IMF cuts world economic growth forecasts as import tariffs, emerging market issues biteThe Saigon Times Daily A cargo ship is seen behind containers at an automated container terminal in Qingdao port, Shandong province, China October 1, 2018 – PHOTO: REUTERS NUSA DUA (REUTERS) - The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows. The new forecasts, released on the Indonesian resort island of Bali where the IMF and World Bank annual meetings are getting underway, show that a burst of strong growth, fueled partly by U.S. tax cuts and rising demand for imports, was starting to wane. The IMF said in an update to its World Economic Outlook it was now predicting 3.7% global growth in both 2018 and 2019, down from its July forecast of 3.9% … [Read more...] about IMF cuts world economic growth forecasts as import tariffs, emerging market issues bite
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Car import tariffs from Japan to Vietnam to be eliminated from 2029
Tariffs on motor vehicles imported from Japan to Vietnam will be slashed to zero from 2029 at the earliest. Cars and motorbikes are seen during rush hour in Hanoi - Photo by Reuters The tax exemption is part of the Trans-Pacific trade deal signed on March 8 between 11 member countries, including Japan and Vietnam. Industrial products will no longer be subject to trade tariffs between those countries as part of the pact. Vietnam will eliminate tariffs for cars with an engine capacity of over 3000cc 10 years after the CPTPP goes into effect, and the rest will follow suit three years after that, said Luong Hoang Thai, director general of the Department of Multilateral Relations at the Ministry of Industry and Trade. The earliest date for the pact to come into effect for Vietnam is 2019. While the elimination of tariffs under the CPTPP has been widely regarded as a powerful signal against protectionism and trade wars, Vietnam has been known to raise other trade barriers to … [Read more...] about Car import tariffs from Japan to Vietnam to be eliminated from 2029
Bản in : Vietnamese tuna exports suffer from Japan’s high import tariff
Hanoi (VNA) - Vietnam's tuna exports to Japan have dropped for four consecutive years since 2013 partly due to high import tariff at 6.4 percent - 7.2 percent. After peaking at 54 million USD in 2012, Vietnam's tuna exports to Japan went down to below 20 million USD in 2016. From the third largest importer of Vietnamese tuna, Japan dropped to the sixth place the same year. The high import tariff reduces Vietnam's tuna competitiveness against products from other regional countries such as Thailand and the Philippines, which enjoy a 0 percent tariff in the Japanese market. Tuna exports showed optimistic signs in 2016 when export value rose 9.3 percent on-year to over 500 million USD, but shipments to Japan accounted for only 4 percent of the total figure. The Vietnam Association of Seafood Exporters and Producers (VASEP) has urged the Ministry of Industry and Trade to put tuna in the list of products subject to tariff cut during negotiations for the Vietnam-Japan Economic … [Read more...] about Bản in : Vietnamese tuna exports suffer from Japan’s high import tariff
Vietnamese tuna exports suffer from Japanâs high import tariff
Hanoi (VNA) â Vietnamâs tuna exports to Japan have dropped for four consecutive years since 2013 partly due to high import tariff at 6.4 percent â 7.2 percent. Â After peaking at 54 million USD in 2012, Vietnamâs tuna exports to Japan went down to below 20 million USD in 2016. From the third largest importer of Vietnamese tuna, Japan dropped to the sixth place the same year. Â The high import tariff reduces Vietnamâs tuna competitiveness against products from other regional countries such as Thailand and the Philippines, which enjoy a 0 percent tariff in the Japanese market. Â Tuna exports showed optimistic signs in 2016 when export value rose 9.3 percent on-year to over 500 million USD, but shipments to Japan accounted for only 4 percent of the total figure. Â The Vietnam Association of Seafood Exporters and Producers (VASEP) has urged the Ministry of Industry and Trade to put tuna in the list of products subject to tariff cut during negotiations for the Vietnam-Japan … [Read more...] about Vietnamese tuna exports suffer from Japanâs high import tariff
Vietnamese tuna exports suffer from Japan’s high import tariff
After peaking at US$54 million in 2012, Vietnam's tuna exports to Japan went down to below US$20 million in 2016. From the third largest importer of Vietnamese tuna, Japan dropped to the sixth place the same year. The high import tariff reduces Vietnam's tuna competitiveness against products from other regional countries such as Thailand and the Philippines, which enjoy a 0% tariff in the Japanese market. Tuna exports showed optimistic signs in 2016 when export value rose 9.3% on-year to over US$500 million, but shipments to Japan accounted for only 4% of the total figure. The Vietnam Association of Seafood Exporters and Producers (VASEP) has urged the Ministry of Industry and Trade to put tuna in the list of products subject to tariff cut during negotiations for the Vietnam-Japan Economic Partnership Agreement (VJEPA). Preliminary statistics from Vietnam Customs showed that Vietnam's tuna export turnover in January 2017 reached nearly US$34 million. Shipments to Japan unexpectedly … [Read more...] about Vietnamese tuna exports suffer from Japan’s high import tariff