The French and German economy ministers met earlier this week, and after their talk, told reporters that the subsidies under the U.S.'s Inflation Reduction Act are problematic for the relationship between the U.S. and the EU.

The World Trade Organization expects global trade growth to "lose momentum" in the second half of the year and remain tepid in 2023 given multiple shocks to the world economy, the WTO said. Global merchandise trade is now predicted to grow by 3.5% in 2022, but to improve by only 1% in 2023, down from an earlier estimate of 3.4%, the trade body said. The WTO expects import demand to slow given high energy prices stemming from Russia's war in Ukraine and tightening monetary policy in the U.S. that will impact interest-sensitive spending in industries such as housing. Further, China's COVID-19 policy and production disruptions coupled with weak external demand along with "growing import bills for fuels, food and fertilizers could lead to food insecurity and debt distress in developing countries," the WTO said.

CARICOM, the economic-integration organization covering the Caribbean Community, with 15 member states, believes its Trade and Investment Forum Agreement with the U.S. has been underutilized, and trade experts are brainstorming about ways to change that trajectory.

Chu Thang Trung, deputy director of Vietnam's Trade Remedies Authority, said exporting firms should diversify export markets to avoid "putting all their eggs in one basket," and skirt the challenges posed by increasing trade remedy investigations against Vietnamese goods, the state-run CustomsNews reported Aug. 26.

Although tensions over Mexico's discouragement of foreign investment in its energy sector and the perennial problem of migration are likely to be front and center, panelists at a Wilson Center Mexico Institute program previewing the Mexican president's visit to Washington said nearshoring ought to be a focus as well.

The leaders of the G-7 countries -- Canada, France, Germany, Italy, Japan, the U.K. and the U.S. -- emphasized that they are going to accelerate their efforts to eradicate "state-sponsored forced labour of vulnerable groups and minorities, including in the agricultural, solar, and garment sectors."

Trade ministers meeting at the World Trade Organization in Geneva agreed to a partial solution to harmful subsidies for fishing fleets, an intellectual property waiver for Covid vaccines, and to allow sale of commodities to the World Food Program even if the product is otherwise subject to export restrictions. The countries that attended the ministerial conference also agreed to extend the moratorium on tariffs on electronic transmissions.

Mexico announced that it will examine whether the Panasonic Automotive Systems plant in Reynosa violated the rights of its workers (see 2205180061) under the provisions of the USMCA.

The US-EU Trade and Technology Council needs to limit its ambitions if it is to be successful, said Tyson Barker, head of the Technology and Global Affairs Program at the German Council on Foreign Relations, during a Washington International Trade Association webinar May 13.

Russia plans to soon ban exports of certain commodities and raw materials, The Wall Street Journal reported March 8. President Vladimir Putin will give his cabinet two days to come up with goods subject to the ban, which Russia said will help ensure “the security of the Russian Federation and the uninterrupted functioning of industry,” according to the report. The export ban is expected to last until Dec. 31.