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Trump announces 30 percent tariffs on EU imports

US president Donald Trump intends to impose a 30 percent tariff on imports from the EU from August 1, 2025. The Republican announced this on his platform Truth Social. In a published letter to European Commission president Ursula von der Leyen, Trump threatened further tariff increases in the event of countermeasures. Mexico also received a...

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Algorithmic pricing: US retailers challenge New York state law

The National Retail Federation (NRF) has filed a lawsuit in federal court to block the New York Algorithmic Pricing Disclosure Act. The act, scheduled to take effect on July 8, requires retailers to notify customers when a price has been calculated using an algorithm based on personal data. In a July two complaint filed with the Manhattan...

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Bangladesh hopes for trade agreement with US

Dhaka, July 8, 2025 – Bangladesh, the world's second-largest textile manufacturer, still hopes to reach an agreement with the US to avoid the sharp rise in customs duties threatened by Donald Trump. A senior official told AFP on Tuesday. The textile industry contributes 80 percent of the South Asian country's total exports. One-fifth of its...

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Trump extends tariff deadline, imposes reciprocal tariffs on Japan and South Korea

US president Donald Trump has extended his deadline to set certain tariff rates to August 1. A number of new reciprocal tariffs, announced July 7, will also take effect on this date. Trump had initially enacted a freeze on tariff rates lasting 90 days, to July 9. During this time, he opened up discussions with other countries to either agree on...

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Amazon 'applauds' Canada's scrapping of tech tax

Amazon said Tuesday it "applauds" Canada's decision to scrap its digital services tax in order to salvage trade talks with the United States, calling it a win for the online retailer's customers. The digital services tax, enacted last year, would have seen US technology giants such as Amazon on the hook for a multibillion-dollar payment in...

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US makes new offer to EU in tariff dispute

In the trade dispute with the EU, the US submitted a new offer. The European Commission confirmed on Thursday that it had received a relevant US document. It was being reviewed, Commission President Ursula von der Leyen said on Thursday night after an EU summit. "We are ready for an agreement. At the same time, we are preparing for the...

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Fashion brands brace for China’s export shift

Facing escalating tariffs from the U.S. and political uncertainty, Chinese manufacturers are rapidly refocusing their export strategies, shifting their gaze to Europe, Southeast Asia, and domestic e-commerce in a bid to weather the latest rupture in global trade. According to the Financial Times, exports to Europe surged 12 percent in May, with...

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1/3 of Retail executives to adjust pricing over tariffs concerns

Concerns over tariffs have yet to be calmed, as US consumers and retailers alike remain pessimistic in regard to the impact of rising prices. 27 percent of US consumers polled by TransUnion, a credit reporting agency, expressed worry about their household finances for the next 12 months - but they are not alone. Retail executives across the...

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Strong growth in Chinese retail despite US trade dispute

Chinese retail sales increased by 6.4 percent year-on-year in May, despite the ongoing trade dispute with the US. This marked the strongest growth since late 2023, following a 5.1 percent rise in April. Analysts were surprised by this positive development, having forecasted a decline in growth to 4.9 percent. French bank Société Générale...

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Podcast: Steve Madden speaks candidly about career highs and lows

In ‘The Cutting Room Floor’ podcast, American entrepreneur Steve Madden spoke openly about his career, including the highs and lows. He also shared his views on trade tariffs and the current state of fashion retail. Madden began his career in the fashion world as a footwear designer and quickly made a name for himself in the industry. In 1990,...

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China gives no details on tariff agreement with US

China is keeping a low profile following the agreement announced by US President Donald Trump on easing export restrictions in the ongoing trade dispute. Both sides have made new progress in resolving the other side's economic and trade concerns, said Foreign Ministry spokesperson Lin Jian in Beijing. The People's Republic hopes that both sides...

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Facing tariffs, Vietnam requests support from American clothing brands

Hanoi - Hanoi invited American textile companies to support Vietnam with the Trump administration in its efforts to avoid a 46 percent tariff that would damage trade between the two countries. Vietnam, which mass-produces clothing and footwear for international brands, worked tirelessly to meet the demands of its main client, the US. Industry...