Category Archives: International trade

EU may as well be ‘province of China’ due to reliance on imports, says industrialist

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Stefan Scherer, boss of AMG Lithium, says Europe must become more self-sufficient in critical raw materials and new technologies

The EU may as well “apply to be a province of China” such is its inability to wean itself off that country’s supply of critical raw materials used in everything from electric vehicles to smartphones and wind turbines, a leading German industrialist has said.

As chief executive of AMG Lithium, the EU’s first factory to make the lithium hydroxide used in many car batteries, Stefan Scherer sits at the centre of what has been dubbed a new gold rush.

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White House says Canadian PM ‘caved’ to Trump demand to scrap tech tax

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Trump officials hail U-turn as Mark Carney says decision to rescind digital services tax means revival of trade talks

The United States has said that Canada’s prime minister Mark Carney “caved” to demands from the White House after his government abruptly scrapped their digital services tax on US technology companies, which was set to go into effect on Monday.

“It’s very simple. Prime minister Carney and Canada caved to president [Donald] Trump and the United States of America,” press secretary Karoline Leavitt said in a daily briefing.

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EU retaliation against Trump drug tariffs would be bad idea, says industry

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European pharmaceutical body says it would be ‘negative for both sides’ if Brussels hits back on threatened US levies

The European pharmaceutical industry has urged Brussels not to retaliate if Donald Trump brings in threatened tariffs on imported drugs, amid fears he could impose the levies as early as next week.

The US president said last week that the sector-specific tariffs were coming “very soon”. There is concern in Brussels that he could impose them imminently to give himself further leverage ahead of his self-imposed 9 July deadline for trade deals with the EU and about 60 countries.

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US reaches deal with China to speed up rare earth shipments, White House says, amid efforts to end trade war

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US commerce secretary Howard Lutnick quoted as saying US countermeasures will be removed once US receives rare earths

The United States has reached an agreement with China on how to expedite rare earth shipments to the US, a White House official has said, amid efforts to end a trade war between the world’s biggest economies.

President Donald Trump said earlier on Thursday that the US had signed a deal with China the previous day, without providing additional details, and that there might be a separate deal coming up that would “open up” India.

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Trump threatens to keep 25% tariff on UK steel imports over Port Talbot concerns

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Exclusive: Sources say US wants information on when importing of raw materials from abroad at Port Talbot site will stop

Donald Trump is threatening to keep 25% tariffs on some or all of its steel imports from the UK unless it gives specific guarantees over the Indian-owned steelmaking plant at Port Talbot in south Wales, sources have told the Guardian.

An agreement to reduce tariffs on UK car exports to the US and scrap them for the aerospace sector was signed off by the US president and Keir Starmer on Monday, on the sidelines of the G7 summit in Canada.

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Trump trade deal shows how vital China’s rare-earth metals are to US defense firms

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Draft agreement may reassure top US military suppliers after president’s tariffs flip-flopping threatened production

The draft trade agreement with China announced by Donald Trump on Wednesday would ease concerns from top US military suppliers about rare-earth metals and magnets that, if cut off permanently, could hobble production of everything from smart bombs to fighter jets to submarines and other weapons in the US arsenal.

While the deal has not yet been finalised, it may reassure major defense companies such as Lockheed Martin, the largest US user of samarium – a rare-earth metal used in military-grade magnets – whose supply is entirely controlled by China.

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US and China agree framework deal to extend trade war truce

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US commerce secretary expresses optimism that deal will resolve concerns about rare earths and magnets

The US and China have extended the truce in their trade war after two days of talks in London that resulted in a “framework” deal over export restrictions on rare earths and semiconductors.

Negotiations to resolve the wider tariff war triggered by Donald Trump in April will continue but the truce settles, for now, growing tension between the two economic super-powers.

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Cheaper imported chicken and beef increasingly seen in UK supermarkets

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Grocers turning to Australia, Poland and Uruguay for meat, prompting claim they are undermining British farmers

Cheap chicken and beef from Australia, Poland and Uruguay is on the rise on UK supermarket shelves, according to the National Farmers’ Union, as supermarkets look for money-saving options.

The NFU regularly monitors supermarket shelves and notes that Morrisons is now selling raw chicken from Poland in its poultry aisle. Chicken in Poland is generally produced to different standards from those in the UK, and is cheaper as a result. Morrisons requires that for its UK chicken, poultry must be kept at a maximum stocking density of 30kg/m2, giving the chickens more space to roam. In Poland, this is up to 39kg/m2.

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Trump announces US-China trade talks in London next week

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President, who had Thursday call with China’s Xi Jinping amid tariff dispute, says ‘meeting should go very well’

Senior US administration officials will meet with a Chinese delegation on Monday in London for the next round of trade negotiations between Washington and Beijing, Donald Trump said on Friday.

The meeting comes after a phone call between Trump and the Chinese leader, Xi Jinping, on Thursday, which the US president described as a “very positive” conversation as the two countries attempt to break an impasse over tariffs and global supplies of rare earth minerals.

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Butter madness: New Zealanders turn to churning as price of dairy staple soars

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Dairy is the country’s largest export industry, but recent figures from Stats NZ show domestic butter prices have surged 65% and people are getting desperate

New Zealanders are driving cross-country for hours in pursuit of cheap butter while some are ordering it from Australia or even churning their own cream, as the country battles sky-high dairy prices.

Despite dairy being the country’s largest export industry, recent figures from Stats NZ show domestic butter prices surged 65% in the year to March, pushing the average price for 500g to $7.42 (£3.30) – that’s up about $3 from this time last year.

