23.05.2018

CLIPPING INTERNACIONAL NEGINT Brasília, 23 de maio de 2018

Índice I. OMC _______________________________________________ 2 Airbus to obey WTO verdict on subsidies _____________________________ 2 II. NEGOCIAÇÕES REGIONAIS E BILATERAIS _________________ 3 EU greenlights free trade agreement negotiations with Australia ___________ 3 U.K. Admits Brexit Bill Will Be Paid Even Without Trade Deal ______________ 3 III. OUTROS ____________________________________________ 4 Aún sin Brexit, Argentina y el Reino Unido ya hablan de un "comercio libre sin restricciones" ___________________________________________________ 4 Brazil inflation slows unexpectedly in mid-May _________________________ 5 Brazil currency boosted by rate view, Latam FX gains ___________________ 6

1

23.05.2018

I. OMC Airbus to obey WTO verdict on subsidies The Japan News (Japão) Airbus said on Tuesday it had taken steps to comply with a World Trade Organization ruling on subsidies for its A350 and A380 jets, which has seen the United States and Europe trade legal blows on behalf of Boeing and Airbus. The move comes days after the United States won a partial victory against European Union support for Airbus at the WTO, clearing the way for possible U.S. sanctions in a 14year-old dispute over claims of illegal handouts for planemakers. The EU says it expects to strike a similar legal blow later this year in a parallel WTO case about U.S. support for Boeing, raising the prospect of a tit-for-tat sanctions battle. The row threatens to exacerbate transatlantic tensions over U.S. aluminum and steel tariffs, and the impact on European firms from Washington’s decision to exit an Iran nuclear pact. But both sides agree any sanctions would not happen before 2019. In a rare public face-off between key strategists behind the long-running dispute, Boeing’s chief external lawyer in the case told BBC radio that the United States would be free to target any European products, not just aerospace. “The WTO will decide what the proper number is and ... give the U.S. that authority,” Robert Novick, co-managing partner at U.S. law firm WilmerHale, told the BBC Today program. “In parallel, the U.S. will develop a list of products on which it might consider imposing counter-measures,” he added. Airbus’s chief in-house lawyer in the case said he expected a “devastating” ruling on U.S. support for Boeing’s 777 and 787 jets when the WTO issues its final report on those this year.

2

23.05.2018

II. NEGOCIAÇÕES REGIONAIS E BILATERAIS EU greenlights free trade agreement negotiations with Australia ABC News (Austrália) The European Union has formally given the greenlight to negotiating a fast-tracked free trade agreement with Australia. The EU's chief trade commissioner will visit Canberra next month to formally kick off those talks. The Federal Government believes the agreement has the potential to be the largest free trade deal yet, but it's not prepared to put a dollar figure on it just yet. Trade Minister Steve Ciobo joins AM to discuss the deal.

U.K. Admits Brexit Bill Will Be Paid Even Without Trade Deal Bloomberg (Estados Unidos) A leading Brexit minister in Theresa May’s government was forced into a painful political admission -- the U.K. is legally bound to settle its divorce bill even if it doesn’t get a future trade deal with the European Union. To make the bitter pill of 39 billion pounds ($52 billion) easier to swallow for the public and Brexit cheerleaders, May has been insisting that the financial settlement and a freetrade deal are part of the same package. The EU has always been clear they’re separate.

3

23.05.2018

III. OUTROS Aún sin Brexit, Argentina y el Reino Unido ya hablan de un "comercio libre sin restricciones" El Cronista (Argentina) El canciller británico Boris Johnson y el presidente Mauricio Macri mantuvieron este mediodía un encuentro de trabajo em Casa de Gobierno, donde discutieron las posibilidades de aumentar el comercio bilateral a través de un acuerdo especial por celebrar una vez que el Reino Unido abandone la Unión Europea, como consecuencia del Brexit, y el desenlace del proceso argentino de accesión a la OCDE que, según fuentes ministeriales, podría mostrar avances “en los próximos días”. Antes de arribar a la Casa Rosada, Johnson mantuvo un encuentro privado de aproximadamente 30 minutos con su par, el ministro de Exteriores Jorge Faurie, donde repasaron la agenda bilateral en las áreas de común interés, pero sin discutir algún avance específico en la disputa por la soberanía de las Islas Malvinas. Al término del encuentro, ambos ministros ofrecieron una conferencia de prensa conjunta en la que destacaron el nuevo impulso que tomaron las negociaciones desde la firma de una “hoja de ruta”, en septiembre de 2016, en la que se expresaba la voluntad de facilitar la cooperación en inversiones, comercio y otras áreas, aunque particularmente en pesca e hidrocarburos. Tal comunicado levantó suspicacias en la oposición y continúa siendo denunciado como “una entrega de soberanía” sobre las islas. Faurie respondió a tales críticas al sostener que la amplia agenda trazada con Londres “muestra la riqueza de la relación”, pero “sin menoscabar el reclamo sobre nuestra disputa de soberanía, que continúa válida para la Argentina, con los títulos históricos que la asistan, pero en un contexto actual para tener un dialogo constructivo”. Un futuro acuerdo comercial Johnson celebró las “buenas conversaciones” de estos tres días en Buenos Aires y habló de las “ventajas” de “acercar las uniones aduaneras”. El exalcalde de Londres, miembro emblemático del Partido Conservador, sugirió el inicio de conversaciones entre el Reino Unido y el Mercosur, una vez que se selle la salida británica de Europa.

