Podcasts about World Trade Organization

After a yearlong slump, the World Trade Organization said the volume of global trade in goods is set to rebound in the coming year. Leading the charge will be auto parts and electronic components, the WTO said, particularly because demand for electric vehicles is high. In this episode, what it’ll take for global trade to return to pre-pandemic levels. Plus, retailers need those holiday discounts to draw customers, utility companies test out geothermal networks and newly built homes drive the homebuying market.

After a yearlong slump, the World Trade Organization said the volume of global trade in goods is set to rebound in the coming year. Leading the charge will be auto parts and electronic components, the WTO said, particularly because demand for electric vehicles is high. In this episode, what it’ll take for global trade to return to pre-pandemic levels. Plus, retailers need those holiday discounts to draw customers, utility companies test out geothermal networks and newly built homes drive the homebuying market.

Today, our discussion comes from our archived seminar: In Quest of a Multipolar Economic World Order – Promises and Perils, which was recorded in March of 2021. Our talk is hosted by our Director of Education, Dr. Ibrahima Drame, and Alana Hartzok, an environmental activist and ethicist. For our talk today we're joined by Dr. Michael Hudson and Mr. Pepe Escobar.   Dr. Hudson is the president of the Institute for the Study of Long Term Economic Trends, and a professor of economics at the University of Missouri–Kansas City as well as the School of Marxist Studies at Peking University, in China.   Mr. Escobar is a Brazilian journalist with extensive experience in Southeast Asia and the Middle East. He is the author of several books on globalization: Globalistan, Empire of Chaos, and many more.   As the British Empire began to fall and World War II came to a halt, a new world order was created. A new hegemon, the United States, was established, creating the rules-based system of international governance we see today.   International institutions, such as the United Nations (UN), World Bank, or the World Trade Organization (WTO) were established to create forums and processes for nations to amicably settle disputes. As the leader in this newly created order, the US benefited from the growing economic and diplomatic ties between themselves and the international community. However, as time passed, the US became less competitive and increasingly unequal as its future competitors developed.   Fast forward to today, and the current order is beginning to be challenged. China has a comparable status to the US economically, militarily, and technologically. Russia has waged war in Ukraine, ending decades of inter-country peace in Europe. Smaller and medium-sized nations, like Iran or Turkey, are playing an outsized role in international affairs and conduct themselves with increasingly precarious behavior.   With the decline of the US, questions about the global order it established are beginning to arise. Some believe that the very hegemonic status itself was the cause of many global ills. Within this criticism lies the desire for a multipolar world, or one that has many leaders, not just one. However, history has shown that challenges to established orders or incumbent hegemons can lead to tumultuous times. Our guests today help us understand how things could play out in the coming decades. Will this be an opportunity to fix unaddressed concerns or another flashpoint for conflict? Looking at the world through geopolitical and economic lens, we can answer some of these questions.     Dr. Hudson is a consultant to governments across the world for nations like Latvia, China, and Iceland. Pepe is the editor-at-large for Asia Times and is a veteran geopolitical analyst. These two are seasoned geopolitical commentators and are the perfect guests to answer some of our questions.   Together, we discussed how imperialistic tendencies led to problematic behavior by the US, why China developed so rapidly while the US stagnated, and why South American countries pursued neoliberal policies in the 70s and 80s. To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smart-talk-hgsss/support

On Episode 55:  

Early next month, the European Union and China are set to hold the 24th bilateral summit. The last EU-China summit was held via video conference in April 2022. It took place against the background of China's countermeasures to EU sanctions on human rights, Chinese economic coercion and trade measures against the single market, and most importantly, Russia's military aggression against Ukraine and Beijing's unwillingness to condemn the invasion. Earlier this year, the European Council reaffirmed the EU's multifaceted policy approach towards China, which is based on the judgment that China is simultaneously a partner, a competitor, and a systemic rival. However, that balancing act is getting more and more difficult.Host Bonnie Glaser is joined by Mr. Gunnar Wiegand, who has recently retired from the post of Managing Director for Asia and the Pacific at the European External Action Service, which he held for 7 ½ years. He is now a visiting professor at the College of Europe and the Paris School of International Affairs, and as of November 1, 2023, he has joined GMF's Indo-Pacific program as a visiting distinguished fellow.  Timestamps[01:39] EU-China Relations on the Eve of the 24th Bilateral Summit[05:13] Impact of the War in Ukraine on EU-China Relations[07:29] How could China alleviate concerns in Europe? [09:33] De-risking in the European Union[15:27] Proportionate and Precise Economic Security[18:27] How similar are EU and US perceptions of China?[22:13] The EU's Stance on Taiwan[26:19] How can EU contribute to peace and stability in the Taiwan Strait?[27:21] Outcomes of the Biden-Xi Summit

Alban Sanchez is the Chief of Technology and Innovation Officer of LinkAmerica. He has a background in electronics engineering, research, and development for the telecommunications industry and, during the last decade, founded and became CEO of a company called Lantern Technologies - later acquired by LinkAmerica -.  His company specialized in the development of Industry 4.0 software applications, the Internet of Things (IoT), data science, and artificial intelligence technologies. He has been a speaker in different national and international forums - including twice TEDx talk speeches - and has contributed technically and commercially to the creation of innovative technological products on industrial automation, smart agriculture, and smart cities.For more than 20 years he also served in several positions on the Foreign Trade Promotion Agency of Costa Rica (PROCOMER), including being a board member and General Manager ai. He led strategic planning, innovation management, multiple technological projects, and several restructuring processes, which resulted in an evaluation and later recognition from the World Trade Organization WTO to PROCOMER as the best trade Promotion Agency in the world.His combined experience in entrepreneurship, international trade, technical design, product development, and commercialization gives him an end-to-end and high-to-low-level view of the management processes involved in launching new products in the technological sector.Learn more about Alban- https://www.linkedin.com/in/alban-sanchez-39a9624/Leran more about Lin America IoT- https://www.linkamericalabs.com/Support the show

Digitally transmitted services are the fastest-growing segment of international trade. They offer huge opportunities for SMEs in emerging markets and developing economies. But how do you convince potential clients that you offer cutting-edge IT services when your country is mainly known as an exporter of pineapples and coffee? In this episode we talk to Albán Sánchez, an IT entrepreneur from Costa Rica who decided that the way to deal with outdated perceptions of his country was to establish a business presence in his target market. Albán is joined by Antonia Carzaniga of the WTO's Trade in Services Division who puts his experience into the bigger services trade context.  In the podcast:- Albán Sánchez, Co-Founder and CEO of Lantern Technologies and LinkAmerica Labs, Costa Rica and Dallas/Texas.- Antonia Carzaniga, Counsellor, Trade in Services and Investment Division, WTO - Kimonique Powell, Podcast Host, WTO Young Professional The IT business of Albán SánchezLinkAmerica LabsCosta Rica's Trade Promotion AgencyProcomerFind out more about services trade and the WTOServices TradeThe future of services tradeWorld Trade Report 2019The contribution of services to economic growth and developmentTrade in services for development

To commemorate the 10th anniversary of the China in the World podcast, Carnegie China is launching a series of lookback episodes, using audio clips from previous interviews to put current international issues in context. For the fifth and final episode in this series, the podcast looks back on 10 years of US-China trade relations. US-China trade ties have undergone significant changes since the launch of the China in the World podcast. In March 2012, the United States, the EU, and Japan filed a dispute at the World Trade Organization over China's quota on exporting rare earth metals. That same year, China's trade surplus with the U.S. reached an all-time high of $315 billion. In 2015, China became the largest bilateral trade partner of the U.S., surpassing Canada for the first time. In March 2018, the Trump administration announced sweeping tariffs on $50 billion worth of Chinese imports, kicking off the U.S.-China trade war. After bilateral negotiations with Beijing broke down in May 2019, the Trump administration raised tariffs from 10 to 25 percent on $200 billion worth of Chinese goods. Finally, in January 2020, the “Phase one” trade deal was signed, relaxing some U.S. tariffs and requiring China to import an additional $200 billion worth of American goods for the next two years. After coming to office in January 2021, the Biden administration maintained the Section 301 tariffs on China and, at the end of 2021, U.S. officials stated that China failed to meet its commitments under the Phase 1 trade deal. In 2023, Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo travelled to China and agreed to establish working groups on commercial and financial issues. However, negotiations over structural economic issues such as subsidies, investment restrictions, and non-tariff barriers remain at a standstill. This episode helps shed light on the evolution of U.S.-China trade relations over the past 10 years.

In this episode we discuss various trade-related topics, including the launch of the Global Carbon Price Task Force by the World Trade Organization (WTO), the importance of renewing FDA registration for medical device facilities, and the benefits of USMCA certification. Main Points WTO's Global Carbon Price Task Force The WTO is working on a global carbon pricing mechanism to keep developing countries competitive and ensure fairness. The discussion revolves around whether this would be fair for all countries, possible drawbacks, and its impact on trade. FDA Registration Renewal for Medical Device Facilities Reminder that medical device facilities must renew their FDA registrations between October and December. Failing to renew can lead to import restrictions. USMCA Certification While not directly discussed in the transcript, more context may be needed to elaborate on this point. From the information provided, it can be inferred that the conversation touches on the benefits of USMCA certification in trade. Listen to our news episode as we engage in insightful discussions and share opinions on the WTO's Global Carbon Price Task Force, FDA registration renewal for medical device facilities, and USMCA certification. Stay updated on international trade news and engage with the hosts as they share their thoughts on these current topics. Enjoy the show. Host: Annik Sobing: https://www.linkedin.com/in/annik-sobing-mba-b226251a2/  Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/  Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/  Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/ Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for: Advertising and sponsoring on Simply Trade Requests to be on the show as guest Suggest any topics you would like to hear about Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.

China has had a dismissive attitude about its obligations as a member of World Trade Organization (WTO) ever since it joined the organization. Rob and Jackie sat down with Dennis Shea, executive director of the J. Ronald Terwilliger Center for Housing Policy, to discuss how China's current non-market economic system is simply incompatible with WTO norms. MentionedDennis Shea. China's Trade-Disruptive Economic Model and the Implications for the WTO. (U.S. Mission to International Organizations in Geneva, 2018).2022 Report to Congress On China's WTO Compliance. United States Trade Representative, February 2023.Robert D. Atkinson. How China's Mercantilist Policies Have Undermined Global Innovation in the Telecom Equipment Industry. (ITIF, 2020).Stephen Ezell. False Promises II: The Continuing Gap Between China's WTO Commitments and Its Practices. (ITIF, 2021).

In an illustrious career spanning over forty years in public service and culminating in the highest office in Indian bureaucracy – Union Cabinet Secretary – KM Chandrasekhar has seen, and done, it all. He is one of those rare IAS officers who has held a wide range of senior positions in State government, the Centre, and public sector undertakings. In this episode of BIC Talks, Chandrasekhar talks about his autobiography, As Good as My Word, wherehe paints an intimate picture of the UPA government during one of its toughest phases and his own, crucial, role in steering India through some of her most severe crises – the Great Recession of 2008, the oilmen's strike in 2009 and the 26/11 Mumbai attacks – and scams – the 2G Spectrum case and the 2010 Commonwealth Games corruption scandal. The book describes Chandrasekhar's experiments in public administration, cutting his teeth in trade diplomacy as the Indian ambassador to the World Trade Organization, his excellent working equation with Prime Minister Manmohan Singh, his run-ins with some prominent ministers of the time, and his reflections on Indian democracy, economy and defence. The author will be in conversation with ACS, Panchayat Raj, Government of Karnataka, Uma Mahadevan and Sudhir Krishnaswamy Vice-Chancellor of NLSIU, Bengaluru. Subscribe to the BIC Talks Podcast on your favourite podcast app! BIC Talks is available everywhere, including iTunes, Spotify, Google Podcasts, Castbox, Overcast and Stitcher.

