(The Canadian Press – Julian Beltrame)
The federal government is asking Canada’s premiers to sign a declaration that their provinces won’t discriminate against American suppliers as a carrot to convince the U.S. to drop protectionist measures.
Trade Minister Stockwell Day said in an interview Thursday that federal and provincial officials discussed the issue on Monday and that the premiers have been given a draft procurement agreement that would act as an adjunct to the North American Free Trade Agreement. The draft would tie the provinces to the same rules as the federal government on government-let contracts.
In recent months, Canadian companies have been hurt by Buy America measures passed in Congress that compel states and municipalities receiving billions of federal infrastructure dollars to buy exclusively from domestic suppliers of steel and many manufactured goods. Several Canadian firms have complained they have been shut out of municipal infrastructure contracts.
The issue has the potential to escalate into a low-level trade war because Canadian municipalities have threatened to retaliate in their procurement spending by keeping American suppliers out. Read more here.
June 26, 2009
Canada Asks for Talks on ‘Buy American’ Issue
(Journal of Commerce Online – Alan M. Field)
Canadian trade officials would like to discuss with U.S. counterparts an agreement that would enable U.S. and Canadian companies to have reciprocal access to local and municipal government procurement contracts.
Canadian Trade Minister Stockwell Day asked U.S. Trade Representative Ron Kirk today to “explore” such a deal, which would permit Canadian suppliers to continue to bid for U.S. local and municipal governments, despite “Buy American” provisions in the current U.S. economic stimulus plan. The two countries already have an agreement governing reciprocal access to government contracts on a federal level.
Although the idea has been widely discussed, this is the first time that the Canadian government has brought the idea directly to the Obama administration. Read more here.
Canadian trade officials would like to discuss with U.S. counterparts an agreement that would enable U.S. and Canadian companies to have reciprocal access to local and municipal government procurement contracts.
Canadian Trade Minister Stockwell Day asked U.S. Trade Representative Ron Kirk today to “explore” such a deal, which would permit Canadian suppliers to continue to bid for U.S. local and municipal governments, despite “Buy American” provisions in the current U.S. economic stimulus plan. The two countries already have an agreement governing reciprocal access to government contracts on a federal level.
Although the idea has been widely discussed, this is the first time that the Canadian government has brought the idea directly to the Obama administration. Read more here.
Minister Day Promotes Canadian Trade in France
(Minister of International Trade)
The Honourable Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway, today concluded a two-day visit to France where, during important multilateral meetings, he strongly reiterated Canada’s calls to keep markets open and resist the temptation of protectionism.
Minister Day and Ted Menzies, Parliamentary Secretary to the Minister of Finance, met with Organisation for Economic Co-operation and Development (OECD) and World Trade Organization (WTO) partners to address the current state of the world economy and the need for continued trade and investment liberalization.
“In order for us to succeed in restoring prosperity to the global economy, we need to work with OECD and WTO members to fight the impulse to hide behind trade barriers. Canada is leading by example by pursuing free trade agreements with markets all over the globe,” said Minister Day. “We are strongly opposed to protectionism and will continue to defend free and open trade on the world stage.
“The Doha Round of WTO negotiations offers the best way forward to ensure fair, rules-based international trade. We need to aggressively pursue these talks to ensure our Canadian companies gain access to as many markets as possible, especially during this difficult economic period.”
Following the OECD meetings and informal meetings of WTO ministers, Minister Day delivered a speech to senior business officials from the Canada-France Chamber of Commerce where he highlighted Canada’s aggressive free trade agenda, positioned Canada as the best place in the world to do business and called for the need to resist protectionism.
Minister Day also had a very productive meeting with his French counterpart, Anne-Marie Idrac, Secretary of State for Foreign Trade, where he reinforced the need for stronger commercial relations with France and emphasized the importance of concluding negotiations on a comprehensive economic and trade agreement with the European Union as soon as possible.
“An agreement with the European Union, now more than ever, will help provide Canadian companies with enhanced access to the world’s largest market,” said Minister Day. “We will continue to work with our European partners, such as France, to ensure this becomes a reality.”
France is Canada’s eighth-largest merchandise trading partner worldwide and its third-largest in Europe, after the United Kingdom and Germany.
For the complete text of the OECD meeting’s ministerial conclusions is available here (PDF) and more details about Minister Day’s visit can be found here.
