Krista Hughes News

Twelve Pacific Rim countries on Monday reached the most ambitious trade pact in a generation, aiming to liberalize commerce in 40 percent of the world's economy in a deal that faces skepticism from U.S. lawmakers. The Trans-Pacific Partnership (TPP) pact struck in Atlanta after marathon talks could reshape industries, change the cost of products from cheese to cancer treatments and have repercussions for drug companies and automakers. Tired negotiators worked round the clock over the weekend to settle tough issues such as monopoly rights for new biotech drugs.

Canada's economy will start to show more positive effects from the drop in oil prices than negatives from the second quarter onwards, Bank of Canada Governor Stephen Poloz said on Friday. "Starting in the second quarter we think the positives will be more important than the negatives and certainly in the second half of the year the shock should be fully behind us," he said at an Export-Import Bank conference. Reporting by Krista Hughes

The 29 ports on the U.S. West Coast were effectively closed to cargo freighters for the second time in less than a week on Thursday under a partial shutdown imposed by shipping lines and terminal operators in an escalating labor dispute with the dockworkers' union, Reuters reported today. The loading and unloading of cargo vessels was halted for 24 hours as of Thursday morning, and the companies said those operations will be suspended - as they were last weekend - again this coming Saturday, Sunday and Monday, unless a contract settlement with the union is reached. The two sides returned to the bargaining table on Thursday morning for the first time in nearly a week, meeting with a federal mediator at the union's headquarters in San Francisco.

U.S. lawmakers gave a preview on Thursday of a looming fight next year on lifting the ban on crude exports with supporters saying it would sustain the drilling boom and others questioning its impacts on industry and fuel prices. In a House of Representatives hearing on the ban, Texas Republican Joe Barton said exporting oil would boost the economy, lower gas prices, and help give allies alternative oil supplies to Russia. By some measures the United States is the world's top oil producer and Barton said the country should use that power. "When you're number one, you use that status," said Barton, who introduced a short, 1.5 page bill this week to lift the ban Congress passed in 1975 after the Arab oil embargo. The U.S.

The U.S. Commerce Department on Thursday set duties on imports of rail and road transport containers from China after finding the goods were sold below cost in the United States. Under the department's preliminary decision, 53-foot domestic dry containers will face anti-dumping duties of up to 153.24 percent after a complaint from Stoughton Trailers. Some containers, including those produced by China International Marine Containers, face a lower 24.27 percent rate. In 2013, about $184 million worth of such containers were imported from China.

The U.S. Department of Commerce confirmed steep duties on imports of refrigerant gas from China on Wednesday, saying the goods were sold too cheaply in the United States and were produced using Chinese government subsidies. Final duties on the gas known as 1,1,1,2-tetrafluoroethane, used in air conditioning systems, will range from 282.54 percent to 303.42 percent, taking both anti-dumping and anti-subsidy duties into account, according to a statement from Commerce. Companies affected include Jiangsu Bluestar Green Technology Co, Shandong Dongyue Chemical Co Ltd, T.T. International Co and Zhejiang Sanmei Chemical Industry Co Ltd . The complaint was lodged by Mexichem Fluor Inc, a subsidiary of Mexico's Mexichem. The duties are subject to a final decision by the U.S.

The U.S. Commerce Department on Tuesday set duties on imports of rail and road transport containers from China after finding the goods were produced using unfair government subsidies. Under Commerce's preliminary decision, 53-foot domestic dry containers, including those produced by China International Marine Containers, will face anti-subsidy duties of up to 10.46 percent after a complaint from Stoughton Trailers. In 2013, about $184 million worth of such containers were imported from China. The duties must still be confirmed in a final decision by Commerce and by the U.S. International Trade Commission. (Reporting by Krista Hughes; Editing by Meredith Mazzilli)

The United States is weighing its options after a World Trade Organization ruling on a Chinese challenge to anti-subsidy duties imposed on a range of steel products, solar panels and other goods, the office of the U.S. Trade Representative said on Monday. The WTO backed some of China's complaints, but also found it had failed to prove its case in other aspects of the challenge. "The WTO panel's decision to reject many of China's challenges to U.S. countervailing duties on unfairly subsidized Chinese imports is a victory for American businesses and workers," U.S. Trade Representative Michael Froman said. "With respect to the other findings in the panel report, the Administration is carefully evaluating its options, and will take all appropriate steps to ensure that U.S.

German Chancellor Angela Merkel said on Friday negotiations with Iran over its nuclear program have to be given a chance, but sanctions could still be reinstated if needed. Merkel said Iran had to comply with an agreement under which Tehran agreed to limit parts of its nuclear work in return for the easing of some sanctions. "If Iran does not meet its obligations, or does not meet them adequately, we remain ready to take back the current limited suspension of sanctions," she said at a U.S. Chamber of Commerce event. "But first of all, we have to give the negotiations a chance." (Reporting by Krista Hughes)