The closure of the Strait of Hormuz has stranded nearly 1,200 cargo ships carrying approximately $125 billion worth of goods, according to the Financial Times.
Trade coverage
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The Group of Seven industrial nations pledged this week to set an ambitious target for reducing reliance on China, boosting the European Union’s effort to address a growing trade imbalance with the world’s largest exporter.
A unit of Mediterranean Shipping Co. will invest $1.4 billion to acquire a 49% stake in Adani Vizhinjam Port, marking one of the largest foreign commitments in India's port infrastructure.
President Donald Trump will temporarily lift duties on phosphate fertilizer from Morocco as the administration seeks to aid a struggling farm economy and ease consumer fears over food inflation.
China and the EU officially launch a trade and investment consultation mechanism, Xinhua reports.
EU's trade chief wants results on trade talks with China by October.
The European Union and China set an October deadline to make progress on trade disagreements as tensions rise between the two economic powers.
EU and China's top trade officials are meeting today in Brussels, as the European Commission considers hardening its stance against Beijing amid a €360 billion trade deficit.
Japan's Chief CabinetKihara says it is regrettable that China has added Japanese entities to its export control list.
China is choking shipments of some critical minerals to Japan, a slowdown that’s hurting companies and prompting calls for Prime Minister Sanae Takaichi to find a diplomatic off-ramp with Beijing
Mexico will formally propose a 16-year extension of the United States-Mexico-Canada Agreement (USMCA) at a virtual trilateral meeting on July 1, with President Claudia Sheinbaum set to sign the request, Economy Minister Marcelo Ebrard said.
EU consumers will face higher online shopping costs next week when a new levy primarily targeting China takes effect, adding a layer of trade friction between the two economies.