China has enacted a new law, dubbed the 2026 regulation on outbound direct investment (ODI), to probe and retaliate against foreign trade barriers and sanctions targeting its industries. The law requires Chinese investors to cooperate with authorities during overseas investigations.
South Korea and China held a virtual meeting to discuss reducing technical barriers to trade (TBTs) for products like power banks, cosmetics, and red ginseng. Seoul's agency raised concerns over Beijing's revised standards for power banks and lithium-ion batteries.
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...
UK and EU near finalising sanitary and phytosanitary agreement to reduce Brexit trade barriers. Deal would end physical checks on farm produce and £200 veterinary certificates, potentially reopening Scottish langoustine and mollusc exports. However, customs, VAT and safety declarations would remain. Labour proposes dynamic alignment with 76 EU food laws.
The UK and EU are close to finalising a sanitary and phytosanitary agreement to reduce Brexit trade barriers. The deal would end physical checks on farm produce and eliminate £200 veterinary certificates, while potentially removing "Not for EU" labelling requirements. It could significantly boost Scottish langoustine and oyster exports, though customs, VAT and safety declarations will still be required. The agreement involves "dynamic alignment" with EU rules, though critics argue the UK has leverage for a mutual recognition approach instead.
