A tariff U-turn from Trump, a reminder for traders about upcoming Windsor Framework changes and high praise for the Chartered Institute of Export & International Trade’s apprenticeship delivery arm, IOEx Ltd, all feature in this week’s look back at trade news.
The big picture: The week began with a series of Trump tariffs entering into force, with additional rates applied to Chinese goods and a 25% tariff rate being applied to Mexican and Canadian goods.
However, as the week closes, the US has reneged on the latter, with an exemption coming into place allowing all Mexican and Canadian goods to enter the US tariff-free, so long as they comply with the countries’ existing USMCA trade deal.
US consumer confidence is declining under the weight of increasing tariff threats as a number of surveys and indexes suggest American respondents are feeling more pessimistic about the economy and immediate future.
Good week/bad week: The UK and Ireland announced greater cooperation on renewable energy this week, with UK prime minister Sir Keir Starmer and Irish taoiseach Micheál Martin delivering the news at the inaugural UK-Irish summit in Liverpool.
The Guardian reports that the cooperation will involve greater data sharing between the two countries on subsea cable infrastructure, in turn enabling more connections between offshore windfarms and onshore national energy networks.
Both leaders say this will reduce the regulatory burden around “maritime and environmental consent processes for developers”.
A not-so-good week for China, which has seen its export growth dramatically curbed as a result of the initial 10% tariff rate applied by Trump last month.
The FT reports that Chinese exports grew 2.3% in January and February, a paltry figure in contrast to the 10.7% growth experienced in December. A Reuters poll of economists had forecast export growth of 5%.
China’s foreign minister Wang Yi criticised Trump’s mixed messaging on Chinese trade as “two-faced” and “not the behaviour of a responsible major power”.
“No country should fantasise about suppressing and containing China while simultaneously developing good relations.”
In January, ahead of tariff hikes, Trump said he was open to negotiating a trade deal with China.
How’s stat? Just 36 fossil fuel and cement producers accounted for over half of global carbon emissions in 2023, according to a report by the Carbon Majors database.
The organisation tracks historical production data from 180 of the world’s largest oil, gas, coal and cement producers.
The top 20 producers accounted for over 40% of global fossil fuel and cement CO2 emissions. This list was dominated by state-owned producers, with the FT reporting that the top five – Saudi Aramco, Coal India, CHN Energy, the National Iranian Oil Company and Jinneng Group — accounted for nearly 20% of all global emissions in 2023.
The week in customs: HMRC have given a firm reminder on the deadline for the Windsor Framework. Businesses trading between Northern Ireland and Great Britain should be fully prepared for the new arrangements under the framework by 31 March. In a member-exclusive Lunchtime Learning session this week, a government speaker confirmed that the deadline will not be extended.
HMRC are also sending traders a survey to understand their experiences with undischarged NCTS movements. The survey offers traders the opportunity “to shape the future of the Transit service”, according to the Joint Customs Consultative Committee, and needs to be completed by Tuesday (12 March).
Earlier this week (4 March), the Export Control Joint Unit announced a six-figure fine had been issued to a UK firm for breaching export controls last year, the latest in a string of penalties applied for breach of sanctions rules.
Quote of the week: “This Ofsted report is testament not only to the apprenticeship team’s efforts, but the tangible result of close collaboration with every team within the Chartered Institute. We have drawn on the support and expertise within the Chartered Institute to build something that is exceptional, and we will continue to do so.”
Chartered Institute apprenticeship success manager Steve Horrell on the positive Ofsted monitoring report given to IOEx Ltd, the organisation’s apprenticeship delivery arm.
The report praised IOEx Ltd for creating an “ambitious curriculum in response to a skills gap in export and international trade”, with employers recognising the “highly positive impact that the training has on their apprentices, [who] rapidly develop new knowledge, skills and behaviours”.
What else we covered this week: Make UK released a report last week outlining the support SMEs need to boost their exports. You can read the write-up here, which also features insight from Chartered Institute manufacturing lead Paul Brooks on what will be required for many small manufacturers to pivot to defence.
Following the EU’s Omnibus Package of Green Deal legislative changes, a Chartered Institute panel of experts shared their thoughts on what the changes mean for businesses. Members can access their here.
To mark World Book Day, we asked students, members and experts to share their trade book recommendations.
True facts: Today, in 1902, Real Madrid was founded. Initially formed as Madrid Football Club, it was the latest in a long line of English and Scottish cultural exports.
Formed by students, several educated in Oxbridge Universities, the Spanish speakers copied their English counterparts in many ways, including taking the traditional colours of Corinthians, the last great English amateur side.
Madrid was also only one example of the cultural spread of football, which often mirrored the spread of imperial trade. Many clubs were formed around British trading points, with locals initially copying the style of English and Scottish players.
Given the Premier League is worth about US$10bn in exports yearly, the importance of football to trade cannot be overlooked.
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