I do not expect EU to offer us worse trading terms By Reuters



LONDON (Reuters) – Prime Minister Boris Johnson said on Wednesday he did not expect the European Union to offer Britain worse post-Brexit trade terms than it has offered to other trading partners.

“I don’t think that is going to happen… its massively in our interests, in the interests of both sides of the Channel, to have a wonderful zero-tariff, zero-quota, all-singing, all-dancing FTA (Free Trade Agreement),” he said during a live Facebook (NASDAQ:) broadcast.

“I’m absolutely confident that we can do that.”

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EU industry chief to dismiss fears strict security rules could delay 5G By Reuters



PARIS (Reuters) – European industrial policy chief Thierry Breton will dismiss claims that relying on European companies to build a 5G network would delay its rollout, weighing in on an increasingly tense debate in Germany over the risk posed by China’s Huawei.

In a speech at the DLD conference in Munich later on Sunday, Breton, a former French finance minister, will warn policy-makers in Germany and elsewhere that the new 5G technology will require more stringent security rules than previous generations.

“Setting up strict security conditions will not create delays in the roll out of 5G in Europe,” Breton will say, according to a copy of the speech obtained by Reuters.

“Europe, including Germany of course, is on track. We are not, and won’t be, late in Europe on the deployment of 5G,” Breton will say.

The warning by Breton contrasts with comments from German Interior Minister Horst Seehofer who said earlier this week that if Chinese companies were excluded, the construction of the 5G network would be postponed for at least five to ten years.

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EU Trade Chief Calls Trump ‘Obsessed,’ Attacks U.S.-China Deal By Bloomberg


© Reuters. EU Trade Chief Calls Trump ‘Obsessed,’ Attacks U.S.-China Deal

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The European Union’s new trade chief pulled no punches on an inaugural visit to Washington, saying President Donald Trump’s tariff threats amount to short-sighted electioneering and warning him about widespread economic damage from protectionism.

Phil Hogan said Trump’s “America First” agenda has helped bring about “a high-pressure crisis moment for the international trading system.” He urged the U.S. government to work with the EU to uphold open commerce.

“If we go about this in the right way, working together, the mutual benefits can be very significant,” Hogan told a conference in the U.S. capital on Thursday. “But, if we fail to do so, the damage will be significant, not alone for us both, but for the world.”

Hogan is seeking to prevent a deterioration in transatlantic commercial ties that have been fraying for months as a result of disagreements over everything from aircraft subsidies to farm tariffs. He spoke bluntly about growing EU unhappiness over U.S. unilateralism, saying it was driven by Trump’s desire for re-election.

‘Managed Trade’

“It’s short-term thinking,” Hogan said in a separate video interview with Global Counsel Chairman Peter Mandelson, a former EU trade commissioner. “Between now and the November elections is what Mr. Trump is thinking about.”

Hogan took a swipe at a preliminary trade agreement reached between the U.S. and China, saying the deal smacked of “managed trade” and threatening an EU complaint to the World Trade Organization. The pact was signed with much fanfare in Washington on Wednesday, two days after Hogan arrived in the city.

The EU is concerned about a Chinese pledge in the accord to increase purchases of U.S. goods and services by at least $200 billion over the next two years.

“We haven’t analyzed the document in detail, but we will, and if there’s a WTO-compliance issue of course we will take the case,” Hogan told the Washington conference at the Center for Strategic and International Studies. “We’re not trigger-happy about taking cases to the WTO — we don’t want to create that impression. But we’ll stand up for our own economic interests.”

Hogan said Trump is misguidedly “obsessed” with a U.S. deficit in goods trade with the bloc and should also take into account services, where the country has a $60 billion surplus. Altogether, transatlantic trade in goods and services is worth over $3 billion a day, according to Hogan.

“Sounds like a fairly healthy relationship to me,” he said. “So why put tariffs on these EU products to make them more expensive for your people?”

‘Let’s Talk’

Hogan sharply criticized the Trump administration’s invocation of national security to apply duties in 2018 on EU steel and aluminum, and threaten similar levies on European cars and auto parts. The metal duties prompted tit-for-tat EU tariffs, and the bloc has pledged to react the same way were European automotive goods to be targeted.

“We reject the U.S. labeling the EU as a security risk in order to justify the imposition on tariffs,” Hogan said. “This narrative is hurtful to both our people.”

The two sides are locked in arguments on other points too, including:

  • A U.S. threat to hit $2.4 billion of French goods with tariffs as retaliation over a digital tax in France
  • A deadlock on the WTO’s appellate body caused by a U.S. refusal to consider new panelists
  • U.S. tariffs on a range of European products following a WTO ruling about illegal aid to Airbus
  • American demands to add agriculture to the agenda of talks that are due to address charges on industrial goods

Hogan, who has met U.S. government officials as well as member of Congress this week, pleaded for a more diplomatic and collaborative approach from the Trump administration.

“If we continue to beat each other up then the future risks being lost to new competitors,” Hogan said. “Let’s talk, let’s cooperate, let’s lead.”





