Author: News Desk

The U.S. administration has escalated its measures against Huawei, issuing worldwide warnings on Tuesday that utilizing the Chinese tech giant’s AI chips may result in criminal penalties under U.S. export control regulations. The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) has stated that utilizing Huawei Ascend chipsets globally violates U.S. export control regulations. Bloomberg reported that the move will further complicate Huawei’s ability to produce advanced semiconductors for artificial intelligence and smartphones. As reported by Business Standard, the BIS clarified that the Ascend chips were likely developed using specific U.S. software or technology or manufactured with semiconductor…

China has halted imports of beef and related products from South Africa due to ongoing foot and mouth disease (FMD) outbreaks in Mpumalanga, Gauteng, and KwaZulu-Natal provinces of South Africa. The Red Meat Industry Services in South Africa (RMIS) has raised serious concerns about the economic impact of the ban, highlighting its wide-reaching effects on the red meat supply chain, from producers and feedlots to abattoirs and exporters. Despite the Memorandum of Understanding (MoU) signed between South Africa and China in September 2024 to strengthen bilateral trade and improve FMD prevention and control, China still enforced the ban. The agreement…

The European Union will impose higher tariffs on Ukrainian imports in the coming weeks, potentially impacting Kyiv’s economy during a critical phase in its resistance against Russian aggression, as reported by Financial Times. According to diplomats, Poland spearheaded an initiative to safeguard the bloc’s farmers, prompting the EU to suddenly terminate special trade agreements that previously allowed most Ukrainian goods to enter duty-free. The European Union maintains a free trade agreement with Ukraine but expanded its provisions after Moscow’s 2022 invasion by temporarily removing the remaining trade duties. With these measures set to expire on June 6, the EU intends…

Pakistani textile mill owners on Monday expressed optimism that U.S. President Donald Trump would lower tariffs on Pakistan’s exports, following his statement about significantly boosting trade with Pakistan and India after a ceasefire between the two nations. Trump made his statement a day after Washington mediated a ceasefire, following four days of fighter jet, missile, drone, and artillery strikes between India and Pakistan. “While not even discussed, I am going to increase trade, substantially, with both of these great nations,” Trump posted on Truth Social. Pakistan is subject to a 29% tariff because of its $3 billion trade surplus with…

Sudan’s military-backed government has cautioned that oil exports from South Sudan may be halted due to a series of attacks on critical energy infrastructure by the Rapid Support Forces (RSF). Sudan has ordered its oil companies to start shutting down the pipeline transporting crude oil from South Sudan for export, citing ongoing attacks by the RSF. The warning was detailed in an official letter reviewed by AFP. A document dated Friday, signed by Mohhieddien Naiem Mohamed Saied, undersecretary of Sudan’s Ministry of Energy and Petroleum, was sent to Deng Lual Wol, his counterpart in South Sudan’s Ministry of Petroleum. The…

The European Commission has approved a €5 billion French scheme focused on supporting wine and spirits exports to the United States. Revealed on Thursday, the approval comes as France works to assist its producers in clearing inventory ahead of impending U.S. tariffs. The program, scheduled to run from May 8 to July 8, 2025, operates under EU state aid regulations and serves as a temporary measure. The scheme enables exporters to utilize a re-insurance mechanism that provides short-term guarantees for businesses to protect themselves against commercial and political risks. The strategy anticipates facilitating smoother transatlantic shipments for French producers, particularly…

The Federal Airports Authority of Nigeria (FAAN) has launched a new domestic cargo terminal at Lagos’s general aviation terminal (GAT) to modernize the nation’s aviation logistics. Led by the Minister of Aviation and Aerospace Development, Festus Keyamo, and managed by the Directorate of Cargo Development and Services under Lekan Thomas, the initiative aims to boost Nigeria’s export capabilities while strengthening the country’s cargo infrastructure. FAAN’s Managing Director and Chief Executive, Olubunmi Kuku, officially inaugurated the facility on Friday. In an official statement, FAAN’s Director of Public Affairs and Consumer Protection, Obiageli Orah, emphasized that the terminal will augment cargo handling…

The United States and the United Kingdom declared a trade agreement on Tuesday that will ease certain U.S. tariffs on British goods, though some will remain in place. U.S. President Donald Trump and British Prime Minister Keir Starmer praised the deal as a crucial move toward strengthening trade relations. The move marks the first trade agreement the United States has secured since the White House’s broad reciprocal tariffs disrupted global stock markets and heightened concerns about  U.S. recession. Trump and Starmer affirmed the trade agreement during a live broadcast phone call. Trump emphasized that the deal is expected to generate…

The European Commission on Thursday revealed plans to introduce new tariffs on U.S. imports valued at up to $100 billion including high-value goods such as aircraft, if ongoing negotiations with the U.S. fail to resolve the trade dispute. “The EU remains fully committed to finding negotiated outcomes with the US,” European Commission President Ursula von der Leyen said. A published list by the European Commission contains passenger cars, medical devices, chemicals, plastics, and a range of agricultural products. Bourbon and other alcohols have been reinstated after France and Italy initially urged its removal due to concerns about possible repercussions from…

The Donald Trump administration plans to revoke the AI Semiconductor Export Control Policy introduced by the Biden administration, as reported by Reuters and other sources on Wednesday. According to Reuters, a spokesperson for the Department of Commerce described the AI export control policy introduced under the Biden administration as excessively complicated and bureaucratic, stating that it will be replaced. The Biden administration introduced the AI semiconductor export control system, known as the ‘AI Expansion Framework,’ in January during the closing days of Biden’s term. The rule aimed to tighten restrictions on AI chip exports and related technologies, specifically targeting China…