President Trump is now justifying tariffs against allies by accusing them of using forced labour goods. This shift creates a new trade dynamic, with the EU securing a better deal than the UK due to its forced labour ban, prompting questions about the UK's future legislative approach.
The Quad nations, meeting in Manila, announced support for ASEAN's Indo-Pacific vision through cooperation on security, economy, and technology, aiming for regional stability. India emphasized ASEAN's centrality, while India and the US finalized defense and interim trade agreements.
President Trump's "reciprocal" tariffs are set to resume on July 9 after a 90-day pause, with the administration aiming for a few key trade deals despite earlier ambitious targets. While some countries like Canada and the EU have made concessions, others like Japan face letters of high tariffs, leading to global trade uncertainty and potential diversification away from the US.
The U.S. will not renew the United States-Mexico-Canada Agreement (USMCA), opting instead for annual reviews. President Trump cited trade deficits as a key issue, signaling that even settled trade deals may be subject to further negotiation. South Korea also faces scrutiny over alleged discriminatory actions against U.S. companies.
The EU has agreed with 12 trading partners on reduced tariff-free steel import quotas, with China and Ukraine facing significant cuts. Tariffs above quotas will double to 50%. The move aims to protect the EU steel industry from global overcapacity.
Brexit has severely impacted British farming, with a 47% drop in EU exports, cheaper imports from Australia, and subsidy reforms leading to plummeting incomes for farmers like Liz Webster, who faces a £400 per animal price drop for her beef cattle.
US President Donald Trump has threatened Europe with a 100% tariff on all its exports to the United States if European countries implement a digital services tax on American companies. Trump stated this tariff would supersede existing trade deals.
President Donald Trump threatened to impose 100% tariffs on goods from any country that implements a digital services tax on U.S. companies, stating these tariffs would supersede existing trade deals. This move targets "Numerous European Countries" and raises questions about the legal authority for such actions, following previous Supreme Court rulings against Trump's reciprocal tariffs.
India and the EU are set to sign a Free Trade Agreement by December, with nearly 93% of Indian exports gaining duty-free access to the European market by 2027. The deal, considered significant due to the combined economic power of both entities, follows recent G7 discussions.
Foreign Secretary Vikram Misri detailed PM Modi's G7 discussions on trade, West Asia, and maritime security. Key outcomes include progress on India-US trade deal, CEPA with Canada, India-EU FTA by year-end, and India-UK CETA effective July 15. Modi also stressed seafarer safety and peace in West Asia.
PM Modi discussed maritime security and Indian seafarer safety with US President Trump at the G7 Summit. The meeting followed the deaths of three Indian sailors in US strikes off Oman. Trump expressed condolences and pledged cooperation on seafarer safety.
US Trade Representative Jamieson Greer stated that the US will honor tariff caps in trade deals with the EU, Japan, and others, despite ongoing investigations into forced labor products and unfair trade practices. South Korea faces a potential 12.5% tariff.
Senior Labour minister Peter Kyle warns the party hasn't learned from Conservatives about changing leaders, stating "entitlement is not a qualification." Wes Streeting calls for a "battle of ideas" over a "coronation" for potential leadership contenders.
The US is proposing new tariffs on 60 economies for allegedly failing to prohibit imports made with forced labor. Tariffs of 10% or 12.5% could be imposed, impacting countries like China, India, and EU nations, potentially disrupting ongoing trade negotiations.
China sought concessions from the US on Taiwan, including reduced arms packages, as part of President Trump's recent visit to Beijing, according to anonymous sources.
The EU and Mexico signed a free trade agreement to boost exports and reduce dependence on the US. The deal expands duty-free access for goods and aims to increase trade between the regions.
Russia seeks to boost its economy by selling more oil and gas to China, but Beijing has concerns about overreliance and dollar dependence. Sanctions and Ukrainian drone threats pose further obstacles to a potential deal.
India and Nordic nations are entering a new 'golden era' of relations following new trade agreements, including the India-European Union Free Trade Agreement. Bilateral trade has quadrupled in a decade, with Nordic investments in India surging 200%. The countries will deepen cooperation in green technology, innovation, and digitalization.
Russian President Vladimir Putin visits China to strengthen geopolitical ties, secure energy deals like the Power of Siberia 2 pipeline, and boost trade, seeking a crucial eastern ally amidst Western sanctions and the Ukraine conflict.
As the US doubles down on fossil fuels under Trump, China leads the global shift to renewables, investing heavily in solar, wind, and EVs. This energy transition is reshaping global power dynamics, potentially ceding US dominance to China.
President Trump announced significant trade deals with China, including 200 Boeing aircraft sales and agricultural support, following his meeting with President Xi Jinping. Trump described their discussions as a "G-2" moment and invited Xi to visit Washington.
Donald Trump declared his China visit a historic 'G-2' success, citing major trade deals including Boeing aircraft sales and agricultural boosts. He also claimed President Xi Jinping assured him on Taiwan's stability and cooperation on Iran, though disagreements over Taiwan were noted.
Donald Trump, once a vocal critic of China, met with President Xi Jinping, calling him a friend and hailing "fantastic trade deals." This shift follows years of anti-China rhetoric and a trade war. However, tensions remain over Taiwan, with differing read-outs of the meeting highlighting ongoing disagreements.
Day two of Xi and Trump's Beijing meeting focused on trade deals and featured tech leaders. Trump hinted at a "G2" and Zhou Qunfei was seen seated between Tim Cook and Elon Musk at a state banquet.
