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China criticises politicisation of global trade

Following the latest tariff threat from Washington, China indirectly criticised the US in the ongoing trade dispute. Vice premier He Lifeng, speaking at the opening of the supply chain expo in Beijing, said, "Currently, some countries, under the guise of risk reduction, are intervening in the market. They are imposing tariffs and enacting...

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Business|Opinion

Mounting crises at LVMH following data breach and Loro Piana labour allegations

August is traditionally when the fashion world exhales. With production halted, factories shuttered, and ateliers dimmed across Paris, Milan, and Rome, the industry slips into a heat-induced siesta. The only thing more predictable than a Riviera Instagram post is the chorus of auto-reply emails. But if you're LVMH, there's no such thing as...

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Business

EU presents new list of retaliatory tariffs after Trump's letter

Following US President Donald Trump's new tariff announcements, the EU is preparing additional retaliatory tariffs on 72 billion euros worth of imports from the US. This was announced by the relevant EU Commissioner, Maros Sefcovic, after a meeting of trade ministers in Brussels. The preparations for the countermeasures involve a list of...

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Business

UK government introduces new trade measures for developing countries

The UK government has introduced new measures that intend to simplify imports from developing countries. The changes come under the Developing Countries Trading Scheme and, according to a press release, aim to “lower prices on everyday goods while supporting growth in some of the world’s poorest nations”. The measures particularly address...

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Business

Trump announces 30 percent tariffs on EU imports

US president Donald Trump intends to impose a 30 percent tariff on imports from the EU from August 1, 2025. The Republican announced this on his platform Truth Social. In a published letter to European Commission president Ursula von der Leyen, Trump threatened further tariff increases in the event of countermeasures. Mexico also received a...

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Bangladesh hopes for trade agreement with US

Dhaka, July 8, 2025 – Bangladesh, the world's second-largest textile manufacturer, still hopes to reach an agreement with the US to avoid the sharp rise in customs duties threatened by Donald Trump. A senior official told AFP on Tuesday. The textile industry contributes 80 percent of the South Asian country's total exports. One-fifth of its...

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Business

Trump extends tariff deadline, imposes reciprocal tariffs on Japan and South Korea

US president Donald Trump has extended his deadline to set certain tariff rates to August 1. A number of new reciprocal tariffs, announced July 7, will also take effect on this date. Trump had initially enacted a freeze on tariff rates lasting 90 days, to July 9. During this time, he opened up discussions with other countries to either agree on...

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Amazon 'applauds' Canada's scrapping of tech tax

Amazon said Tuesday it "applauds" Canada's decision to scrap its digital services tax in order to salvage trade talks with the United States, calling it a win for the online retailer's customers. The digital services tax, enacted last year, would have seen US technology giants such as Amazon on the hook for a multibillion-dollar payment in...

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US makes new offer to EU in tariff dispute

In the trade dispute with the EU, the US submitted a new offer. The European Commission confirmed on Thursday that it had received a relevant US document. It was being reviewed, Commission President Ursula von der Leyen said on Thursday night after an EU summit. "We are ready for an agreement. At the same time, we are preparing for the...

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Fashion brands brace for China’s export shift

Facing escalating tariffs from the U.S. and political uncertainty, Chinese manufacturers are rapidly refocusing their export strategies, shifting their gaze to Europe, Southeast Asia, and domestic e-commerce in a bid to weather the latest rupture in global trade. According to the Financial Times, exports to Europe surged 12 percent in May, with...

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Retail|Report

1/3 of Retail executives to adjust pricing over tariffs concerns

Concerns over tariffs have yet to be calmed, as US consumers and retailers alike remain pessimistic in regard to the impact of rising prices. 27 percent of US consumers polled by TransUnion, a credit reporting agency, expressed worry about their household finances for the next 12 months - but they are not alone. Retail executives across the...

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Strong growth in Chinese retail despite US trade dispute

Chinese retail sales increased by 6.4 percent year-on-year in May, despite the ongoing trade dispute with the US. This marked the strongest growth since late 2023, following a 5.1 percent rise in April. Analysts were surprised by this positive development, having forecasted a decline in growth to 4.9 percent. French bank Société Générale...