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Germanys exports to non-EU countries fell by 6.4% in May, with the U.S. remaining the largest export market, while exports to China and Russia saw significant declines. The new round of sanctions against Russia may exacerbate economic challenges.
The American Free Trade Association requests an extension of the consultation period to July 28, calling for public hearings to comprehensively assess the economic impact of tariff policies on China.
The U.S. issued an announcement prohibiting Kaspersky Lab and its affiliated companies from providing cybersecurity products or services in the U.S. or to U.S. customers, and Kaspersky was also added to the U.S. export control Entity List. This move has drawn widespread attention from the global industry, potentially having a significant impact on Kaspersky and other international trade partners, while also highlighting the urgency of national security protection in the information and communications technology sector.
Facing Chinas urea export restrictions, South Korea quickly adjusted its import sources. Vietnam became the largest supplier. The government supported domestic production and established a huge fund to ensure supply chain stability.
In May 2024, Chinas semiconductor equipment imports and Shanghais exports to Russia increased significantly, injecting new vitality into the domestic industry and demonstrating the resilience and potential of Sino - Russian trade relations.
After more than two months of cleaning and at a cost of $160 million, the Port of Baltimore fully resumed operations after the freighter bridge - collision disaster, which is crucial to the US supply chain.
Chile has taken a historic step by submitting an application to join the RCEP, aiming to deepen global economic integration and promote trade growth, which is of far-reaching significance for China-Chile economic cooperation.
Facing a potential 25% tariff increase, Chinese electric vehicles face tests in the EU market, revealing the complexity of China-EU trade relations amid German opposition.
In Q1 2024, EU clothing imports decreased by 2.5% YoY, but imports from China grew against the trend by 14.8%, with market share rising and price drops driving import changes.
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