Trade

As the G7 summit approaches, traditional US allies are accelerating plans to systematically reduce dependence on Washington across defense, trade, and diplomacy.

Canada has formally requested a 16-year renewal of the USMCA free trade agreement, seeking long-term certainty for North American commerce. The move reflects Canada commitment to stable trade relations and confidence in North American economic integration. Analysts expect renewal negotiations to cover automotive, agriculture, and digital trade.

The long-overlooked Caspian Sea is emerging as a strategic trade route for Iran, potentially affecting regional trade dynamics and Iran’s ability to circumvent Western sanctions.

Trump Sets EU Trade Deal Deadline as Court Rules Global Tariffs Violate US Law President Trump has issued an ultimatum to the European Union to approve a US trade deal. Simultaneously, a US trade court has ruled that his global tariff policy violates American law, adding a new legal dimension to the ongoing trade dispute. Ultimatum Pressure The Trump administration has demanded that the EU accept US trade terms by a specified deadline, threatening additional tariffs otherwise. This strategy continues the administration’s consistent use of tariffs as a negotiating lever, aiming to force EU concessions on agriculture, automobiles, and digital services. ...

China reported record-high export and import figures for April, with the trade surplus widening further, signaling economic resilience despite tariff headwinds.

Trade Court Rules Trump Global Tariff Program Illegal The US Court of International Trade has ruled that the Trump administration’s reciprocal tariff program is illegal, delivering a significant blow to the White House’s trade policy. The program had imposed steep tariffs on imports from multiple countries, sparking strong opposition and retaliatory measures from global trade partners. The court found that the president exceeded statutory authority in implementing such broad tariffs. ...

The U.S. Court of International Trade ruled Thursday that the 10% global tariff imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) violates the law, concluding that the president cannot invoke emergency powers solely on the basis of trade deficits. The ruling represents another significant legal blow to Trump’s tariff policy. Separately, a federal appeals court is hearing the Pentagon’s attempt to punish Senator Mark Kelly, further highlighting the ongoing legal debate over the boundaries of executive power. ...

Fortune reports that China’s unprecedented defiance of U.S. sanctions — by systematically rewriting the rules — is triggering a new geopolitical confrontation between the two powers, reshaping global trade dynamics.

Trump announces removal of Scotch whisky import tariffs as a tribute to King Charles III’s state visit, expected to save Scotland’s economy millions of dollars monthly.

China announces zero-tariff policy for 53 African nations starting May 2026, excluding only Eswatini. It is the first major economy to offer unilateral zero-tariff treatment to Africa.