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Trade
US trade deficit narrows on record exports
The United States trade deficit narrowed in April as record exports of petroleum products and capital goods outpaced import growth, providing a potential boost to economic growth in the second quarter. Data released by the Commerce Department's Bureau of Economic Analysis on Tuesday showed the trade gap contracted 1.2% to US$55.9 billion in April. March figures were revised lower, with the deficit now estimated at $56.6 billion rather than the previously reported $60.3 billion. Economists had expected the deficit to narrow to $56.1 billion. The report indicated that trade flows remained resilient despite ongoing disruptions linked to the U.S.-backed conflict with Iran, which has affected shipping through the Strait of Hormuz. Tariffs also appeared to have had little impact on overall import demand, while strong investment in artificial intelligence technologies continued to drive purchases of advanced equipment from overseas. Exports rose 2.6% during the month to a record $327.1 billion. Goods exports climbed 4.1% to an all-time high of $221.3 billion. Petroleum exports were a major contributor, increasing to a record $36.7 billion from $27.6 billion in March. The rise reflected both stronger export volumes
Trade
US proposes tariffs on 60 economies over forced labour
The Office of the United States Trade Representative has proposed new tariffs of up to 12.5% on imports from 60 economies, citing their failure to effectively ban goods linked to forced labour in what it describes as a widening imbalance in global trade practices. The determination, made under Section 301 of the Trade Act of 1974, found that all 60 economies had failed to adequately prohibit or enforce restrictions on imports connected to forced labour, creating what officials described as an “unlevel playing field” for American workers. Under the proposal, economies that have implemented partial or full bans on forced labour-linked trade would face a 10% tariff rate, while all other economies would be subject to duties of up to 12.5%. The U.S. Trade Representative also outlined a separate textile mechanism that would allow a limited volume of apparel and textile imports from selected economies to enter the U.S. at reduced tariff rates. Written submissions on the proposal are due by 6 July, with public hearings scheduled for 7 July. “The failure of our most important trading partners to address the importation of goods made with forced labour is unacceptable. This creates a dynamic where American workers are forced
Trade
UK makes historic deal with Gulf states
The United Kingdom created what it called a “historic” trade deal with the Gulf states, marking the first agreement among the Group of Seven (G7) nations. The UK’s Department for Business and Trade said the trade deal could boost its economy by an estimated £3.7 billion (US$4.9 billion) every year and increase wages by £1.9 billion annually in the long run. The deal will remove tariffs on food exports, medical equipment and advanced manufacturing, plus first-of-its-kind GCC commitments on free flow of data. British exports of cereals, cheddar cheese, chocolate and butter are just a few of the goods expected to become tariff-free under the terms of the deal. Based on current UK exports to the GCC, it remove an estimated £580 million in duties a year once the deal is fully implemented, with £360 million worth of this to be removed on day one of the agreement entering into force - as well as renewed certainty for services firms, making it easier for UK companies to expand and partner in the Gulf, and supporting high quality jobs for years to come. This marks the fifth major trade agreement made under the UK government, following deals with India, the U.S., the EU and South Korea. UK Prime Minister Keir Starmer, who
Trade
US trade court deals fresh blow to Trump tariffs
A United States trade court has dealt another setback to President Donald Trump’s tariff agenda, ruling that his temporary 10% global tariffs imposed under a decades-old trade law were unlawful, although the decision only blocks the duties for two importers and the State of Washington. The U.S. Court of International Trade ruled 2-1 that Trump’s use of Section 122 of the Trade Act of 1974 to impose the tariffs was unjustified. However, the court stopped short of issuing a nationwide injunction, meaning the levies will remain in effect for most importers while appeals proceed. The tariffs are currently scheduled to expire in July. The ruling represents another legal obstacle for Trump’s broader trade strategy and comes just one week before he is expected to discuss ongoing trade tensions with Chinese President Xi Jinping in Beijing. It also sets the stage for a potentially lengthy legal dispute over tariff refunds only three months after the U.S. Supreme Court struck down Trump’s wider 2025 global tariffs imposed under national emergency powers. Trump criticised the court decision and blamed “two radical left judges” for the outcome. "So, nothing surprises me with the courts. Nothing surprises me," Trump told r
Trade
Australia posts first trade deficit since 2017
