It’s been another big week for international trade, with tariff threats, economic news and export control changes. But it has also been a major one for UK trade in particular, with professionals from across the sector meeting in Leeds for MemberCon25, the Chartered Institute of Export & International Trade’s annual member conference.
The big picture: Yesterday (13 March) saw trade experts, supply chain professionals and Chartered Institute members converge on Leeds for MemberCon25.
The event offered practical insights, real solutions to supply chain challenges and high-level analysis on the direction of global trade at a time when it is being “weaponised” for political purposes, according to Chartered Institute director general Marco Forgione.
West Yorkshire Mayor Tracy Brabin also welcomed delegates, hailing Yorkshire’s status as a manufacturing and creative services powerhouse. Brabin, a former Labour MP, also congratulated the Chartered Institute on hitting its 90th anniversary.
Also featuring at the conference was the launch of the Chartered Institute’s Customs Advisory Practice, which will help firms to turn customs compliance into opportunity, offering tailored support and guidance for managing the challenges it poses. You can learn more about the Advisory Practice here.
Good week/bad week: It was a good week for Germany’s likely next chancellor, Friedrich Merz, who managed to secure increased support for his bumper spending plan for the country, after the Green party agreed to back his proposals. It could see a potential €500bn boost to infrastructure and defence spending in the country, with major implications for the EU, according to Politico.
A less-than-ideal week for the UK economy, as it contracted unexpectedly by 0.1% following economists’ predictions of 0.1% growth for the month of January. Services growth failed to outpace a fall in industrial production, showed figures from the Office for National Statistics.
How’s stat? £790.9m. That’s how much the Department for Business and Trade spent in business support grants in 2023-2024, according to a report from the National Audit Office.
The week in customs: The government has issued an update to exporters of upcoming changes to the UK strategic export control list. Among the updates are changes to the definition of ‘spacecraft’, ‘satellite’ and ‘space vehicle’ – as well as a host of more terrestrial changes that those in affected industries may want to examine here.
Quote of the week: “Yorkshire is such a strong brand, delivering quality products and services, and home to an incredible business community driving inspiration and innovation and exporting across the world.”
West Yorkshire mayor Tracy Brabin on her region’s exporting advantages.
What else we covered this week: It’s been another turbulent week for those trading with the US, as president Donald Trump issued a range of tariff threats, some of which still stand while others have already been dialled back. One pledge to boost tariffs on steel and aluminium coming from Canada to 50% – double the rate just implemented on the rest of the world – was reversed after Ontario premier Doug Ford agreed to scrap plans to place additional charges on the export of electricity to some US states.
IOEx freight forwarding apprentice Heather Cosgrove told the Daily Update how her apprenticeship had boosted her confidence in her work as well as giving a range of new skills for a career in trade.
The Chartered Institute also launched its new ‘Strong Foundations’ guide to building customs confidence, giving firms advice on growing their international brand and their awareness of customs processes. You can access that guide for free here.
True facts: The US Gold Standard Act was ratified by Congress. This tied the US dollar to the price of gold and made all US currency redeemable in gold.
The concept of tying the dollar to a metal was later abandoned under president Franklin Delano Roosevelt, with some economists later blaming the gold standard for exacerbating the great depression. Since then, a paper-based fiat currency has remained in place, despite the efforts of a very vocal fringe in the US.
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