4

23.05.2018

“Ambos prosperaremos en acuerdos de libre comercio sin restricciones”, vaticinó Johnson. El hombre de la cabellera revuelta puso por ejemplo el éxito del vino argentino, cuyo segundo mercado de exportación es el Reino Unido, pese a no haber preferencias arancelarias. El diplomático nacido en Nueva York, pero nacionalizado británico, también se refirió al interés británico por invertir en el país. Particularmente se mostró interesada con la posibilidad que la compañía administradora del Metro de su capital, Transport for London (TfL), compita en la licitación abierta para operar la red porteña de subterráneos. Mientras en Buenos Aires culmina la visita de Johnson, en Londres se inició esta mañana una reunión de empresarios argentinos en la residencia del embajador, Carlos Sersale di Cerisano, interesados en seducir capitales británicos para proyectos en el país.

Brazil inflation slows unexpectedly in mid-May Reuters (Reino Unido) Inflation in Brazil unexpectedly slowed in mid-May, highlighting how a weak economy is hampering central bank efforts to lift price increases back to its target range. Consumer prices tracked by the benchmark IPCA index rose 2.70 percent in the 12 months through mid-May, government statistics agency IBGE said, below the median 2.81 percent forecast in a Reuters poll of economists. The result undershot even the lowest estimate in the poll, Standard Chartered's forecast of 2.75 percent, and held well below the bottom end of this year's central bank target range of 4.5 percent, plus or minus 1.5 percentage points. The numbers are the latest in a string of weaker-than-expected inflation figures since the start of 2018. Double-digit unemployment rates and widespread idle capacity have kept a lid on price hikes as Latin America's largest economy recovers slowly from its deepest recession in decades, despite record-low interest rates. 5

23.05.2018

While a selloff in the Brazilian real to a two-year low could generate inflationary pressures by boosting import prices, analysts say the weak economy is likely to curb the pass-through effect. The IPCA index rose 0.14 percent from mid-April, IBGE said, compared to a median 0.25 percent estimate. Inflation had reached 2.76 percent at the end of April and 2.80 percent in mid-April. The central bank last week defied widespread expectations it would cut interest rates in a decision that was widely seen as a response to a weaker currency. The minutes from its meeting showed policymakers weighed a rate cut before ultimately deciding to hold borrowing costs. "The central bank made it clear at this month's meeting that the easing cycle is now at an end," said economists at Capital Economics in a report. "Inflation shouldn't be a major headache ... instead, the next move in rates is likely to hinge on what happens around October's presidential election."

Brazil currency boosted by rate view, Latam FX gains Reuters (Reino Unido) Brazil's real jumped more than 1 percent on Tuesday after central bank minutes reinforced investors' beliefs that the country's deepest monetary easing cycle in a decade was over, while other Latin American currencies also gained. Brazil's central bank unexpectedly kept the benchmark Selic rate at 6.50 percent last week, defying market expectations of a 25-basis-point cut. In minutes of that meeting released early Tuesday, the bank indicated that the recent strength of the U.S. dollar had reduced the likelihood of Brazilian inflation remaining below the official target for the foreseeable future. The body also indicated it would likely keep the rate steady in the near future.

6

23.05.2018

"In the central bank's argument, they say that inflation expectations have become unanchored toward the upside, which is to say that it's no longer necessary to cut the Selic rate," said Jose Francisco Gonçalves, head economist at Banco Fator in Sao Paulo. The real bid 1.2 percent stronger, following gains on Monday after the central bank almost quadrupled the value of its currency swap program. The real had previously weathered a rough streak, hitting its lowest level in two years on Friday. Elsewhere in Latin America, Chile's peso outdid the real to rise more than 2 percent, following global copper prices that jumped more than 1 percent as fears of a U.S.-China trade war appeared to fade. Mexico's peso rebounded slightly on Tuesday, benefiting from the weak greenback, a day after blowing past the 20 per dollar mark to a more than one-year low. Equities markets were relatively flat across the region with the exception of Brazil's benchmark Bovespa index, which rose 1.31 percent. Gainers included electricity utility Cia Energetica de Minas Gerais SA, whose shares rose 5 percent after the nation's electricity regulator approved a power tariff hike. Mexico's benchmark IPC index gained 0.65 percent, rebounding from a nearly 1-1/2-year low on a wave of opportunistic buying after weeks of gradual weakening.

7