Former President Donald Trump’s recent call for significantly higher import tariffs, including a 60% tariff on Chinese goods, has sparked widespread criticism from economists, including Nobel laureate Paul Krugman. Krugman argues that these tariffs would harm the US economy, increase global poverty, and potentially lead to global conflict. He also questions Trump’s motivations, suggesting the former president sees trade in terms of punishment and winners and losers.
India has expressed concerns about a significant surge in dates imports from the UAE, suspecting that the UAE may be re-exporting dates from countries like Pakistan, circumventing trade agreements. This has triggered an investigation by the Indian government, potentially jeopardizing the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and Free Trade Agreement (FTA).
Uganda has entered into a landmark agreement with a Turkish company to construct a 272-kilometer railway, set to revolutionize transportation infrastructure in the country. This project promises faster and more efficient cargo movement, strengthening Uganda’s role as a regional trade hub and contributing to economic growth within East Africa.
Britain’s Foreign Secretary David Lammy will travel to China next week to begin a reset of the country’s relationship with the world’s second-largest economy. The new Labour government hopes to move away from the more confrontational approach of its Conservative predecessors and resume trade and investment talks. However, challenges remain regarding human rights and security concerns, potentially slowing progress on closer economic ties.
The European Union is set to impose tariffs on Chinese-made electric vehicles, with France, Greece, Italy, and Poland voting in favor. This move is part of the EU’s anti-subsidy investigation into China’s EV industry and could significantly impact global trade. While Germany opposes the tariffs, the support from the four countries represents a substantial majority of the EU population, likely pushing through the measure. The tariffs, ranging from 7.8% for Tesla to 35.3% for other companies, aim to counter what the EU sees as unfair Chinese subsidies. This move has sparked concerns about retaliation from Beijing, with some EU members expressing nervousness about the consequences.
Thailand Week 2024, a major event hosted in Kuala Lumpur, aims to boost trade relations between Thailand and Malaysia. The event focuses on promoting Thailand’s halal food sector, showcasing innovative culinary expertise and strengthening its position as a global leader in the industry. Thailand Week 2024 will feature product exhibitions, business matching sessions, cultural showcases, and workshops, providing a platform for businesses to connect and explore new opportunities.
India’s Commerce Minister Piyush Goyal and his US counterpart Gina Raimondo will hold the sixth India-US Commercial Dialogue in Washington D.C. on October 3rd, focusing on critical minerals supply chain collaboration. The dialogue will also address trade barriers, investment opportunities, and sustainable economic growth, further strengthening bilateral ties between the two nations.
Rwanda and Dominica have signed a visa-free agreement, allowing citizens of both countries to travel to each other’s nations without needing a visa. This move is expected to significantly boost tourism, trade, and cultural exchanges between the two Commonwealth nations.
The Indian government has approved the construction of a new railway line connecting Indore and Manmad, aiming to enhance trade and tourism while promoting environmental sustainability. The project, expected to be completed by 2028-29, will create a crucial link for freight movement, benefitting industries and agriculture, while also providing a more direct route for tourists to explore historical and religious sites.
Australian Treasurer Jim Chalmers will travel to China this week, marking the first visit by a minister in that key economic role in seven years. This trip symbolizes the mending of strained relations between the two nations. Chalmers’ visit comes as both countries seek to strengthen economic ties and address past trade disputes.
