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China lifts heavy tariffs on Australian wine as ties improve

China on Thursday said it will lift tariffs placed on Australian wine over three years ago, in a sign of improving ties between the two countries.

China's Ministry of Commerce said the decision will take effect Friday.

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US economic growth for last quarter slightly up to healthy 3.4% annual rate

The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. The government had previously estimated that the economy expanded at a 3.2% rate last quarter.

The Commerce Department's revised measure of the nation's gross domestic product — the total output of goods and services — confirmed that the economy decelerated from its sizzling 4.9% rate of expansion in the July-September quarter.

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Bittersweet Easter for chocolate lovers and cocoa farmers but big brands see profits

Shoppers may get a bitter surprise in their Easter baskets this year. Chocolate eggs and bunnies are more expensive than ever as changing climate patterns eat into global cocoa supplies and the earnings of farmers in West Africa.

About three-quarters of the world's cocoa — the main ingredient in chocolate — are produced on cacao trees in Ghana, Ivory Coast, Nigeria and Cameroon. But dusty seasonal winds from the Sahara were severe in recent months, blocking out the sunlight needed for bean pods to grow. The season prior, heavy rainfall spread a rotting disease.

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Poland, Ukraine discuss regulating Ukrainian imports to ease farmer discontent

Ukrainian Prime Minister Denys Shmyhal was in Poland on Thursday for talks with his counterpart Donald Tusk to address Polish and western European farmers' demands that regulations be applied to the cheap Ukrainian food imports that they say are undercutting their livelihoods.

Farmers in many countries have been staging vehement protests against the imports and tensions have grown between Kyiv and its staunch ally Warsaw over the tax-free inflow of Ukraine's farm produce.

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China wins WTO dispute with Australia over steel products

China has won a nearly three-year-long dispute with Australia at the World Trade Organization over tariffs on steel products that began during a low point of bilateral relations between the countries, and Australia's trade minister said Wednesday his government accepted the ruling.

Beijing took its complaint to the WTO in June 2021 over Australia's extra duties on railway wheels, wind towers and stainless steel sinks imported from China. Trade in these products was worth 62 million Australian dollars ($40.4 million) in 2022.

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Wall Street bounces back after a 3-day losing streak

U.S. stocks are rising Thursday following a three-day lull.

The S&P 500 was 0.6% higher in early trading. It's on track for its first gain since setting an all-time high last week on Thursday, but all its movements since then have been relatively modest.

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China's Xi meets US business executives in Beijing

China's nationalist leader Xi Jinping has called for closer trade ties with the U.S. during a meeting with top American business leaders in Beijing that comes amid a steady improvement in relations that had sunk to the lowest level in years.

Xi emphasized Wednesday the mutually beneficial economic ties between the world's two largest economies, despite heavy U.S. tariffs on Chinese imports and Washington's accusations of undue Communist Party influence, unfair trade barriers and theft of intellectual property.

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US sanctions groups accused of benefiting Iran and Hezbollah

The United States has imposed sanctions on a money exchanger and a group of firms across six countries involved in commodity shipments and business transactions that benefit Iran's military and the Houthi militant group in Yemen and the Hezbollah militia in Lebanon.

The Treasury Department's Office of Foreign Assets Control sanctioned six firms, two tankers and a money exchanger, all either based or registered in Liberia, India, Vietnam, Lebanon or Kuwait. They are accused of materially benefiting Iran, the Houthis and Hezbollah.

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China to challenge Biden's electric vehicle plans at the WTO

China filed a World Trade Organization complaint against the U.S. on Tuesday over what it says are discriminatory requirements for electric vehicles subsidies.

Starting this year, U.S. car buyers are not eligible for tax credits of $3,750 to $7,500 if critical minerals or other battery components were made by Chinese, Russian, North Korean or Iranian companies. The credits are part of U.S. President Joe Biden's signature climate legislation, named the 2022 Inflation Reduction Act.

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US and Cyprus to sign a deal to fight money laundering and evasion of Russian sanctions

The United States and Cyprus said Tuesday they're formalizing their collaboration in fighting money laundering, sanctions evasion and other financial crimes with an agreement offering Cypriot law enforcement authorities U.S. expertise.

The FBI and Cypriot police will sign an agreement in the coming days that includes the U.S. Department of Justice offering help to "proactively detect, investigate and prosecute cases involving financial crimes" in Cyprus, according to a joint statement.

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