The alliance supporting Ukraine is cracking, especially among Eastern European countries, due to economic impacts like the grain export crisis. Poland and others have withdrawn aid over accusations that Ukraine is dumping low-quality grain in Europe, hurting domestic producers. This highlights the unintended consequences of the Russia-Ukraine war, as commodity supply chains and trade flows are disrupted. We discuss the complex dynamics causing divisions between Eastern and Western Europe, the rise of populism, and pressures on institutions like the EU and WTO. As the global order fragments, bold new approaches focused on freedom, strategic autonomy and effective decentralized governance may emerge.   Detailed Overview Introduction:  The unity of Ukraine's allies in Europe is fracturing, especially on the issue of grain exports. Today we'll look at how the Russia-Ukraine war is disrupting commodity flows and causing divisions between Eastern and Western Europe.  Grain Crisis Impact: Poland and other Eastern European nations have withdrawn support for Ukraine, accusing it of dumping poor quality grain into European markets. This has crashed prices and hurt domestic producers in these countries. Ukraine is now filing a complaint against Poland, Hungary and Slovakia with the World Trade Organization. The grain blockade by Russia is having ripple effects no one predicted. Economic Blowback:  Beyond grain, the disruption of gas supplies and other trade due to sanctions on Russia is also fracturing European unity. Germany has criticized the U.S. for replacing cheap Russian gas with much more expensive LNG. Eastern European countries feel the economic pain more directly, while Western Europe leads on sanctions. This fuels populism and threatens institutions like the EU. Shifting Global Order: We're seeing a multi-polar world emerge, with sanctioned nations like Russia, China, Iran and Venezuela cooperating economically. Just as financial weapons can destroy economies, targeted investment in countries experiencing hardship can curry influence. With fragmentation comes a decentralization of power. Freedom and Effective Governance:  As global and national orders transform, there is increased desire for freedom, strategic autonomy and self-determination. But effective decentralized governance is also needed to balance divisive forces. In a complex world, bold new systems that embrace both independence and interdependence are required. Outdated institutions must adapt or die. An exciting new era focused on human dignity is struggles to emerge. Conclusion: Cracks in European unity over Ukraine highlight unintended consequences of economic warfare. As trade flows fracture along East-West lines, innovative solutions balancing strategic independence and cooperative governance are essential to avoid fragmentation. In these turbulent times, maintaining allies requires understanding competing interests and crafting nuanced win-win solutions.   Contact Us, Feedback, or Recommendations https://www.matthewadjensen.com/contact Facebook: @matthewjensen Instagram + Linkedin: @matthewadjensen YouTube (Video Pods are Coming Soon): https://www.youtube.com/@TheNewNextPod 

Today's episode touches on trade, trends, and forecasts. Join me and learn 3 new words, and one useful expression. Visit EnglishforEconomists.com for show notes and course updates. Hello all you happy economists out there. This is Alan Robert, back with episode 81 of English for Economists. Listen to this headline closely, then I'll discuss it. “WTO slashes world trade forecast as manufacturing slowdown bites” Listen again. Try to understand what the WTO expects for world trade, and why. “WTO slashes world trade forecast as manufacturing slowdown bites” It's a great headline for us to work with, because there are not one, not two, but three valuable lessons you can learn. First things first, in case you don't know, the WTO is the World Trade Organization, the organization which aims to facilitate and regulate international trade. So, what does the WTO expect for world trade? Do they think it will grow or reduce? The headline says the “WTO slashes world trade forecast”. To slash! Wow… that is a strong verb. It means to cut, but to really cut. You say the word ‘slash' and I immediately think of someone swinging a long sharp sword. Maybe a soldier from the middle ages. Slash! You can slash forecasts, budgets, prices, all kinds of things. Great verb! So, why is the WTO slashing its forecast? Well, the headline says it's because ‘manufacturing slowdown bites'. Bites! That's another strong word. Bite, like with your mouth and your teeth, like when you chew. So the manufacturing slowdown bites; the manufacturing slowdown is being felt. It is biting into into the world trade forecast. So, it looks like it's going to be a tough year for world trade, which is unfortunate news for many countries. How about where you live? Will importers and exporters where you live ‘feel the pinch' if global trade drops? If they ‘feel the pinch', it means that they experience financial or economic hardship or strain. So, getting back to our story, The WTO now expects world trade volumes to grow by just 0.8% this year, down from a forecast of 1.7% in April. Growth is expected to pick up to 3.3% in 2024. The WTO says a slump in goods trade that began in the fourth quarter of 2022 is continuing, and hopes of a pick-up in demand have been crushed. As a result, trade is expected to grow more slowly than GDP this year but faster next year. “WTO slashes world trade forecast as manufacturing slowdown bites” Before finishing, here is the key vocabulary one last time. WTO: World Trade Organization To slash: To cut deeply. To reduce. To bite: It means the negative impact is being felt. Feel the pinch: That's an idiom that means to experience financial or economic hardship or strain. https://www.theguardian.com/business/live/2023/oct/05/uk-cloud-computing-face-cometition-investigation-amazon-microsoft-bond-market-construction-business-live?page=with%3Ablock-651e58ec8f0880e74add5a2c Image thanks to: https://www.kingandcountry.com/slashing-sword-p-8115.html

Senator Dianne Feinstein's colleagues are eulogizing her decades of path-breaking public service and admirable personal qualities. Unsurprisingly, no mention has been made of one serious defect.   The Chinese Communists call it “elite capture.” She was instrumental in getting China into the World Trade Organization. Her husband got rich doing deals with the PRC. And for a decade her state office manager was a Chinese spy. In his tribute on the Senate floor Friday, another senior legislator enriched by the Chinese Communist Party, Republican Leader Mitch McConnell, reminisced about regular dinners with the Feinsteins and his wife, former Cabinet member Elaine Chao. One wonders: Did they discuss China? Our book, The Indictment, warns that – especially at a moment when the CCP is preparing for a shooting war – we must stop being led by elites it has captured. One has departed, many to go. This is Frank Gaffney.

On this episode of the Matrix Podcast, Daniel Lobo, a PhD student in the UC Berkeley Department of Sociology and a 2022-2023 Matrix Communications Scholar, interviewed Ryan Brutger, Associate Professor of Political Science at UC Berkeley. Professor Brutger obtained his PhD in politics at Princeton University and was previously an assistant professor at the University of Pennsylvania. He is broadly interested in international relations and foreign policy. His research spans international political economy, international law, international security and political psychology, examining the domestic politics of international negotiations and cooperation. Lobo spoke with Professor Brutger about his new article, Litigation for Sale: Private Firms and WTO Dispute Escalation, which presents a theory of lobbying by firms for trade liberalization, not through political contributions, but instead through contributions to the litigation process at the World Trade Organization. “In this ‘litigation for sale' model, firms signal information about the strength and value of potential cases, and the government selects cases based on firms' signals,” Brutger wrote in the paper's abstract. “Firms play a key role in monitoring and seeking enforcement of international trade law, which increases a state's ability to pursue the removal of trade barriers and helps explain the high success rate for WTO complainants. The theory's implications are consistent with interviews with trade experts and are tested against competing theories of direct political lobbying through an analysis of WTO dispute initiation.” An edited transcript of the interview is available at https://matrix.berkeley.edu/research-article/private-firms-and-wto-dispute-escalation-an-interview-with-ryan-brutger.

