Category Archives: International trade

Carney names broad team to advise on tense US-Canada trade talks

Posted on by

Conservatives and former provincial premiers among those PM names to advisory committee on economic relations

Canada’s prime minister, Mark Carney, says his new advisory committee on economic relations with the United States will draw on the “best advice and the broadest perspectives” as the country braces for what many expect will be tense trade negotiations with its southern neighbour.

The 24-member advisory committee, announced on Tuesday, shows the prime minister’s eagerness to reach across the political spectrum to ensure Canada is “well positioned to advance its interests” at the looming trade talks.

Continue reading...

Carney says Canada’s strong economic ties to US are ‘weakness’ to be corrected

Posted on by

Prime minister details efforts to attract investment and sign trade deals with other countries in 10-minute video address

Canada’s strong economic ties to the United States were once a strength but are now a weakness that must be corrected, the country’s prime minister has warned

In a 10-minute video address, Mark Carney spoke about his government’s efforts to strengthen the Canadian economy by attracting new investments and signing trade deals with other countries.

Continue reading...

Australia fuel watch tracker: check current petrol and diesel prices, service station outages and shipments – in charts

Posted on by

How much fuel does Australia have left today, and when could we run out? Track how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country.

The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan as Australia battles a fuel crisis.

While we know there have been outages and price increases, it can be difficult to get a full picture of what is happening – this is partly due to the thousands of independent businesses and different governments involved. We have brought together the latest data on prices, outages and oil tanker deliveries.

Continue reading...

Australia fuel watch tracker: check current petrol and diesel prices, service station outages and shipments – in charts

Posted on by

How much fuel does Australia have left today, and when could we run out? Track how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country.

Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.

Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.

Continue reading...

Track current petrol and diesel prices, service station outages and shipments – Australia’s fuel crisis in charts

Posted on by

How much fuel does Australia have left today, and when could we run out? Check how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country since the US and Israel’s war on Iran began in late February

Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.

Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.

Continue reading...

Track current petrol and diesel prices, service station outages and shipments – Australia’s fuel crisis in charts

Posted on by

How much fuel does Australia have left today, and when could we run out? Check how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country since the US and Israel’s war on Iran began in late February

Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.

Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has released fuel reserves, cut fuel excise taxes and rolled out a national fuel security plan.

Continue reading...

Irish metals refinery is in supply chain that feeds Russian war machine, records suggest

Posted on by

Shipments to Russian smelters from Aughinish Alumina have increased sharply since the invasion of Ukraine

A leading Irish metals refinery is part of an international aluminium supply chain that appears to conclude with shipments to arms producers feeding the Kremlin’s war machine in Ukraine, leaked records and public data suggests.

Trading records show that shipments to Russian smelters from Aughinish Alumina, which is located on the Shannon estuary in the west of Ireland and has been owned by the Russian aluminium group Rusal since 2006, have increased sharply since the invasion of Ukraine in 2022.

Continue reading...

HS2 firm says new steel tariffs will ‘exacerbate’ cost pressures for UK construction industry

Posted on by

Doubling tariffs on imported steel will raise cost of the metal when Iran war is already inflating steel and concrete prices

One of HS2’s biggest contractors has warned the government that raising tariffs on foreign steel imports will “exacerbate” cost pressures for the UK construction industry, amid growing concern over the £100bn railway’s rising budget.

Ministers said last week they would double the tariffs on imported steel and slash the amount that can be bought from overseas, in an attempt to save Britain’s struggling steelmakers.

Continue reading...

‘The stakes are enormous’: how a prolonged Iran war could shock the global economy

Posted on by

Donald Trump’s ‘little excursion’ is likely to have long-term effects, from oil prices to inflation to growth, say experts

In the days after the US and Israel first bombed Iran, financial markets bet the economic fallout from Donald Trump’s “little excursion” in the Middle East would be short-lived.

“There are risks from higher oil prices longer term. But this is a tail risk,” one US-based fund manger said after the airstrike killing Iran’s supreme leader, Ayatollah Ali Khamenei. “History has shown time and time again that geopolitical flare-ups like this tend to be short-lived. This one should prove to be no exception.’’

Continue reading...

Africa particularly vulnerable as Iran conflict disrupts supply chains, say experts

Posted on by

Food production in many African countries depends heavily on fertiliser imported from the Gulf through the strait of Hormuz

Countries in Africa, where farmers depend heavily on imported fertiliser and a large share of household income goes on food, are particularly vulnerable to supply chain disruptions caused by the war in the Middle East, experts have said.

The conflict has drastically disrupted trade through the strait of Hormuz, a vital shipping lane not just for oil and gas but also for fertiliser, which is produced in vast quantities in the Gulf.

Continue reading...

Danish royals Frederik and Mary begin six-day Australia tour with visit to rain-soaked red centre

Posted on by

Royal trip includes stops in Canberra, Melbourne and Hobart and aims to deepen trade ties

Denmark’s King Frederik and Queen Mary have ended the first leg of their Australian visit with a sunrise trek to a famous Uluru watering hole.

