South African President Cyril Ramaphosa held meetings with several Japanese business leaders in the renewable energy and automotive sectors on Wednesday while attending the 9th Tokyo International Conference on African Development (TICAD) Summit in Yokohama, Japan. The development follows President Ramaphosa’s strategic push to strengthen South Africa’s economy and diversify its trade partnerships by engaging with Japanese businesses, especially in response to the recent 30% increase in tariffs on exports to the U.S. market. Japan remains a key investor in South Africa, contributing over R90 billion to the economy through 260 companies that support more than 150,000 local jobs. Ramaphosa…

Ghana has granted its first timber legality licenses, becoming the first African nation and the second globally, after Indonesia, to export timber to the European Union. The Forestry Commission on Tuesday granted six initial certificates to five Ghanaian companies, authorizing them to export timber and related products to the European market under the Forest Law Enforcement, Governance, and Trade (FLEGT) licensing program. The certificates, linked to the 131 Timber Utilization Contracts (TUCs) approved by Parliament in June this year, were given to Samartex Timber and Plywood, Logs and Lumber, JCM Company, Mere Plantations, and West Coast Wooden Products, enabling them…

The U.S. Commerce Department on Tuesday declared an expansion of its 50% tariffs on steel and aluminum imports, adding 407 additional product categories to the list. The new tariffs, which came into effect on Monday, broaden the range of duties initially introduced by President Donald Trump on steel and aluminum. The updated list now includes items like fire extinguishers, machinery, construction supplies, and specialty chemicals that either contain aluminum or steel or are made from them. “Today’s action expands the reach of the steel and aluminum tariffs and shuts down avenues for circumvention, supporting the continued revitalization of the American…

China on Monday declared an extension of its anti-subsidy probe into dairy imports from the European Union, further escalating the ongoing trade dispute between the two major economies, according to a report by AFP. China’s Ministry of Commerce stated that the anti-subsidy investigation will now continue for an additional six months, with a new deadline set for February 21, 2026, citing the case’s ‘complexity’ as the reason for the extension. Beijing launched the investigation in August 2024, targeting imports of certain dairy products like cheese, milk, and cream, following the European Union’s push to implement steep tariffs on Chinese electric…

China lifted export curbs on fertilizers, rare earth magnets, minerals, and tunnel boring machines bound for India on Monday. The move comes in response to three key issues raised by India during a meeting between External Affairs Minister S. Jaishankar and Chinese Foreign Minister Wang Yi last month. Chinese Foreign Minister Wang Yi is currently in India on a three-day diplomatic visit. On Monday, he assured Jaishankar that China has already taken steps to address India’s concerns and has initiated shipments of the vital items. In his opening remarks, Jaishankar noted that the talks would cover a range of topics,…

Pakistan’s commerce ministry stated on Monday that a delegation of Swedish business representatives will soon visit Karachi, the country’s commercial hub, to assess potential investment opportunities in the country’s garment industry, as reported by Arab News. The development follows a meeting between Swedish Ambassador to Pakistan Alexandra Berg von Linde and Commerce Minister Jam Kamal Khan at his office in Islamabad. Backed by a $7 billion International Monetary Fund (IMF) program, Pakistan has been working to enhance trade and attract foreign investment as it pursues long-term economic stability. According to the commerce ministry, the ambassador recognized Pakistan’s strong standing in…

India’s Directorate General of Trade Remedies (DGTR) has proposed imposing a staggered safeguard duty over three years on imports of hot-rolled flat products made from non-alloy and other alloy steel. The decision comes after the agency determined that a sharp increase in such imports has severely harmed the domestic industry and poses a serious risk to its long-term stability. In its final report, the DGTR noted “a recent sudden, sharp, and substantial rise in imports of the product in question” and recommended a phased safeguard duty—12% in the first year, followed by 11.5% in the second, and 11% in the…

Philippine President Ferdinand Marcos Jr ordered a 60-day suspension of rice imports from September 1 to October 30 to shield local farmers from declining paddy prices during the harvest season. The decision follows a recommendation by Agriculture Secretary Francisco Tiu Laurel to temporarily suspend rice imports. The Philippine Department of Agriculture (DA) stated that the local rice market has been strained by an influx of low-priced imports, leading some traders to purchase paddy from farmers at just 8–10 pesos per kilogram, significantly lower than the production cost of 12–14 pesos. Farmers attributed the sharp drop in farmgate prices to the…

A U.S. delegation set to visit India on August 25 for the next round of talks on the proposed bilateral trade agreement has postponed the meeting, according to an official. Five rounds of negotiations have already been completed and the U.S. delegation was expected to visit India for the sixth round, scheduled to take place from August 25 to 29. Delaying or rescheduling the meeting is crucial, as the U.S. has imposed a steep 50% tariff on Indian goods. The U.S. is pushing for greater market access in sensitive areas such as agriculture and dairy, which India finds difficult to…

The Directorate General of Customs Valuation in Karachi has updated the reference values for calculating import duties on spun yarn to reflect prevailing global market conditions. As per Valuation Ruling No. 64/2025, the revised rates cover polyester, viscose, acrylic spun yarn, and the blends imported from China, Thailand, Indonesia, and Vietnam. The values were initially established under Section 25A of the Customs Act, 1969, referencing Publication Value No. 02 issued on December 29, 2022. In response to requests from the Pakistan Yarn Merchants Association (PYMA) and other stakeholders, the directorate reassessed the customs values, observing that more than 90 days…