The Honourable Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway, today concluded a two-day visit to France where, during important multilateral meetings, he strongly reiterated Canada’s calls to keep markets open and resist the temptation of protectionism.
Minister Day and Ted Menzies, Parliamentary Secretary to the Minister of Finance, met with Organisation for Economic Co-operation and Development (OECD) and World Trade Organization (WTO) partners to address the current state of the world economy and the need for continued trade and investment liberalization.
“In order for us to succeed in restoring prosperity to the global economy, we need to work with OECD and WTO members to fight the impulse to hide behind trade barriers. Canada is leading by example by pursuing free trade agreements with markets all over the globe,” said Minister Day. “We are strongly opposed to protectionism and will continue to defend free and open trade on the world stage.
“The Doha Round of WTO negotiations offers the best way forward to ensure fair, rules-based international trade. We need to aggressively pursue these talks to ensure our Canadian companies gain access to as many markets as possible, especially during this difficult economic period.”
Following the OECD meetings and informal meetings of WTO ministers, Minister Day delivered a speech to senior business officials from the Canada-France Chamber of Commerce where he highlighted Canada’s aggressive free trade agenda, positioned Canada as the best place in the world to do business and called for the need to resist protectionism.
Minister Day also had a very productive meeting with his French counterpart, Anne-Marie Idrac, Secretary of State for Foreign Trade, where he reinforced the need for stronger commercial relations with France and emphasized the importance of concluding negotiations on a comprehensive economic and trade agreement with the European Union as soon as possible.
“An agreement with the European Union, now more than ever, will help provide Canadian companies with enhanced access to the world’s largest market,” said Minister Day. “We will continue to work with our European partners, such as France, to ensure this becomes a reality.”
France is Canada’s eighth-largest merchandise trading partner worldwide and its third-largest in Europe, after the United Kingdom and Germany.
For the complete text of the OECD meeting’s ministerial conclusions is available here (PDF) and more details about Minister Day’s visit can be found here.
June 25, 2009
Signs of Life in U.S. Economy Bring on a New Uncertainty
(Globe and Mail – Kevin Carmichael)
The world’s largest economy has a pulse.
A series of indicators over the past month is causing forecasters to take a more optimistic view of the prospects for the United States, and, by extension, the country’s many trading partners, including Canada, where stocks rallied yesterday on the possibility of stronger demand south of the border.
The U.S. Federal Reserve’s chief policy makers are the latest to shift their tone, concluding at the end of a two-day meeting yesterday that the “pace of economic contraction is slowing.” Their assessment followed a prediction by the Paris-based Organization for Economic Co-operation and Development that U.S. gross domestic product would expand 0.9% next year, a meagre result, but better than the group’s March prediction that next year would bring no growth.
The emerging consensus that the worst is over for the country that caused the financial crisis is bringing about a new question: What now?
The Fed conceded in its statement that “economic activity is likely to remain weak for a time,” a reality that will force policy makers to remain on guard because hundreds of billions of dollars in public spending is still the biggest source of demand. Read the complete article here.
The world’s largest economy has a pulse.
A series of indicators over the past month is causing forecasters to take a more optimistic view of the prospects for the United States, and, by extension, the country’s many trading partners, including Canada, where stocks rallied yesterday on the possibility of stronger demand south of the border.
The U.S. Federal Reserve’s chief policy makers are the latest to shift their tone, concluding at the end of a two-day meeting yesterday that the “pace of economic contraction is slowing.” Their assessment followed a prediction by the Paris-based Organization for Economic Co-operation and Development that U.S. gross domestic product would expand 0.9% next year, a meagre result, but better than the group’s March prediction that next year would bring no growth.
The emerging consensus that the worst is over for the country that caused the financial crisis is bringing about a new question: What now?
The Fed conceded in its statement that “economic activity is likely to remain weak for a time,” a reality that will force policy makers to remain on guard because hundreds of billions of dollars in public spending is still the biggest source of demand. Read the complete article here.
U.S. Sends Encouraging Trade Signals on Buy America: Flaherty
(CBC News – The Canadian Press)
U.S. congressional leaders appear to be prepared to work with Canada to dampen the threat of protectionism between the world’s two largest trading partners, Finance Minister Jim Flaherty said Wednesday.
