Food policy across much of the world is changing. But not in Britain. That may be a costly mistake as the prices of essentials rise because of the climate emergency, geopolitical tensions and the fragility of just-in-time supply chains. Many capitals are now reviving their strategic food reserves. European nations such as Sweden, Finland, Norway and Germany are rebuilding stocks dismantled after the cold war. Climate shocks have led to Egypt and Bangladesh boosting similar programmes. Countries such as Brazil and Indonesia – sensitive to the food needs of their…
Tag: Trade policy
China threatened to cancel key trade talks after UK minister’s Taiwan visit in June
China threatened to cancel high-level trade talks with the UK earlier this year over a government minister’s visit to Taiwan, the Guardian can disclose. Beijing told the British government it would pull its first trade and economic dialogue with the UK in seven years after Douglas Alexander, then a trade minister, travelled to Taipei in late June. The engagement threatened to scupper the UK-China trade and economic commission (Jetco), which ultimately did go ahead after diplomats privately scrambled to contain the diplomatic fallout with Beijing. Peter Kyle flew to China…
Influx of cheap Chinese imports could drive down UK inflation, economists say
As Trump’s tariffs take effect, Britain is likely alternative destination for cars, telecoms and sound equipment Business live – latest updates The UK is poised for an influx of cheap Chinese imports that could bring down inflation amid the fallout from Donald Trump’s global trade war, leading economists have said. After figures showed China’s trade surplus surpassed $1tn (£750bn) despite Washington’s tariff policies hitting exports to the US, the Bank of England said the UK was among the nations emerging as alternative destinations for the goods. Continue reading… The Guardian
The second China shock is coming – and the UK’s response is too timid | George Magnus
Emmanuel Macron came back from China in early December empty-handed. The French president’s appeal to his Chinese counterpart, Xi Jinping, to help stop the war in Ukraine was never going to gain traction given Beijing’s unqualified support for Russia. Urging Xi to address China’s surging trade surplus, the result of the country’s economic and industrial policies, predictably also fell on closed ears. In any event, Xi’s main concerns were the imminent final politburo meeting of the year and the annual Central Economic Work Conference (CEWC) that followed. Centre stage was…
China’s trade surplus hits $1tn for first time despite Trump’s tariffs – business live
From 2h ago Introduction: China’s trade surplus hits $1tn Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. China’s annual trade surplus has exceeded $1tn for the first time, as the manufacturing powerhouse shrugged off the impact of Donald Trump’s trade war. New trade data today shows that Chinese factories swelled their sales to non-US markets this year, making up from a sharp drop in shipments to the US. In November, China’s exports grew 5.9% year-on-year, customs data shows. That reverses a…
Jenrick rules out defecting to Reform as Farage denies report of election pact with Tories – UK politics live
From 30m ago Jenrick rules out defecting to Reform UK Some senior Reform UK figures think Nigel Farage should get Robert Jenrick to defect from the Tories, offering him the post of Reform’s candidate for chancellor, Steven Swinford from the Times reports. He also says Tory figures believe that Jenrick is unhappy because Kemi Badenoch is in a stronger position than she was, meaning that Jenrick’s chances of replacing her are fading a bit. Jenrick himself does not sound keen to go. Asked on Times Radio this morning about the…
UK retailers urge faster end to tax break on low-value imported goods
British retailers including Primark, Currys and Boohoo have criticised the government for waiting until 2029 to end a tax break on low-value imported goods that has allowed them to be undercut by the likes of Shein and Temu. The British Retail Consortium, which represents all the major retailers, said there were 1.6m parcels arriving in the UK every day, double the number from last year, and “businesses cannot afford any delay on scrapping the existing rules”. The “de minimis” rule allows overseas sellers to send goods valued at £135 or…
UK’s new business secretary Peter Kyle expected to visit Beijing in first week
The UK’s new business secretary, Peter Kyle, is expected to fly to Beijing this week as part of Keir Starmer’s continuing efforts to revitalise the UK’s trade relationship with China and provide growth to the British economy. The former science and technology secretary, who was promoted in Friday’s government reshuffle, is expected to land in China on Wednesday, picking up the schedule of his predecessor, Jonathan Reynolds, who is now the chief whip. Kyle will first travel to Washington as part of the preparations for Donald Trump’s state visit to…
World must be more wary than ever of China’s growing economic power
China is pulling every lever at its disposal to counter Donald Trump’s economic blockade, and it’s working. Trade is recovering after the massive hit from Washington’s wide-ranging tariffs on Beijing’s exports. According to data provider Macrobond and Beijing-based consultancy Gavekal Dragonomics, exports to the US were down by about $15bn (£11bn) in May, but up by half that figure to other countries that trade with the US. Exports to African countries have also risen sharply. Meanwhile, Chinese officials are poised to strike deals to deepen economic cooperation with countries ranging…
Five key takeaways from Macron’s speech to UK parliament
Emmanuel Macron, making the state visit by a European head of state to the UK since Brexit, has addressed MPs and peers in the Royal Gallery in parliament. Here are five standout moments from his speech 1. A mild dig at Brexit Nine years on from the referendum, and coded laments about Brexit are more palatable. The French president said that while the UK was no longer in the EU, it “cannot stay on the sidelines because defence and security, competitiveness, democracy – the very core of our identity –…