US President Donald Trump announced a deal with Iran to end a conflict and reopen the Strait of Hormuz. Details are scarce, but reports suggest Iran may gain leverage and control over shipping fees, raising questions about US power and a potential shift towards a 'new world disorder'.
US President Donald Trump announced a deal with Iran to end a conflict and reopen the Strait of Hormuz, with an MoU to be signed in Geneva. Unconfirmed reports suggest Iran may gain leverage over the waterway.
The US has reintroduced tariffs on 60 economies, including allies, using Section 301 of the Trade Act of 1974, a move analysts believe is legally more durable than previous emergency powers. This strategy targets goods produced with forced labor and may push nations towards regional trade deals.
Japan and Indonesia are advancing defense cooperation, with discussions focusing on the transfer of decommissioned Asagiri-class destroyers from Japan to Indonesia. This move aims to enhance Indonesia's subsurface awareness and contribute to peace and stability in the Indo-Pacific region.
The UK economy shrank by 0.1% in April, official figures show, as rising energy prices due to the Iran war and the closure of the Strait of Hormuz impacted growth. Services output declined, while construction saw a slight rise.
India's Commerce Minister Piyush Goyal stated that while countries globally are increasingly protecting domestic industries, India is addressing trade challenges through dialogue and partnerships. He noted the WTO's current ineffectiveness but affirmed trade operates under its framework, with India pursuing FTAs and investment.
Greens defence spokesman David Shoebridge argues Australia's plan to acquire nuclear-powered submarines under AUKUS is unrealistic for defending sea trade lanes, advocating for a more modest defence approach and diplomatic engagement with Asian neighbours amidst rising tensions with China.
The Strait of Hormuz crisis is redefining how global trade routes are governed. Even a negotiated reopening could bring only temporary calm, as states seek to control routes, pricing, and exceptions, with Asia bearing the immediate risk and the broader system facing a more governance-driven order.
Xi Jinping hosts Vladimir Putin for talks on foreign policy and trade, with Russia seeking energy deals amidst Western sanctions. The meeting follows Donald Trump's visit to Beijing, highlighting China's growing role as a senior partner in global trade.
Markel Hubinette of the American Chamber of Commerce in China highlighted the potential for increased US-China energy trade at a Beijing summit. He noted China's large energy market and the US's position as a major oil producer, suggesting expanded trade could benefit both nations.
وزراء مالية مجموعة السبع يناقشون اختلالات التجارة العالمية، إمدادات المواد الخام، تمويل الدول النامية، مكافحة الإرهاب، ودعم أوكرانيا. وزير المالية الألماني يحذر من عواقب الحرب الاقتصادية وإغلاق المضيق.
Escalating Middle East conflict has choked the world's busiest oil passage, pushing crude prices past $100 per barrel with warnings of a surge to $167 or higher. A prolonged closure of the Strait of Hormuz threatens a severe energy and trade shock, potentially reducing global trade growth significantly and deepening economic uncertainty worldwide.
Asia’s next food crisis is under way. After the US-Israeli strikes on Iran, shipping through the Strait of Hormuz collapsed, sending shock waves across energy, fertiliser and food systems. Fuel, freight and fertiliser costs are rising sharply, amplified by skyrocketing insurance premiums – feeding directly into the price of every tonne of fertiliser that still reaches the market. The scale of disruption reflects the strait’s outsize role in global trade. It carries around one-third of globally...
MSC announces a new Europe-Red Sea-Middle East express service linking European ports to Saudi Arabia's King Abdullah Port and Jeddah via the Suez Canal, bypassing the Strait of Hormuz disrupted by US-Iran conflict. The first vessel departs Antwerp on May 10, offering multimodal alternatives as companies respond to mounting Middle Eastern trade route disruption.
NPR's Ayesha Rascoe speaks with Paul Beaudry, professor at Vancouver School of Economics, about Canada's economy, which is expected to grow despite ongoing global trade turmoil.
Beijing has launched a research initiative involving state-owned firms and universities to protect critical trade routes and overseas assets, following disruptions caused by the ongoing war in Iran.
India and New Zealand have signed a comprehensive trade agreement in New Delhi that will cut or eliminate tariffs on 95% of New Zealand's exports to India while making all Indian exports to New Zealand duty-free. The deal, negotiated over nine months and agreed in December, includes a New Zealand commitment to invest US$20 billion in India over the next 15 years. The agreement comes as both nations seek to diversify export markets amid US tariffs and regional instability.
Consumers worldwide are facing more shortages and higher prices as the Middle East war is disrupting supply chains and global trade Read Full Article at RT.com
Risks existing in global trade are growing protectionism and volatility in financial markets, Maxim Reshetnikov noted
Lanca Sales, a New Jersey-based food packaging import/export company, faces administrative challenges navigating the new tariff refund system. The company's global trade manager, Avanzato, describes the tariffs as "a shock to the system" and says removing them creates additional confusion about reclaiming paid duties. The company is working with a customs broker to process refunds for a small fee.
Asia-Pacific economies are likely to suffer a slowdown in growth this year, as rising costs linked to the US-Israel war on Iran combine with lingering trade uncertainty to threaten global trade flows, according to forecasts by top international organisations. The predictions come despite China showing resilience in the first quarter by posting better-than-expected growth of 5 per cent and finance minister Lan Foan last week stressing that the world’s second-largest economy would remain an engine...