Earlier, the finance minister met with several key senators, including former Democratic presidential candidate John Kerry, as well as House budget chairman John Spratt, on the financial crisis and trade issues. “What I heard today was a willingness to work on this issue,” he said in a conference call from Washington. “[And] that Canada is viewed as having a special trading relationship with the United States.”
But Flaherty gave no indication whether the congressmen he met, who were both Republicans and Democrats, were willing to lobby for a repeal of the so-called “Buy America clauses being inserted in billions of dollars of infrastructure spending programs.”
The laws require lower-level governments to use American steel and manufactured goods exclusively in procurement that uses federal infrastructure dollars. The laws do not contravene free trade agreements because the spending is being directed by states and municipalities, not Washington. Read more here.
U.S. congressional leaders appear to be prepared to work with Canada to dampen the threat of protectionism between the world’s two largest trading partners, Finance Minister Jim Flaherty said Wednesday.
Earlier, the finance minister met with several key senators, including former Democratic presidential candidate John Kerry, as well as House budget chairman John Spratt, on the financial crisis and trade issues. “What I heard today was a willingness to work on this issue,” he said in a conference call from Washington. “[And] that Canada is viewed as having a special trading relationship with the United States.”
But Flaherty gave no indication whether the congressmen he met, who were both Republicans and Democrats, were willing to lobby for a repeal of the so-called “Buy America clauses being inserted in billions of dollars of infrastructure spending programs.”
The laws require lower-level governments to use American steel and manufactured goods exclusively in procurement that uses federal infrastructure dollars. The laws do not contravene free trade agreements because the spending is being directed by states and municipalities, not Washington. Read more here.
June 24, 2009
As China Stirs Economy, Some See Protectionism
(New York Times – Keith Bradsher)
China has begun a concerted effort to keep its export economy humming, even as demand for its goods has plummeted with the global downturn.
Risking the ire of the United States and other trading partners, the Chinese government has quietly started adopting policies aimed at encouraging exports while curbing imports, even though China, as one of the world’s largest exporters, has aggressively criticized protectionism in other countries.
The government has sharply expanded three programs to help exporters, giving them larger tax rebates, more generous loans from state-owned banks to finance trade, and more government-paid travel to promote themselves at trade shows around the world.
At the same time, Beijing has banned all local, provincial and national government agencies from buying imported goods except in cases where no local substitute exists. The rule, issued as part of the country’s economic stimulus plan and enforcing a seldom honored Chinese law from 2003 favoring domestic suppliers, exploits China’s failure so far to sign a global agreement barring protectionism in government procurement. Read more here.
China has begun a concerted effort to keep its export economy humming, even as demand for its goods has plummeted with the global downturn.
Risking the ire of the United States and other trading partners, the Chinese government has quietly started adopting policies aimed at encouraging exports while curbing imports, even though China, as one of the world’s largest exporters, has aggressively criticized protectionism in other countries.
The government has sharply expanded three programs to help exporters, giving them larger tax rebates, more generous loans from state-owned banks to finance trade, and more government-paid travel to promote themselves at trade shows around the world.
At the same time, Beijing has banned all local, provincial and national government agencies from buying imported goods except in cases where no local substitute exists. The rule, issued as part of the country’s economic stimulus plan and enforcing a seldom honored Chinese law from 2003 favoring domestic suppliers, exploits China’s failure so far to sign a global agreement barring protectionism in government procurement. Read more here.
June 23, 2009
Canada and Russia Make Progress on Commercial Initiatives
(Minister of International Trade)
The Honourable Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway, and Viktor Zubkov, Russia’s First Deputy Prime Minister, today concluded the Seventh Session of the Canada-Russia Intergovernmental Economic Commission (IEC) in Moscow, where they signed a joint statement on a range of commercial initiatives.
“During our meetings, we held fruitful discussions on a number of files ranging from mining and agriculture, to energy issues and trade challenges,” said Minister Day. We also discussed Canada’s concerns with the current Russian ban on Canadian pork. “Russia represents a large and growing market with enormous potential for Canadian companies. Canadian exports to Russia grew 30% in 2008 and have grown almost 700% since 2000. Progress made here today will help us open more doors for Canadian businesses in this important market.”
In the joint statement, Canada and Russia reaffirmed their commitment to facilitating economic activity by establishing and maintaining a favourable environment for trade and investment within a free market conforming to internationally accepted rules and regulations.
Minister Day also made progress on science and technology cooperation with Russia during his meetings. Canada and Russia are working to strengthen long-term economic ties through enhanced cooperation in the areas of science, technology and innovation.
