Vietnam targets US$200 bn garment, textile exports by 2035 With import tax cuts presented by free trade agreements (FTAs) to which, Vietnam is a member, increasing automation in production and quite favourable factors in the world market, the country’s garment and textile exports are forecast to hit US$200 billion by 2035. Vu Duc Giang, president of Vietnam Textile and Apparel Association (VITAS), says the US remains Vietnam’s largest garment importer, trailed by the EU and member countries of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). Giang optimistically told the Japanese and Vietnamese media that the garment sector is likely to earn US$34.5 billion from exports this year. It is expected that after the CPTPP comes into effect in August 2018 and export taxes drop to zero, the country’s garment exports will surge by 3% compared to the estimated figure because Canada, Australia, Mexico, and New Zealand, major importers, currently import about … [Read more...] about BUSINESS IN BRIEF 16/6
International cooperation on cosmetics regulation
THE TICKER President Trump and Chinese President Xi Jinping participate in a welcome ceremony at the Great Hall of the People in Beijing last year. (AP Photo/Andrew Harnik) U.S. business executives are becoming increasingly concerned that President Trump is on the brink of accepting a bad deal from China. As a Beijing delegation arrived in town for two days of trade talks, allies and representatives of major American businesses are worried that there is far too much focus on narrowing the trade deficit between the United States and China, and not nearly enough on fixing the structural problems with what they admit is a lopsided relationship. “It does seem now that the president has said to Secretary Mnuchin, ‘Bring me a deficit reduction deal,’ ” a source with knowledge of the talks says. “And the Chinese offer is heavily weighted toward deficit reduction, with a sprinkling of mostly cosmetic commitments to improving intellectual property rights … [Read more...] about The Finance 202: U.S. businesses worry Trump may strike bad deal with China
SPRINGFIELD, Ore. (AP) — A glut of legal marijuana has driven Oregon pot prices to rock-bottom levels, prompting some nervous growers to start pivoting to another type of cannabis to make ends meet — one that doesn't come with a high.Applications for state licenses to grow hemp — marijuana's non-intoxicating cousin — have increased more than twentyfold since 2015, and Oregon now ranks No. 2 behind Colorado among the 19 states with active hemp cultivation. The rapidly evolving market comes amid skyrocketing demand for a hemp-derived extract called cannabidiol, or CBD, seen by many as a health aid.In its purified distilled form, CBD oil commands thousands of dollars per kilogram, and farmers can make more than $100,000 an acre growing hemp plants to produce it. That distillate can also be converted into a crystallized form or powder."Word on the street is everybody thinks hemp's the new gold rush," said Jerrad McCord, who grows marijuana in southern Oregon and … [Read more...] about Marijuana growers diversify with hemp amid CBD boom
THE TICKER French President Emmanuel Macron, German Chancellor Angela Merkel and President Trump confer at a G-20 meeting in Hamburg, Germany last summer. (AFP PHOTO / John MacDougall) A whirlwind of French charm just failed to forge a trade armistice between the Trump administration and Europe. Now a punch of German pragmatism will take a crack at it. German Chancellor Angela Merkel arrives in Washington tomorrow for a one-day visit with President Trump amid considerably less fanfare than what greeted French President Emmanuel Macron’s state visit that concluded Wednesday. But the stakes are arguably higher. The exemption from steel and aluminum tariffs that the Trump administration granted the European Union last month expires Tuesday, and the White House has yet to indicate it will extend it. That it could fall to the second half of the European tag team engaging Trump this week to close the deal doesn’t necessarily bode well. Trump has an … [Read more...] about The Finance 202: Now comes Merkel. And the hard part.