Australia recorded an unexpected trade deficit in March, marking the country’s first monthly trade gap in more than seven years as exports weakened and imports surged on strong demand for technology equipment and fuel products. Data released by the Australian Bureau of Statistics (ABS) on Thursday showed Australia posted a trade deficit of A$1.84 billion in March, significantly below market expectations for a A$4.25 billion surplus. The result also represented a sharp reversal from the revised $5.02 billion surplus recorded in February and marked the first trade deficit since December 2017. Australia’s exports fell 2.7% month-on-month in March to $43.93 billion, reversing a downwardly revised 4.2% increase in February. The decline was driven by weaker shipments of metal ores, coal and sugar, amid softer commodity export volumes during the month. However, mineral fuel exports rose 4.6%, partially offsetting broader weakness across the export sector. Meanwhile, imports surged 14.1% month-on-month, reversing a revised 2.7% decline in February as domestic demand strengthened sharply. The increase was led primarily by a surge in capital goods imports, particularly computing and data-processing equipment. Imports

Trade
UK exports to US remain weak since 2025 tariffs
The United Kingdom’s exports to the United States fell by almost 25% when tariffs were imposed last April and have remained low since, according to the UK’s Office of National Statistics (ONS). Total UK goods exports to the U.S. had averaged £5.5 billion (A$10.39 billion) in 2024 before the decline in April 2025. Export values have continued below pre-tariff levels until at least February 2026, the most recent month recorded. “Following the introduction of tariffs, UK goods exports to the United States fell by £1.5 billion (24.7%) to £4.7 billion in April 2025 compared with March 2025. The value of goods exports to the United States was £0.8 billion (14.1%) lower in April 2025 than in April 2024,” per the ONS report. The UK’s trade in goods balance with the U.S. declined to a deficit in December, which has continued for at least three months. “The trade in goods balance with the United States has weakened following the implementation of tariffs. Exports of goods have remained low, while imports of goods have increased at the start of 2026.” The U.S. is the UK’s largest goods export partner, and its third-largest import partner. It imposed a 10% blanket tariff on UK exports last April, as well as other tariffs on car
Trade
Trump administration begins tariff refunds
The Trump administration will begin processing refunds for US$160 billion (A$223.6 billion) worth of refunds in tariffs that the United States Supreme Court struck down in February. It is set to be the biggest repayment programme in history. Companies can now apply online for the money they were charged under the ‘Liberation Day’ tariffs, plus interest, to be returned. Trade lawyers are warning of bureaucratic hurdles, legal vulnerabilities, and the possibility of a last-minute appeal by the Trump administration. Grayhawk Law principal and trade attorney, Matthew Seligman, said importers are pessimistic that the government is going to make it easy. “They’re anticipating that the government is going to make it as difficult as possible to get their money back,” he said. In March, the U.S. Court of International Trade ordered customs officials to refund the more than $160 billion the government collected. This would put roughly 330,000 importers in a position to potentially win back some money. However, some individual consumers who were hit with the tariffs indirectly through higher prices are not expected to be compensated. The refunds relate to levies charged by U.S. President Donald Trump under the Internatio
Trade
US$166bn tariff refund rollout begins 20 April
The United States will begin rolling out a system on 20 April to refund up to US$166 billion (A$254 billion) in tariffs to importers, following a landmark Supreme Court ruling that invalidated a key element of former president Donald Trump’s trade policy. The refund mechanism, known as CAPE (Consolidated Administration and Processing of Entries), has completed primary development and entered intensive testing, according to a court filing by U.S. Customs and Border Protection (CBP) in the U.S. Court of International Trade. The agency said the first phase will allow importers to receive consolidated electronic payments, rather than refunds processed shipment by shipment. The rollout follows a February decision by the Supreme Court that found the Trump administration exceeded its authority under the International Emergency Economic Powers Act, a 1977 law designed for national emergencies, when imposing sweeping global tariffs. The ruling triggered a wave of litigation from importers seeking reimbursement. CBP said that as of 9 April, 56,497 importers had registered for electronic refunds covering about US$127 billion in tariff deposits – around 82% of eligible entries. In total, more than 330,000 importers paid the
Trade
US to add 50% tariffs on countries sending Iran weapons
United States President Donald Trump has said the U.S. will impose tariffs of 50% on countries supplying Iran with weapons. While Russia and China have provided missiles and air defence technology to Iran in the past, both countries have denied sending weapons recently. The U.S. and Iran agreed to a two-week ceasefire yesterday. “A Country supplying Military Weapons to Iran will be immediately tariffed, on any and all goods sold to the United States of America, 50%, effective immediately,” Trump wrote on Truth Social. “There will be no exclusions or exemptions!” Trump did not specify which nations this would include, or if other forms of military assistance to Iran would qualify a country for these tariffs. Russia has supplied Iran with imagery surveys of military facilities used to strike U.S. targets, according to Ukrainian intelligence. Chinese chipmaker SMIC, which is under U.S. sanctions due to alleged ties to China’s military, has reportedly been sending chip production tools to Iran over the past year. It is also not clear how these tariffs could be imposed. The U.S. Supreme Court struck down all tariffs imposed under the International Economic Emergency Powers Act in February, and other legal tariff measu