Asian markets rallied Friday as another broadly positive week drew to a close, with investors cheered by a report that the United States (US) was considering lifting tariffs on China as officials look to hammer out a trade deal.Optimism that the world's top two economies are on course to reach a deal ending their long-running trade row has helped boost equities across the world this year.And while news that the US was carrying out a criminal probe into Chinese tech giant Huawei caused a

In 1950, the Canadian-born Princeton University economist Jacob Viner explained a customs union produces a “trade creation” effect, as lower tariffs and non-tariff barriers spur increased flows of goods among member countries. But Viner noted that a customs union also generates a “trade diversion” effect, as countries that are not part of it face reductions in their trade with countries that are.

Sadly, 2018 will not be remembered as a year of political and diplomatic success. Though the international order had already begun to erode in 2017, the global political environment became downright chaotic, combustible, and hostile this year.

Throughout 2018, much of Asia has been shaken by the new and increasingly unpredictable dynamics in Sino-American relations. One year ago, United States (US) President Donald Trump returned from Beijing after his “state-plus” visit, which China hoped had finally laid his anti-Chinese campaign rhetoric to rest.

United State (US) President Donald Trump and Chinese President Xi Jinping agreed to keep their trade war from escalating with a promise to halt the imposition of new tariffs for 90 days as the world’s two largest economies negotiate a lasting agreement.The truce between the US and China emerged after a highly anticipated dinner Saturday between Trump and Xi on the side-lines of the Group of 20 (G20) summit in Argentina.

A long-overdue shift in America’s China policy is underway. After decades of “constructive engagement” – an approach that has facilitated China’s rise, even as the country has violated international rules and norms – the United States (US) is now seeking active and concrete counter-measures.

World leaders need to fix global trading systems instead of trying to tear them down, International Monetary Fund (IMF) chief Christine Lagarde said Wednesday, in a rebuke to nationalist politicians pushing tariffs and protectionism.Her comments come as a trade spat between China and the United States (US) threatens economic growth around the world, with IMF experts warning of "new vulnerabilities" in the global system."We need to work together to de-escalate and resolve the cu

The latest round of tariffs imposed by the Trump administration on US$200 billion worth of Chinese goods was met with a similar tariff on US$60 billion worth of American exports to China. Trade tensions between the two have grown more hostile of late with no sure signs of either one backing down. As of July 2018, the United States’ (US) trade deficit with China stands at US$223 billion according to the US Census Bureau.

The next designer handbag you buy is less likely to bear a “Made in China” label.Fashion companies, eager to diversify their supply chains, were already expanding into production sites in Southeast Asia as alternatives to China. Then the trade war happened.Now, with tariffs on products such as Chinese handbags set to rise, nations like Cambodia and Vietnam are looking more attractive than ever for consumer-goods makers such as Steven Madden Ltd. and Tapestry Inc.’s Coach.

As crude prices hover around US$75 a barrel, power producers are feeling the pinch and passing on the cost to customers. Malaysia’s utility company, Tenaga Nasional (TNB) imposed a 1.35 sen (US$0.0135) per kWh surcharge to offset its fuel and generation costs this month.