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EU says will assess if U.S.-China deal meets global trade rules By Reuters



LONDON (Reuters) – The European Union’s trade chief said on Thursday that the bloc would check to see if a major trade deal struck by the United States and China is compliant with global rules.

“The devil is in the detail,” EU Trade Commissioner Phil Hogan told a conference in London, speaking by video link from Washington where he is meeting U.S. officials this week. “We will have to assess whether it is WTO compliant.”

Washington and Beijing on Wednesday scaled back their 18-month trade row that has hit global economic growth by signing an initial deal under which China will boost purchases of U.S. goods and services by $200 billion over two years in exchange for the rolling back of some U.S. tariffs.

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Crypto Derivatives Exchange Leaves EU for Panama, Expands KYC By Cointelegraph


Crypto Derivatives Exchange Leaves EU for Panama, Expands KYC

Crypto derivatives exchange Deribit is leaving the European Union for Panama to avoid new AML rules while changing its Know Your Customer (KYC) requirements.

Deribit B.V., the current Netherlands-based company responsible for the Deribit.com exchange, will officially delegate the trading platform to its daughter company, DRB Panama Inc. on Feb. 10, 2020, a Jan. 9 statement from Deribit said.

Continue Reading on Coin Telegraph

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EU Trade Chief Plans January U.S. Trip in Bid to Ease Tensions By Bloomberg



(Bloomberg) — The European Union’s new trade chief plans to visit Washington on Jan. 14-16 a bid to repair transatlantic relations frayed by U.S. measures against imports from the bloc and its attacks on the global commercial order.

Phil Hogan will meet U.S. Trade Representative Robert Lighthizer to discuss disputes including an American threat to hit $2.4 billion of French goods with tariffs in retaliation over a digital-services tax in France.

The U.S. alleged on Dec. 2 — the day after Hogan became EU trade commissioner — that France’s tax discriminates against U.S. technology companies such as Google (NASDAQ:), Apple Inc (NASDAQ:). and Amazon.com Inc (NASDAQ:).

Such levies would mark the first time President Donald Trump’s administration deploys against Europe a policy tool — Section 301 of a 1974 American law — reserved so far for the U.S. trade war against China. The prospect has alarmed the EU, which is already scrambling to expand its policy arsenal in response to a separate U.S. threat to the rules-based international system.

“The only acceptable route to address trade disputes is through the World Trade Organization adjudication process,” Hogan told the European Parliament in Strasbourg, France on Dec. 19. “The European Union will act — and react — as one against any unilateral measures outside the multilateral trading system.”

Ties between the EU and U.S., the world’s biggest economic partners, have deteriorated on numerous fronts since Trump took office in January 2017 with an “America First” agenda that has shaken the global order put in place with American support after the Second World War.

Hogan’s visit would overlap with another important date on the U.S. administration’s calendar. Trump has said he plans to sign phase one of a trade deal with China on Jan. 15 in the U.S. capital.

While the transatlantic tensions extend to decisions by Trump to abandon major international agreements to fight climate change, control nuclear arms in Europe and curb Iran’s atomic-energy program, the EU’s sore points with the U.S. over trade go well beyond possible American retaliatory tariffs tied to France’s digital tax. These disagreements include:

  • A deadlock on the WTO’s appellate body caused by a U.S. refusal to consider new panelists
  • U.S. tariffs on a range of European products following a WTO ruling about illegal aid to Airbus
  • U.S. duties on European steel and aluminum based on controversial national-security grounds
  • A lingering U.S. threat to hit European automotive goods with levies based on security grounds
  • American demands to include agriculture in the scope of planned talks on cuts in duties on industrial goods


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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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There will be no alignment with EU rules in future relationship By Reuters



LONDON (Reuters) – British Prime Minister Boris Johnson said on Friday there would be no alignment with European Union rules under the terms of the free trade deal he wants to strike with the bloc next year.

Johnson said his divorce deal “paves the way for a new agreement on our future relationship with our European neighbors based on an ambitious free trade agreement … with no alignment on EU rules, but instead control of our own laws.”

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Indonesia warns on EU trade deal, dairy imports amid palm oil spat By Reuters



JAKARTA (Reuters) – Indonesia is prepared to walk away from talks on a free trade deal with the European Union over the bloc’s stance on palm oil, while also launching a probe into subsidies on dairy imports from the EU, a trade ministry official said.

Trade tensions have risen since the European Commission concluded that palm oil causes excessive deforestation and should not be considered sustainable, meaning palm-based diesel in transport fuel would be phased out between 2023 and 2030.

Indonesia, the world’s top palm oil producer, said on Sunday it has filed a lawsuit at the World Trade Organization (WTO) against the EU, saying its policy is unfair.

“We have told the EU, if there’s no palm oil, there will be no CEPA,” the Trade Ministry’s director of trade security Pradnyawati told reporters, referring to a comprehensive economic trade agreement (CEPA).

But she said for now Indonesia would continue talks, and still aimed to conclude CEPA by the middle of next year.

