Global Scans · Trade · Weekly Summary

WHAT'S NEXT?: Global trade policies could be upended with a new President in the White House, Brexit, a potential break-up of the European Union and China reacting to these changes in profound ways.

  • Some experts believe if the EU raises import tariffs on Chinese EVs by an expected 25 to 30% from the current 10%, that would have little impact on their sales. Forbes
  • Growth in Australia's major trading partners is expected to be moderate and most central banks expect inflation to be close to target by the end of 2025. Reserve Bank of Australia
  • Growth in Australia's major trading partners is expected to remain subdued, but broader global conditions have improved and the risks have become more balanced. Reserve Bank of Australia
  • Weak global demand, delayed normalization of interest rates in the United States and other economies, along with continued geopolitical tensions could potentially hinder the full recovery of the Vietnamese economy which is mainly driven by exports. Vietnam Times
  • To meet the demand of trade and investment partners, Australia will need to develop downstream capabilities by enabling more processing and refining of minerals onshore in Australia. McCullough Robertson Lawyers
  • The Social Climate Fund, partly funded via the EU Emissions Trading System, will provide Member States with dedicated funding to support vulnerable groups thanks to investments in energy efficiency, renovation of buildings, and clean heating, amongst others. European Commission
  • The UK will provide technical assistance to Bangladesh to strengthen trade policy capability and implement reforms. BSS
  • Governments across the globe regulate imports and invest in other biosecurity activities to reduce the risk of introducing exotic pests and diseases through imported goods. PubMed Central (PMC)
  • The potential militarization of strategic chokepoints and the establishment of Chinese-dominated maritime corridors could undermine freedom of navigation and disrupt global trade flows, leading to increased volatility and insecurity in the Indo-Pacific region. Global Youth MH
  • EU cheese production and exports remain strong and could continue to increase in 2024. Agriculture and rural development
  • Zeekr is targeting a valuation of $5.1 billion in its initial US public offering, which will test investors' appetite for Chinese companies amid simmering tensions between the world's two biggest economies over trade, intellectual property and the future of Taiwan. Asia Financial
  • A trade ban imposed on Israel will remain in place until a permanent cease-fire is achieved and the Israeli government allows all humanitarian aid to enter Gaza without hindrance. AP News
  • Impact on Domestic Industries: The IPEF particularly related to non-tariff barriers, intellectual property rights, and labour and environment standards, could impact India's domestic industries. Civilsdaily
  • If tariffs are imposed, they will apply to all imports of electric vehicles from China, although the EU may vary the percentages for individual manufacturers.
  • Docks along the Northwest Passage could become one of the three most important sea routes in the world: the Suez Canal, the Panama Canal, and now the Northwest Passage. NUNATSIAQ NEWS
  • The World Bank predicts a 15% increase in Ukrainian exports this year, and a 30% jump in 2025 - creating revenue that will help Ukraine defend itself and provide essential services for citizens. U.S. Agency for International Development
  • One key to Ukraine's recovery will be a robust, growing, and vibrant private sector; and an economy that creates jobs, increases exports, and generates tax revenues. U.S. Agency for International Development
  • Fossil fuels are expected to gradually decline in importance, although they are likely to remain significant contributors to the global energy mix for several decades, especially in countries that rely almost totally on fossils. Statista
  • The Model Law on Electronic Transferable Records, which enables the use of digital documents to support trade transactions, is helping to lay the groundwork for a more cohesive industry and creating opportunities for further digital transformation efforts globally. FinExtra
  • Winning bidders will secure funds per kilogram of hydrogen produced, sourced from the EU Emissions Trading System (Innovation Fund), bridging the price gap between current production costs and the price that hydrogen offtakers are ready to pay. Hydrogen Europe
  • On the path to climate neutrality, the heterogeneous distribution of renewable energy resources might change global patterns of industrial production and trade of basic materials. Nature

Last updated: 16 May 2024

Please stand by...

The magic is happening, but it might take a couple of minutes.