Global News: Canada Ends COVID Border Rules, EU Wants New Russia Sanctions, India Asks To Penalize UK
What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:
- Canada has lifted its testing, quarantine and vaccination requirements at the border. As of Saturday, October 1, 2022, international travelers were able to enter Canada without providing proof of vaccination, taking a pre-arrival test or undergoing quarantine. Click here to read more.
- Leaders of the European Union (EU) have proposed new sanctions against Russia, including an oil price cap, additional trade restrictions, and the blacklisting of several individuals behind aggressions against the Ukraine. For the measures to take effect, all EU nations must sign on, including Hungary, which may not agree. Click here to read the full press statement.
- According to Reuters, China’s official manufacturing purchasing managers’ index (PMI) from the National Bureau of Statistics rose to 50.1 in September from 49.4 in August. A private survey by Caixin showed factory activity slumped more quickly in September, however. Reuters said, “Signs that the world’s second-largest economy is struggling to regain traction after narrowly avoiding contraction in the second quarter, could add to concerns about a global recession, as major central banks embark on the most aggressive round of rate rises in decades.”
- India’s government has applied to the World Trade Organization (WTO) for permission to impose an additional 15 percent import tariff on 22 goods from the United Kingdom (UK). The request comes after the UK imposed tariffs on 15 steel products from India. Those tariffs, which the UK has put in place until 2024, total 25 percent if quotas for the products are exceeded. India’s government told the WTO the penalties on steel products led to a reduction in Indian exports of 2.19 million tons. The goods that India is seeking to put retaliatory penalties on include silver, platinum, semi-diesel engine parts, turbojet engines, and certain electrical conductors. Click here to read more.