EU Faces ‘China Shock’ as EV Imports Drive Beijing’s Record Surplus with Bloc
The EU recorded a record $83 bn trade surplus with China in Q1 2026, driven by a surge in Chinese electric‑vehicle imports that doubled to $20.6 bn. Chinese EVs now account for about one‑third of China’s vehicle exports and represent 42% of sales in Europe, the UK, Norway and Switzerland. In response, Brussels has imposed up to 35% tariffs and proposed a “Made in Europe” industrial strategy, but the bloc remains heavily dependent on Chinese supplies such as permanent magnets (93% of EU demand). German leaders warn the widening trade gap is unsustainable, prompting calls for “derisking” and greater self‑sufficiency.
UK Urged to Deploy EU-Style ‘Trade Bazooka’ Against Trump’s Tariffs
The British Chambers of Commerce (BCC) is urging the UK government to adopt an EU‑style anti‑coercion "trade bazooka" to counter President Donald Trump’s threat of tariffs over the UK’s digital services tax. The BCC argues that inadequate economic security is...
UK Looked at Ways to ‘Open Doors’ to US Chlorinated Chicken, FoI Request Shows
British officials quietly examined how UK food law could be altered to permit chlorine‑washed chicken imports from the United States, a practice banned in the EU since 1997. The documents, released to campaign group 38 Degrees via a freedom‑of‑information request, show...
Carney Names Broad Team to Advise on Tense US-Canada Trade Talks
Prime Minister Mark Carney has created a 24‑member advisory committee to guide Canada through increasingly hostile U.S. trade negotiations. The panel pulls former Conservative leaders, ex‑premiers, senior diplomats and executives from banking, rail, energy and agriculture, reflecting a broad political...
Oil Prices ‘Could Breach $100 a Barrel Within Days’ Amid Supply Disruption From Iran War
Goldman Sachs warned that global oil prices could breach $100 a barrel within days and climb to $150 by month‑end if the Strait of Hormuz remains blocked. Iran’s effective blockade has cut crude flows through the strait to roughly 10%...