Imports

• The U.S. trade deficit reached its highest level in over a year in May, driven by record-high imports of foreign goods, specifically pharmaceuticals and data center equipment. • In response, the Trump administration is preparing two major trade investigations under Section 301 to address unfair factory subsidies and restrictions on forced labor goods. • These investigations are expected to restore tariff rates to levels seen prior to a recent Supreme Court decision, signaling a more aggressive approach to trade imbalances.

• Prime Minister Narendra Modi met with government secretaries on Tuesday to discuss critical national priorities, focusing on cybersecurity, AI, and trade. • The steel and renewable energy ministries raised alarms regarding the dumping of cheap, subsidized imports from China amid China's slowing economic growth. • The meeting emphasized the urgent need to protect domestic manufacturers and industries from unfair competition to ensure national economic stability.

Parcels of goods worth under €150 will no longer enjoy ‘de minimis’ exemption, exploited by platforms such as Temu and SheinBusiness live – latest updatesThe European Commission has said it hopes to prevent the “desertification” of Europe’s high streets, as it prepares to introduce a customs tax on small parcels in an attempt to curb cheap Chinese imports.Consumers have been able to buy up to €150 (£129) worth of goods, including fast fashion, cosmetics and toys, without any customs charges as part of a “de minimis” exemption, a tariff break meaning “too small to matter”. Continue reading...

Duty on imports outside new quota will double in move echoed by similar changes in EU limitsBusiness live – latest updatesThe UK government will halve the amount of tariff-free steel imports allowed in an attempt to counter a global oversupply of cheap Chinese metal and boost its beleaguered local industry.New “safeguards” will be introduced on 1 July and will coincide with similar new limits being introduced by the EU for the same purposes. Continue reading...

Concerns among commissioners in bloc that surge in imports could lead to decline similar to that of US rust belt townsEU commissioners will meet on Friday for crunch talks aimed at imposing new restrictions on imports from China amid growing concern that Beijing is fuelling conditions for US-style rust belt towns in Europe.The surge in imports of everything from electric cars to key components in machines, medical devices and food stuffs has been dubbed China Shock 2.0, potentially mirroring the experience in the US 25 years ago when Beijing joined the World Trade Organization. Continue reading...

Rising volume of components imported from China prompts warning of cannibalisation of European industriesEurope is facing a fresh China shock that threatens to cannibalise local factories, leading to job losses and de facto colonisation of industry by Beijing, trade analysts and representatives have said.They fear the plunging exchange rate and support for Chinese “zombie firms” has echoes of the crisis in the US 25 years ago when the term “China shock” was coined. It referred to the impact of China bursting on to the global trade stage after becoming a member of the World Trade Organization, with soaring imports displacing local industries and causing the loss of up to 2.5m jobs. Continue reading...

• China imported about 1.1 million barrels per day of Russian crude in January, with Moscow's share of total oil imports declining to 21%. • This reduction aligns with broader trends where China has quietly slashed overall oil imports by roughly a quarter from pre-war levels to around 8.2 million barrels per day, according to Vortexa data. • The cuts have rebalanced the global oil market by freeing up supply, keeping benchmarks near US$100 per barrel despite over 60 days of Persian Gulf conflict.

China sold goods worth about $148bn to EU in first quarter of year, but imported just $65bnThe EU is experiencing a prolonged “China shock” as a flood of Chinese EVs into Europe helped push Beijing to a record surplus with the bloc.New data showed China’s trade surplus – where its exports to the EU exceeded imports from the bloc – was $83bn (£61bn) in the first three months of 2026. Continue reading...

Exclusive: research finds Jackdaw field would provide only about 2% of current demand, and Rosebank only 1%Opening major new fields in the North Sea would make almost no difference to the UK’s reliance on gas imports, research has shown.The Jackdaw field, one of the largest unexploited gasfields in the North Sea, would displace only 2% of the UK’s current imports of gas, which would leave the UK still almost entirely dependent on supplies from Norway and a few other sources. Continue reading...

• The Trump administration plans to implement tiered tariffs on steel and aluminum imports, with 50% duties on many derivative goods based on import value, 25% on others, and lower rates for some products. • This policy aims to protect US industry amid global trade tensions exacerbated by Middle East conflicts. • The measures could reshape international supply chains and provoke retaliatory actions from trading partners.

Albanese announces forthcoming legislation to guarantee private sector purchases of fuel and fertiliserThe Australian government will take on the financial risk of importing essential products affected by the war in the Middle East to get additional supplies of petrol, diesel, and fertiliser into the country.The prime minister, Anthony Albanese, announced the new fuel security powers on Saturday after a month of soaring diesel and petrol prices and widespread shortages at service stations, particularly in regional Australia. Continue reading...