United States:
Biden’s Trade Chief Tasked With Reset After Trump Tariff Chaos
“Weeks before the White House said it would keep tariffs in place on more than $350 billion in Chinese goods, Katherine Tai previewed the bad news to a group of U.S. business leaders. Tai, who is President Joe Biden’s pick for U.S. Trade Representative, told executives at a private meeting hosted by the Business Roundtable last month that lobbying for the duties to be removed wouldn’t work, according to people familiar with her remarks. Instead, companies keen to keep the so-called phase one trade deal — struck by the Trump administration and Beijing — should be prepared to live with the tariffs too, Tai said.”
Europe:
Sunak to Spend Billions Saving U.K. Jobs as Covid Hits Workers
“The U.K.’s finance minister Rishi Sunak is set to spend billions of pounds in extra support for the economy over the next four months, as pandemic curbs pushed unemployment to its highest level in almost five years. The chancellor of the exchequer will set out the details in his March 3 budget after Prime Minister Boris Johnson outlined a plan for reopening the U.K. economy that keeps some businesses closed until at least June 21. Sunak on Tuesday suggested support will extend beyond the end of lockdown measures as he seeks to spur economic recovery.”
Asia:
Hong Kong’s Record Budget Deficit Limits Room for Stimulus
“Hong Kong is heading for a record budget deficit, leaving little room for the kind of cash handouts and stimulus Financial Secretary Paul Chan doled out in 2020 during the coronavirus outbreak. Chan is expected to deliver a muted budget Wednesday as he tries to balance fiscal pressures with the demands of an economy that’s shrunk two years in a row already.”
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