June 11 Trade Risk Alert

2020U.S. coal production is expected to fall by 23.2 percent.According to the U.S. Energy Information Administration's Short-Term Energy Outlook, U.S. coal production is expected to reach 0.53 billion short tons (0.48 billion tons) in 2020, down 23.2 percent from actual production of 0.69 billion short tons in 2019. (Oriental Wealth Network)

BP announced that it would lay off 10000 employees during the year.British Petroleum (BP), one of the five major international oil giants, recently announced that it will lay off about 10000 employees during the year to weather the industry chill caused by the new crown epidemic. After oil prices fell into a slump in March, BP had announced a three-month freeze on layoffs in an effort to ease employee concerns at the height of the epidemic, meaning employees were safe until the end of June. This time, Lubohner announced that "the layoff freeze is lifted today" and nearly 10000 of the approximately 70000 BP employees worldwide will leave the company before the end of the year. Layoffs will be highly concentrated on employees whose jobs are in the office, rather than on the front line. In addition, BP's senior or group leaders will not receive a pay raise until March 31, 2021. (surging news)

Bank of France: French GDP will fall by more than 10% in 2020 Economic recovery will take at least two years.According to the European Times, the Bank of France, the French central bank, predicted on June 9 that French gross domestic product would shrink by about 15 percent in the second quarter of 2020 from a year earlier and fall by a record 10 percent for the whole year. The French economy will need at least two years to recover from the crisis caused by the new crown epidemic, which has been slow to restart after the stagnation during the closure. (CICC)

OECD urges reforms in South Africa to boost economic recovery.According to the South African Daily Business website reported on June 10, the Organization for Economic Cooperation and Development (OECD) said that South Africa needs to implement structural reforms, especially the comprehensive reform of state-owned enterprises, to increase growth potential and give the government more fiscal space to support the economy through the new crown epidemic. According to the OECD, the epidemic has exacerbated South Africa's already serious economic challenges, including sluggish economic growth, large fiscal deficits, increased debt and high social vulnerability, and the South African economy is expected to contract by 7.5 percent this year. If the epidemic is not brought under control, the economy will have a further crisis, with growth likely to contract by 8.2 per cent and pushing South Africa's already record high unemployment rate to 35 per cent and the government deficit to 10 per cent of GDP. (China Business News Network)

The Australian economy may return to its original shape.The Australian dollar fell rapidly after the Fitch statement and has now plunged into one of the worst performing developed market currencies. The analysis suggests that the Australian economy may be at risk of going from rich to poor. A Reuters poll estimates that Australia is on the brink of its first major recession in 30 years, with thousands of people losing their jobs. Regarding the current situation in Australia, Moody's warned a few weeks ago that in this cycle, the Australian economy may return from overheating to depression. (Medium Oil Network)

Trade remedy investigation information.1. Vietnamese enterprises filed an anti-dumping investigation against China-related high fructose corn syrup; 2. The U.S. International Trade Commission made the second sunset review of electrolytic manganese dioxide anti-dumping industry damage final ruling; 3. The United States made the second sunset review of kitchen metal racks final ruling; 4. The U.S. International Trade Commission made the first sunset review of calcium hypochlorite double reverse industry damage final ruling; 5. ITC of the United States issued the final cut of 337 parts for SPA pump, spray paint pump shell components and similar products; 6. ITC of the United States issued the final cut of 337 parts for unmanned aerial vehicles and their components; 7. U.S. enterprises file 337 investigation applications for specific completion drill bits and their downstream products; 8. ITC of the United States releases the final cut of 337 parts of photovoltaic cells and their downstream products. (Provided by Dehe Heng Law Firm)

Information on technical trade measures.1, the WTO held a webinar to explore the direction of sustainable trade during the new coronary pneumonia; 2, the Thai government decided to implement a ban on paraquat and chlorpyrifos from June 1, requiring all enterprises and individuals to return all products within 90 days; 3, Ireland issued a policy on the import of disinfection products during the epidemic, requiring all products to be registered with DAFM before they go on the market; 4, the European Union issued the CE mark certification rules for the import of masks during the outbreak, manufacturers need to complete the CE mark certification before they can import; 5, Brazil issued a decree to promote the new crown during the outbreak of agricultural products trading. 6, affected by the new crown outbreak, the European Union will extend the approval period of 34 substances, including abamectin. (Provided by Yile Technology Group)