In The News

Worldwide Surging Food Prices: Bloomberg

Agnieszka de Sousa, Ruth Olurounbi and Pratik Parija April 10, 2020
The prices of wheat and rice have been surging in the spot and future markets. Countries that rely on imports must bear additional financial burden besides confronting COVID-19. The reasons for the price increases remain unclear, with analysis of the future markets’ influence, local supplies and panic buying underway. Anxiety over governments’ ability to control food prices and guarantee supply...

Free Trade’s Underlying Condition: Reuters

John Foley April 7, 2020
Individuals tend to panic and hoard during a crisis. The same is true for nations that must distribute protective equipment during the COVID-19 pandemic with globalization, reliable supply chains fall by the wayside. With demand running high for protective masks, the US president ordered 3M to supply US markets before Canada and Latin America.“The $80 billion company protests, pointing out that...

Japan Expands Entry Ban: Japan Times

March 31, 2020
Many nations try travel bans to contain COVID-19, and travelers in hotspots could find themselves stranded at any point. Japan is expanding a travel ban to foreign nations who have recently traveled to the United States, China, South Korea and Europe. All Japanese and foreign nationals who have traveled outside the banned areas are expected to self-quarantine for 14 days and monitor symptoms....

Limits on Medical Gear Exports: PIIE

Chad P. Brown March 25, 2020
Nations scramble for protective medical gear to prevent infections and a breakdown of health systems. Masks, gloves, gowns and ventilators are in short supply. The European Union announced export restrictions on some supplies, limiting EU sales to countries outside the bloc. “Europe’s actions could be self-defeating,” reports the Peterson Institute for International Economics. “They may disrupt...

Everyone Suffers From Oil-Price War: Economist

March 20, 2020
After Russia refused to reduce oil production in Vienna in early March, Saudi Arabia as de facto leader of the Organization of the Petroleum Exporting Countries, decided to produce more crude oil as a counterattack. Saudi Arabia announced that daily production would unprecedently increase to 12.3 million barrels per day in April, 25 percent more than it produced in February. Following that,...

China and Global Balance of Economic Power: Lowy

Roland Rajah and Alyssa Leng March 13, 2020
A rising China since 1980 has changed the global trade landscape. The world’s leading manufacturer, the largest trading nation and second largest economy has displaced the United States from its traditional dominance. Roland Rajah and Alyssa Leng analyzed bilateral trade data from the International Monetary Fund’s Direction of Trade Statistics database, focused on exports and imports, and...

EU Condemns Trump Travel Ban: AP

Lorne Cook and Samuel Petrequin March 12, 2020
Nations try may approaches to combat COVID-19, including school closings and bans on public gatherings, even as the World Health Organization head points to alarming levels of inaction. “The European Union on Thursday lashed out at President Donald Trump’s ‘unilateral’ decision to restrict travel from Europe to the United States over the coronavirus, saying that the illness doesn’t respect...