The Trump administration has refunded about $100bn from tariffs collected before the US supreme court ruled them illegal. Meanwhile, a coalition of 25 US states has sued the administration over a fresh round of tariffs.
A coalition of 25 US states filed a lawsuit against the Trump administration over new tariffs of 10% to 12.5% on imports from 60 trading partners, asking the US Court of International Trade to block them and refund duties already paid.
Three Saudi crude oil tankers bound for China and India reversed course in the Red Sea, heading for the Suez Canal after Yemen's Houthi militia warned against using Saudi ports, signaling disruptions to global energy supplies and trade.
Overseas capital has flowed into China's advanced manufacturing and technology sectors at an unprecedented rate, reaching a record 3.13 trillion yuan in mainland equity holdings by the end of Q2 2026. This shift signifies a move away from traditional consumer and financial stocks towards industries supporting Beijing's tech self-sufficiency goals.
A top US trade official criticized unfair trade practices, implicitly targeting China, while also admitting the US government was "asleep at the wheel" for too long. William Kimmitt highlighted subsidies, dumping, and regulatory barriers, alongside US inaction leading to factory closures and production moving overseas.
Malaysian Prime Minister Anwar Ibrahim and ASEAN Secretary General Kao Kim Hourn will attend the Russia-ASEAN Business Forum in Kazan on June 17. The forum will focus on IT, AI, trade, and logistics, bringing together business representatives from over fifteen countries.
Yiwu International Trade City is experiencing a surge in sales of Dragon Boat Festival products, with traditional items like colorful ropes and sachets becoming highly popular. This year's products feature prominent 'Guochao' (national trend) and intangible cultural heritage elements, shifting sales from seasonal to year-round.
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.
A judge has ordered the immediate refund of duties, citing "growing inequity" between large and small businesses. Customs and Border Patrol plans to refund tariffs later, having processed $23 billion of an estimated $166 billion collected.
EU trade chief Maros Sefcovic met China's Li Chenggang in Paris, calling for practical approaches and 'meaningful discussion' to address trade concerns like non-market practices and overcapacity.
The EU and China are discussing the establishment of a new platform for trade and investment issues, aiming to streamline dialogue. China's Ministry of Commerce confirmed the talks, with a Chinese vice-commerce minister expected in Brussels next week.
The EU and China are discussing the establishment of a new platform for trade and investment issues, aiming to streamline dialogue. China's Vice-Commerce Minister Ling Ji is expected to meet with the EU's Director General for Trade, Ditte Juul Jørgensen, in Brussels next week.
The European Parliament's International Trade Committee approved an EU-US trade deal, with a final vote set for June 16. The deal includes safeguards against potential US tariff hikes, with a sunset clause extended to December 31, 2029, and a provision allowing the EU to suspend the agreement if US tariffs on steel and aluminum remain past 2026.
Iran is reportedly considering using its allies in Yemen, the Houthi movement, to target the Bab al-Mandab Strait, a crucial maritime chokepoint connecting the Red Sea to the Gulf of Aden. This potential escalation could disrupt global shipping lanes and oil supplies, impacting international trade and energy markets.
China's international trade representative, Li Chenggang, opened the APEC trade ministers' meeting in Suzhou, urging regional economies to support cooperation and accelerate implementation of existing agreements. The meeting follows a recent trade deal between the US and China.
Documents released Thursday reveal Queen Elizabeth urged the government in 2000 to appoint Prince Andrew as a trade envoy. Andrew served in the role from 2001-2011, meeting business and government leaders. Concerns were raised about the lack of formal vetting for the position.
Canada aims to conclude separate free trade agreements with ASEAN and the Philippines by the end of the year, with a $2 million investment in the Luzon Economic Corridor.
The US has imposed visa restrictions on 13 Indians, including the owner of KS International Traders, accused of trafficking fentanyl-laced drugs into the US, citing concerns over illicit fentanyl trafficking and poisoning of Americans.
US President Donald Trump filed an appeal on Friday after the latest legal setback to his signature tariff policy, piling on more chaos and global uncertainty and setting up a new tussle over billions of US dollars in refunds. The appeal follows a decision on Thursday by the US Court of International Trade that invalidated his use of a Section 122 trade provision that saw him slap 10 per cent import taxes on nearly every country on earth. In its ruling, the court found that he failed to meet the...
Trump also issues new deadline for EU to implement trade deal terms before raising tariffs to ‘much higher levels’The US trade court on Thursday ruled against Donald Trump’s latest 10% global tariffs, finding across-the-board tariffs were not justified under a 1970s trade law.The US court of international trade ruled in favor of small businesses that challenged the tariffs, which took effect on 24 February. The ruling was 2-1, with one judge saying it was premature to grant victory to the small business plaintiffs. Continue reading...
A new analysis by Oxfam and the International Trade Union Confederation reveals CEO pay increased 20 times faster than worker pay globally in 2025. While inflation-adjusted worker wages declined 12% between 2019-2025, CEO compensation rose 54%. The average CEO earned $8.4 million in 2025, and billionaires received $2,500 per second in dividends. In the US, CEO pay grew 20.4 times faster than worker pay, with S&P 500 CEO compensation jumping 25% while worker earnings rose just 1.3%.
US military forces have intercepted at least three Iranian-flagged oil tankers—Dorena, Deep Sea and Sevin—in Asian waters near India, Malaysia and Sri Lanka, redirecting them away from their destinations. The Dorena, carrying about 2 million barrels of crude, was intercepted off India's southern coast and is now under US Navy escort. The US Central Command has directed at least 29 vessels to turn back or return to port since the blockade began, significantly disrupting global energy supply chains.
This plays a key role in ensuring the short-term energy security of the South Asian republic, according to an Indian international trade expert
China has called for calm and a ceasefire after the US announced a naval blockade of Iranian ports following the collapse of diplomatic talks in Pakistan. The move threatens international trade routes in the Persian Gulf and Gulf of Oman.