This is Garrison Hardie with your CrossPolitic Daily News Brief for Friday, September 22nd, 2023. Samaritan Ministries Tired of someone else telling you where to go when you have a medical need? Are you ready to take control of your health care? Then it’s time to take a look at Samaritan Ministries. It’s Biblical, affordable health care sharing, with no restrictive networks. Here’s how it works. When a medical need arises, you choose the health care provider that’s right for you, and have a say in the treatment you receive. Send your medical bills to Samaritan Ministries, and they’ll notify fellow members to pray for you and send money directly to you to help you pay those bills. Join 80,000 Christian households across the nation who have already taken control of their health care. Go to samaritan ministries dot org slash cross politic. https://townhall.com/tipsheet/leahbarkoukis/2023/09/21/migrants-traveling-north-trade-n2628700 Massive Number of Migrants Traveling Toward US Border Is Now Affecting International Trade The massive number of migrants heading north, most toward the U.S. border, is now affecting international trade, as a Mexican railway operator was forced to temporarily suspend operations over the hitchhikers. On Tuesday, Ferromex halted 60 trains carrying cargo due to recent spate of injuries and deaths occurring from migrants catching rides. “Despite the grave danger,” some hitchhikers even jumped aboard moving freight cars, the company said. “There has been a significant increase in the number of migrants in recent days,” Ferromex said in the statement, according to AP, noting that the temporary suspension of operations was being done “to protect the physical safety of the migrants.” On Wednesday, President Andres Manuel Lopez Obrador called the company's decision "strange" and "unusual." According to Ferromex, the worst problems appeared to be further north. The company said there were about 1,500 people gathered at a rail yard in the city of Torreon. The company also reported about 800 migrants waiting at the freight yards in Irapuato, in the north-central state of Guanajuato. About 1,000 people were reported to be riding freight cars on the train line that connects the northern border city of Ciudad Juarez. Ferromex is Mexico’s largest concessionary rail operator and the impact of the train stoppage will be “very important,” said Ana Bertha Gutiérrez, the international trade coordinator for the Mexican Institute for Competitiveness. According to estimates from the company, the decision to halt the 60 trains translated into a daily loss of about $2.34 million. On Wednesday, some operations had been restarted for routes where there was no "heightened risk," Reuters reported, but company executives are set to meet on Friday with members of the U.S. Customs and Border Protection and members of the Mexican government to discuss next steps. https://www.dailyfetched.com/opening-the-floodgates-greg-abbott-accuses-biden-admin-of-cutting-razor-wire-at-border/ ‘OPENING THE FLOODGATES:’ Greg Abbott Accuses Biden Admin of Cutting Razor Wire at Border The news comes amid tension between Texas officials and the White House over the migrant crisis at the Southern border. Abbott made the announcement Wednesday. “Texas installed razor wire in Eagle Pass to stop illegal crossings,” Abbott explained on X, formerly known as Twitter. “Today the Biden Admin CUT that wire, opening the floodgates to illegal immigrants.” “I immediately deployed more Texas National Guard to repel illegal crossings & install more razor wire,” the Republican governor added after accusing the Biden admin of cutting it at the border. Abbot later posted a letter he sent to Joe Biden, declaring that the President’s policies caused “an invasion at our border,’ The New York Post reported. “We are building a border wall, razor wire & marine barriers,” Abbott wrote. “We are also repelling migrants,” he added. Earlier this year, the Department of Justice (DOJ) sued Texas for installing a buoy barrier, which was designed to prevent illegal immigration, on the Rio Grande. The barrier was part of Abbott’s Operation Lone Star. The DOJ claimed that the barrier obstructed “the navigable capacity of waters of the United States,” adding that it raised humanitarian, environmental, and public safety concerns. A federal judge initially told Texas to move the buoys, but a US Court of Appeals upheld that decision. The case is currently being deliberated through courts. The Daily Fetched reported earlier in September that the Biden administration allowed thousands of illegal immigrants to pour into America through “welded open” floodgates on the Arizona border. The open floodgates in Tuscan are now the busiest point of illegal entry into the country.” A post on Instagram by James Breeden showed illegal aliens arriving “from as far away as Senegal, India, and China.” The Biden administration is also dismantling, disposing, and auctioning portions of the Mexican-American border wall constructed under Donald Trump. Border wall material, including “thick wall tubes,” has been sold on the auction site GovPlanet since April 2022. https://www.washingtonexaminer.com/policy/defense-national-security/poland-stop-weapons-ukraine-grain-imports Poland to stop providing weapons to Ukraine as dispute over grain imports intensifies Poland will stop providing weapons to Ukraine the Prime Minister announced on Wednesday, due to a growing dispute over grain. “We no longer transfer weapons to Ukraine because we are now arming Poland,” Morawiecki said on social media. While Poland has been one of Ukraine’s staunchest allies since Russia invaded in February 2022, due in part to concerns about further aggression from Moscow should it successfully topple Kyiv, they are currently in dispute over Poland, Hungary, and Slovakia's intention to defy a European Union decision to suspend a ban on Ukrainian grain imports which had been in place to protect the livelihood of local farmers. The ban had been put in place earlier this year by several EU nations to protect local farmers who were worried about being undercut by low prices of Ukrainian grain. Ukraine has filed lawsuits against each of the three countries at the World Trade Organization over their intent to defy the ending of the restrictions. Ukrainian President Volodymyr Zelensky referenced the subject during his address to the United Nations General Assembly, saying, “It is alarming to see how some in Europe, some of our friends in Europe, play out solidarity in a political theater — making a thriller from the grain.” The remarks prompted immediate condemnation from Polish leaders, who went as far as to summon the Ukrainian ambassador to Warsaw to share their “strong protest.” Polish Foreign Minister Pawel Jablonski told Ukraine’s ambassador that Zelensky’s statement was “untrue,” given Poland had been “supporting Ukraine since the first days of the war.” He also said, “Putting pressure on Poland in multilateral forums or sending complaints to international tribunals are not appropriate methods of resolving disputes between our countries,” according to a statement from the ministry. The Polish-Ukrainian standoff has escalated ahead of Poland's upcoming elections on Oct. 15. Poland has provided Ukraine with Soviet-era tanks, fighter jets, and other weapons, making it the sixth biggest military donor to Ukraine, according to the Kiel Institute for the World Economy, and it has taken in more than 1.5 million refugees. Now, Poland, Morawieki told Polsat News, "will protect our country." “We are no longer transferring any weapons, because we will now arm ourselves with the most modern weapons.” https://www.newsmax.com/newsfront/kevin-mccarthy-volodymyr-zelenskyy-joint-address/2023/09/21/id/1135367/ McCarthy Denied Zelenskyy's Wish to Address Congress House Speaker Kevin McCarthy, R-Calif., declined Ukraine President Volodymyr Zelenskyy's request to deliver a joint address to Congress, as he did last December, multiple outlets reported. The New York Times first reported the denial Wednesday. Zelenskyy is in Washington, D.C., in part, to beseech lawmakers for more aid in Ukraine's war against Russia. Instead, McCarthy met with Zelenskyy privately along with House Minority Leader Hakeem Jeffries, D-N.Y., and other committee chairs and ranking members. Zelenskyy met with senators after that meeting. McCarthy's denial, citing time constraints of a busy week, comes amid House Republicans' struggle to beat a Sept. 30 deadline to pass spending bills in order to prevent a government shutdown. The U.S. has sent more than $100 billion to Ukraine in military, financial, and humanitarian aid since Russia invaded in February, 2022, but Republican lawmakers are pushing back on sending any more. In an exclusive interview with Newsmax on Wednesday, Zelenskyy said the cost of Russia prevailing in Ukraine is greater than American dollars. Zelenskyy is also meeting with President Joe Biden at the White House and will visit the Pentagon. https://thenationalpulse.com/2023/09/21/almost-3-4-of-americans-think-the-nation-is-becoming-a-police-state/ Almost 3/4 of Americans Think The Nation is Becoming a Police State Almost three-quarters of Americans – 72 percent – admit to being concerned that the United States is becoming a “police state” engaging in mass surveillance, censorship, ideological indoctrination, and the targeting of political opponents, according to a recent survey from Rasmussen Reports. Of those concerned, 46 percent told pollsters that they were “very concerned” that the state is becoming tyrannical, with 26 percent answering “somewhat concerned.” Only 23 percent of Americans said they were not concerned, with less than one in ten Americans answering “not at all concerned.” Rasmussen also asked the 998 likely American vetoers whether they agreed with the statement: “The FBI is a danger to the freedom and security of law-abiding Americans?” Half of the respondents agreed with the statement, with the majority answered “strongly agree.” Republicans overwhelmingly agreed, with 45 percent answering “strongly agree” and another 23 percent answered “somewhat agree.” A total of 45 percent disagreed with the statement, with 26 percent strongly disagreeing. Democrats felt more strongly that the FBI assists freedom and security as 36 percent strongly disagreed, and a further 22 percent somewhat disagreed. Lastly, Rasmussen asked whether those surveyed: “Which political party is a bigger threat to basic liberties in America: Democrats or Republicans?” Unsurprisingly, the vast majority of both parties – 76 percent of Republicans and 65 percent of Democrats – told pollsters the opposition party was the greater threat. However, more Democrats believe their party is a bigger threat at 26 percent than Republicans at 20 percent.

This is Garrison Hardie with your CrossPolitic Daily News Brief for Friday, September 22nd, 2023. Samaritan Ministries Tired of someone else telling you where to go when you have a medical need? Are you ready to take control of your health care? Then it’s time to take a look at Samaritan Ministries. It’s Biblical, affordable health care sharing, with no restrictive networks. Here’s how it works. When a medical need arises, you choose the health care provider that’s right for you, and have a say in the treatment you receive. Send your medical bills to Samaritan Ministries, and they’ll notify fellow members to pray for you and send money directly to you to help you pay those bills. Join 80,000 Christian households across the nation who have already taken control of their health care. Go to samaritan ministries dot org slash cross politic. https://townhall.com/tipsheet/leahbarkoukis/2023/09/21/migrants-traveling-north-trade-n2628700 Massive Number of Migrants Traveling Toward US Border Is Now Affecting International Trade The massive number of migrants heading north, most toward the U.S. border, is now affecting international trade, as a Mexican railway operator was forced to temporarily suspend operations over the hitchhikers. On Tuesday, Ferromex halted 60 trains carrying cargo due to recent spate of injuries and deaths occurring from migrants catching rides. “Despite the grave danger,” some hitchhikers even jumped aboard moving freight cars, the company said. “There has been a significant increase in the number of migrants in recent days,” Ferromex said in the statement, according to AP, noting that the temporary suspension of operations was being done “to protect the physical safety of the migrants.” On Wednesday, President Andres Manuel Lopez Obrador called the company's decision "strange" and "unusual." According to Ferromex, the worst problems appeared to be further north. The company said there were about 1,500 people gathered at a rail yard in the city of Torreon. The company also reported about 800 migrants waiting at the freight yards in Irapuato, in the north-central state of Guanajuato. About 1,000 people were reported to be riding freight cars on the train line that connects the northern border city of Ciudad Juarez. Ferromex is Mexico’s largest concessionary rail operator and the impact of the train stoppage will be “very important,” said Ana Bertha Gutiérrez, the international trade coordinator for the Mexican Institute for Competitiveness. According to estimates from the company, the decision to halt the 60 trains translated into a daily loss of about $2.34 million. On Wednesday, some operations had been restarted for routes where there was no "heightened risk," Reuters reported, but company executives are set to meet on Friday with members of the U.S. Customs and Border Protection and members of the Mexican government to discuss next steps. https://www.dailyfetched.com/opening-the-floodgates-greg-abbott-accuses-biden-admin-of-cutting-razor-wire-at-border/ ‘OPENING THE FLOODGATES:’ Greg Abbott Accuses Biden Admin of Cutting Razor Wire at Border The news comes amid tension between Texas officials and the White House over the migrant crisis at the Southern border. Abbott made the announcement Wednesday. “Texas installed razor wire in Eagle Pass to stop illegal crossings,” Abbott explained on X, formerly known as Twitter. “Today the Biden Admin CUT that wire, opening the floodgates to illegal immigrants.” “I immediately deployed more Texas National Guard to repel illegal crossings & install more razor wire,” the Republican governor added after accusing the Biden admin of cutting it at the border. Abbot later posted a letter he sent to Joe Biden, declaring that the President’s policies caused “an invasion at our border,’ The New York Post reported. “We are building a border wall, razor wire & marine barriers,” Abbott wrote. “We are also repelling migrants,” he added. Earlier this year, the Department of Justice (DOJ) sued Texas for installing a buoy barrier, which was designed to prevent illegal immigration, on the Rio Grande. The barrier was part of Abbott’s Operation Lone Star. The DOJ claimed that the barrier obstructed “the navigable capacity of waters of the United States,” adding that it raised humanitarian, environmental, and public safety concerns. A federal judge initially told Texas to move the buoys, but a US Court of Appeals upheld that decision. The case is currently being deliberated through courts. The Daily Fetched reported earlier in September that the Biden administration allowed thousands of illegal immigrants to pour into America through “welded open” floodgates on the Arizona border. The open floodgates in Tuscan are now the busiest point of illegal entry into the country.” A post on Instagram by James Breeden showed illegal aliens arriving “from as far away as Senegal, India, and China.” The Biden administration is also dismantling, disposing, and auctioning portions of the Mexican-American border wall constructed under Donald Trump. Border wall material, including “thick wall tubes,” has been sold on the auction site GovPlanet since April 2022. https://www.washingtonexaminer.com/policy/defense-national-security/poland-stop-weapons-ukraine-grain-imports Poland to stop providing weapons to Ukraine as dispute over grain imports intensifies Poland will stop providing weapons to Ukraine the Prime Minister announced on Wednesday, due to a growing dispute over grain. “We no longer transfer weapons to Ukraine because we are now arming Poland,” Morawiecki said on social media. While Poland has been one of Ukraine’s staunchest allies since Russia invaded in February 2022, due in part to concerns about further aggression from Moscow should it successfully topple Kyiv, they are currently in dispute over Poland, Hungary, and Slovakia's intention to defy a European Union decision to suspend a ban on Ukrainian grain imports which had been in place to protect the livelihood of local farmers. The ban had been put in place earlier this year by several EU nations to protect local farmers who were worried about being undercut by low prices of Ukrainian grain. Ukraine has filed lawsuits against each of the three countries at the World Trade Organization over their intent to defy the ending of the restrictions. Ukrainian President Volodymyr Zelensky referenced the subject during his address to the United Nations General Assembly, saying, “It is alarming to see how some in Europe, some of our friends in Europe, play out solidarity in a political theater — making a thriller from the grain.” The remarks prompted immediate condemnation from Polish leaders, who went as far as to summon the Ukrainian ambassador to Warsaw to share their “strong protest.” Polish Foreign Minister Pawel Jablonski told Ukraine’s ambassador that Zelensky’s statement was “untrue,” given Poland had been “supporting Ukraine since the first days of the war.” He also said, “Putting pressure on Poland in multilateral forums or sending complaints to international tribunals are not appropriate methods of resolving disputes between our countries,” according to a statement from the ministry. The Polish-Ukrainian standoff has escalated ahead of Poland's upcoming elections on Oct. 15. Poland has provided Ukraine with Soviet-era tanks, fighter jets, and other weapons, making it the sixth biggest military donor to Ukraine, according to the Kiel Institute for the World Economy, and it has taken in more than 1.5 million refugees. Now, Poland, Morawieki told Polsat News, "will protect our country." “We are no longer transferring any weapons, because we will now arm ourselves with the most modern weapons.” https://www.newsmax.com/newsfront/kevin-mccarthy-volodymyr-zelenskyy-joint-address/2023/09/21/id/1135367/ McCarthy Denied Zelenskyy's Wish to Address Congress House Speaker Kevin McCarthy, R-Calif., declined Ukraine President Volodymyr Zelenskyy's request to deliver a joint address to Congress, as he did last December, multiple outlets reported. The New York Times first reported the denial Wednesday. Zelenskyy is in Washington, D.C., in part, to beseech lawmakers for more aid in Ukraine's war against Russia. Instead, McCarthy met with Zelenskyy privately along with House Minority Leader Hakeem Jeffries, D-N.Y., and other committee chairs and ranking members. Zelenskyy met with senators after that meeting. McCarthy's denial, citing time constraints of a busy week, comes amid House Republicans' struggle to beat a Sept. 30 deadline to pass spending bills in order to prevent a government shutdown. The U.S. has sent more than $100 billion to Ukraine in military, financial, and humanitarian aid since Russia invaded in February, 2022, but Republican lawmakers are pushing back on sending any more. In an exclusive interview with Newsmax on Wednesday, Zelenskyy said the cost of Russia prevailing in Ukraine is greater than American dollars. Zelenskyy is also meeting with President Joe Biden at the White House and will visit the Pentagon. https://thenationalpulse.com/2023/09/21/almost-3-4-of-americans-think-the-nation-is-becoming-a-police-state/ Almost 3/4 of Americans Think The Nation is Becoming a Police State Almost three-quarters of Americans – 72 percent – admit to being concerned that the United States is becoming a “police state” engaging in mass surveillance, censorship, ideological indoctrination, and the targeting of political opponents, according to a recent survey from Rasmussen Reports. Of those concerned, 46 percent told pollsters that they were “very concerned” that the state is becoming tyrannical, with 26 percent answering “somewhat concerned.” Only 23 percent of Americans said they were not concerned, with less than one in ten Americans answering “not at all concerned.” Rasmussen also asked the 998 likely American vetoers whether they agreed with the statement: “The FBI is a danger to the freedom and security of law-abiding Americans?” Half of the respondents agreed with the statement, with the majority answered “strongly agree.” Republicans overwhelmingly agreed, with 45 percent answering “strongly agree” and another 23 percent answered “somewhat agree.” A total of 45 percent disagreed with the statement, with 26 percent strongly disagreeing. Democrats felt more strongly that the FBI assists freedom and security as 36 percent strongly disagreed, and a further 22 percent somewhat disagreed. Lastly, Rasmussen asked whether those surveyed: “Which political party is a bigger threat to basic liberties in America: Democrats or Republicans?” Unsurprisingly, the vast majority of both parties – 76 percent of Republicans and 65 percent of Democrats – told pollsters the opposition party was the greater threat. However, more Democrats believe their party is a bigger threat at 26 percent than Republicans at 20 percent.

