Author: Editorial Desk

Canadian Prime Minister Justin Trudeau returned from Florida without assurances from President-elect Donald Trump that the US would retreat from its threatened 25% tariffs on imports from Canada. The high-stakes meeting, held at Trump’s Mar-a-Lago resort, highlighted ongoing tensions over trade tariff and border issues between the two countries. Despite describing the Friday dinner as “an excellent conversation,” Mr Trudeau offered no details about specific agreements. Mr Trump, in a Truth Social post on Saturday, termed the discussions “productive” but reinforced his commitment to addressing issues such as the US trade deficit, drug trafficking, and immigration. Key Issues Discussed President-elect…

Indonesia is preparing for the economic ripple effects of Donald Trump’s potential re-election as U.S. president, which could reignite protectionist policies and escalate global trade tensions. According to the Institute for Development of Economics and Finance (Indef), Trump’s renewed focus on tariffs, particularly on Chinese imports, could disrupt international markets and strain global economic growth. Eko Listiyanto, Deputy Director of Indef, highlighted that while Indonesia is not a primary U.S. trading partner, Trump’s trade policies could indirectly impact the country. Chinese products, potentially excluded from the U.S. market, might flood Southeast Asia, increasing competition for local industries. “This underscores the…

Iran exported $925 million worth of non-oil commodities to Turkey during the seventh Iranian calendar month (September 22 – October 21), according to Ruhollah Latifi, spokesman for the International Relations and Trade Development Committee of Iran’s House of Industry, Mining, and Trade. This positions Turkey as Iran’s third-largest export destination for the period. Meanwhile, Iran imported $1.755 billion worth of goods from Turkey, making it the third-largest source of Iranian imports. The overall non-oil trade between Iran and Turkey reached $9.9 billion in the first seven months of the Iranian calendar year (March 20 – October 21), as per former…

The global Cold Rolled Coil (CRC) market has shown divergent trends this month, reflecting region-specific economic and industrial dynamics. While prices in the USA and China have declined, Germany has maintained stability, supported by steady production and balanced demand. The USA CRC market experienced a challenging period, with weekly price declines driven by an imbalance in supply and demand. Domestic production remained stable, but subdued export activity, reduced domestic demand, and evolving trade policies compounded the issue. Exports to key markets, including Canada and Mexico, continued to decline, while domestic demand weakened due to sluggish construction and manufacturing sectors. Additionally,…

Vietnam’s cinnamon industry is focusing on building a robust ecosystem to capitalise on opportunities created by free trade agreements (FTAs), including the UK-Vietnam Free Trade Agreement (UKVFTA), to enhance its global exports sustainably. With 16 FTAs in place, such as the EU-Vietnam FTA (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP), Vietnam has established a competitive edge in tariffs, opening new avenues for cinnamon exports. Vietnam is the world’s largest producer of cinnamon, with 180,000 hectares under cultivation. It has also maintained its position as the leading exporter since 2021. In…

The General Administration of Customs (GAC) has announced a series of regulatory enhancements aimed at supporting the growth of cross-border e-commerce exports. The new measures, which take effect on December 15, 2024, align with efforts by China’s Ministry of Commerce (MOFCOM) to bolster foreign trade stability and development. The announcement, released on Wednesday, introduces several key updates to simplify procedures and increase operational efficiency for businesses involved in cross-border e-commerce. Key Regulatory Changes Simplified Filing for Overseas Warehousing Enterprises operating overseas warehouses for cross-border e-commerce exports will no longer be required to file their business model with customs authorities. Pre-Inspection…

U.S. President-elect Donald Trump has named Jamieson Greer as his trade envoy, marking a significant step in shaping his administration’s economic policies ahead of his inauguration on 20 January 2025. The announcement follows Trump’s renewed threats to impose tariffs on major trading partners, including China, Canada, and Mexico, to address issues such as the illegal flow of people and drugs into the United States. Greer, a seasoned trade lawyer and veteran of Trump’s first presidency, played a pivotal role in the administration’s earlier efforts to impose tariffs on Chinese goods. In his statement, Trump outlined Greer’s mandate to address the…

The UK art market continues to face significant challenges, with imports of fine art and antiques falling 16% year-on-year in 2023, according to the latest United Nations figures published in the Art Basel/UBS Survey of Global Collecting 2024. This decline has reduced Britain’s global share of art imports to 7%, a steep drop from 30% in 2010. Concurrently, Hong Kong’s imports rose by 9%, further solidifying its position in the global market. Sharp Decline in Exports UK art exports also saw a 16% decline in 2023, marking a dramatic 60% drop since 2019. The country now holds 15% of the…

India, a key player in the $800 billion global textile trade, currently exports $35 billion annually. The country has set an ambitious goal to increase exports to $100 billion by 2030. Growth Plan The Indian government’s plan requires a 19% compound annual growth rate (CAGR) over six years, supported by ₹200,000 crore in investments and the creation of three million jobs. India’s textile industry grew at a 9% CAGR between 2001 and 2014, but progress stalled in recent years due to the expiry of the European Union (EU) trade treaty, COVID-19 disruptions, and high inventory levels. Opportunities and Challenges Despite…

Donald Trump, the U.S. president-elect, has warned Canada and Mexico of a 25% tariff on all imports unless they take action to curb drug trafficking and irregular migration. Trump announced the tariff would take effect on January 20, 2025, his inauguration day, and remain until drugs, particularly Fentanyl, and illegal aliens stop entering the U.S. He stated on Truth Social, “This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” Economic and Political Impact The announcement caused the Canadian dollar to dip before recovering. Analysts warned…