Author: Editorial Desk

The Biden administration has announced a strategic move to halt China’s evasion of American tariffs on steel and aluminum through Mexico. This decision targets a trade loophole that enabled subsidized Chinese steels to enter the U.S. market at reduced costs. Effective immediately, a 25 percent tariff will apply to Mexican steel melted or poured outside North America before becoming a finished product. Additionally, Mexican aluminum-containing metal smelted or cast in China, Belarus, Iran, or Russia will incur a 10 percent tariff, according to Lael Brainard, director of the White House’s National Economic Council. These new tariffs aim to protect American…

Russia has reached the top position as the primary peas exporter to China, seizing nearly half of the market and surpassing Canada within a span of less than two years. This achievement follows Russia’s recent access to the lucrative $1 billion Chinese market. According to Russia’s Union of Grain Exporters, the country exported 1.13 million tons of peas to China during the 2023/24 agricultural season, securing a 49.1% market share. Canada’s share, previously dominant at around 95%, has now fallen to 44.6%. This rapid ascent in Russia’s pea exports highlights the nation’s growing presence in China’s agricultural import market, especially…

Việt Nam is ready to become a formidable player in the global and regional logistics hub, propelled by strategic initiatives and robust international partnerships. Prime Minister Phạm Minh Chính has appealed to the International Federation of Freight Forwarders Associations (FIATA) for comprehensive workforce training and capacity-building support to elevate the nation’s logistics capabilities. During a high-level meeting in Hà Nội with FIATA President Turgut Erkeskin, PM Chính commended FIATA’s unwavering support for the Việt Nam Logistics Business Association (VLA) and its instrumental role in securing the FIATA World Congress 2025 in Hà Nội. He highlighted Việt Nam’s logistics sector, which…

Prime Minister Narendra Modi highlighted the crucial role of the fuel trade between India and Russia during a press conference with Russian President Vladimir Putin. This bilateral agreement, according to Modi, has not only protected Indian citizens from inflation but also contributed significantly to global market stability. “When the world was facing the challenge of fuels, your support helped us fulfill the petrol and diesel requirements of people in India. Not just this, the world should accept that India-Russia agreement regarding fuel played a big role in bringing stability to the international market,” Modi stated. Following its invasion of Ukraine…

The significance of the Red Sea shipping route for global trade is immense. For over six months, Houthi militias from Yemen have been targeting ships linked to Israel, significantly disrupting maritime traffic. These assaults coincide with Israel’s ongoing conflict with Hamas in Gaza, ignited by the massacre of Israeli citizens on October 7 last year. Escalating Hostilities On June 20, Houthi forces, claiming to fight for the Palestinian cause, executed a drone strike that sank a coal ship. This incident underscores the severity of the threat posed by the Houthis to international shipping. US and British military vessels have repeatedly…

The Philippines and the United Arab Emirates (UAE) will engage in a second round of free trade negotiations this week. The Department of Trade and Industry (DTI) of the Philippines targets an October or November conclusion for the Philippines-United Arab Emirates Comprehensive Economic Partnership Agreement (PH-UAE CEPA). Undersecretary Allan Gepty highlighted the urgency, stating, “Our agreement with UAE is to conclude the negotiation within the year. We’re looking at October or November of this year,” according to a release by the Philippine Exporters Confederation (Philexport). May saw the first negotiation round. This week’s talks, set for July 8 to 10…

Global trade faces major hurdles with surging protectionism and fragmentation threatening its foundation. Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), recently highlighted these concerns during a BBC interview. She emphasized, “Global trade is really part of the lifeblood for making countries resilient – and also for underpinning growth, so we are concerned about that.” Rising protectionism and the undermining of WTO rules are leading to fragmentation, causing serious concern. Recent actions by major economies underscore these challenges. The European Union (EU) imposed provisional tariffs up to 37.4% on imports of Chinese electric vehicles (EVs), following the United…

South Korea’s auto industry has achieved a momentous milestone, with export values reaching $37.01 billion in the first half of the year. This marks a 3.8% increase from the same period last year, as reported by the Ministry of Trade, Industry and Energy and the Korea International Trade Association on July 7. This new record surpasses the previous high of $35.65 billion set last year. The surge is driven by robust demand for high-value vehicles, including electric vehicles (EVs), hybrid cars, and SUVs, particularly in markets such as North America and Europe. Exports to the United States saw a remarkable…

Global import markets now enforce stricter environmental and social responsibility standards. Vietnamese firms must pivot to green manufacturing to maintain export levels, as emphasized at a recent conference in Ho Chi Minh City. Ho Thi Quyen, Deputy Director of the Investment and Trade Promotion Centre of HCM City (ITPC), highlighted Vietnam’s growing integration with global markets, presenting new trade opportunities. During the conference, titled “Current Foreign Trade Transactions: Changes in Business Strategies and Disputes Management,” it was noted that Vietnam’s imports and exports surpassed $190 billion in the first half of 2024, reflecting a 14.5% year-on-year rise and a trade…

Rabobank’s Global Poultry Quarterly Q3 2024 report signals a return to normal conditions for the poultry market, driven by rising consumption and disciplined supply growth. The industry is set to grow by 1.5-2% this year, nearing historic levels after four years of disruption. Higher beef and pork prices have made chicken meat more competitive, with chicken prices rising only 2% compared to 4% for beef and 5% for pork. This price stability, along with increasing demand for processed poultry products, bodes well for the industry. Consumers are not only opting for more poultry but are also seeking higher-value products. Despite…