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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.
SAS orders up to 40 Airbus widebody jets worth over $10 billion.
The EU will reduce its tariff-free steel imports by 47% from 2024 levels to 18.3 million metric tons per year.
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.
The European Union will reserve half of its steel quotas for countries with free-trade agreements under new measures aimed at protecting local industry.
EU introduces a 50% out-of-quota duty on 26 categories of steel products imported into the EU.
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.