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On November 30th, Canadian Solar announced that it plans to adjust its US market business by establishing two new joint ventures, M and N, with its controlling shareholder, Canadian Solar Inc. (CSIQ). CSI will hold 24.9% of the shares, and CSIQ will hold 75.1%. Company M will focus on the US photovoltaic business, while Company N will focus on the US energy storage business. Simultaneously, the company plans to restructure its US manufacturing plant, with CSIQ holding 75.1% and CSI holding 24.9%, to obtain a one-time equity transfer consideration and subsequent ongoing equity gains from the 24.9% stake in the US business. This transaction and the waiver of commitments have been approved by the board of directors and are subject to shareholder approval.On November 30th, Baili Tianheng announced that its wholly-owned subsidiary, SystImmune, recently received a $250 million milestone payment from BMS. According to the cooperation agreement, the company is also eligible for up to $250 million in near-term contingent payments, as well as additional payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones.On November 30th, Zhuochuang Information announced that it submitted an application to the Hong Kong Stock Exchange on November 28th, 2025, for the issuance of overseas listed shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange. The application materials for this issuance and listing were also published on the Hong Kong Stock Exchange website on the same day. The issuance and listing are subject to approval, authorization, or filing by relevant government agencies, regulatory bodies, and stock exchanges, and will be implemented only after comprehensive consideration of market conditions and other factors. Therefore, the matter remains subject to uncertainty.On November 30th, Japanese Finance Minister Satsuki Katayama stated on Sunday that the recent sharp fluctuations in the foreign exchange market and the rapid depreciation of the yen were clearly not driven by fundamentals. "Our position is to issue a warning about such events," Katayama said. She reiterated that currency intervention is still possible in response to excessive yen volatility and speculative movements. This aligns with the September Japan-US joint statement, which stated that exchange rates should be determined by the market. On Monday, the market will closely watch for comments from Bank of Japan Governor Kazuo Ueda to see if he signals a possible interest rate hike at the Bank of Japans December meeting.The Kurdistan Regional Governments Electricity Department: Operations at the Khormor oil field have resumed, and the transmission of natural gas to the power plant began at 2:00 AM.

USTR Tai Claims That Industry Consultations on China Tariffs Will Be "Robust"

Charlie Brooks

May 06, 2022 10:19

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US Trade Representative Katherine Tai said on Thursday that her agency's consideration of punitive tariffs on Chinese imports would be a "rigorous" consultation process that will solicit input from a broad variety of industry stakeholders and examine possible economic consequences.


Tai told reporters in Ottawa alongside Canada Trade Minister Mary Ng that tariff decisions would not be made "in a vacuum."


Tai committed to "concentrate on the critical nature of this process and the critical nature of hearing from all of our stakeholders throughout the economy."


The USTR announced in a Federal Register notice on Wednesday that it will conduct a statutory four-year review of the initial "Section 301" tariffs on Chinese imports it imposed in 2018 in response to a dispute between the Trump administration and Beijing over China's intellectual property and technology transfer practices.


From May 7 to July 5, the USTR will solicit industry views on the first batch of Chinese industrial imports worth $34 billion, and on a second batch worth $16 billion from June 24 to August 22.


When asked whether she views the tariffs as critical leverage in enforcing China's commitments, including a "Phase 1" trade deal negotiated by the Trump administration in early 2020, Tai stated that she was focused on the long term.


"It is critical for us to concentrate on a long-term, successful plan that will enable us to compete with China in this global climate and during the very disruptive time that we are now experiencing, which is inflicting pain to the average American," Tai added.


Recent statements by Deputy National Security Advisor Daleep Singh and Treasury Secretary Janet Yellen on the deflationary effect of tariff reductions fueled speculation that the administration was considering a course correction.


On Monday, Tai said that all options were on the table to combat increasing inflation, including tariff reductions on Chinese imports, but that any policy move should be guided by medium-term objectives.


Among these objectives is the development of a more robust, enduring global economy that benefits both workers and consumers, she noted.


Regarding trading with Canada, Tai said that dairy problems were particularly challenging. The US has expressed worry over Canada's allotment of dairy import quotas under the US-Mexico-Canada Agreement (USMCA).


USTR said in a recap of her conversation with Ng that Tai emphasized the critical importance of Canada fully adhering to its USMCA obligations, notably those related to dairy and access to its domestic retail market.


Additionally, Ambassador Tai raised worry about Canada's planned digital service tax and Underused Housing Tax, according to the US Trade Representative.

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