In 2001, Goldman Sachs economist Jim O'Neill coined the term “BRIC” to describe the fast-growing economies that he predicted would collectively dominate the global economy by 2050. The BRIC countries he was referring to were Brazil, Russia, India, and China. After a series of high-level meetings that included officials from the four countries, the BRIC grouping was founded in 2009. The following year, South Africa joined, and the name became “BRICS”. Last month, the fifteenth BRICS summit was held in Johannesburg. In addition to the leaders of the five core countries, representatives from more than 60 countries attended, and six were officially invited to join the club: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.How does the BRICS serve China's foreign policy objectives? And is this expansion a major win for Xi Jinping? Is BRICS likely to become a global grouping of authoritarian countries that poses a challenge to the G-7 group of democracies – and is that what Beijing wants? To discuss these topics and more, host Bonnie Glaser is joined by Colleen Cottle, deputy director of the Atlantic Council's Global China Hub. Prior to joining the Atlantic Council, she spent over a dozen years at the Central Intelligence Agency where she worked on East and South Asia.  Timestamps[01:45] What has BRICS achieved? [05:33] China Driving the BRICS Agenda[08:35] Where does BRICS fit into China's foreign policy agenda? [10:53] Why has BRICS refrained from endorsing BRI?[12:53] Outcomes of Johannesburg Summit[15:18] Criteria for Expanding BRICS Membership[18:19] Potential for BRICS Disrupting the International Order[23:52] China as a Developing Country[26:56] Will we see any breakthroughs with BRICS?  

When the the G20 aka Group of 20 was created in 1999, the United States was the big dog at the table and saw this new entity as another forum/tool giving Washington more de facto control over the international financial system — created in the aftermath of World War II in order to coordinate international economic policy with the the U.S. dollar as the reserve currency — via the International Monetary Fund and the World Bank, and the World Trade Organization. It is no coincidence that the G20 meeting in India comes on the heels of the successful BRICS summit two weeks ago in South Africa. What a contrast! BRICS is growing and has a long list of countries from the Global South clamoring for membership while the G20 is losing its luster and clout. A judge has dashed former White House Chief of Staff Mark Meadows' hopes of moving his racketeering case out of a Georgia courtroom and into federal jurisdiction. Plus, more on today's show.

Dr. David Gruder is a clinical and organizational psychologist, an eightaward-winning author, and a highly sought speaker, trainer, and trusted advisor. He is the founder and CEO of Integrity Revolution, which “helps ‘everyday people to world leaders' create sustainable happiness, health, love and success without sacrificing personal integrity or social responsibility,” through providing Essential Psychological Skills for Extraordinary Businesses, Leaders, and Wellbeing™. Their Integrity Stimulus Plan is a universal, transpartisan, nondenominationally spiritual framework for co-creating integrity-centered sustainable solutions to the vast challenges we face today as individuals, families, communities, businesses, societies and a planet.Well into his fourth decade as a “Merlin” of personal, relationship and leadership transformation, Dr. Gruder is internationally acclaimed as a foremost expert in how to reconnect integrity with sustainable happiness, health, and prosperity. A frequent guest on many radio talk shows throughout North America, “Radio & Television Interview Reports” has hailed Dr. Gruder as “America's Integrity Expert.” A trusted advisor to leaders and businesses, he is an Equanicity Resources faculty member and serves as Special Counsel to CEO Space International's Board & Chairman, in addition to teaching classes for members, providing behind-the-scenes training programs for faculty, club presidents and Forum staff, and serving on the Faculty Integrity Team.His speaking, training and consulting engagements have ranged from the Sanoviv Medical Institute in Mexico to the Transactional Analysis Institute in Switzerland, from family-run businesses to American Express work teams, from Leaders Causing Leaders to the World President's Organization, and from the San Diego County Department of Education's Management Academy to ambassadors to the World Trade Organization. He also served as the founding president of the Association for Comprehensive Energy Psychology.A masterful wordsmith in addition to being a psychologist, Dr. Gruder also co-authors books with high profile individuals whose life story offers valuable lessons in personal or professional development, such as the just-released “Conversations With the King,” which he co-authored with Elvis Presley's stepbrother, David Stanley.Dr. Gruder's last book, “The New IQ: How Integrity Intelligence Serves You, Your Relationships and Our World,” won six awards for its solutions to today's massive deficits in personal, relationship, corporate, governmental, and leadership integrity. The IntegrityMakeover.com website converts this material into a step-by-step self-guided curriculum for integrating your happiness, health, prosperity, and ability to make a positive difference in your chosen spheres of influence. His next book is tentatively titled, The Hijacking of Happiness.Based in San Diego, CA, with his wife Laurie, Dr. Gruder is also an ordained interfaith clergy, and an Elder with the ManKind Project, an international nonprofit organization of men creating a safer world by stepping into mature masculinity and living in integrity with their life mission.

Talking Europe hosts Pascal Lamy, co-ordinator of the Jacques Delors institutes, and a distinguished former head of the World Trade Organization and former EU Trade Commissioner. We discuss great power competition in today's world; the EU's influence when it comes to global trade and regulation; the critical importance of Africa to Europe; and climate adaptation in the light of Lamy's role as a member of the Climate Overshoot Commission. On Brexit, an issue on which Lamy has been a prolific commentator, his advice to the British Labour party is: "keep the idea that you have divorced, for political reasons, but keep sleeping together with Europe, because that's the way to address the economic problem."

After World War II, an idea took hold: economic interdependence between countries would help prevent war. But lately, faith in this idea has wavered, and terms like “decoupling,” “friend shoring,” and “de-risking” are dominating the debates around trade in Washington and beyond.  Ngozi Okonjo-Iweala, director general of the World Trade Organization, disagrees with key elements of this new consensus. She thinks that policymakers are misdiagnosing the problems that the world faces, and that they risk setting us on a dangerous course—one that could break the global economy and leave the world both less prosperous and less secure.  We discuss why views on global trade have changed so dramatically in recent years, China's integration into the global trading system, and what would happen if the world fragmented into two trading blocs.  You can find transcripts and more episodes of The Foreign Affairs Interview at https://www.foreignaffairs.com/podcasts/foreign-affairs-interview.

In this episode, Michael Zhang, managing partner of Sheppard Mullin's Shanghai office, and Reid Whitten, managing partner of the firm's London office, join host Scott Maberry to discuss a new law that, for the first time, will prevent some U.S. investments in China.    What We Discussed in This Episode: Why would the United States impose a new trade restriction on its third-largest trading partner? What sectors will be affected? When do the prohibitions come into effect? What investors will the investment restrictions apply to? How does the outbound investment restriction fit into overall U.S. China policy? How is this policy viewed from the Chinese business perspective? What reaction should we expect from the Chinese government?   About Michael Zhang Michael Zhang is a lawyer and the managing partner of Sheppard Mullin's Shanghai office. He has a deep understanding of China's legal system and business practices, as well as broad experience in corporate transactions, corporate restructuring, antitrust law, intellectual property, cybersecurity, and personal information protection law in China. Throughout his career, Michael has represented many U.S. and European clients making investments in China and Asia, including mergers and acquisitions, joint ventures, and debt restructurings. He has helped invest in and create business in the internet technology, life sciences, healthcare, automotive, logistics, material hi-tech, telecommunication and software sectors. His extensive knowledge of international business transactions has allowed Michael to represent leading Chinese companies in their outbound equity and asset transactions outside Mainland China, specifically in life science and healthcare, e-commerce and green technology. Drawing on his rich knowledge of antitrust laws in China and other East Asian countries, Michael also counsels U.S. and international clients, as well as Chinese local companies, on international and PRC antitrust issues with respect to pre-merger control, price fixing and monopolistic agreement issues.   About Reid Whitten As Managing Partner of Sheppard Mullin's London office and leader of the firm's CFIUS Team, Reid Whitten's practice centers on international trade regulations and investigations. He works with clients around the world to plan, prepare, and succeed in global transactions. He focuses on his clients' cross-border investments, particularly in the technology and aerospace sectors, helping clients navigate the international trade regulations that could disrupt their deals.  Reid is a member of Chatham House, the UK's Royal Institute of International Affair. In addition to lecturing at the New College of the Humanities in London, at the Université Catholique de Lille in France, and Wake Forest University in the U.S, he also conducts seminars on regulatory updates for industry groups in the U.S., France, Belgium, Spain and the UK. A thought leader on cross-border business regulation, Reid is frequently called upon to provide commentary and analysis for television news channels, international newspapers, and trade publications. He is also the lead author and editor of The CFIUS Book.   About Scott Maberry As an international trade partner in Governmental Practice, J. Scott Maberry counsels clients on global risk, international trade, and regulation. He is also a past co-chair of the Diversity and Inclusion Working Group for the Washington D.C. office, serves on the firm's pro bono committee, and is a founding member of the Sheppard Mullin Organizational Integrity Group.  Scott's practice includes representing clients before the U.S. government agencies and international U.S. Department of Treasury's Office of Foreign Assets Control (OFAC), the Department of Commerce's Bureau of Industry & Security (BIS), the Department of Commerce Import Administration, the Department of Homeland Security (DHS), the Department of State Directorate of Defense Trade Controls (DDTC), the U.S. Department of Justice (DOJ), the International Trade Commission (ITC), and the Committee on Foreign Investment in the U.S. (CFIUS). He also represents clients in federal court and grand jury proceedings, as well as those pursuing negotiations and dispute resolution under the World Trade Organization (WTO), North American Free Trade Agreement (NAFTA) and other multilateral and bilateral agreements. A member of the World Economic Forum Expert Network, Scott also advises the WEF community in the areas of global risk, international trade, artificial intelligence and values.   Contact Information Michael Zhang Reid Whitten Scott Maberry Resources Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern Treasury Department Advanced Notice of Proposed Rulemaking   Previous episodes featuring Reid Whitten: https://www.sheppardmullin.com/notabene-447 https://www.sheppardmullin.com/notabene-356 https://www.sheppardmullin.com/notabene-278 Thank you for listening! Don't forget to SUBSCRIBE to the show to receive two new episodes delivered straight to your podcast player every month. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show on Apple Podcasts, Amazon Music, Google Podcasts or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Good afternoon, I'm _____ with today's episode of EZ News. **Tai-Ex opening ** The Tai-Ex opened up 48-points this morning from yesterday's close, at 16,429 on turnover of 4.4-billion N-T. The market closed flat on Monday after giving up most of its early gains ahead of Nvidia's release of its latest financial results at an investor conference scheduled for Wednesday in California. Investor sentiment was also negatively affected by concerns over the U-S Federal Reserve's rate hike cycle, as Fed Chair Jerome Powell is set to address the Jackson Hole Economic Symposium on Friday. **MOA to Take China Mango Import Suspension to WTO ** The Ministry of Agriculture says it plans to take China's decision to suspended imports of mangoes from Taiwan to the World Trade Organization. The statement comes after Beijing announced that it had suspended imports of mangoes following the detection of an agricultural pest in recent shipments. The agriculture ministry is slamming the suspension of mango imports -describing it as being "unwarranted (毫無根據的、不合理的) and out of step with international trade standards." Agriculture officials say China's import ban is unlikely to have any major economic impact, as Taiwan has only exported 2.2-per cent of its total mango crop this year. **MOFA Congratulates Guatemala' President-Elect ** The Ministry of Foreign Affairs is congratulating Bernardo Arevalo on his victory in Guatemala's presidential election. According to the ministry, it has informed Guatemala's president-elect that Taiwan will seek to strengthen cooperation and exchanges with his incoming government, based on the shared values of democracy and freedom. The foreign ministry is "lauding" Guatemala for holding a successful election and Taiwan's embassy in Guatemala City sent an official letter of congratulations to Arevalo's camp after it declared victory in Sunday's runoff election. Speaking in July, Arevalo said he would not switch (轉變) diplomatic recognition from Taipei to Beijing if elected, despite his being favor of improving trade relations with China. **Japan to Release Fukushima Wastewater as soon as Aug24 ** The Japanese government says treated and diluted (經稀釋的) radioactive wastewater from the Fukushima Daiichi nuclear power plant will be released into the ocean as early as Thursday. Prime Minister Fumio Kishida gave the final go-ahead at a meeting Tuesday of the Cabinet ministers involved in the plan. He instructed the plant's operator to being the release Thursday if weather conditions permits. It comes more than 12 years after nuclear meltdowns at the plant caused by a massive earthquake and tsunami. The water has been accumulating since then and will be released over decades. **US Biden Faces Criticism for Hawaii Response ** Joe Biden has visited the Hawaiian island of Maui, almost two weeks after deadly wildfires there killed more than hundred people. The US President has faced criticism (批評) for not traveling to Hawaii sooner. **Swiss ZeroDegree Isotherm Level Reaches Highest Altitude ** The Swiss weather service says a heat wave has driven the zero-degree Celsius level to its highest altitude since recordings on it in Switzerland began nearly 70 years ago. MeteoSwiss says the zero-degree isotherm level reached 5,298 meters above sea level over Switzerland overnight Sunday to Monday. All of Switzerland's snow-capped Alpine peaks had air temperatures exceeding (超過) zero Celsius, where water freezes. That raises prospects of a thaw. A MeteoSwiss meterologist says "if such conditions persist in the longer term, glaciers are set to be lost irreversibly (不可逆轉地)". That was the I.C.R.T. news, Check in again tomorrow for our simplified version of the news, uploaded every day in the afternoon. Enjoy the rest of your day, I'm _____.

