 18, 2021
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The rules of origin aim to stop a UK company buying cheap products from a country outside the EU, before then repackaging and rebranding the items to sell them back into the EU without any tariffs being imposed. The post-Brexit trade deal signed between the UK and EU at the end of last year states goods that are unpacked and repacked in the UK, and not subject to further manufacturing, will be hit with customs taxes or tariffs when they are reimported back into the bloc. But just two weeks after the UK completed its full departure from the EU, the r
| UPDATED: 14:12, Wed, Jan 13, 2021
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In a bid to shift Mr Biden into agreeing a post-Brexit trade deal, Mr Johnson has instructed his team to add climate change guarantees to negotiations. By doing this, it is hoped the team may entice Mr Biden, who has made a series of green pledges, into agreeing a deal with International Trade Secretary, Liz Truss previously declaring her intent to sign a deal by June. It is thought Mr Johnson’s team may now add certain pledges such as enhanced air pollution protections and corporate transparency on climate change to bring Mr Biden team to the tab
Last year the City of London exported £25billion of services to the EU, making it a key market.
Sam Lowe, a trade expert at the Centre for European Reform who was previously also a member of the Government s Strategic Trade Advisory Group, has warned negotiations on financial services could create political tension in the EU-UK relationship .
He said Brussels is yet to decide on the issue of so-called equivalence - determining if the UK s rules and regulations are suitably compatible with its own that firms in London can have access to the EU market.
He wrote in a blog: The EU still needs to decide whether the UK’s financial services rule book is equivalent to its own, and if so whether to allow certain financial products to continue being sold into the EU from the UK’s territory.