United States:
U.S. Trade Policy Is Ready for its Biden Makeover
“If he winds up facing a hostile Senate, President-elect Joe Biden will struggle to make sweeping policy changes. But for better or worse, executive power has expanded to the point where Biden will be able to make progress on a number of fronts without the say-so of the Republican opposition. One such area of opportunity is trade. Biden will have the power to reverse many of the Trump administration’s bad policies to strengthen trade with allies and potential allies, while keeping up the technological competition with China. The first order of business is to remove all tariffs on developed countries such as Canada, Japan, and in Europe. Currently, Trump’s tariffs on these nations are sparking a dangerous and completely counterproductive tit-for-tat:”
Europe:
ECB Told Home Prices, Fiscal Spending Key as Strategy Reviewed
“The European Central Bank should target higher average inflation — unless house prices are soaring — and governments must spend their way out of recession, according to economists attending the institution’s annual forum. ECB President Christine Lagarde will open this year’s event on Wednesday, with Federal Reserve Governor Jerome Powell and Bank of England Governor Andrew Bailey joining her over two days. Normally held at a luxury hillside resort in Sintra, Portugal, this time it’s online because of the pandemic.”
Asia:
China’s Consumer Prices Head for Deflation as Pork Prices Slump
“China’s consumer inflation threatens to drop below zero in coming months as pork prices reverse trend from last year’s surge. The consumer price index rose 0.5% in October from a year earlier, the slowest pace since late 2009 and the first time it’s been below 1% in more than three years, according to data released by the National Bureau of Statistics Tuesday. The median estimate in a Bloomberg survey was for a 0.8% increase.”
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