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French Prime Minister Le Corny: We will not raise taxes.On September 18, Polish Prime Minister Donald Tusk warned that Russia may be planning a "hybrid" drone and missile attack against countries supporting Ukraine, including NATO member Poland. Tusk told parliament that, based on evidence gathered by intelligence agencies, Russias primary objective is to cripple Ukraines economic and logistical systems and weaken NATOs resolve to support Ukraine through attacks on NATO member states. He called this the "most likely scenario." Poland, a crucial conduit for aid to Ukraine, has recently experienced several suspicious incidents, including cyberattacks targeting water supply, energy facilities, and hospitals, as well as damage to the Warsaw-Ukrainian border railway line. Tusk stated that Russia may be attempting to create the risk of drones or missiles entering the airspace of NATOs eastern flank, describing it as an "accidental incident." Tusk said that Russia has recently intensified its attacks on Ukraine, including targets near the Polish border. He anticipates that six major Ukrainian cities will face sustained, high-frequency attacks targeting warehouses, defense supplies, and railway infrastructure.French Prime Minister Le Corny: The draft budget sets a fiscal deficit target of 5% of GDP for 2027.September 18th - Four industry sources stated that the Yaroslavl refinery, owned by Russias Slavneft, suspended crude oil processing on Thursday due to equipment damage caused by a Ukrainian drone attack. Yaroslavl Oblast Governor Mikhail Yevlayev stated that a large-scale drone attack had been thwarted in the region. "A total of 65 drones were shot down, with no casualties. The refinery was damaged, and fires are currently being actively extinguished." Ukrainian President Zelenskyy stated on Thursday that Ukraine attacked the Yaroslavl refinery overnight. The refinery is located approximately 250 kilometers (155 miles) northeast of Moscow. Sources said the attack damaged the refinerys main crude oil distillation unit, AVT-3, which has a daily processing capacity of 17,140 tons, accounting for about 40% of the refinerys total processing capacity. The refinery also has two other main distillation units. Of these, the AT-4 unit has a designed capacity of 11,430 tons per day, accounting for 27% of the total processing capacity; the AVT-4 unit has a capacity of 14,300 tons per day, accounting for 33% of the total processing capacity. Sources say the AVT-4 unit was previously damaged in another drone attack on August 28 and is currently under repair. Market participants indicated that fuel produced at the Yaroslavl refinery was not listed for sale on the Russian domestic commodity exchange on Thursday.French Prime Minister Le Corny: The austerity measures implemented this year mean that the fiscal deficit in 2026 should be significantly lower than 5.5% of GDP.

USTR Tai Claims That Industry Consultations on China Tariffs Will Be "Robust"

Charlie Brooks

May 06, 2022 10:19

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US Trade Representative Katherine Tai said on Thursday that her agency's consideration of punitive tariffs on Chinese imports would be a "rigorous" consultation process that will solicit input from a broad variety of industry stakeholders and examine possible economic consequences.


Tai told reporters in Ottawa alongside Canada Trade Minister Mary Ng that tariff decisions would not be made "in a vacuum."


Tai committed to "concentrate on the critical nature of this process and the critical nature of hearing from all of our stakeholders throughout the economy."


The USTR announced in a Federal Register notice on Wednesday that it will conduct a statutory four-year review of the initial "Section 301" tariffs on Chinese imports it imposed in 2018 in response to a dispute between the Trump administration and Beijing over China's intellectual property and technology transfer practices.


From May 7 to July 5, the USTR will solicit industry views on the first batch of Chinese industrial imports worth $34 billion, and on a second batch worth $16 billion from June 24 to August 22.


When asked whether she views the tariffs as critical leverage in enforcing China's commitments, including a "Phase 1" trade deal negotiated by the Trump administration in early 2020, Tai stated that she was focused on the long term.


"It is critical for us to concentrate on a long-term, successful plan that will enable us to compete with China in this global climate and during the very disruptive time that we are now experiencing, which is inflicting pain to the average American," Tai added.


Recent statements by Deputy National Security Advisor Daleep Singh and Treasury Secretary Janet Yellen on the deflationary effect of tariff reductions fueled speculation that the administration was considering a course correction.


On Monday, Tai said that all options were on the table to combat increasing inflation, including tariff reductions on Chinese imports, but that any policy move should be guided by medium-term objectives.


Among these objectives is the development of a more robust, enduring global economy that benefits both workers and consumers, she noted.


Regarding trading with Canada, Tai said that dairy problems were particularly challenging. The US has expressed worry over Canada's allotment of dairy import quotas under the US-Mexico-Canada Agreement (USMCA).


USTR said in a recap of her conversation with Ng that Tai emphasized the critical importance of Canada fully adhering to its USMCA obligations, notably those related to dairy and access to its domestic retail market.


Additionally, Ambassador Tai raised worry about Canada's planned digital service tax and Underused Housing Tax, according to the US Trade Representative.

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