The Canada-Russia IEC was created in 1993 as a government-to-government mechanism to address issues affecting bilateral trade. The previous IEC session took place in March 2007 in Ottawa, and the two countries have agreed to hold the Eighth Session in Canada in 2010.
Russia was Canada’s 18th largest merchandise export market in 2008. Canada’s Trade Commissioner Service is continuing to advance Canadian trade, investor and innovation interests in Russia in order to open doors for Canadian business there which translate into jobs back home.
More details about Minister Day’s visit can be found here and the joint statement can be found here.
The Honourable Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway, and Viktor Zubkov, Russia’s First Deputy Prime Minister, today concluded the Seventh Session of the Canada-Russia Intergovernmental Economic Commission (IEC) in Moscow, where they signed a joint statement on a range of commercial initiatives.
“During our meetings, we held fruitful discussions on a number of files ranging from mining and agriculture, to energy issues and trade challenges,” said Minister Day. We also discussed Canada’s concerns with the current Russian ban on Canadian pork. “Russia represents a large and growing market with enormous potential for Canadian companies. Canadian exports to Russia grew 30% in 2008 and have grown almost 700% since 2000. Progress made here today will help us open more doors for Canadian businesses in this important market.”
In the joint statement, Canada and Russia reaffirmed their commitment to facilitating economic activity by establishing and maintaining a favourable environment for trade and investment within a free market conforming to internationally accepted rules and regulations.
Minister Day also made progress on science and technology cooperation with Russia during his meetings. Canada and Russia are working to strengthen long-term economic ties through enhanced cooperation in the areas of science, technology and innovation.
The Canada-Russia IEC was created in 1993 as a government-to-government mechanism to address issues affecting bilateral trade. The previous IEC session took place in March 2007 in Ottawa, and the two countries have agreed to hold the Eighth Session in Canada in 2010.
Russia was Canada’s 18th largest merchandise export market in 2008. Canada’s Trade Commissioner Service is continuing to advance Canadian trade, investor and innovation interests in Russia in order to open doors for Canadian business there which translate into jobs back home.
More details about Minister Day’s visit can be found here and the joint statement can be found here.
Europe and U.S. Accuse China of Unfair Trade Practices
(New York Times – Jack Healy)
The United States and European Union accused China of unfair trade practices on Tuesday, saying the Chinese government was restricting exports of raw materials to give manufacturers in that country a competitive advantage.
Ron Kirk, the United States trade representative, said China had imposed quotas, export duties and other costs on raw materials used in the production of steel, chemicals and aluminum. In effect, he said, China was putting its thumb on the scale and giving Chinese manufacturers an unfair edge. He said that restrictions on exports of bauxite, zinc, yellow phosphorus and other raw goods make it more expensive for manufacturers to produce finished goods and threatened thousands of jobs in industries already rocked by the global recession. “Trade has to be fair,” Mr. Kirk said in a news conference in Washington. “If you’re going to do business with the United States, you’re going to have to play by the rules.”
The United States and European Union filed complaints with the World Trade Organization, the first step in what could be a years-long process of trying to resolve grievances against China.
“The Chinese restrictions on raw material distort competition and increase global prices, making things even more difficult for our companies in this economic downturn,” the European Union’s trade commissioner, Catherine Ashton, said in a statement. Read more here.
The United States and European Union accused China of unfair trade practices on Tuesday, saying the Chinese government was restricting exports of raw materials to give manufacturers in that country a competitive advantage.
Ron Kirk, the United States trade representative, said China had imposed quotas, export duties and other costs on raw materials used in the production of steel, chemicals and aluminum. In effect, he said, China was putting its thumb on the scale and giving Chinese manufacturers an unfair edge. He said that restrictions on exports of bauxite, zinc, yellow phosphorus and other raw goods make it more expensive for manufacturers to produce finished goods and threatened thousands of jobs in industries already rocked by the global recession. “Trade has to be fair,” Mr. Kirk said in a news conference in Washington. “If you’re going to do business with the United States, you’re going to have to play by the rules.”
The United States and European Union filed complaints with the World Trade Organization, the first step in what could be a years-long process of trying to resolve grievances against China.
“The Chinese restrictions on raw material distort competition and increase global prices, making things even more difficult for our companies in this economic downturn,” the European Union’s trade commissioner, Catherine Ashton, said in a statement. Read more here.
