Top International Business News this Week | July 19, 2020

Below is a summary of top stories this week . To stay up-to-date, be sure to sign up to receive our emails and follow us on social media.  

• Yesterday, tensions increased between the U.S. and China when the U.S. abruptly ordered the closure of the Chinese consulate in Houston.  The Chinese asked the U.S. to stop accusing it of committing cybercrimes.  Sec. of State Mike Pompeo visit to the UK includes action on China.
• Executives from major air carriers have called on the U.S. and the EU to implement a joint COVID-19 testing regime to resume transatlantic travel. 
• The dollar risks losing out to the euro as the global primary reserve currency after European Union leaders agreed on a 750 billion euro stimulus package. More than 60 percent of the world’s reserves are held in dollars, the most widely used currency for international transactions, Bloomberg said.
• After China stepped in and imposed a sweeping national security law late last month, the U.K unveils special visas for BNO passport holders.  The U.S. revoked Hong Kong’s special trade status and China condemned the U.S. decision.  CNBC reported earlier this month on what this could all mean for Hong Kong.
• Latin American economies, which are heavily dependent on exports, are seeking new opportunities to capture investment and trade.  Mexico is leveraging the recently implemented USCMA to attract new business. While concerns remain about Latin America’s economic and political future due to the impact of COVID on unemployment and GDP.  Coronavirus cases pass 4 million in the region. Here is a run down from LatinFinance on actions Latin American governments have taken.

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