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High-rise, high expectations: is Casablanca’s finance hub a model for African development?

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Morocco’s commercial centre has brought investment to the continent – but critics say it masks domestic inequality

For centuries, Casablanca was a significant trading hub for merchants from across the breadth of the Atlantic coast, given its geographical position between Africa, the Middle East and Europe.

These days, Morocco’s economic capital is merging those historical roots with a strong modern commercial identity. One such manifestation is the Casablanca Finance City (CFC) district, whose high-rise buildings stand as a symbol of the city’s dream of being a main gateway for international investment into Africa.

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‘We’ll determine our defence policy’: Albanese responds to US push for huge rise in spending as Hegseth stokes China fears

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Prime minister also reaffirms policy on Taiwan while hitting back at Donald Trump’s doubling of tariffs on steel and aluminium imports

Anthony Albanese has responded to the United States’ calls for a huge rise in defence spending amid fears about China, while hitting back at Donald Trump’s move to double tariffs on steel and aluminium.

On Saturday US secretary of defense, Pete Hegseth, urged US allies in the region, including Australia, to “share the burden” and lift defence spending to 5% of GDP, warning that “Beijing is credibly preparing to potentially use military force to alter the balance of power in the Indo-Pacific”.

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Trump indicates ‘positive’ progress in US-EU trade talks

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Wall Street up in early trading after US president commends bloc for calling to ‘quickly establish meeting dates’

Donald Trump has indicated there has been progress in US trade talks with the EU, helping send share prices rising on Wall Street, after he commended the bloc for calling to “quickly establish meeting dates”.

“I have just been informed that the EU has called to quickly establish meeting dates. This is a positive event, and I hope that they will,” Trump wrote on his Truth Social platform on Tuesday, saying the EU would be “very happy and successful” if it agreed a deal.

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EU hopes for quick deal to resolve US trade war after Trump delays 50% tariffs

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European leaders call for ‘lowest possible’ border taxes after levies postponed from 1 June to 9 July

EU leaders have expressed hopes for a quick deal to resolve the trade war with the US after Donald Trump announced he was delaying his threatened 50% tariffs for the bloc until 9 July.

The US president said on Sunday he would pause the border tax due to be imposed on 1 June, which he had announced two days earlier, after what he called a “very nice call” with Ursula von der Leyen.

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EU president secures tariffs delay after talk with Trump

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Enactment of 50% tariffs postponed until July so both sides can ‘reach a good deal’ after pressure from European leaders

Donald Trump has announced that he will pause his threatened 50% tariffs on the European Union until 9 July, after a “very nice call” with EU chief Ursula von der Leyen.

The European Commission president announced in a social media post that she had spoken with Trump and secured the delay to give the two sides more time to negotiate.

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Any trade deal with US must be based on ‘respect not threats’, says EU commissioner

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Maroš Šefčovič’s remarks come after pace of talks prompted Trump to propose 50% tariff on goods from bloc

The European Union’s trade chief has struck a defiant tone after Donald Trump threatened to place a 50% tariff on all goods from the bloc, saying any potential trade deal between Brussels and Washington must be based on “respect not threats”.

The US president made his announcement after voicing frustration with the pace of progress on a trade agreement with the EU. The new rates would come into effect from 1 June.

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World’s seven wealthiest countries agree to counter China’s trade practices

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G7 finance ministers and central bank governors pledge to address ‘economic imbalances’, without naming China

Top finance officials from the world’s seven wealthiest democracies have set aside stark differences on US tariffs and agreed to counter global “economic imbalances”, a swipe at China’s trade practices.

Ahead of the meeting of G7 finance ministers and central bank governors there had been doubt about whether there would be a final communique, given divisions over US tariffs and Washington’s reluctance to refer to Russia’s war on Ukraine as illegal.

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Government considers sale of Brexit border checkpoint in Kent – reports

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New trade deal with EU could make 41 border control posts built after Brexit redundant

The UK government is reportedly considering selling a post-Brexit border check facility in Kent that could fall out of use as a result of this week’s trade pact with the EU.

The site, based in Sevington, Ashford, was erected in 2021 with capacity for 1,300 lorries that were expected to face extra checks on plants and animal goods, including dairy and meat, entering and leaving Britain after Brexit.

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South Africa’s Ramaphosa expected to take golf stars to Trump meeting

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Ernie Els and Retief Goosen reportedly part of delegation as president seeks to reset ties after white ‘genocide’ claims

The South African president, Cyril Ramaphosa, is expected to take the golfers Ernie Els and Retief Goosen with him to meet Donald Trump in the Oval Office on Wednesday, as the government attempts to reset relations with the US amid Trump’s accusations that it is fomenting a white “genocide”.

Ramaphosa’s appeal to Trump’s love of golf, with the potential inclusion of Els and Goosen reported by South African local media, is part of his efforts to avoid a public dressing down of the kind Trump gave to the Ukrainian president, Volodymyr Zelenskyy, in February.

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Reeves hopes hat-trick of deals shows Britain is open for business

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Impact of agreements on food, energy and defence may not be huge but chancellor believes it will draw investors to UK

Rachel Reeves joked to journalists after Monday’s EU-UK reset that trade deals were coming along “like buses”, given the agreements with India and the US that had also been sealed in the past fortnight alone.

The chancellor described the EU deal as the best that had been secured by any non-member country, but she was also keen to talk about the three successful negotiations as a package.

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