South Korea's Trade Minister Yeo Han-koo met with officials to discuss countermeasures against proposed US tariffs on dozens of countries, including South Korea, over alleged failure to enforce import bans on products made through forced labor.
OpenAI has banned two clusters of ChatGPT accounts originating from China that were used for covert influence campaigns targeting US tech and policy debates. The campaigns aimed to manipulate discussions on AI data centers and US tariffs, but generated little authentic engagement.
The US proposes tariffs (10-12.5%) on countries not adequately addressing forced labour, with rates varying based on enforcement measures; affected governments can challenge inclusion until July 6.
China's Commerce Ministry spokesperson He Yongqian stated opposition to US tariffs imposed under the guise of 'forced labor,' calling them unilateral restrictions. He also noted agreement to establish a trade council for discussing reciprocal tariff reductions on certain products.
China's Ministry of Commerce spokesperson He Yong stated that China opposes unilateral trade restrictions, including those imposed by the US over alleged "forced labor," and urges the US to work with China to stabilize bilateral economic ties.
Debate intensifies over Australia's budget bill, with the Greens questioning ministerial powers. Treasurer Jim Chalmers dismisses concerns as a 'beat up'. Meanwhile, Australia faces proposed US tariffs, and housing affordability remains a key political issue.
Brazilian President Lula da Silva expressed strong disapproval of new US tariffs, calling the treatment unacceptable. The tariffs, announced by the Trump administration, follow an investigation into alleged unfair trade practices by Brazil, though data suggests the US has a trade surplus.
The US proposes 25% tariffs on Brazilian goods, citing illegal deforestation and unfair competition in products like timber and beef. However, the report uses outdated data and ignores recent reductions in deforestation rates, while exempting key products linked to environmental crimes.
China's Foreign Ministry spokesperson Mao Ning stated opposition to new US tariffs under Section 301, calling the forced labor claims baseless and a political excuse. She emphasized resolving trade issues through dialogue.
Veneto and Lombardy are among the Italian regions most affected by US tariffs, with Veneto's micro and small business exports to the US falling 4.1% between August 2025 and March 2026. National PMI exports to the US lost €5.3 million daily over eight months.
A fire in New Delhi killed at least 21 people. The US proposed a 12.5% tariff on Indian imports, citing forced labor concerns. Germany's dual citizenship law does not benefit Indians due to India's restrictions.
Brazilian President Lula da Silva claims Bolsonaro's son asked Trump for US tariffs on Brazil to harm the economy before elections. Bolsonaro's son denies this, stating he asked the US not to impose taxes on Brazilian companies.
A European Parliament committee overwhelmingly voted to cancel EU tariffs on US goods, aiming to comply with a trade deal and avoid further disputes. Japan's finance minister refrained from escalating verbal warnings on the yen, showing caution after recent interventions had a fleeting impact. Zain Saudi Arabia announced the establishment of an AI Center of Excellence to expand AI applications.
Honda reports first operating loss since 1957, with a net loss of $2.7 billion, due to weakened EV demand, US trade policies, and intense Chinese competition, prompting a strategic shift towards hybrid and conventional models.
Jaguar Land Rover's annual profit plummeted to £14m, a 99% drop from £2.5bn last year, due to US tariffs impacting US demand and a devastating cyber-attack that halted production for months, alongside challenges in the competitive Chinese market.
A bonfire of red tape to unleash investment and complete stalled projects across Vietnam may drive economic expansion but is unlikely to offset the damage caused by US tariffs and the fuel crisis which have threatened the country’s growth ambitions. Vietnam’s Communist Party General-Secretary and President To Lam, the most powerful leader in a generation, has set an annual growth target of 10 per cent until 2030 to galvanise a nation whose ponderous bureaucracy has snarled private investment and...
