Japan, China agree trade war will harm global economy

Top officials from the world’s third- and second-largest economies attended a high-level economic dialogue in Tokyo on Monday, April 16, and discussed the growing trade two between the US and China. (Reuters)
Updated 16 April 2018
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Japan, China agree trade war will harm global economy

TOKYO: Japan and China agree that a trade war will have serious consequences for the world economy, Japanese Foreign Minister Taro Kono said on Monday after a high-level economic dialogue between the world’s third- and second-largest economies.
Concern is growing about a trade row between China and the US in which the two nations have threatened each other with tariffs. Japan has been criticized by US President Donald Trump on trade and been hit with tariffs on steel and aluminum, but it has not yet threatened counter-tariffs.
“We have shared understanding that a trade war, no matter which country has brought it about, would have a very large impact on the prosperity of the international economy,” Kono told reporters after the first such dialogue in more than seven years.
Kono and the Chinese government’s top diplomat, State Councillor Wang Yi, co-chaired the Tokyo meeting. Wang is also foreign minister.
Financial markets have been roiled recently over fears that a full-blown US-China trade war could shatter global trade and economic growth.
Trade issues will likely be at the forefront of a summit between Japan’s Prime Minister Shinzo Abe and President Trump later this week. Tokyo is eager to avoid being pushed into talks on a two-way free trade agreement aimed not only at market access but at monetary and currency policies.
Kono also said it was possible that Japan works with China on Beijing’s Belt and Road projects.
“It is quite possible that Japan cooperates with China on various (Belt and Road) projects on a case by case basis where international standards are met,” Kono said.
Chinese President Xi Jinping’s Belt and Road Initiative, unveiled in 2013, aims at building a modern-day Silk Road connecting China by land and sea to Southeast Asia, Central Asia, the Middle East, Europe and Africa.
Abe and Xi pledged last year to reset the sometimes-touchy relationship between Asia’s two largest economic powers.
Wang, who spent eight years in Japan as a diplomat including three as ambassador, said the changing economic climate presented fresh opportunities.
“After reopening these talks, we’re both standing at new starting points to discuss future cooperation that will, I hope, lead to fresh economic growth for both nations,” Wang said at the start of the economic dialogue.
Wang is the first Chinese foreign minister to visit Japan in a bilateral context in nine years. He and Kono discussed a broad range of issues, including North Korea, on Sunday night.


Iran falls to sixth biggest oil supplier to India as sanctions bite

Updated 14 December 2018
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Iran falls to sixth biggest oil supplier to India as sanctions bite

  • Tehran dropped two places to become only the sixth biggest supplier after New Delhi cut purchases due to the impact of US sanctions
  • The UAE, which was the sixth biggest oil seller to India in October, became the third-top seller to India in November

NEW DELHI: India’s monthly oil imports from Iran plunged to their lowest in a year in November with Tehran dropping two places to become only the sixth biggest supplier after New Delhi cut purchases due to the impact of US sanctions, according to ship tracking data and industry sources.
Last month, the US introduced tough sanctions aimed at crippling Iran’s oil revenue-dependent economy. Washington did, though, give a six-month waiver from sanctions to eight nations, including India, and allowed them to import some Iranian oil.
India is restricted to buying 1.25 million tons per month, or about 300,000 barrels per day (bpd).
In November, India imported about 276,000 bpd of Iranian oil, a decline of about 41 percent from October and about 4 percent more than the year-ago month, ship tracking data obtained from shipping and trade sources showed.
After abandoning the 2015 Iran nuclear deal, US President Donald Trump is trying to force Tehran to quash not only its nuclear ambitions and its ballistic missile program but its support for militant proxies in Syria, Yemen, Lebanon and other parts of the Middle East.
India’s imports from Iran in November, included some parcels that were loaded in October. In November, Iraq and Saudi Arabia continued to be the top-two oil sellers to India.
The UAE, which was the sixth biggest oil seller to India in October, became the third-top seller to India in November, knocking down Venezuela to fourth position.