The UNWTO defines 'Ecotourism' with 5 characteristics. Jay sits down with Greg Wolf for his third and final episode to discuss these characteristics and the impact ecotourism has on the environment. The Dive Table www.thedivetable.com Fish Dive Surf, Inc. www.fishdivesurf.com Gardner Underwater www.gardnerunderwater.com --- Send in a voice message: https://anchor.fm/daniel-porter73/message If you enjoyed this episode and want to be a part of this growing community, you can join us in a couple of ways:  Subscribe to the podcast so you get notified when new episodes drop; Leave a rating wherever you listen to your podcasts; Send the link to the show; thedivetable.com to a dive buddy, your dive team, or your last scuba instructor. Share your thoughts with us by leaving us a voicemail here on our website or say howdy. Also visit us at, www.fishdivesurf.com --- Send in a voice message: https://podcasters.spotify.com/pod/show/daniel-porter73/message

The United Nations World Trade Organization (UNWTO) defines 'Ecotourism' with 5 characteristics.  Jay sits down with Greg Wolf for his third and final episode to discuss these characteristics and the impact ecotourism has on the environment.The Dive Tablewww.thedivetable.comFish Dive Surf, Inc.www.fishdivesurf.comGardner Underwaterwww.gardnerunderwater.com--- Send in a voice message: https://anchor.fm/daniel-porter73/messageIf you enjoyed this episode and want to be a part of this growing community, you can join us in a couple of ways: Subscribe to the podcast so you get notified when new episodes drop;Leave a rating wherever you listen to your podcasts;Send the link to the show; thedivetable.com to a dive buddy, your dive team, or your last scuba instructor.Share your thoughts with us by leaving us a voicemail here on our website or say howdy.Also visit us at, www.fishdivesurf.com

For regular listeners, you know I like to take on complicated subjects, and try to make clear what's at stake for all of us.   In this episode the Bill Walton Show we take a another deep dive into one of the most complicated and contentious areas of economic policy:  International trade.  International trade negotiations are incredibly complex multilevel games—there are negotiations not just with America's trading partners, but with Congress, domestic constituencies, and rival factions within the executive branch.  There are sharp - almost theological - differences in how trade policy ought to work. I was taught that protectionism was terrible and that free trade was the highest good, but then found few examples of countries that actually practice it. It's now clear that we cannot simply trust the principles of "free trade" to solve our problems -- that every trade policy represents a balancing of interests. The stakes have never been higher. Today we find ourselves in a position where our most important trading partner - China - has essentially revealed itself to be our mortal enemy. Trade is no longer a boring topic. To break all this down I'm delighted to be joined in this episode by Robert Lighthizer, our US Trade Representative in the Trump Administration.  For more than 40 years, Bob Lighthizer has litigated, negotiated, and editorialized against the policies of one-sided “free trade” first in the Reagan Administration as Deputy Trade Rep and as a private lawyer.  As President Trump's U.S. Trade Representative, he fought against globalists, importers, lobbyists, foreign governments and big businesses whose interests diverged from those of the American workers and American security.  Now Bob's published a illuminating book “No Trade is Free” that for anyone interested in understanding the realities of international economic policymaking, this is the book.  Part memoir, part history, and part policy analysis, Bob lays out in detail what he sees as the objectives of a practical approach to trade policy. Bob's views on this subject have been remarkably consistent since the late 1990s when he editorialized against granting China admission to the WTO. At that time, he was a lonely voice in the wilderness.  Now his views are mainstream. We cover a lot a ground in this episode, from the role trade disputes played in the American Revolution, the American System of tariffs used to build up American industry to the pivotal entry of China into the World Trade Organization. Since then China has become trade issue Number One.  After China's entry “it created an ecosystem and learned about the subsidies and started doing all the other things that made it go from being an enormous problem to being a cataclysmic one,” explains Bob. “There is no private sector in China.” “Outsiders make money in China only as long as the Communist Party of China allows you to make it. And when you're not benefiting them, you're out. And we have all these clever American businessmen who think, "Oh, I'm making money in China." They don't realize they're simply being allowed.”  “China's purpose is for you to transfer know how, transfer technology, and help their ecosystem to get more business. And then you'll see after a period of time, you won't be useful anymore. And then, at that point, you'll find yourself with a Chinese competitor who's not only taken over your entire market in China but is now threatening your market in the United States.” “So the number one thing has to be decoupling with China without question. And there's a number of specific steps, many of which I have outlined in the chapter on the China prescription. We have to right this ship. There's a lot that needs to be done.”

In this episode, Dr. Thomas Franklin and Dr. Marina Nikhinson of the Mindwork Group join host Scott Maberry to explore what the best companies in the world are doing to promote the mental health and well-being of their people.   What We Discussed in This Episode What does a mentally healthy organization look like?  What do great organizations do to support the mental health and well-being of their people? Why is it sometimes difficult to access high-quality mental health care? What about business executives and law partners? They sometimes need help too. What is a typical psychological profile of people with leadership roles in large organizations? What mental health needs do these individuals typically have? What is burnout? What are really good organizations doing to combat this issue?   About Thomas Franklin, M.D. A national leader in psychiatry and psychoanalysis, Dr. Thomas Franklin served as Medical Director of the Retreat at Sheppard Pratt, the premiere program of the prestigious Sheppard Pratt Hospital. He was appointed a member of the American College of Psychiatrists and the Group for the Advancement of Psychiatry.   Dr. Franklin is board-certified in psychiatry and addiction medicine and is a graduate of the Washington Psychoanalytic Institute and the Johns Hopkins Carey School of Business.  In addition to serving as a faculty member of the University of Maryland School of Medicine faculty, he also serves as a discussion group leader for the American Psychoanalytic Association. Dr. Franklin is a co-founder of Mindwork Group, where he is President and Chief Executive Officer of MindWork Group. He has extensive experience treating professionals, executives, business owners, political leaders, and their families. He has been extensively quoted in the areas of substance use disorders, personality disorders, and mental health policy.     Marina Nikhinson Dr. Marina Nikhinson is a board-certified psychiatrist with advanced training in psychodynamic psychotherapy, mentalization-based therapy, dialectical behavior therapy, and the treatment of mood and personality disorders. She is a master-trainer in the general psychiatric management of borderline personality disorder. In her role as attending psychiatrist at the Retreat at Sheppard Pratt, Dr. Nikhinson became a recognized leader in the treatment of people with complex psychiatric, psychological, and substance use disorders. She is a graduate of the Washington-Baltimore Center for Psychoanalysis. A faculty member at the University of Maryland School of Medicine, she is also a Fellow of the American Psychiatric Association. Dr. Nikhinson is a co-founder of the MindWork Group,  serving as its Executive Vice President and Chief Operating Officer. In her distinguished career, she has cared for an international cadre of patients, including business owners, political leaders, and executives of Fortune 100 companies.   About Scott Maberry As an international trade partner in Governmental Practice, J. Scott Maberry counsels clients on global risk, international trade, and regulation. He is also a past co-chair of the Diversity and Inclusion Working Group for the Washington D.C. office, serves on the firm's pro bono committee, and is a founding member of the Sheppard Mullin Organizational Integrity Group. Scott's practice includes representing clients before the U.S. government agencies and international U.S. Department of Treasury's Office of Foreign Assets Control (OFAC), the Department of Commerce's Bureau of Industry & Security (BIS), the Department of Commerce Import Administration, the Department of Homeland Security (DHS), the Department of State Directorate of Defense Trade Controls (DDTC), the U.S. Department of Justice (DOJ), the International Trade Commission (ITC), and the Committee on Foreign Investment in the U.S. (CFIUS). He also represents clients in federal court and grand jury proceedings, as well as those pursuing negotiations and dispute resolution under the World Trade Organization (WTO), North American Free Trade Agreement (NAFTA) and other multilateral and bilateral agreements. A member of the World Economic Forum Expert Network, Scott also advises the WEF community in the areas of global risk, international trade, artificial intelligence and values.   Contact Information Dr. Thomas Franklin Dr. Marina Nikhinson J. Scott Maberry   Resources MindWork Group   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive two new episodes delivered straight to your podcast player every month. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show on Apple Podcasts, Amazon Music, Google Podcasts or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.  

