Latest Global trade News

China trade weakens after cities shut down to fight virus

May. 09, 2022 02:11 AM EDT

BEIJING (AP) — China’s export growth tumbled in April as global demand weakened, adding to pressure on the world’s second-largest economy after Shanghai and other industrial cities were shut down to fight virus outbreaks. Exports rose 3.7% over a year earlier to $273.6 billion,...

Hong Kong economy shrinks 4% under anti-virus controls

May. 03, 2022 07:55 AM EDT

HONG KONG (AP) — Hong Kong’s economy shrank by 4% compared with a year earlier in the quarter ending in March after the Chinese territory shut restaurants and other businesses to fight a spike in coronavirus infections. Growth plunged from the previous quarter’s 4% expansion,...

Yemen’s rebels criticize new, US-led task force in Red Sea

Apr. 16, 2022 07:25 AM EDT

CAIRO (AP) — Yemen’s Houthis criticized a new U.S.-led task force that will patrol the Red Sea following a series of attacks by the Iran-backed rebels in a waterway that’s essential to global trade. Mohammed Abdul-Salam, the Houthis’ chief negotiator and spokesman, said late...

IMF chief: Ukraine war and inflation threaten global economy

Apr. 14, 2022 11:04 AM EDT

WASHINGTON (AP) — The head of the International Monetary Fund warned Thursday that Russia's war against Ukraine was weakening the economic prospects for most of the world’s countries and called high inflation “a clear and present danger’’ to the global economy. IMF Managing...

US Navy says new task force to patrol Red Sea amid Yemen war

Apr. 13, 2022 08:24 AM EDT

DUBAI, United Arab Emirates (AP) — The U.S. Navy said Wednesday it will begin a new task force with allied countries to patrol the Red Sea after a series of attacks attributed to Yemen's Houthi rebels in a waterway that's essential to global trade. Vice Adm. Brad Cooper, who...

China's March exports grow despite virus; imports flat

Apr. 13, 2022 07:29 AM EDT

BEIJING (AP) — China’s exports rose 15.7% over a year ago in March while imports were flat amid disruptions due to coronavirus outbreaks as the ruling Communist Party enforces a “zero-COVID” strategy to isolate every case. Exports rose to $276.1 billion despite anti-virus...

Live Updates | Russia-Ukraine War

Apr. 12, 2022 22:56 PM EDT

WASHINGTON — The United States and its allies are pushing ahead with sanctions aimed at forcing Vladimir Putin to spend Russia’s money propping up its economy rather than sustaining its “war machine” for the fight in Ukraine, a top Treasury Department official said Tuesday. ...

WTO: War in Ukraine to curb trade, economic growth this year

Apr. 12, 2022 09:31 AM EDT

GENEVA (AP) — The World Trade Organization predicted Tuesday that trade in goods will grow much less than previously expected this year, saying prospects for the global economy have darkened since the onset of Russia’s war in Ukraine. In the latest grim economic outlook to...

EXPLAINER: Russia is not a 'most favored nation.' What now?

Apr. 07, 2022 15:45 PM EDT

WASHINGTON (AP) — With Congress voting to suspend normal trade relations with Russia and ban the importation of its oil, President Joe Biden's action to tighten the U.S. squeeze on Russia's economy now can intensify. The action Thursday by the U.S. House and Senate to revoke...

Russia war ends era of globalization that kept inflation low

Mar. 30, 2022 12:21 PM EDT

For decades, the free flow of trade across much of the world allowed the richest nations to enjoy easy access to low-priced goods and supplies. It meant solid economies and stable markets. And for households and businesses, especially in the United States and Europe, it meant an...