Author: News Desk

The South Korean government revealed plans to continue negotiations with Washington on non-tariff measures ahead of the anticipated U.S. reciprocal tariff declaration. The statement by the industry ministry on Tuesday follows the release of the U.S. Trade Representative’s (USTR) annual report on foreign trade barriers. The Ministry of Trade, Industry, and Energy, as reported by Yonhap news agency, stated that the government will address U.S. concerns over non-tariff measures through various channels, including working-level consultative bodies and the implementation committee under the Korea-U.S. Free Trade Agreement (KORUS FTA). The USTR unveiled the 2025 National Trade Estimate Report on Foreign Trade…

Vietnam has declared reductions in import duties on various goods, including automobiles, liquefied gas, and certain agricultural products. The decision comes amid growing concerns over U.S. President Donald Trump’s upcoming announcement of broad tariffs affecting all nations. Vietnam issued Decree No. 73/2025/ND-CP on March 31 to revise and update preferential import tax rates for a range of goods listed in the Import Tariff Schedule. Products such as automobiles, wood products, ethanol, frozen chicken thighs, pistachios, almonds, fresh apples, cherries, and raisins will benefit from the updated tax rates. The changes impact both export and import tax structures, including absolute tariffs,…

Mali, Burkina Faso, and Niger, neighboring nations in West Africa, have declared a 0.5% import tax on goods. The initiative seeks to fund the establishment of a new union among the three countries following the nation’s withdrawal from the broader regional economic bloc, as detailed in an official statement. The tax, finalized on Friday, will take effect immediately, covering all goods imported from outside the three countries, except for humanitarian aid. According to the statement, the revenue will be allocated to ‘fund the activities’ of the union, though no specific details were disclosed. The move marks the end of free…

Kenya has become Africa’s largest importer of second-hand clothes while struggling to revive its declining textile industry. According to Business Insider, the latest trade data from the Massachusetts Institute of Technology (MIT) shows Kenya imported second-hand clothing worth Sh38.5 billion ($298 million), reflecting a 12.45% increase from the previous year. The surge underscores Kenya’s growing reliance on affordable second-hand clothing, known locally as ‘mitumba,’ surpassing Nigeria. Analysis from MIT’s Observatory of Economic Complexity revealed that Kenya’s 2022 imports of second-hand clothes and textiles reached Sh34.5 billion ($265 million), closely matching Nigeria’s total. South Africa followed in third place, with imports…

Vietnam and Brazil renewed bilateral relations to bolster trade, setting a target of $15 billion by 2030. The declaration was made on March 28 during a meeting between Brazilian President Luiz Inácio Lula da Silva and Vietnamese Prime Minister Pham Minh Chinh. During Brazilian President Luiz Inácio Lula da Silva’s state visit to Vietnam from March 27 to 29, the two countries pledged to boost bilateral trade and cooperation. The leaders highlighted the substantial growth in trade exchange, which approached $8 billion in 2024, and also embraced the recent signing of an action plan to advance the Vietnam-Brazil strategic partnership…

India plans to reintroduce a 10% import duty on chickpeas, commonly known as Bengal gram or Chana. According to the finance ministry notification issued on March 27, imports of Bengal gram will be subject to a 10% duty starting April 1. Last May, the government permitted the duty-free import of chana to boost domestic supply and stabilize prices. The exemption from import duty will remain in effect until March 31, 2025. The decision follows forecasts of chana production reaching 11.5 million tons. Pulses production has emerged this year, prompting the decision to implement a 10% duty on grams to safeguard…

Egypt has introduced a new export subsidy program to boost the country’s export sector and economy. Egypt Prime Minister Mostafa Madbouly declared that the final draft of the Export Subsidy Program has been finalized. The program is scheduled to commence on July 1st and will remain in effect for three years. At a press conference following the government’s weekly meeting, the Prime Minister explained that the subsidy program is intended to strengthen the industrial sector while progressively increasing the share of local content each year. He emphasized that the government is actively pursuing export goals projected through 2030. Additionally, discussions…

The Nigeria Customs Service (NCS) has declared a two-year waiver on import duty and Value Added Tax (VAT) for essential raw materials required for the production of pharmaceuticals. The exemption, sanctioned by a presidential executive order, was revealed on Wednesday in a statement issued by the Nigeria Customs Service. The measure applies to active pharmaceutical ingredients and other critical raw materials used in the production of medicines, long-lasting insecticidal nets, rapid diagnostic kits, reagents, and packaging materials. The Nigeria Customs Service stated that following presidential directives, comprehensive guidelines have been approved by President Bola Tinubu. The measures seek to augment…

India revealed plans to eliminate import duty on various components essential for manufacturing electric vehicle (EV) batteries and mobile phones on Tuesday. Ahead of the parliamentary vote on the Finance Bill 2025, Finance Minister Nirmala Sitharaman declared a policy to boost domestic production and elevate export competitiveness by lowering raw material duties. “We aim to boost domestic production and enhance export competitiveness by reducing duties on raw materials,” Nirmala Sitharaman said. The new policy exempts import duties on 35 essential components for EV battery production and 28 key raw materials for mobile phone manufacturing. The declaration comes after the U.S.…

The U.S. has added numerous Chinese entities to its export blacklist, marking the Trump administration’s first major move to hinder China’s progress in developing advanced AI chips, hypersonic weapons, and military technologies. On Tuesday, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) placed 80 organizations, including over 50 from China, on its ‘entity list,’ restricting American companies from supplying them without government approval. The listed entities include six Chinese subsidiaries of Inspur, a prominent cloud computing and big data service provider that collaborates with U.S. chipmaker Intel, with one subsidiary located in Taiwan. The agency reported the…