Breaking Boundaries: The Must-Know Trade Stories of the Week!
January 31
Teradyne Shifts $1 Billion in Manufacturing Away from China Amid Export Controls
Semiconductor testing equipment supplier, Teradyne, recently made a significant move in response to US export regulations. They relocated manufacturing worth around $1 billion from China due to supply chain disruptions and regulatory challenges. This decision reflects the company’s commitment to navigate evolving trade dynamics in the global semiconductor industry.
Global Business Groups Urge President Biden to Reverse LNG Pause
Leading business organizations from the US, Europe, and Japan sent a joint letter to President Biden, urging him to reconsider the freeze on new approvals for liquefied natural gas (LNG) export facilities. These groups emphasize the importance of meeting rising global natural gas demands while simultaneously making progress on emissions reductions. The decision to pause approvals presents potential implications for the US energy sector and international trade relationships.
GM and Honda Begin U.S. Fuel Cell Production
General Motors and Honda have achieved a significant milestone in their pursuit of zero-emissions mobility. They have commenced commercial production of hydrogen fuel cell systems as part of their joint venture in suburban Detroit. This partnership enables both companies to offer alternative solutions beyond battery-electric vehicles. As fuel cells gain attention due to tightening emissions regulations and advancements in technology, this production marks an important step forward.
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WTO Warns of Overly Optimistic Trade Growth Estimates
The World Trade Organization (WTO) is expected to revise its estimates for goods trade growth in the coming years. Chief Economist Ralph Ossa indicated that the WTO will likely cut its estimates for 2023 and 2024 due to a less buoyant global economy and potential disruptions to shipping, such as those affecting the Suez Canal. The WTO’s previous estimates of 0.8% growth for 2023 and 3.3% growth for 2024 now seem overly optimistic. These revised figures, to be published in approximately two months, reflect the impact of geopolitical tensions and other factors affecting global trade.
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