The Week Ahead in International Trade: Responses to Trump’s tariffs, UK trade stats and MemberCon25

After another tumultuous few days in international trade last week, the week ahead promises further speculation and announcements on tariffs, a new leader in Canada and the Chartered Institute’s annual member conference.

China strikes back

The next development in the Trump tariff story comes from China today (10 March), as the Asian nation imposes new tariffs of up to 15% on US farm products including chicken, pork, beef and corn, as well as on the country’s cotton.

The new tariff measures mean the majority of US agricultural exports will face levies when entering China, the FT notes.

As reported by the New York Times, a spokesperson for the Chinese National People’s Congress said last week that the tariffs being imposed by Trump have “disrupted the security and stability of the global industrial and supply chains”.

China’s response to US tariffs imposed since Trump returned to office also includes restrictions on the US firms that can buy Chinese products without express government permission, as well as outright blocks on 10 US businesses from operating in China.

Canada tariff vow

The former governor of the Bank of England, Mark Carney, has won the race to become the leader of Canada’s Liberal Party today and has therefore become the country’s prime minister heading into upcoming elections.

Carney has said he will keep retaliatory tariffs on US goods in place following a delay to the implementation of US tariffs on Canadian goods last week, according to Bloomberg. He said in his acceptance speech that “the Canadian government is rightly retaliating” and that “my government will keep our tariffs on until the Americans show us respect — and make credible, reliable commitments to free and fair trade”.

The US placed 25% tariffs on Canadian and Mexican goods last week, before implementing the delay for goods covered by the US-Mexico-Canada Agreement (USMCA), meaning most goods were excluded. Canada responded with its own duties of 25% on US$20.9bn of US goods.

There will be more to come later this week on tariffs more broadly, as the US implements 25% duties on all steel and aluminium entering the country on Wednesday. These could have a particular impact on Europe, and the EU has promised “firm and proportionate countermeasures” in response.

MemberCon25

This week marks a major milestone in the calendar for supply chain professionals, as MemberCon25 takes place on Thursday in Leeds.

With insights from experts on everything from managing post-Brexit trade regulations to ensuring sustainability in supply chains, the event will give traders advice and lessons that they can quickly put into practice.

Those who haven’t yet secured a ticket can do so here.

Stat burst

The latest US inflation figures will make interesting reading this week following Trump’s implementation of tariffs, with concerns among some economists that the policy is putting fresh pressure on the country’s economy. There will also be an update on US consumer sentiment – something which has taken a hit in recent weeks.

UK trade will be in the spotlight on Friday as the Office for National Statistics publishes January’s numbers on UK overseas trade and overall GDP. The end of the working week will also feature an update on the UK index of production and the Bank of England’s February inflation attitude survey.

Elsewhere, there will be Japanese GDP figures, US job stats and an interest rate announcement from the Bank of Canada that will also be made against the backdrop of the ongoing tariff dispute with the US. The IEA Oil Market Report will also offer an update on the direction of the world’s energy markets.