The UK government will halve tariff-free steel imports to 3.2m tonnes from July 1, introducing new safeguards to combat global oversupply of cheap Chinese metal and support its domestic industry. Tariffs on imports above quotas will double to 50%. The EU is implementing similar measures.
A "durian tsunami" caused by a bumper harvest has led to a significant drop in durian prices, with consumers like Lim Mei Ling and Kelvin Tan expressing delight at being able to afford premium varieties like Musang King.
The Strait of Hormuz reopens after over 100 days of disruption, releasing 62 million barrels of crude. A US-Iran peace deal allows traffic resumption, but the influx may lead to an oversupplied market, concerning Asian refiners.
Geely Auto plans to restructure assets to eliminate excess capacity and enhance global competitiveness in its battle with BYD. The company aims to become a stronger, larger automaker with improved systemic development, governance, and international presence.
Reduced import tariffs in India are creating a significant growth opportunity for US bourbon, which has historically been a niche product. Facing oversupply and declining domestic demand, Kentucky distillers see India's premiumizing market as a crucial expansion frontier.
Egg producers are facing a profit squeeze as prices fall due to oversupply, while input costs for feed, fuel, and labor remain high. Despite strong consumer demand for protein, lower wholesale prices mask the financial strain on farmers.