A bonfire of red tape to unleash investment and complete stalled projects across Vietnam may drive economic expansion but is unlikely to offset the damage caused by US tariffs and the fuel crisis which have threatened the country’s growth ambitions. Vietnam’s Communist Party General-Secretary and President To Lam, the most powerful leader in a generation, has set an annual growth target of 10 per cent until 2030 to galvanise a nation whose ponderous bureaucracy has snarled private investment and...
The scheduled summit next week between US President Donald Trump and Chinese President Xi Jinping will almost certainly include proclamations about cooperation, friendship and respect between the leaders of the world’s two largest economies, but beneath the surface, major trade conflict is building, said trade experts on Wednesday. In the past, a weaker China was forced to grit its teeth and grudgingly accept US tariffs, export restrictions and other restrictions, but Beijing has quietly and...
Trump announced lifting the 10% US tariff on Scotch whisky, imposed last year, estimating £150m in lost sales and hundreds of job losses. The decision sparked a bitter dispute between Scottish Labour and SNP leader John Swinney, who claims his meeting with Trump last September helped achieve the outcome. UK ministers dismissed his claims, saying the breakthrough resulted from UK government negotiations. The timing coincides with King Charles's visit to Washington and the final week of the Scottish parliament election campaign.
The Bank of England has left interest rates unchanged at 3.75% but warned that higher inflation is unavoidable due to the Middle East conflict. The MPC voted 8-1 to hold, with only chief economist Huw Pill favoring a hike to 4%. UK inflation rose to 3.3% in March. The Bank presented three scenarios: in the worst case (C), oil reaches $130/barrel, inflation peaks at 6.2% in Q1 2027, and rates would need to rise to 5.25%. Governor Andrew Bailey said the decision depends on the duration of the energy price shock.
Oil prices retreat after earlier surge to over $126 a barrel on Reuters report that the US is pressing ahead with plans for an international coalition to open the strait of HormuzVolkswagen lost more than a billion euros from US tariffs and the cost of ending production of a battery vehicle in Tennessee in response to Donald Trump’s anti-electric car policies.Germany’s biggest carmaker on Thursday reported a €500m cost of winding down production of the ID.4, an electric crossover SUV, in favour of producing a bulkier petrol SUV, the Atlas. It also said there was a €600m cost from US tariffs.The world is undergoing fundamental change – and we are aligning our strategy consistently. Wars, geopolitical tensions, trade barriers, stricter regulations, and intense competition are creating headwinds.In this environment, the planned cost reductions are not enough. We must fundamentally transform our business model and achieve structural, sustainable improvements. This includes improving the cost structure of our vehicles without compromising product substance, significantly reducing overhead costs, increasing the efficiency of our plants, and accelerating technology development and decision-making. Continue reading...
EU trade chief Maroš Šefčovič visits Washington this week to push for implementation of the July 2025 EU-US trade deal, specifically seeking removal of 50% tariffs on EU steel and aluminium exports now reduced to 15%. The deal's implementation has been delayed by MEPs, while the US Supreme Court ruled most 2025 tariffs illegal and Trump has threatened new tariffs over Greenland. Šefčovič will meet Greer, Lutnick and Bessent to ensure the US maintains its commitment.
EU Trade Chief Maroš Šefčovič visits Washington on Thursday and Friday to discuss unlocking negotiations over EU steel and aluminium exports, still subject to 50% US tariffs imposed by Trump after his return to power. The 15% tariff deal agreed in July 2025 at Turnberry has stalled due to delayed EU implementation of broader trade accord cuts to US industrial goods. Šefčovič will meet US Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and Congressional members. The US has linked steel/aluminium tariff removal to EU digital rules relaxation for US Big Tech firms.
Indian garment exporters anticipate strong business recovery in H2 FY27 as US tariffs drop from 50% to 10%. Orders for Q1-Q2 were booked at peak tariffs, with revenue improvement expected from October. The sector, which accounts for 70% exports to US, is now diversifying to Europe and Africa to reduce dependence. Revenue growth of 8-11% and margin recovery of 200 basis points are projected for FY2027.
