Ahead of his inauguration incoming US president Donald Trump features heavily in this week’s news, with fresh suggestions that he may seek to take control of Greenland and the Panama Canal. Elsewhere, there’s good news for US shipping, bad news for China and a letter to the exports minister from the Chartered Institute of Export & International Trade’s director general.
The big picture: The US and Denmark have faced off over control of Greenland this week, after Trump again voiced his ambition to bring the territory into US hands. It follows Trump’s suggestions last week that the Panama Canal should be returned to US control over high fees for freight moving through the shipping corridor.
Representatives of France and Germany have both warned Trump against any bid to “move borders by force”, with Germany’s Olaf Scholz stating that European leaders had reacted with “incomprehension” to Trump’s suggestion that he could seize control of Greenland.
Danish foreign minister Lars Løkke Rasmussen said:
“I have my own experiences with Donald Trump and I also know that you shouldn’t say everything you think out loud.
“We fully recognise that Greenland has its own ambitions. If they materialise, Greenland will become independent, though hardly with an ambition to become a federal state in the [US].”
Good week/bad week: A good week for shipping to and from the US, where a port strike was called off after a deal was agreed between the International Longshoreman’s Association (ILA) and industry employers. The ILA aimed to protect jobs from new automation plans.
A less positive week for the renminbi, which dropped 0.1% to Rmb7.33 against the dollar on Wednesday (8 January). It’s the lowest rate for the currency since 2023, and follows a range of threats against China and its goods from Trump on tariffs.
The week in customs: The director general of the Chartered Institute of Export & International Trade, Marco Forgione, wrote to exports minister Gareth Thomas this week to share feedback from businesses on the impact of the EU’s new General Product Safety Regulation (GPSR).
He called for more support for small businesses to manage the new demands and noted that the new ‘responsible person’ requirement under the rules was “challenging for many small businesses”, adding:
“This is both the case in terms of paying for the services of such a representative, but also in relation to identifying ones which are trustworthy, often at short notice.”
How’s stat: 8.7% – that’s the drop in private registrations of new electric vehicles (EVs) in the UK, as consumer demand appears to be faltering, which makes the government’s mandated target tricky for manufacturers to meet. Society of Motor Manufacturers and Traders (SMMT) chief Mike Hawes said:
“We need rapid results from the regulatory review and urgent substantive support for consumers – else automotive investments will be at risk and the jobs, economic growth and net zero ambitions we all share in jeopardy.”
Quote of the week: “At a time when the rules of the WTO [World Trade Organization] are no longer respected by either China or the US, we will continue to do so, but on our own. It's not working.”
Emmanuel Macron voicing doubts about the WTO’s role this week.
What else we covered this week: This week was awash with detailed member-exclusive features, including a Russia Trade Digest that offered an update on new UK government guidance for complying with sanctions on the country.
There was also a State of Freight feature looking at the latest developments in shipping news from the US and beyond.
This week’s Lunchtime Learning session with Chartered Institute Imports Advisory Practice lead Ilona Kawka explored the big changes coming to customs regulations this year, which many delegates said they felt less than fully prepared for.
We had the latest stories on US trade ahead of Trump’s inauguration, including a potential rethink on his sweeping tariff plans that could limit the measures to “critical” goods alone. There were also new Chinese export controls in advance of the former president’s return.
Coming up next week: On Wednesday, the Chartered Institute hosts a LinkedIn Live event on how best to prepare your teams with the trade skills they need to navigate changes in 2025. The session is free, and you can sign up here.
True facts: The first UN General Assembly converged in London on this day 79 years ago. The assembly now meets in New York and has done since 1952.
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