June 22, 2009
Minister Day Launches Infrastructure Trade Mission to Russia
(Minister of International Trade)
The Honourable Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway, arrived in Russia today with a trade mission composed of 33 Canadian companies representing various facets of Canada’s infrastructure sector.
Minister Day’s trade mission kicks off with a tour of Novie Veshki, a Canadian-built housing complex and one of the largest subdivisions in Moscow. This development is the first in Russia to mirror Canadian building codes, making it a good example of how Canadian expertise can be applied – with great success – in this country.
“The Novie Veshki project is moving forward with the direct involvement of Canadian engineers and architects. It represents the first housing project in Russia to adopt building codes that mirror Canada’s strict regulations,” explained Minister Day. “I was impressed to note that this new housing complex looks just like the ones we see in Canada. In fact, looking around, it feels like I haven’t left Canada!”
The trade mission will stop in Moscow and Sochi, where Minister Day will also meet with representatives of Canadian companies already doing business in Russia, including infrastructure development for the Sochi 2014 Olympic and Paralympic Winter Games.
“Canadian companies have proven to be world-class competitors. They have a lot to offer, particularly expertise in construction and infrastructure development,” said Minister Day. “I am here in Russia this week to promote what Canada has to offer and to help Canadian businesses build bridges to the Russian marketplace.”
The Russian Federation is an emerging market and remains a key destination for Canadian companies specializing in technology, agriculture and infrastructure. Canada’s exports to Russia grew by 30% in 2008 and have increased almost sevenfold since 2000.
More details about Minister Day’s trade visit to Russia can be found here.
The Honourable Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway, arrived in Russia today with a trade mission composed of 33 Canadian companies representing various facets of Canada’s infrastructure sector.
Minister Day’s trade mission kicks off with a tour of Novie Veshki, a Canadian-built housing complex and one of the largest subdivisions in Moscow. This development is the first in Russia to mirror Canadian building codes, making it a good example of how Canadian expertise can be applied – with great success – in this country.
“The Novie Veshki project is moving forward with the direct involvement of Canadian engineers and architects. It represents the first housing project in Russia to adopt building codes that mirror Canada’s strict regulations,” explained Minister Day. “I was impressed to note that this new housing complex looks just like the ones we see in Canada. In fact, looking around, it feels like I haven’t left Canada!”
The trade mission will stop in Moscow and Sochi, where Minister Day will also meet with representatives of Canadian companies already doing business in Russia, including infrastructure development for the Sochi 2014 Olympic and Paralympic Winter Games.
“Canadian companies have proven to be world-class competitors. They have a lot to offer, particularly expertise in construction and infrastructure development,” said Minister Day. “I am here in Russia this week to promote what Canada has to offer and to help Canadian businesses build bridges to the Russian marketplace.”
The Russian Federation is an emerging market and remains a key destination for Canadian companies specializing in technology, agriculture and infrastructure. Canada’s exports to Russia grew by 30% in 2008 and have increased almost sevenfold since 2000.
More details about Minister Day’s trade visit to Russia can be found here.
B.C. Truckers Keep Border Crossing
(Today’s Trucking)
Chalk a victory up for B.C. truckers. Regional officials from the Canada Border Services Agency (CBSA) in B.C. were persuaded by the B.C. Trucking Association to keep the Aldergrove border crossing (northbound) open to commercial vehicles.
Earlier this month, CBSA floated the idea of closing the Aldergrove crossing to truckers because the crossing is not equipped with the proper security checks to detect illegal activity in commercial trucks, and wanted the traffic diverted to the Pacific Highway crossing.
Aldergrove is the 12th busiest border crossing in Canada and about 100,000 commercial trucks use the route to cross the Canada/U.S. border per year. Read more here.
Chalk a victory up for B.C. truckers. Regional officials from the Canada Border Services Agency (CBSA) in B.C. were persuaded by the B.C. Trucking Association to keep the Aldergrove border crossing (northbound) open to commercial vehicles.
Earlier this month, CBSA floated the idea of closing the Aldergrove crossing to truckers because the crossing is not equipped with the proper security checks to detect illegal activity in commercial trucks, and wanted the traffic diverted to the Pacific Highway crossing.
Aldergrove is the 12th busiest border crossing in Canada and about 100,000 commercial trucks use the route to cross the Canada/U.S. border per year. Read more here.
