Author: News Desk

The Coordinating Ministry for Economic Affairs of Indonesia has refuted reports suggesting it has allowed the import of used clothes from the United States under the Reciprocal Trade Agreement (ART). “It is not true. What is regulated under this agreement is the import of shredded worn clothing(SWC),” stated Haryo Limanseto, the ministry’s spokesperson, in a written statement on Sunday. Indonesia’s requirement to permit SWC imports is specified in Article 2.8 of the ART, designed to support the United States’ recycled clothing sector. Haryo emphasized that the imported materials are shredded and destroyed, serving only as raw inputs for industrial use,…

India unveiled seven measures on Friday, including credit assistance for e-commerce exporters and support for alternative trade finance instruments aimed at boosting outbound shipments and enhancing export competitiveness. The measures are part of the ₹ 25,060 crore Export Promotion Mission (EPM), a five-year program spanning 2025-26 to 2030-31, with three of its ten planned components already introduced in January. The measures directly address key barriers that hinder MSME growth, such as high financing costs, limited access to diverse trade finance, regulatory burdens, logistical challenges, and information gaps. The EPM aims to reduce export costs, expand access to trade finance, diversify…

U.S. President Trump on Friday signed a proclamation imposing a 10% tariff on imports to the country, just hours after the Supreme Court struck down a set of sweeping global tariffs his administration imposed under the national security law. “It is my great honor to have just signed, from the Oval Office, a global 10% tariff on all countries, which will be effective almost immediately,” Trump wrote on Truth Social. The new tariffs will take effect on Tuesday and remain in place for 150 days. Certain foreign products, such as specific food items, essential minerals, electronics, and vehicles, are exempt…

The White House declared on Thursday that the United States and Indonesia have finalized a trade agreement that sets tariff levels and addresses non-tariff trade barriers. As part of the deal, U.S. tariffs on imports from Indonesia will be lowered from 32% to 19%, while Indonesia will remove restrictions on over 99% of U.S. exports and commit to buying more than $30 billion worth of American goods. The deal was finalized during Indonesian President Prabowo Subianto’s visit to Washington for the inaugural meeting of President Trump’s ‘Board of Peace.’ On Friday, Subianto and Trump formally signed the Agreement of Reciprocal…

U.S. imports of goods continued to exceed exports last year, pushing the nation’s trade deficit to a record high despite the broad tariffs implemented by U.S. President Donald Trump. Official data show that the gap between imports and American exports grew by 2.1% from 2024, reaching approximately $1.2 trillion (£890 billion). The growing deficit contradicts the central goal of the White House, which argued that America’s dependence on imported goods has weakened domestic manufacturing and threatened national security. The increase occurred even though trade with China—one of the first targets of U.S. tariffs—fell sharply. Last year, Trump imposed tariffs of…

The Nigerian Federal Government has assured it will reassess the ban on raw shea nut exports, citing concerns over its impact on local producers, exporters, and foreign exchange earnings. Minister of Industry, Trade and Investment, Jumoke Oduwole, revealed the decision on Thursday during a Stakeholders’ Validation Session on the Raw Shea Nut Ban held in Abuja. The Federal Government introduced a six‑month temporary ban on raw shea nut exports last year to promote local processing and value addition and reduce the export of unprocessed commodities, supporting Nigeria’s goal of becoming a global hub for refined shea products. Oduwole stated that…

Uzbekistan President Shavkat Mirziyoyev and senior U.S. officials announced the establishment of a joint Uzbekistan–U.S. investment platform during meetings held in Washington. President Mirziyoyev was on an official visit to the U.S. at the invitation of President Donald Trump to participate in the inaugural summit of the Board of Peace, the U.S. administration’s diplomatic initiative centered on Gaza. Uzbekistan signed the founding declaration of the Board at the World Economic Forum in Davos earlier this year. Economic ties between Uzbekistan and the United States have grown in recent years, with bilateral trade surpassing $1 billion (€850 million) last year and…

Slovakia and Hungary on Wednesday declared a temporary halt to diesel exports to Ukraine until crude flow through the Druzhba pipeline resumes. The Slovak government stated that Prime Minister Robert Fico ordered the suspension of diesel exports to Ukraine after crude oil shipments via the Druzhba pipeline were disrupted following extensive Russian strikes on Ukraine’s energy infrastructure. Additionally, the government authorized the release of 250,000 tons of oil from state reserves to ensure stability in domestic supply. “Slovnaft is stopping diesel exports to Ukraine and any other exports, and everything it now processes at home, in Slovakia, will be intended…

Kenya and the United States will resume bilateral trade negotiations next week in Washington, D.C., as Nairobi aims to secure enhanced market access and deepen economic ties with one of its key trading partners. The discussions, set to take place from Monday to Thursday, come after negotiations that stalled in 2020 and are intended to build on progress achieved under successive U.S. administrations. Kenya’s Trade Cabinet Secretary Lee Kinyanjui stated that the discussions will comprise a series of meetings designed to ‘firm up deliberations’ on a potential trade agreement aimed at deepening economic cooperation and reducing barriers for Kenyan exports…

Japan’s exports surged in January to their highest level in more than three years, reflecting a significant rebound in demand. According to data released by the Ministry of Finance on Wednesday, outbound shipments rose 16.8 percent year-on-year to 9.19 trillion yen, marking the fifth consecutive month of expansion and the sharpest increase since November 2022. The result exceeded economists’ expectations of a 12% rise and represented a substantial increase compared with December’s 5.1% increase. In contrast, imports fell 2.5% year-on-year to 10.34 trillion yen, contrary to expectations of a 3% rise. Consequently, Japan’s trade deficit narrowed to 1.15 trillion yen…