The royal couple walked to Muṯitjulu waterhole in Uluṟu-Kata Tjuṯa national park with traditional owners on Sunday morning. The culturally significant site is one of the few permanent water sources around the sandstone monolith and a regular attraction for visiting dignitaries.

Continue reading...

Aramco warns of oil market ‘catastrophe’ unless strait of Hormuz reopens soon

Posted on by

Saudi Arabian state oil firm calls crisis by far the biggest the region has seen but firm can reroute 70% of exports and tap crude held in storage

Saudi Arabia’s state oil company has warned of “catastrophic consequences” for the world’s oil markets if the US-Israeli war with Iran continues to block shipping in the strait of Hormuz.

The world’s biggest oil exporter expects to be able to supply the market with about 70% of its usual crude output despite the stranglehold on the vital trade artery, but its chief executive warned that there would still be “drastic” consequences for the world economy if the disruption continues.

Continue reading...

Iran war drives oil prices above $100 a barrel for first time since 2022

Posted on by

Donald Trump insists surge in energy prices is ‘very small price to pay’ as Middle East conflict sparks fresh stock market sell-off

Oil prices surged past $100 per barrel for the first time since 2022 as fallout from the US-Israel war with Iran continued to rattle global markets and leading economies moved to tackle a worsening energy supply crisis.

A weekend of escalating violence in the Middle East intensified concerns around a sustained supply crunch, propelling oil prices to their highest level in four years and triggering a deep stock market sell-off.

Continue reading...

US and Japan unveil $36bn of oil, gas and critical minerals projects in challenge to China

Posted on by

Donald Trump says deals ‘end our foolish dependence on foreign sources’, while Japanese PM hails enhanced economic security

Japan has drawn up plans for investments in US oil, gas and critical mineral projects worth about $36bn under the first wave of a deal with Donald Trump.

The US president and Sanae Takaichi, Japan’s prime minister, announced a trio of projects including a power plant in Portsmouth, Ohio, billed by the Trump administration as the largest natural gas-fired generating facility in US history.

Continue reading...

Europe’s economy is geared towards a disappearing world, says ECB’s Lagarde

Posted on by

Central bank chief warns that the bloc’s dependence on third countries for trade and security has left it vulnerable

Europe’s economy is “geared towards a world that is gradually disappearing”, according to a warning from Christine Lagarde that the EU needs reforms to spur growth.

The president of the European Central Bank (ECB) said the EU’s dependence on international trade had left it vulnerable, as major partners had turned away from the trade that made the bloc’s exporters wealthy.

Continue reading...

China suspends seafood imports from Japan as Taiwan row escalates

Posted on by

Beijing reimposes 2023 ban, citing Japan PM’s comment that military would respond to Chinese attack on island

China has suspended imports of Japanese seafood again, as the fallout over the Japanese prime minister’s comments about Taiwan continues to escalate in one of worst bilateral disputes in years.

The ban was first reported on Wednesday by the Japanese outlets Kyodo News and NHK, and appeared to be confirmed by China’s foreign ministry, which said there was “no market for Japanese seafood in the current climate”.

Continue reading...

Plant importers say border delays in Kent could drive up prices and stop deliveries from EU

Posted on by

Traders report long waits at Sevington inspection post and claim trees and shrubs are repeatedly being damaged

Importers of plants say long delays and damage to shipments at a Kent border control post risk driving up prices and could lead to transport companies stopping deliveries across the Channel.

Traders have reported long waits in recent weeks at the government’s Sevington facility off the M20 near Ashford, which was built to check goods of plant and animal origin arriving from the EU. One importer said delays were adding £200 of costs to each load.

Continue reading...

Xi-Trump meeting: America has discovered that bullies can be bullied back

Posted on by

Outcome appears closer to truce than durable peace but outline of broader diplomatic relationship is visible

When Donald Trump launched his trade war against China in April, threatening tariffs as high as 145%, the Chinese government said it would never bow to blackmail and vowed to “fight to the end”.

The question now is whether the consensus reached between Trump and Xi Jinping in Busan, South Korea, on Thursday means that the fight really has come to an end, and if so on whose terms.

Continue reading...

Trump says all Canada trade talks ‘terminated’ over ad criticising tariffs

Posted on by

US president accuses Canada of ‘egregious behaviour’ after release of ad featuring Ronald Reagan criticising tariffs

Donald Trump has announced an immediate end to “all trade negotiations” with Canada over a television advertisement opposing US tariffs that quoted the former US president Ronald Reagan.

The ad, which was paid for by the government of the Canadian province of Ontario, uses excerpts of a 1987 speech where Reagan says “trade barriers hurt every American worker”.

Continue reading...

China’s economic growth slows amid Trump tariff war and property woes

Posted on by

GDP rises by 4.8% year on year between July and September, down from second-quarter growth rate of 5.2%

China’s economy grew at its slowest pace in a year in the latest quarter amid a trade war with the US and long-running woes in its property market.

Fragile domestic demand has left China’s economy heavily reliant on manufacturing and trade, at a time of mounting tensions with the Donald Trump administration.

Continue reading...