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The US is delaying a deal to remove Trump-era tariffs on UK steel and aluminium because Washington is concerned about London’s threats to change post-Brexit trading rules in Northern Ireland.
Brussels and Washington have repeatedly warned London that unilaterally changing the EU-UK accord that sealed Britain’s exit from the bloc in 2020 could threaten peace on the island of Ireland.
In a communication seen by the Financial Times, a US commerce department official stated that talks on easing metals tariffs could not move ahead because of US concerns at British threats to trigger Article 16, a safeguard clause in the post-Brexit Northern Ireland protocol.
The clause overrides part of the UK’s exit with the EU and would suspend checks on goods travelling to Northern Ireland from the rest of the UK.
Thanks for reading FirstFT Americas and here’s the rest of today’s news — Gordon
Five more stories in the news
1. US Supreme Court justices appear willing to put curbs on abortion rights Opening arguments were made yesterday in the most significant challenge to abortion rights in the US for generations. The case is the first to contest the 1973 Roe vs Wade ruling since former president Donald Trump appointed Amy Coney Barrett and Brett Kavanaugh to the Supreme Court, giving conservative justices a 6-3 majority.
2. ExxonMobil declares new carbon emission goals The US energy supermajor said it aimed to reduce company-wide greenhouse gas intensity by 20-30 per cent by 2030 after meeting a previous 2025 target earlier this year. But Andrew Logan, senior director for oil and gas at Ceres, which co-ordinates investor action on climate change, said the new emissions targets were “grossly inadequate”.
3. US defence secretary raises alarm about China’s hypersonic weapon test Lloyd Austin said China’s development and test of a hypersonic weapon had increased tensions in the Indo-Pacific region and underscored why China was the top challenge for the American military. The comments follow a warning yesterday from former Japanese prime minister Shinzo Abe that a Chinese invasion of Taiwan would amount to “economic suicide”.
4. Turkey’s finance minister resigns Lutfi Elvan, who was seen as the last remaining voice of economic orthodoxy in President Recep Tayyip Erdogan’s cabinet, has been replaced by a loyalist amid a plunge in the lira and surging inflation.
5. Epstein accuser testifies she was introduced to Trump A woman who is now in her 40s told a New York court yesterday that the late sex offender Jeffrey Epstein took her to the Mar-a-Lago estate in Florida to meet Donald Trump when she was 14 years old. Catch up on the trial here.
Related read: Epstein was among those Apollo co-founder Leon Black told of “extortion” threats it emerged in a court filing this week.
Coronavirus digest
US health officials said an individual in California returning from South Africa on November 22 had contracted the Omicron variant of coronavirus, making it the first case of the new strain to be identified in the country.
Rising infections, a new variant and the reimposition of pandemic restrictions are threatening the eurozone’s economic rebound, with fewer people going out to shop, eat at restaurants and visit cinemas, high frequency data show.
The UK will purchase an additional 114m doses of vaccine for use over the next two years, including modified jabs for tackling future variants.
KPMG has told its UK auditors that they will be expected in the office at client sites four days a week in the future.
Multi-manager hedge funds, which trade a wide range of assets and strategies, are driving traders’ pay sky-high after thriving during the coronavirus crisis.
The day ahead
Covid curbs President Joe Biden is expected to announce a series of new measures designed to slow the spread of the virus over the winter, including free rapid tests, an extended mask mandate on public transport and stricter testing requirements for international travellers.
Data Filings for unemployment benefits are expected to have picked up again last week from their lowest level since 1969. The data come ahead of Friday’s nonfarm payroll report. Brazil, Latin America’s biggest economy, is expected to report that gross domestic product was unchanged in the third quarter, but up 4.3 per cent compared with the same quarter last year.
Earnings A handful of retailers are due to report results, including Dollar General, Kroger and Ulta Beauty, with investors watching for updates on supply chain disruptions and price pressures.
Opec+ meeting Oil producing countries, led by Saudi Arabia and Russia, meet in a week that has seen oil prices plunge 20 per cent amid fears surrounding the Omicron variant and its impact on energy demand.
What else we’re reading
The FT’s 25 most influential women of 2021 The FT this year asked some of the most prominent women in the world to submit their entries for the most influential women of 2021 including Jane Fraser, Christine Lagarde, Elizabeth Warren and Billie Jean King.
Reaction to Jay Powell’s hawkish pivot on inflation The Federal Reserve chair this week in effect jettisoned the US central’s bank dovish stance on inflation and made combating rising prices the top priority. Colby Smith reports on the reaction of economists and market participants to the shift. Thanks you to all our readers who shared their own responses, including this one from Larry Rand:
Inflation is not transitory and if not reined in becomes pernicious and chronic. Biden should worry as well. Inflation ended the presidencies of Ford and Carter.
Benjamin Netanyahu’s uneven return to power Once the most important person in Israel, the five-time premier faces a criminal prosecution for alleged corruption that blocks his path back to government. His next big opportunity, however, may come in late 2023.
China’s fight against financial fraud Tens of thousands of citizens are falling victim to financial fraud, a crime that has become a fact of life in the world’s second-largest economy, which boasts a fast-growing middle-to-high income population. Now a nationwide anti-fraud education campaign aims to combat the scammers. But is it effective?
FT/McKinsey book of the year Nicole Perlroth’s sobering investigation into the cyber weapons arms race, This Is How They Tell Me the World Ends, was last night named Financial Times and McKinsey Business Book of the Year for 2021. “Cyber security isn’t featuring highly enough on CEOs’ agenda,” said FT editor Roula Khalaf, who chaired the judges. “I hope this award will prompt them to read this book and pay attention.”
Gifts
Interior design columnist Luke Edward Hall recommends “utterly covetable” gifts for the home. His favourite picks include fabulous Christmas decorations to rare tomes on art, interiors, gardens and design as well as kitchen gadgets.
Source: Economy - ft.com