Trading Barbs: Canada Tries to Outlaw U.S. Cigarettes
(The Hill – Ian Swanson)
Tobacco country lawmakers are seething over a bill that would outlaw U.S. cigarettes in Canada. Bill C-32, which has been approved by Canada’s House of Commons but not the Senate, would ban the use of all flavorings, except menthol, in all cigarettes.
The controversial legislation is being considered amid a debate over “Buy American” language in the $787 stimulus bill that required U.S. content in projects as long as that did not violate trade deals.
The Canadian bill’s intent is to make tobacco products less affordable and accessible to young people by prohibiting candy-flavorings in cigarettes used to turn children on to smoking.
But the ban on flavorings would also include mild flavorings used in the processing of American-blend cigarettes made from burley tobacco. The flavorings are intended to make the products taste less harsh and are not detectable to smokers, according to Roger Quarles, president of the Kentucky’s Burley Tobacco Cooperative. Read more here.
Tobacco country lawmakers are seething over a bill that would outlaw U.S. cigarettes in Canada. Bill C-32, which has been approved by Canada’s House of Commons but not the Senate, would ban the use of all flavorings, except menthol, in all cigarettes.
The controversial legislation is being considered amid a debate over “Buy American” language in the $787 stimulus bill that required U.S. content in projects as long as that did not violate trade deals.
The Canadian bill’s intent is to make tobacco products less affordable and accessible to young people by prohibiting candy-flavorings in cigarettes used to turn children on to smoking.
But the ban on flavorings would also include mild flavorings used in the processing of American-blend cigarettes made from burley tobacco. The flavorings are intended to make the products taste less harsh and are not detectable to smokers, according to Roger Quarles, president of the Kentucky’s Burley Tobacco Cooperative. Read more here.
World Bank Cuts Forecast for Developed Economies
(New York Times – Bettina Wassener)
Companies in Japan and Germany may have become less gloomy about their prospects in recent months, as surveys showed Monday, but neither they nor businesses elsewhere have much to cheer about as the world economy remains mired in a recession that could see it shrink by about 2.9% this year. Forecasts from the World Bank on Monday highlighted just how painful the recessions will be in various regions, despite mounting signs that the very worst of the downturn may be over.
The bank earlier this month said it expected a deeper global recession, forecasting a 2.9% contraction in gross domestic product for this year, rather than 1.7%, as it projected as recently as March. More detailed forecasts released Monday showed that much of this pain will be in high-income areas like the euro zone, the United States and Japan. The bank said that it expected economies in high-income nations to contract a total of 4.2% this year.
It expects the U.S. economy to shrink 3% and the euro zone 4.5%, rather than the 2.4% and 2.7% it forecast in March. For Japan, the World Bank now projects contraction of as much as 6.8% this year – significantly higher than the 5.3% it forecast three months ago. Read more here.
Companies in Japan and Germany may have become less gloomy about their prospects in recent months, as surveys showed Monday, but neither they nor businesses elsewhere have much to cheer about as the world economy remains mired in a recession that could see it shrink by about 2.9% this year. Forecasts from the World Bank on Monday highlighted just how painful the recessions will be in various regions, despite mounting signs that the very worst of the downturn may be over.
The bank earlier this month said it expected a deeper global recession, forecasting a 2.9% contraction in gross domestic product for this year, rather than 1.7%, as it projected as recently as March. More detailed forecasts released Monday showed that much of this pain will be in high-income areas like the euro zone, the United States and Japan. The bank said that it expected economies in high-income nations to contract a total of 4.2% this year.
It expects the U.S. economy to shrink 3% and the euro zone 4.5%, rather than the 2.4% and 2.7% it forecast in March. For Japan, the World Bank now projects contraction of as much as 6.8% this year – significantly higher than the 5.3% it forecast three months ago. Read more here.
Revised D-Memo
(CBSA)
D10-14-57
Revised: Tariff Classification of Certain Articles Using Bluetooth® Technology
This memorandum (PDF) explains the Canada Border Services Agency administrative policy for the tariff classification of certain articles using Bluetooth® technology. The “Guidelines and General Information” outline the Bluetooth® protocol, and list several types of Bluetooth® adapters and Bluetooth®-enabled devices. The memorandum provides examples of Bluetooth® adapters and Bluetooth®-enabled devices and suggests appropriate tariff classifications.
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