Author: News Desk

China declared a 34% tariff on all U.S. imports on Friday in response to trade measures imposed by President Donald Trump. China’s State Council has stated that the new tariff will take effect on April 10, intensifying trade tensions. As a part of its retaliatory actions, Beijing has revoked the export privileges of six U.S.-affiliated companies, preventing them from sending sorghum, poultry products, and poultry bone meal to China. The measures are expected to primarily affect U.S. agricultural exports, such as soybeans, wheat, and corn. China remains a major importer of other key U.S. goods, including pharmaceuticals, crude oil, petroleum…

Greece has called on Chinese shipping company COSCO, the operator of Piraeus Port, to elevate the passenger facilities at the port to improve services and the quality of life in Piraeus city. Greece’s largest port, serving approximately 20 million passengers annually and handling thousands of vehicles and travelers daily, is in urgent need of upgrades. The country has requested COSCO Shipping to modernize port infrastructure. Greek Maritime Minister Vasilis Kikilias underscored the pressing need for the Chinese company to invest promptly in the port’s infrastructure. He conveyed the message during a recent meeting with Fang Qiu, the Chinese Ambassador to…

Switzerland has expanded its export controls on dual-use items, focusing specifically on technologies such as quantum computing, semiconductors, artificial intelligence (AI), and additive manufacturing, as declared in a government statement on Wednesday. As reported by Reuters, the Swiss government statement outlines new measures to bring Swiss export practices in line with international standards. The measures are designed to ensure that domestic industries and research institutions retain access to critical technologies. The initiative underscores a global trend in monitoring emerging technologies, paralleling actions recently taken by the United States and France. In recent years, dual-use technologies—applicable in both civilian and military…

Israel has eliminated import duties and tariffs on all American goods to bolster the bilateral partnership and lower the cost of living in Israel, according to a statement from the Prime Minister’s office on Tuesday. Under the directive of Prime Minister Benjamin Netanyahu, Finance Minister Bezalel Smotrich, and Economy and Industry Minister Nir Barkat, Israel has abolished all customs duties and tariffs previously imposed on products from the United States. The United States is Israel’s strongest ally and largest trading partner. In 2024, goods exports to the U.S. reached $17.3 billion, while services exports totaled $16.7 billion. The Israeli government…

Sri Lanka’s Food Policy and Security Committee has advised rice imports to maintain a steady supply for consumers after a potential shortage caused by unfavorable weather during the last cultivation season. The President’s Media Division (PMD) reported a considerable increase in rice prices alongside shortages of specific rice varieties during the ongoing harvest season. Discussions were held to urge the Cabinet to maintain adequate stock levels through rice imports. The committee, led by Minister of Agriculture, Livestock, Lands, and Irrigation K.D. Lalkantha, alongside Minister of Trade, Commerce, Food Security, and Cooperative Development Vasantha Samarasinghe, held its fifth meeting at the…

Argentina began natural gas exports to Brazil for the first time, using Bolivia’s state-owned infrastructure, Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), on Tuesday. TotalEnergies, an energy company, exported natural gas from Argentina’s Vaca Muerta formation to Matrix Energy in Brazil. The gas is transported via Argentina’s TGN and TGS pipelines to Salta, then through Bolivia’s YPFB network, including the Madrejones pipeline, under a three-way agreement finalized in late 2024. The Brazil-Bolivia Gas Pipeline (Gasbol), capable of transporting up to 30 million cubic meters of natural gas daily, is currently operating at 10 million cubic meters per day. Over the next five…

The South Korean government revealed plans to continue negotiations with Washington on non-tariff measures ahead of the anticipated U.S. reciprocal tariff declaration. The statement by the industry ministry on Tuesday follows the release of the U.S. Trade Representative’s (USTR) annual report on foreign trade barriers. The Ministry of Trade, Industry, and Energy, as reported by Yonhap news agency, stated that the government will address U.S. concerns over non-tariff measures through various channels, including working-level consultative bodies and the implementation committee under the Korea-U.S. Free Trade Agreement (KORUS FTA). The USTR unveiled the 2025 National Trade Estimate Report on Foreign Trade…

Vietnam has declared reductions in import duties on various goods, including automobiles, liquefied gas, and certain agricultural products. The decision comes amid growing concerns over U.S. President Donald Trump’s upcoming announcement of broad tariffs affecting all nations. Vietnam issued Decree No. 73/2025/ND-CP on March 31 to revise and update preferential import tax rates for a range of goods listed in the Import Tariff Schedule. Products such as automobiles, wood products, ethanol, frozen chicken thighs, pistachios, almonds, fresh apples, cherries, and raisins will benefit from the updated tax rates. The changes impact both export and import tax structures, including absolute tariffs,…

Mali, Burkina Faso, and Niger, neighboring nations in West Africa, have declared a 0.5% import tax on goods. The initiative seeks to fund the establishment of a new union among the three countries following the nation’s withdrawal from the broader regional economic bloc, as detailed in an official statement. The tax, finalized on Friday, will take effect immediately, covering all goods imported from outside the three countries, except for humanitarian aid. According to the statement, the revenue will be allocated to ‘fund the activities’ of the union, though no specific details were disclosed. The move marks the end of free…

Kenya has become Africa’s largest importer of second-hand clothes while struggling to revive its declining textile industry. According to Business Insider, the latest trade data from the Massachusetts Institute of Technology (MIT) shows Kenya imported second-hand clothing worth Sh38.5 billion ($298 million), reflecting a 12.45% increase from the previous year. The surge underscores Kenya’s growing reliance on affordable second-hand clothing, known locally as ‘mitumba,’ surpassing Nigeria. Analysis from MIT’s Observatory of Economic Complexity revealed that Kenya’s 2022 imports of second-hand clothes and textiles reached Sh34.5 billion ($265 million), closely matching Nigeria’s total. South Africa followed in third place, with imports…