The European Union (EU) is intensifying trade talks with the United States and cautioning against potential repercussions as President Donald Trump considers enforcing broad 50% tariffs on almost all EU imports by July 9. The EU has strongly condemned Trump’s unexpected decision to raise tariffs on imported steel to 50%, cautioning that it may reintroduce and broaden retaliatory measures if a resolution is not achieved. Trade negotiations are set to continue this week, with EU trade chief Maros Sefcovic meeting U.S. Trade Representative Jamieson Greer in Paris on Wednesday. Meanwhile, a European Commission delegation is already in Washington for technical…

A trade agreement between India and the United States may soon be finalized, according to U.S. Commerce Secretary Howard Lutnick. “You should expect a deal between the United States and India in the not too distant future because I think we found a place that really works for both countries,” Lutnick said at the eighth edition of the U.S.-India Strategic Partnership Forum (USISPF) on Sunday. The statement comes ahead of the final round of direct negotiations between Indian and U.S. representatives, set to take place in New Delhi this week. India and the U.S. ramped up trade negotiations following U.S.…

The UK government has postponed the planned Brexit-related border inspections on food imports (fruit and vegetables) as it works toward securing a sanitary and phytosanitary (SPS) agreement with Brussels, as reported by Politico. The SPS agreement, agreed upon by both parties at U.K.-EU summit last month, aims to eliminate border checks on plant and animal products. The government stated on Monday that it would delay the upcoming round of border checks on ‘medium risk’ fruit and vegetable imports due to ongoing negotiations, which may take months to finalize. The planned checks has not yet implemented and faced multiple delays due…

Papua New Guinea has made its debut in the global coffee market with its inaugural international shipment of green bean coffee from Morobe Province to Dubai. The achievement advances the nation’s trade diversification efforts and accelerates the modernization of its agricultural sector. Prime Minister James Marape hailed the achievement as a ‘monumental breakthrough’ for the nation’s agricultural sector, signaling a new era in trade expansion. AFIA PNG, a local agribusiness firm in collaboration with the Morobe Provincial Government, facilitated the inaugural export of 121 bags (7.3 tons) of green bean coffee. The shipment departed from Port Moresby and was airfreighted…

The Japanese government on Friday pledged to seek new international markets and strengthen support for more efficient production methods to expand rice exports in response to a projected long-term decline in domestic consumption, Kyodo reported. In its annual white paper on food and agriculture for fiscal 2024, approved by the Cabinet, the Ministry of Agriculture, Forestry, and Fisheries advocates expanding rice exports, even as the Japanese government implements measures to control rising domestic prices, partly due to supply shortages. The report designated China, Singapore, the United States, Hong Kong, and Taiwan as key export destinations. Japan’s agricultural exports hit a record…

India reduced the basic import tax on crude and refined edible oils by 10% on Friday to control inflation in oils and fats while supporting the domestic processing industry. The decision is expected to lower edible oil prices, boost demand, and increase international purchases of palm oil, soybean oil, and sunflower oil. India has reduced the basic customs duty on crude palm oil, crude soybean oil, and crude sunflower oil from 20% to 10%, according to a government notification. As a result, the total import duty on these oils will drop from 27.5% to 16.5%, factoring in additional charges such…

A U.S. federal appeals court on Thursday ruled that President Donald Trump can temporarily maintain his tariffs under emergency powers. The decision follows the administration’s legal challenge against a prior ruling that had blocked the majority of his key economic policies. The court issued a temporary stay on the trade court ruling that had prevented Trump from enforcing ‘Liberation Day’ tariffs under emergency powers. Trump had “exceeded his authority by enacting blanket tariffs” on nations that have a trade deficit with the United States, the International Trade Court ruled on Wednesday. The verdict stemmed from two distinct legal challenges. The…

China will resume Japanese seafood imports, which were banned in 2023 due to concerns over Japan’s release of treated wastewater containing low levels of radiation from the Fukushima Daiichi nuclear plant. A Japanese official said on Friday. Japan Agriculture, Forestry, and Fisheries Minister Shinjiro Koizumi stated that Japanese and Chinese officials reached an agreement during the meeting in Beijing, and seafood imports will resume once the required paperwork is completed. “Seafood is an important export item for Japan, and a resumption of its export to China is a major milestone,” Koizumi added. China’s General Administration of Customs reported that both…

South Africa has surpassed Nigeria as Africa’s largest fuel importer, according to a report from energy consultancy CITAC. The shift marks a major transformation in the continent’s downstream oil market as Nigeria scales back its fuel imports following the ramp-up of operations at the Dangote Petrochemical Refinery. Since early 2024, the refinery has enhanced large-scale production, significantly altering trade patterns across sub-Saharan Africa and transforming the region’s energy landscape. With a refining capacity of 650,000 barrels per day, it stands as the largest single-train refinery globally. Its increasing output is drastically cutting Nigeria’s reliance on petrol imports. As per the…

The Trump administration has suspended certain U.S. technology exports to China, restricting the sale of key products such as jet engines, semiconductors, particular chemicals, and machinery, as reported by the New York Times on Wednesday. The decision comes in reaction to China’s recent limits on exports of essential minerals to the United States, a move by Beijing that poses a risk to U.S. company supply chains, according to two familiar sources. The escalating dispute over vital supply chains may greatly impact companies reliant on foreign technology, affecting industries such as aerospace, robotics, automotive manufacturing, and semiconductor production. The U.S. Department…