Afternoon Coffee: US Rejects Market Economy Status (MES) for China, OPEC Convenes to Discuss Production Limits

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The Trump administration has formally rejected China’s request that it be treated as a market economy by the World Trade Organization, the Wall Street Journal reports. The designation is a high-stakes issue for global trade, as exporting as a non-market economy costs Chinese producers billions of dollars in tariffs.

For more details on the history and stakes of China’s bid for market economy status, check out MetalMiner’s in-depth special report of the topic.

OPEC Meeting

OPEC and non-member oil-producing nations are meeting in Vienna this week to discuss extending production cuts, Bloomberg reports. While the strategy seems to working with oil prices nearing two-year highs, representatives said they have no idea how the U.S. shale industry will react to further cuts, highlighting the increasing influence North America has on global oil markets.

Chinese Cheese

China has lowered its tariff rate on imported cheese to 8% from 12% amid rising demand for dairy in the country, the Daily Reporter writes. US dairy exporters cheered the news, saying it would help them gain access to an increasingly important market that was before out of reach because of comparably higher tariff rates.

GDP Revision 

And finally, an economic update: The Commerce Department revised third quarter GDP up to 3.3%, the Financial Times reports, marking the country’s quickest pace of expansion in three years.

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