From the BBC World Service: The UK’s inflation figures remain high today at 7.9%, although this is down from 8.7%. Why is it so high when compared to the USA (3%) and the Eurozone (5.5%)? Mohamed El-Erian, Chief economic adviser at German financial services group Allianz, explains. Plus, we hear from the Director General of the World Trade Organization, who has urged countries not to restrict food exports in the wake of Russia’s withdrawal from the Black Sea grain deal.

From the BBC World Service: The UK’s inflation figures remain high today at 7.9%, although this is down from 8.7%. Why is it so high when compared to the USA (3%) and the Eurozone (5.5%)? Mohamed El-Erian, Chief economic adviser at German financial services group Allianz, explains. Plus, we hear from the Director General of the World Trade Organization, who has urged countries not to restrict food exports in the wake of Russia’s withdrawal from the Black Sea grain deal.

In this episode, we speak with Lisa Fine of Pearson PLC, and co-host of the Great Women in Compliance podcast. We discuss how companies can maintain vibrant compliance programs in an increasingly complex world.   What We Discussed in This Episode: How do the best companies assess business risk and legal risk together? How does a deep understanding of the organization's culture help in creating the compliance program? How do compliance professionals stand their ground even while empathizing with the business? What are the pros and cons of using outside counsel for compliance investigations? How can outside attorneys add value and help with business strategy? How do you ensure compliance training programs are effective? How do you empower ethical decision-making in an organization? What are some takeaways from your book, “Sending the Elevator Back Down: What We've Learned From Great Women in Compliance”? What should we all be doing to help others in our professional communities?   About Lisa Fine Lisa Fine is a compliance leader with extensive experience in compliance strategy, including risk management and mitigation, internal investigations, and implementing and growing compliance programs.  As Global Head of Investigations and Fraud for Pearson, the world's leading learning company, she is involved in all aspects of the ethics and compliance program, including developing policies, risk assessment training, communications, and due diligence.   In addition to co-hosting the “Great Women in Compliance” podcast, where women compliance practitioners are interviewed and discuss their experiences, advice and substantive expertise, Lisa also co-authored “Sending the Elevator Back Down: What We've Learned From Great Women in Compliance.” She has spoken at conferences in the United States and Europe and regularly consults with and mentors other women in the field of compliance and those starting their careers   About Scott Maberry As an international trade partner in Governmental Practice, J. Scott Maberry counsels clients on global risk, international trade, and regulation. He is also a past co-chair of the Diversity and Inclusion Working Group for the Washington D.C. office, serves on the firm's pro bono committee, and is a founding member of the Sheppard Mullin Organizational Integrity Group.  Scott's practice includes representing clients before the U.S. government agencies and international U.S. Department of Treasury's Office of Foreign Assets Control (OFAC), the Department of Commerce's Bureau of Industry & Security (BIS), the Department of Commerce Import Administration, the Department of Homeland Security (DHS), the Department of State Directorate of Defense Trade Controls (DDTC), the U.S. Department of Justice (DOJ), the International Trade Commission (ITC), and the Committee on Foreign Investment in the U.S. (CFIUS). He also represents clients in federal court and grand jury proceedings, as well as those pursuing negotiations and dispute resolution under the World Trade Organization (WTO), North American Free Trade Agreement (NAFTA) and other multilateral and bilateral agreements.  A member of the World Economic Forum Expert Network, Scott also advises the WEF community in the areas of global risk, international trade, artificial intelligence and values.   Contact Information  Lisa Fine  J. Scott Maberry   Resources:   Great Women in Compliance  Sending the Elevator Back Down: What We've Learned From Great Women in Compliance.   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive two new episodes delivered straight to your podcast player every month. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show on Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.  

In this episode of All Things Policy, Anushka Saxena and Amit Kumar discuss proceedings of the recently concluded session of the Chinese National People's Congress Standing Committee, and two significant laws passed and/or under deliberation in this session - Foreign Relations and Patriotic Education. Do follow IVM Podcasts on social media. We are @‌IVMPodcasts on Facebook, Twitter, & Instagram. https://twitter.com/IVMPodcasts https://www.instagram.com/ivmpodcasts/?hl=en https://www.facebook.com/ivmpodcasts/ You can check out our website at https://shows.ivmpodcasts.com/featured Follow the show across platforms: Spotify, Google Podcasts, Apple Podcasts, JioSaavn, Gaana, Amazon Music Do share the word with your folks!See omnystudio.com/listener for privacy information.

Join Tamara for an interview with Kristopher Monroe: "writer, editor, and freelance culture assassin with over two decades of experience writing about the arts and other symptoms of human creativity." He was born and raised in Atlanta, where he began his freelance writing career, then lived in Seattle and NYC before settling in Savannah in 2013.  You've probably read Kristopher's arts column in the Savannah Morning News, which he wrote for many years. He's also contributed to publications ranging from The Atlantic Monthly, Playboy, Village Voice, Juxtapoz, Dazed & Confused, Beautiful/Decay, and Swindle. Lately he's been serving as the current Chair of the Savannah-Chatham County Historic Site and Monument Commission, AND has returned to his first writing love - sci-fi and cyberpunk - and is actively looking for an agent for his recently-completed first novel! Check out Kristopher's work and follow him here: https://www.cultureassassin.com/ https://www.instagram.com/savartscene/ https://www.amazon.com/What-Tired-Web-We-Breed-ebook/dp/B07XPD8PH6  Topics in their chat include: What Kristopher means by calling himself "a cultural assassin;" how the World Trade Organization protests impacted his life trajectory; how he fell into writing about fine art, street art, and pop art despite no formal art education; how 2013 was the last time that either Kristopher or I had a full-time job (!); his years spent balancing a weekly SMN column with 1-2 columns in the Do magazine; how he has blossomed into full adulthood in his community work; and how in the past couple of years he has gotten back to his early love of sci-fi and surrealist creative writing - one short story is available on Amazon for $1 (with cover art by local designer and art aficionado Don Sanders!) - plus a full novel; and his obscure skills with running and fixing a 35mm film projector.  Tune in and get all the details!

Premier Li Qiang has stressed the importance of making concerted efforts in resuming world economic growth and addressing global challenges, ahead of the 14th Annual Meeting of the New Champions, also known as the Summer Davos Forum.在第十四届新领军者年会（又称夏季达沃斯论坛）召开之前，国务院总理李强强调了共同努力恢复世界经济增长、应对全球性挑战的重要性。He made the remarks on Monday when meeting with Klaus Schwab, executive chairman of the World Economic Forum, and Ngozi Okonjo-Iweala, director-general of the World Trade Organization, in Tianjin, where the forum will be held. The event, themed "Entrepreneurship: The Driving Force of the Global Economy", runs from Tuesday through Thursday.6月25日，李强在天津会见了世界经济论坛主席克劳斯·施瓦布和世界贸易组织总干事恩戈齐·奥孔乔-伊维拉，发表了上述讲话。夏季达沃斯论坛主题是“企业家精神：世界经济驱动力”，将于6月27日至29日举行。In his meeting with Schwab, Li said China's cooperation with the WEF has been fruitful since Beijing started its alliance with the forum in 1979, which was marked by the arrival of a Chinese delegation in Davos.在会见施瓦布时，李强表示，自1979年中国代表团抵达达沃斯、中国参加世界经济论坛以来，中国与世界经济论坛的合作富有成效。In the age of globalization, with interests intertwined, it is an irreversible trend that all countries must coordinate with each other and complement each other's advantages, he said.李强指出，世界经济历经全球化发展，各国相互协作、优势互补是不可逆转的历史潮流。He called on all countries to promote mutual trust, reduce misunderstanding, and achieve mutual benefits through candid and in-depth dialogue so as to overcome common challenges.李强呼吁各国通过坦诚深入的对话沟通，增进了解与互信、减少误判，坚持互利共赢，携手战胜共同挑战。China will stay on the path of peaceful development, keep expanding opening-up and share with the world its development opportunities, Li said.李强表示，中国将坚定不移走和平发展道路，坚定不移扩大开放，与世界分享发展机遇。Schwab said the world benefits from China's development and the WEF is ready to encourage all parties to deepen mutual trust and expand cooperation for mutual benefits.施瓦布表示，全世界都从中国发展中受益，世经论坛愿推动各方加强沟通、增进互信、扩大合作，实现互利共赢。When meeting with Okonjo-Iweala, Li reiterated China's readiness to work with all parties to support multilateralism and free trade while opposing unilateralism and protectionism.在会见伊维拉时，李强重申中方愿同各方一道，支持多边主义和自由贸易，反对单边主义和保护主义。The premier said that certain countries' rhetoric of "reducing independence" and "de-risking" is in fact politicizing and drawing ideological lines in trade issues.李强表示，一些国家提出的所谓“降依赖”“去风险”，本质上是把经贸问题政治化、意识形态化。Such acts violate the basic principles that the WTO advocates, threaten the authority and effectiveness of the multilateral trading system and disrupt the stability of global industrial and supply chains, he said.这种行为有违世贸组织倡导的自由贸易和非歧视的基本原则，冲击多边贸易体制的权威性有效性，也扰乱全球产业链供应链的安全稳定。Li said China will work with all parties to push for trade and investment liberalization and facilitation, promote world economic recovery and better deal with global challenges.李强表示，中方将与各方一道，提升贸易投资自由化便利化水平，促进世界经济复苏，更好应对全球性挑战。As the biggest developing country and a responsible major nation, China will undertake its responsibilities, which are consistent with its own economic development, and safeguard the lawful interests of all developing countries, Li added.作为最大的发展中国家和负责任大国，中国将承担与自身经济发展水平和能力相符的责任义务，维护发展中国家合法权益。Okonjo-Iweala said that decoupling will undermine global economic growth, adding that the WTO expects to build a strong partnership with China and make new contributions to safeguard the multilateral trading system.伊维拉表示，“脱钩”将损害全球经济发展，世贸组织期待与中方构建强有力的伙伴关系，为维护多边贸易体制作出新的贡献。Aligning of strategies战略调整The Chinese premier also held a meeting with visiting Vietnamese Prime Minister Pham Minh Chinh in Beijing on Monday, calling for both countries to build a closer community with a shared future and take bilateral ties to a higher level amid global turbulence.6月25日，李强还在北京会见来访的越南总理范明政，呼吁两国携手构建更加紧密的命运共同体，在复杂动荡的世界局势中把双边关系推上新台阶。Li urged the two sides to accelerate the alignment of their strategies with the Belt and Road Initiative as the priority, improve the efficiency of railway transportation between the two countries and promote opening of ports and infrastructure connectivity.李强表示，双方要以“一带一路”倡议为重点，做好战略对接，深入挖掘两国铁路运输效能潜力，推进口岸开放升格和设施联通。The Vietnamese prime minister, who is paying an official visit to China on the sidelines of the Summer Davos Forum, said Vietnam firmly upholds the one-China policy and will deepen cooperation with China and manage their differences to achieve common prosperity.在夏季达沃斯论坛期间，对中国进行正式访问的越南总理表示，越方坚定奉行一个中国政策，越方愿同中方共同合作，管控好分歧，实现共同繁荣。Forum英/ˈfɔːrəm/ 美/ˈfɔːrəm/n.讨论会Vietnam英/ˌviːetˈnɑːm; ˌviːetˈnæm/ 美/ˌviːetˈnɑːm/n.越南

The global energy transition is unfolding in an increasingly fragmented world. The rise of green industrial policies aimed at bolstering domestic clean energy industries is heightening trade tensions and threatening to fracture global markets.  Meanwhile, power struggles are amping up on the world stage. Russia's invasion of Ukraine, and simmering tensions between China and the West, have underscored the complexities of the post-Cold War global order. All of this is happening against the backdrop of a rapidly escalating climate crisis that requires a concerted global effort to address.  What do broad trends of deglobalization mean for the clean energy transition? What would a retreat from the norms of free trade mean for the pace of clean energy deployment? And how can policymakers reconcile domestic economic priorities with the urgency of the climate crisis? This week host Jason Bordoff talks with Pascal Lamy about the role of international trade in meeting climate goals. Pascal is the chair of the Climate Overshoot Commission, an organization created to address the consequences of current and past greenhouse gas emissions. Previously, he was president of the Paris Peace Forum, a French nonprofit that convenes leaders to pursue global cooperation and collective action. Prior to that, he served as the director-general of the World Trade Organization from 2005 to 2013. He has also served in a variety of roles at Crédit Lyonnais, the European Commission, and the French government.