The EU biodiesel market is worth an estimated 9 billion euros ($10 billion) a year, with imports from Indonesia worth about 400 million euros, the European Commission said.

Vincent Piket, the EU’s ambassador to Indonesia and Brunei, said CEPA negotiation and the WTO lawsuit were separate issues, urging both parties to stick to WTO rules in carrying out trade.

“In that way we avoid a knock-on effect from the one onto the other,” Piket said in an emailed statement, adding both sides have “a strong interest in putting in place a solid basis for a mutually beneficial economic agreement for the long term”.

Indonesia’s Pradnyawati said the trade ministry’s anti-dumping committee had been asked to investigate whether EU dairy products exported to Indonesia benefited from subsidies.

She said Indonesia did not rely on European dairy products and was “committed” to increase dairy imports from Australia after reaching a trade agreement earlier this year.

Indonesia’s total dairy and egg imports in 2018 were worth $1 billion, trade ministry data showed, with most dairy coming from Australia, New Zealand, the United States and Europe.

Previous trade minister Enggartiasto Lukita said in August he planned to recommend a 20%-25% tariff on EU dairy products in retaliation for the EU’s anti-subsidy duties on Indonesian biodiesel exports.

EU representatives in Indonesia had warned that such action would violate WTO rules.

Meanwhile the EU launched a complaint at the WTO in late November over Indonesian curbs on nickel ore exports, and hit Indonesian biodiesel with tariffs last week.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Asian financial firms face ‘benchmark-aggedon’ as tough EU rules near By Reuters



By Alun John

HONG KONG (Reuters) – Banks and asset managers that use Asian benchmarks like the or indices face a “perfect storm”, with two major regulatory changes slated to take effect the same day, a financial industry group said on Tuesday.

Financial contracts worth billions of dollars are based on the performance of certain benchmarks, while investment funds often track or hope to beat a benchmark’s performance.

However, global authorities, particularly those in Europe, are now seeking to regulate benchmarks more tightly.

Those measures include replacing the London Interbank Offered Rate by the end of 2021 after the world’s largest investment banks paid millions in fines to settle accusations that they had rigged that index.

Organizations that compile and publish market indexes outside the European Union were in February given an extension to the end of 2021 to comply with the EU’s benchmark regulation (BMR).

However, a survey by the Asia Securities Industry and Financial Markets Association (ASIFMA), released on Tuesday, found publishers have made little progress in meeting these standards.

“It is clear that non-EU administrators continue to face many of the same issues that they have struggled with in our first survey in 2017,” said John Ball, an ASIFMA managing director.

EU banks and asset managers can only use compliant benchmarks for hedging or funding. If one does not exist in a market, that could force EU entities to leave, the report said.

Fifty-five important benchmarks in the region could be affected by the rules, including some in Japan, Hong Kong and South Korea.

Will Hallatt, head of Asia financial services regulation practice at law firm Herbert Smith Freehills, said a separate, stronger focus on MifID II, another European Union law, when BMR was being drafted meant the latter got less attention.

“Now, ironically the two-year delay means it may not get attention again because it becomes effective the same day that US dollar and GBP Libor cease to exist,” said Hallatt, whose firm co-wrote the report.

“I’m calling 1 January, 2022, benchmark-aggedon.”

It is unclear which benchmarks in Asia can comply in time.

Administrators can comply if their local jurisdiction is considered “equivalent” to the EU’s regime, if they are “recognised” by a regulatory authority in an EU member state, or if they are “endorsed” by an EU benchmark administrator.

Administrators surveyed by ASIFMA reported practical difficulties with all three.

If EU companies cannot use a benchmark, local business may not be sufficient to sustain it.

“Everyone knows Libor is going, but which other benchmarks will disappear will only be known much closer to the deadline,” said Hallatt.



Indonesia files lawsuit against EU at WTO over palm oil By Reuters



JAKARTA (Reuters) – Indonesia has filed a lawsuit at the World Trade Organization against the European Union, claiming the bloc’s restrictions on palm oil-based biofuel are unfair, the country’s trade ministry said in a statement on Sunday.

The European Commission concluded earlier this year that palm oil cultivation results in excessive deforestation and its use in transport fuel should be phased out by 2030.

Indonesia, the world’s biggest producer of palm oil, has repeatedly said it will challenge the EU’s renewable energy directive, known as RED II, at the WTO’s dispute settlement body.

Indonesia sent a request for consultation to the EU on December 9, 2019, as the initial initiation stage in the lawsuit, the statement said.

Trade minister Agus Suparmanto said the decision was made after assessing scientific studies and after meetings with associations and businesses involved in the palm oil sector.

“With this lawsuit, Indonesia hopes the EU can change their RED II and delegated regulation policies,” said Suparmanto.

Indonesia’s Director General of Foreign Trade Indrasari Wisnu Wardhana said the EU’s policy would not just impact Indonesia’s palm oil exports to Europe, but would also tarnish the image of palm oil products globally.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.