Overseas Headlines – November 11, 2020

United States:

Biden Gets a $4 Billion Reminder to Patch Trade Ties With Europe

“Barely 48 hours after President-elect Joe Biden pledged to “make America respected around the world again,” the European Union was among the first in line to remind him that trans-Atlantic trade relations might be a good place to start. Brussels on Monday agreed to put new tariffs on $4 billion worth of U.S. imports, a move taken with the blessing of the World Trade Organization after the EU won a case in Geneva against illegal subsidies to Boeing Co. It was a counter-punch after the U.S., in a parallel filing against Airbus SE, was allowed to impose tariffs on $7.5 billion in goods from nations including France, Germany, Spain and the U.K.”



Turkey’s Erdogan Gives Central Bank Green Light for Policy Shift

“President Recep Tayyip Erdogan threw his full support behind the new central bank governor ahead of a key interest rates decision next week. The lira rallied. Erdogan’s comments are critical for Governor Naci Agbal, who faces a key test of credibility as investors watch the Nov. 19 interest rates decision for a sign of a return to orthodox policies after former Finance Minister Berat Albayrak’s two-year-long battle to rein in free markets hurt confidence.”



India Extends $20 Billion Package After Luring iPhone Makers

“India approved an incentive program worth 1.46 trillion rupees ($20 billion) to attract companies to set up manufacturing in the South Asian nation, Finance Minister Nirmala Sitharaman said. The government will offer production-linked incentives to 10 sectors including automobile, solar panel and specialty-steel makers over a five-year period, she said after a meeting of a ministerial panel on Wednesday. Textile units, food processing plants and specialized pharmaceutical product makers are also eligible for the incentives.”



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