The U.S. dollar's status as the global reserve currency is diminishing, which reduces the power that U.S. leaders have over the global economic system. In this episode, hear highlights from recent Congressional testimony during which financial elites examine the current status of the global financial system and what Congress is being told to do to address perceived threats to it (and to their own power). Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via PayPal Support Congressional Dish via Patreon (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: 5753 Hwy 85 North, Number 4576, Crestview, FL 32536. Please make checks payable to Congressional Dish Thank you for supporting truly independent media! View the show notes on our website at https://congressionaldish.com/cd276-the-demise-of-dollar-dominance Background Sources Recommended Congressional Dish Episodes CD269: NDAA 2023/Plan Ecuador CD230: Pacific Deterrence Initiative CD195: Yemen CD187: Combating China CD102: The World Trade Organization: COOL? International Monetary Fund “IMF Financial Activities List 2023.” Updated June 21, 2023. International Monetary Fund. “Weekly Report on Key Financial Statistics.” June 9, 2023. International Monetary Fund. “IMF Lending.” Updated December 2022. International Monetary Fund. Argentina “Argentina: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding” October 17, 2018. International Monetary Fund. “Argentina Policy Memorandum.” January 11, 1999. International Monetary Fund. Ecuador “Ecuador—Supplementary Letter of Intent.” March 13, 2003. International Monetary Fund. Smaller Banks within the World Trade System International Finance Corporation China “Members and Observers.” World Trade Organization. “ China and the WTO.” World Trade Organization. “From ‘China Shock' to deglobalisation shock: China's WTO accession and US economic engagement 20 years on.” Stephen Kirchner. January 24, 2022. United States Studies Centre. “The China Reckoning: How Beijing Defied American Expectations.” Kurt M. Campbell and Ely Ratner. February 13, 2018. Foreign Affairs. The World Bank “Who can borrow from the World Bank?” December 10, 2020. Bretton Woods Observer. “Domination of the United States on the World Bank.” Eric Toussaint. April 2, 2020. Committee for the Abolition of Illegitimate Debt. “Why Is the World Bank Still Lending to China?” Yukon Huang. January 15, 2020. Carnegie Endowment for International Peace. Congressional Stock Trade Tracking Quiver Quantitative Unusual Whales US Abuse of Sanctions “The Other Counteroffensive to Save Ukraine.” Lawrence Summers et. al. June 15, 2023. Foreign Affairs. Allies Pivoting “Europe must resist pressure to become ‘America's followers,' says Macron.” Jamil Anderlini and Clea Caulcutt. April 9, 2023. Politico. “US State Dept backs latest raft of Saudi, UAE, Jordan arms sales.” February 2, 2022. Al Jazeera. Witnesses Mark Rosen on Linkedin Daniel F. Runde on Linkedin “Membership Roster.” Accessed June 24, 2023. Council on Foreign Relations. Tyler Goodspeed on Linkedin Carla Norrlof - “Board of Directors.” Atlantic Council. Daniel McDowell bio Marshall Billingslea on Linkedin Audio Sources Dollar Dominance: Preserving the U.S. Dollar's Status as the Global Reserve Currency June 7, 2023 House Financial Services Committee Watch on YouTube Witnesses: Dr. Tyler Goodspeed, Kleinheinz Fellow, Hoover Institution at Stanford University Dr. Michael Faulkender, Dean's Professor of Finance, Robert H. Smith School of Business at University of Maryland Dr. Daniel McDowell, Associate Professor, Maxwell School of Citizenship & Public Affairs at Syracuse University Marshall Billingslea, Senior Fellow, Hudson Institute Dr. Carla Norrlöf, Senior Fellow, The Atlantic Council and Professor, University of Toronto Clips 34:05 Dr. Tyler Goodspeed: In 2022, as the Ranking Member highlighted, 88% of all foreign exchange transactions by value involved the United States Dollar, a figure that has been roughly constant since 1989, which is testament to the substantial path dependence in international currency usage due to large positive network externalities. As the Ranking Member also highlighted, 59% of all official foreign exchange reserves were held in US dollars, which is down from a figure of 71.5% in 2001. By comparison 31% of all foreign exchange transactions by value involve the Euro, which is the second most commonly transacted currency, which accounted for 20% of official foreign exchange reserves. 34:50 Dr. Tyler Goodspeed: The fact that 90% of all foreign exchange transactions continue to involve the United States dollar, and that global central banks continue to hold almost 60% of their foreign exchange reserves in US dollars confers net economic benefits on the United States economy. First, foreign demand for reserves of US dollars raises demand for dollar denominated securities, in particular United States Treasury's. This effectively lowers the cost of borrowing for US households, US companies, and federal, state and local governments. It also means that on average, the United States earns more on its investments in foreign assets than we have to pay on foreign investments in the United States, which allows the United States to import more goods and services than we export. Second, foreign demand for large reserves of US dollars and dollar denominated assets raises the value of the dollar and a stronger dollar benefits us consumers and businesses that are net importers of goods and services from abroad. Third, large reserve holdings of US currency abroad in effect constitutes an interest free loan to the United States worth about $10 to $20 billion per year. Fourth, the denomination of the majority of international transactions in US dollars likely modestly lowers the exchange rate risks faced by US companies. Fifth, the given the volume of foreign US dollar holdings and dollar denominated debt, monetary policy actions by foreign central banks generally have a smaller impact on financial conditions in the United States than actions by the United States Central Bank have on financial conditions in other countries. 36:40 Dr. Tyler Goodspeed: However, the benefits of the US dollar's global reserve status are not without costs. The lower interest rates in the United States benefit US borrowers, especially the federal government. They also lower returns to US savers. In addition, though a stronger dollar benefits US consumers and businesses that net import goods and services from abroad, it does also disadvantage US firms that export goods and services abroad as well as firms that compete against imported goods and services. Furthermore, the perception of the US dollar as a safe haven asset means that demand for the dollar tends to increase in response to adverse macroeconomic events that are global in nature. As a result, the competitiveness of US exporters and US firms that compete against imported goods and services are likely to face an increased competitive disadvantage at times of elevated global macroeconomic stress. 37:35 Dr. Tyler Goodspeed: However, despite these costs, studies generally find that the economic benefits of the dollar's prominent global status outweigh the costs, providing a modest net benefit to the United States economy. This does not include the substantial benefit to which the chairman referred of the United States dollar's centrality in global transactions, allowing the United States to utilize financial sanction tools when appropriate in support of national security objectives. 44:50 Dr. Daniel McDowell: With little more than the stroke of the President's pen or through an Act of Congress, the US government can use financial sanctions to impose enormous economic costs on targeted foreign actors, be they individuals, firms, or state institutions, by freezing their dollar assets or cutting them off from access to the banks through which those dollars flow. The consequences for individual targets, known as specially designated nationals or SDNs, are severe, significantly impairing targets capacity to participate in international trade, investment, debt repayment, and depriving them of access to their wealth. Over the last two decades, the United States has used the tool of financial sanctions with increasing frequency. For example, in the year 2000, just four foreign governments were directly targeted under a US Treasury Country Program overseen by the Office of Foreign Assets Control (OFAC). Today that number is greater than 20, and if we include penalties from secondary sanctions the list gets even longer. The more that the United States has reached for financial sanctions, the more it has made adversaries and foreign capitals aware of the strategic vulnerability that stems from dependence on the dollar. Some governments have responded by implementing anti-dollar policies measures that are designed to reduce an economy's reliance on the US currency for investment in cross-border transactions. But these measures sometimes fail to achieve their goals. Others have produced modest levels of de-dollarization. Notable examples here include Russian steps to cut its dollar reserves and reduce the use of the dollar and trade settlement in the years leading up to its full scale invasion of Ukraine, or China's ongoing efforts to build its own international payments network based on the Yuan, efforts that have taken on a new sense of urgency as Beijing has become more aware of its own strategic vulnerabilities from Dollar dependence. 47:05 Dr. Daniel McDowell: The United States should reconsider the use of so-called symbolic financial sanctions. That is, if the main objective of a tranche of sanctions is to signal to the world or to a domestic audience that Washington disapproves of a foreign government's policy choices, other measures that can send a similar signal but do not politicize the dollar system ought to be considered first. Second, the use of financial sanctions against issuers of potential rival currencies in particular, China and its Yuan should face a higher bar of scrutiny. Even a small targeted sanctions program provides information to our adversaries about their vulnerabilities, and gives them time to prepare for a future event when a broad US sanctions program may be called upon as part of a major security crisis, when such measures will be most needed. Finally, whenever possible, US financial sanctions should be coordinated with our allies in Europe and Asia, who should feel as if they are key stakeholders in the dollar system and not vassals to it. Such coordinated efforts will prevent our friends from seeking to conduct business with U.S. adversaries outside of the dollar system and send a message to the whole world that moving activities into secondary currencies, like the Euro or the Yen, is not a safe haven. 48:35 Marshall Billingslea: I'll say at the outset that I agree with you and others that to paraphrase Mark Twain, reports of the dollar's demise have been greatly exaggerated. That said, we need to remind ourselves that in the 16th century the Spanish silver dollar was the dominant currency, in the 17th century it was Dutch florins, in the 18th century it was the pound sterling. The link between a nation's currency and its role as the relatively dominant political actor on the world stage is pretty clear. And that is why people like Lula from Brazil, Putin and Xi all aspire to undercut the role of the dollar as the global reserve currency. 50:00 Marshall Billingslea: If we look at what Russia did in the run-up to its further invasion of Ukraine, they began dumping ownership of treasury bonds in 2018. In that year, they plummeted from $96 billion and holdings down to $15 billion and they also started buying large amounts of gold. China is now, as the Ranking Member has observed, embarking on its own its own gold buying spree. I haven't seen the data for May, but April marked the sixth straight month of Chinese expansion in its gold holdings, and I'm not sure I believe the official figures. We have to recall that China is the dominant gold mining player around the world and half of those gold mining companies are state-owned. So the actual size of China's war chest when it comes to gold reserves may be far higher. In fact, I suspect inevitably far higher than official numbers suggest. Last year China also started dumping its treasuries. 2022 marked the largest or second largest decrease on record, with a drop of about $174 billion, and China stood at the lowest level since 2010. In terms of its holdings, though, this past March they did reverse course. This bears close watching because a sell-off may be a strong indicator of planned aggression. 51:20 Marshall Billingslea: The sheer size of the Chinese economy dwarfs what we've been contending with in the form of Iran, Russia, and so on. And one of the first things that the Biden administration did in the wake of Russia's attack was start sanctioning Russian banks and de-SWIFTing them. That's one thing when you're going after an economy smaller than the size of Texas; it's quite another when you consider that out of the 100 largest banks in the world, China has 20, and all four of the top four are Chinese banks. And that is why many within the Treasury contended when I was there, and they will contend to this day, that these Chinese banks are simply too big to sanction. I don't agree that we can allow that to stand but I do believe we have to start taking very swift action to put us in a situation where we could take punitive measures on these banks if necessary. 54:10 Dr. Carla Norrlöf: I will note that the Dollar's dominance is not quite as strong amongst private actors and private markets as it is with governments. In private transactions, it averages about 45% of the world's total. That includes FX transactions, but also things like issuance of international debt, securities, and cross-border banking. 54:55 Dr. Carla Norrlöf: The Chinese Yuan poses no immediate threat to dollar dominance. It accounts for roughly 3% of overall reserves. So far China has been successful in promoting the Yuan with its trade partners, but the Yuan is scarcely used by countries outside trade with China. China is a potential long term challenger due to its active pursuit of trade and investment relationships. If the Yuan is increasingly used by third countries, it will pose a greater threat to the dollar. 55:30 Dr. Carla Norrlöf: And in addition to these external threats, there is also a domestic threat. Flirting with the possibility of a voluntary default puts dollar dominance at risk. What should the US do to maintain dominance, to curb the domestic threat? Congress should consider creating an alternative mechanism for resolving political differences on government spending and its consequences. 