U.S. President Donald Trump has declared that a trade deal with China “is done,” pending final approval from both himself and Chinese President Xi Jinping. The statement follows two days of high-level discussions in London aimed at de-escalating ongoing trade tensions between the world’s two largest economies. According to Trump, the agreement will ensure the U.S. receives vital rare earth metals, crucial components in technologies such as smartphones, electric vehicles, and defence systems, while Chinese students will be allowed to resume their studies at American universities. “Full magnets, and any necessary rare earths, will be supplied, up front, by China,”…

The global economy is set to slow significantly in 2025 as rising trade conflicts, primarily driven by U.S. tariffs and policy actions, disrupt international commerce and heighten uncertainty, the World Bank stated in its latest Global Economic Prospects report released Tuesday. Global output is forecast to expand by just 2.3% in 2025, a decline from 2.8% in 2024 and well below the 2.7% growth projected in January. Despite this slowdown, a global recession is not expected. However, the World Bank cautions that prolonged trade tensions may usher in the weakest decade of growth since the 1960s, particularly stalling development in…

Iran has recorded a trade deficit of $7 billion in the first half of the Persian year 1403 (March–September 2024), marking the worst six-month trade balance in recent memory, according to a new report from the Iranian Parliament Research Center. The report shows a deepening economic crisis fuelled by international sanctions and internal mismanagement. During the reported period, Iran’s imports totalled $33 billion, while exports lagged at just $26 billion. This growing imbalance reflects a trend that began in 2021 and has continued unchecked, reversing a decade-long period of relatively stable or surplus trade balances between 2011 and 2018. The…

Asian stock markets made modest gains on Tuesday as investors focused on renewed trade negotiations between the United States and China in London, hoping the discussions could ease economic tensions and avert a potential global recession. Japan’s Nikkei 225 rose 0.9% to 38,445.68, while South Korea’s Kospi increased by 0.3% to 2,865.12. In Hong Kong, the Hang Seng index climbed 0.3% to 24,261.26. China’s Shanghai Composite inched up 0.1% to 3,403.52, and Taiwan’s Taiex surged by 2.1% to 22,253.46. Australia’s S&P/ASX 200 also advanced nearly 0.9%, closing at 8,588.10. The renewed dialogue between the world’s two largest economies, now into…

Shein, the global fast-fashion giant, is expanding its manufacturing base in India through a strategic partnership with Reliance Retail, with plans to export Indian-made apparel to international markets, including the U.S. and UK, within the next six to twelve months. Originally founded in China and now headquartered in Singapore, Shein is accelerating its diversification strategy as global trade dynamics shift. The initiative gained momentum after the United States imposed tariffs on Chinese imports, prompting the company to reduce its reliance on Chinese suppliers and explore alternative sourcing hubs. According to sources cited by Reuters, the Shein-Reliance collaboration aims to scale…

The China-Laos Railway, a flagship project under the Belt and Road Initiative (BRI), is playing a pivotal role in deepening trade cooperation between China and Southeast Asia, with a marked impact on agricultural exports, particularly Thailand’s durian trade. According to a report published Sunday by the official WeChat account of China State Railway Group, the railway has facilitated a 25% year-on-year increase in the volume of Thai durian and other tropical fruits imported into China through the Mohan border checkpoint in Yunnan Province. Experts credit the surge to the railway’s enhanced transportation capacity and improved customs clearance efficiency. Launched in…

Lotte Mart has launched the ‘Global Bridge in Indonesia’ initiative in Jakarta to bolster the overseas expansion efforts of South Korean small and medium-sized enterprises (SMEs). The Global Bridge event, held in partnership with the Foundation for Agricultural Cooperation between Large and Small Corporations, follows last year’s ‘Korea Together Festival’ in Vietnam, organized in collaboration with the Ministry of SMEs and Startups. On June 4, the program included an export consultation meeting involving 20 leading Korean SMEs in the food and beauty sectors and 24 Indonesian buyers. The event yielded over 130 consultations, generating export discussions worth approximately $9.5 million…

China has proposed the creation of a ‘green channel’ to facilitate the rare earth materials exports to the European Union, following recent restrictions. The initiative was revealed by the Ministry of Commerce on Saturday, showing a willingness to address European concerns over access to these critical resources. Since April, China has mandated export licences for rare earth materials, strategic metals essential in the production of electric vehicle batteries, and numerous high-tech products. China currently dominates the market, accounting for over 60% of global rare earth mining and 92% of refined output, according to the International Energy Agency. Industry stakeholders in…

The Bangladesh Chamber of Industries (BCI) has voiced serious concerns over the proposed national budget for the 2025–26 fiscal year. It cautions that it may negatively impact the country’s textile and garment industries, key pillars of the export-driven economy. The organization fears that the budget’s emphasis on revenue generation and compliance with International Monetary Fund (IMF) recommendations could destroy the global competitiveness of these crucial sectors. BCI President Anwar-ul Alam Chowdhury stated that the proposed increases in corporate and personal taxes may overburden current taxpayers and further strain industries already coping with inflation and rising operational costs. Of particular concern…

India remains committed to a fair, inclusive, and rule-based global trading system that reflects the needs of the Global South, Lok Sabha Speaker Om Birla said while addressing the 2nd Working Session of the BRICS Parliamentary Forum in Brasília, Brazil. Speaking on the theme ‘BRICS Parliamentary Action in Search of New Paths for Economic Development’, Birla highlighted India’s economic resilience, noting that the country has consistently outpaced global growth averages despite international uncertainties and domestic challenges. “India has risen from the tenth largest economy in 2014 to the fourth largest today, driven by robust policies and the strength of its…