Nov 22, 2019

World trade is getting more restrictive

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Reproduced from World Trade Organization; Note: Does not reflect cumulative value; Chart: Axios Visuals

Trade is getting more restrictive around the globe. In the six months through October, newly introduced trade restriction policies in G20 countries covered the 2nd highest amount of goods on record, according to a new report from the World Trade Organization.

G20 economies implemented 28 new trade-restriction measures in the last six months — not just through tariff increases, but also through import bans and stricter customs procedures.

  • What they're saying: “The report's findings should be of serious concern for G20 governments and the broader international community,” WTO Director-General Roberto Azevêdo said in the release.
  • “New trade restrictions and increasing trade tensions will only add to the uncertainty that is dragging down growth in the world economy.”

Separately: Economists at the Organisation for Economic Cooperation and Development said on Thursday that “trade conflict, weak business investment and persistent political uncertainty are weighing down on the world economy and raising the risk of long-term stagnation.”

  • The report also warns that ratcheting up the U.S.-China trade war would “disrupt supply networks and weigh on confidence, jobs and incomes.”

Go deeper: The mixed signals on global trade

Go deeper

China approves Hong Kong national security law

Hong Kong riot police round up a group of protesters during a demonstration on Wednesday. Photo: Willie Siau/SOPA Images/LightRocket via Getty Images

Chinese lawmakers approved a plan on Thursday for a sweeping national security law for Hong Kong that would criminalize sedition, foreign influence and secession in the Asian financial hub, per the New York Times.

Why it matters: The move comes hours after Secretary of State Mike Pompeo said in response to the plan that the certified to Congress that Hong Kong is no longer autonomous from China and does not warrant special treatment under U.S. law.

Go deeper: Hong Kong's economic future hangs in the balance

Editor's note: This is a developing news story. Please check back for updates.

7 mins ago - World

Minneapolis unrest as hundreds protest death of George Floyd

Protesters and police clash during demonstration on Wednesday over the death of George Floyd in custody outside the Third Police Precinct. Photo: Kerem Yucel/AFP via Getty Images

A man died in a Minneapolis shooting during a second night of clashes between police and protesters in the city over the death of George Floyd, an African American man who died in police custody, per AP.

The latest: Police said officers were responding to reports of a stabbing just before 9:30 p.m. and found a man lying in "grave condition on the sidewalk" with a gunshot wound, CBS Minnesota reports. On man is in custody over the incident.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 5,695,968 — Total deaths: 355,701 — Total recoveries — 2,351,638Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 1,699,933 — Total deaths: 100,442 — Total recoveries: 391,508 — Total tested: 15,192,481Map.
  3. Public health: CDC issues guidelines for reopening officesFauci says data is "really quite evident" against hydroxychloroquine.
  4. States: California hospitals strained by patients in MexicoTexas Supreme Court blocks mail-in expansion to state voters.
  5. Business: MGM plans to reopen major Las Vegas resorts in June — African American business owners have seen less relief from PPP, Goldman Sachs says.
  6. Tech: AI will help in the pandemic — but it might not be in time for this one.
  7. World: EU proposes a massive pandemic rescue package.
  8. 1 🎶 thing: Local music venues get rocked by coronavirus.
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Updated 58 mins ago - Politics & Policy