56:00 Dr. Carla Norrlöf: To rein in external threats the United States should, whenever possible, implement multilateral sanctions in support of broadly endorsed goals to shore up the liberal international order. This is likely to limit dollar backlash. 59:40 Marshall Billingslea: The thing I do worry -- I come back to this fact that they've been buying a lot of gold -- that one of the things that they could do, which would be very concerning, if they wind up having larger reserves of gold than we believe, is they could start issuing Yuan or gold denominated, gold-backed Yuan contracts and that would further their ambition for introducing the Yuan onto the world stage. 1:05:00 Marshall Billingslea: China considers the actual composition of its foreign exchange reserves to be a state secret. So they don't publish and they they view it as a criminal offense to try to obtain that information in terms of the balance of how much is gold, how much Dollar or Euro denominated. But the numbers I've seen suggest that still at this moment, about 50% to 60% of their Foreign Exchange reserves are still in Dollars or Euros, which means that they are at high risk of sanctions; we can affect them. The problem is that that war chest that they've built up is enormous. It's more than $3 trillion that they have in Foreign Exchange reserves. Compare that with what Russia had at the onset of its assault, which was around $680 billion, of which we managed to freeze overseas half of it, but Russia is still keeping its economy going despite the Biden administration sanctions. So imagine how they're going to be able to continue with that sizable war kitty in Beijing if they do decide to go after the Taiwanese. 1:09:00 Dr. Tyler Goodspeed: Short term I think the risk is that we continue to see diversification away from the dollar, PRC continuing to push other countries to use trade inverse invoicing and Renminbi, that they continue to promote the offshore Renminbi market, that they continue to promote or force bilateral clearing. Longer term, I think the bigger risk is that foreign investors no longer perceive the United States federal government debt to be as safe and risk free as it is today perceived. 1:41:20 Dr. Daniel McDowell: The demonstration of US control over the actual flow of dollars, of communication, absolutely provides information to adversaries to prepare for events where they may face similar circumstances. And so I think what we're seeing is China, we're seeing Russia, we're seeing other countries try to create alternative payments networks. Russia has its own SPFS payment messaging system. It's quite small. It was launched in 2014, not coincidentally, after the initial round of sanctions targeting Russia. In terms of CIPS, China's cross border payments network, Belarus announced it was having banks join immediately following the 2022 sanctions. So what I'm saying is there's a pattern between when the United States mobilizes control over the pipes and the messaging of cross-border payments and adversaries looking for alternatives. It doesn't mean they're using them, but they're getting plugged into the system as at least sort of a rainy day option in the event of a future targeting. 1:45:35 Dr. Daniel McDowell: I look at China not just as a typical country, because I think they're an alternative service provider. Most countries fall into alternative service users; they're looking for an alternative to the dollar. China, you could perhaps put Europe in this as well, are the only two sort of economic BLOCs capable, I think, of constructing an attractive enough cross-border payments network that could attract those alternative service users that are looking for that network. And so that's why I think again, with China, there should be a higher bar of scrutiny. 2:02:20 Dr. Tyler Goodspeed: As deficits mount and as the debt burden rises above 100%, I think the Congressional Budget Office has it ending the budget window at about 119% of our economy, then we will probably observe an acceleration of diversification away from the dollar as a hedge. Again, I don't see another single currency displacing the dollar as the major international currency or as the major reserve currency, but continued diversification. International Financial Institutions in an Era of Great Power Competition May 25, 2023 House Financial Services Committee Watch on YouTube Witnesses: Jesse M. Schreger, Associate Professor of Business, Columbia Business School Mark Rosen, Partner, Advection Growth Capital and former Acting Executive Director, International Monetary Fund (IMF) Daniel F. Runde, Senior Vice President, Center for Strategic & International Studies(CSIS) Rich Powell, Chief Executive Officer, ClearPath & ClearPath Action Daouda Sembene, Distinguished Nonresident Fellow, CGD and CEO, AfriCatalyst Clips 39:55 Mark Rosen: The IMF is the global lender of last resort to countries that are in economic distress. IMF borrowers usually have a balance of payments problem, are running out of foreign exchange reserves, and so cannot meet their obligations. The IMF negotiates a set of economic policies with the borrower in government to alleviate the crisis, and, conditional on the government implementing the agreed policies, provides a loan in tranches, normally over a three year period. 41:00 Mark Rosen: The biggest challenge the IMF faces today is China which, as we've heard, has lent vast sums to emerging market and low income countries in a non-transparent and irresponsible manner. Many IMF members are now struggling to repay China. 42:05 Mark Rosen: The United States is the largest shareholder in the IMF and has veto power over certain key decisions and it's critical that the US continues to maintain its ownership of more than 15% which enables it to have this veto power. 42:20 Mark Rosen: China for some time, has been pressing for an increased quota share at the IMF. However, given its irresponsible lending, and then willingness to provide debt relief to developing countries, this is not the time to reward China with increased ownership at the Fund. Two other issues I'd like to focus on are anti-corruption and the catalytic role of the private sector in the work of the IMF. Corruption is a severe problem for many emerging market countries, which do not have strong institutions that can confront and root out corruption. The IMF is certainly doing a much better job than it did historically on anti-corruption, but I believe it's critical that it continues to make anti corruption laws and policies front and center in the conditions of its lending programs, as well as a focus of its technical assistance. Only by reducing corruption will many of these countries be able to attract the vast amount of private sector investment which is potentially available and remains the ultimate key to reducing poverty. Establishing a rule of law, including laws to protect private property is key to unlocking this investment. And it should be a focus of the IMF and World Bank to encourage these countries to improve the rule of law and to fight corruption. If they do that, emerging market countries can attract private capital and grow rapidly as many countries that have followed that path have already done so successfully. 44:45 Daniel Runde: Multilateral development banks, MDBs, under US and Western leadership are one way that we can respond with something. The United States built and strengthened the MDB system. MDBs provide money, advice, data and convening power to help developing countries solve problems. If the US exerts its influence over these institutions, they are forced multipliers of a US-led global system. If we disregard our leadership role, then other actors, including China, can exert influence over them. The World Bank Group is a series of institutions: it lends money to national governments, it has a private sector arm, and has an insurance arm. There are a series of other regional development bank's including the InterAmerican Development Bank, the Asian Development Bank -- Taiwan is a member of the Asian Development Bank -- the African Development Bank and the EBRD, the European Bank for Reconstruction Development Bank, focused mainly on countries that used to be behind the Iron Curtain. The United States has been instrumental in creating the majority of these institutions and remains the largest, or one of the largest, shareholders of every afformentioned MDB. Since the founding of these institutions, the US has used its shareholding power to shape the policies and activities of MDBs in indirect support of American foreign policy. 47:10 Daniel Runde: What role does China play in the MDBs? They're a shareholder. China continues to borrow from the World Bank and the Asian Development Bank. That is crazy. That needs to stop. China is a shareholder. Also, Chinese firms can bid on MDB projects. China wins a lot of in terms of dollar value, a lot of the dollar value of World Bank contracts. Something to take a look at. 47:35 Daniel Runde: How does the Belt and Road figure into the MDBs? You all have heard of the Belt and Road. Infrastructure is now a strategic issue. China's Belt and Road Initiative is a combination of construction and financing projects for roads, airports, and energy around the world. Unfortunately for us, BRI is an ambitious project that speaks to the hopes of China's friends and potential friends. To counter the BRI, the US needs a positive alternative that says more than, "Don't work with China." Right? That's not a strategy. We've got to have an alternative. 1:12:50 Rep. Andy Barr (R-KY): How do we end China's eligibility to borrow from the World Bank? Daniel Runde: The Asian Development Bank has said they're going to end their eligibility by 2025. We should absolutely hold them to that. There is a temptation for the World Bank and the Asian Development Bank to continue to loan for a couple of reasons. One is they say, "Well, this is a window into how we can understand China better." There's lots of other ways to understand China better. And or this is a way for us to -- for a bunch of lending reasons that they do it. You all have the power of the purse, you have an ability, I think you should have blunted conversations with the administration about this. I suspect it's an open door, but it's going to require, I think, some pushing from Congress. I would encourage this committee to push the administration on ending lending to China. 1:14:30 Jesse Schreger: So fundamentally right now, the Renminbi is not yet positioned to compete with the US dollar for a number of reasons. First and foremost, the reason that the dollar plays the role it does in the international financial system is it provides the global safe asset. You're confident, except for the upcoming debt ceiling, that you will always be paid back if you own US dollars. That's fundamentally what you know. When you contemplate investing in China and holding Chinese Renminbi as reserves, you're not necessarily sure that you're gonna be able to turn that piece of paper into the goods and services that you need or intervening in FX markets. 1:21:15 Jesse Schreger: First and foremost, what China is trying to do is essentially convince countries around the world that the Renminbi is an alternative asset to invoice your trade and to invest in. And so on the investment side, they've been working very hard to actually allow in foreign capital, encouraging foreign central banks to hold Renminbi denominated bonds as their reserves. And on the trade side, they're encouraging firms to invoice, basically price their goods, in Renminbi. There's a few areas in which they've had challenges there. So first, we actually don't know who are holding most of these Renminbi denominated assets. What you can see is after the US sanctioned Russia back in 2014, it was the Russian Central Bank that effectively announced they were moving out of US dollar denominated assets and into Renminbi, so they did that publicly. And so China has effectively been trying to attract foreign capital of that form and a lot of the reasons for that is that China finds itself vulnerable in the dollar-based financial system. And so what I would say the fundamental area in which the United States can assure the dominance of the dollar is making everyone understand that US Treasuries are the world's safe asset that there is no state of the world in which the United States can or will default. 2:03:25 Jesse Schreger: I think the real way in which people start being able to issue and borrow in Renminbi is when people start thinking in terms of the goods that they need to buy and consume are in Renminbi. Fundamentally, most countries around the world, if they issue a bond in Renminbi, the calculation they have to do is then "okay, I'm going to take my renminbi and convert it into US dollars to buy the thing in which I need." And so while actions in the US financial system are certainly going to affect other countries decisions to borrow in Renminbi, the kind of underlying challenges in Chinese financial markets and fundamentally the lack of goods priced and sold in Renminbi are going to continue to hold back kind of a growth of this market for a while. And in particular, the fact that many countries are reluctant to try to raise money inside of China's liquid onshore capital markets for, effectively, fear of capital controls. If you've raised renminbi in China, you can't get that out and to your projects the way you can if you raise money in the US in dollars. 2:14:55 Daniel Runde: The business model of the World Bank is they lend money to richer countries with a pretty good credit rating and then they cross subsidize that by lending to poor countries with a poor credit rating. My view is, China can finance its own development, we should stop this practice. I think the Asian Development Bank has sort of gotten the memo, but the World Bank has not fully gotten the memo and they'll give you kind of World Bank-y answers to this sort of thing. We got to stop it. Rep. Zach Nunn (R-IA): Mr. Runde, I could not agree with you more. And you highlighted earlier, you know, by 2025, China should graduate from this program. I'd offer that 25 is two years too late. We can start funneling them off that now. Daniel Runde: I agree, sir. Rep. Zach Nunn (R-IA): I think you're in the right spot. Thank you. Music Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Editing Pro Podcast Solutions Production Assistance Clare Kuntz Balcer Cover photo Eric Prouzet on Unsplash