Business Society reported on April 1st that around 23:00 local time March 31st, US and Israel launched another attack on Mubalakai steel plant in Isfahan, Iran, which is the second such attack.

The European Parliament passed the EU-US trade agreement, which will lift tariffs on most US industrial products and include sunset/sunrise clauses to address US policy uncertainty. The deal is a risk management choice, but fundamental differences remain, with future transatlantic trade relations facing repeated games.

The article covers the Japanese yen's sharp depreciation (crossing 160 yen/USD), its drivers (lack of economic growth momentum, Fed rate hikes, oil prices), impacts (input inflation, lagging real wages, fiscal deficit), policy coordination issues, US tough stance, and Japan's structural economic contradictions.

Under Middle East conflicts and domestic economic pressure, India adjusts its China economic policy, relaxing equipment procurement and investment restrictions. Driven by supply chain dependence, widening trade deficit and high economic costs of 2020 restrictions, the shift gains positive business responses.

On March 24, the EU and Australia reached a comprehensive FTA, which may increase EU exports to Australia by 33% in a decade, access Australian raw materials (lithium, etc.), and counter US tariffs. The EU has accelerated signing multiple trade deals recently to stabilize supply chains and expand its global trade position.

Recently, Malaysia implemented a comprehensive absolute ban on electronic waste imports under the 2023 Customs Act, replacing the previous conditional prohibition. Facing severe illegal e-waste inflow (e.g., 131k+ tons from the US 2023-2025), it strengthens supervision via cross-departmental collaboration, full-chain control, and cracking down on illegal plants, with NGO support to protect environment and public health.

The 98th WTO TBT Committee meeting was held in Geneva from March 3-6, 2026. China attended jointly, raised 16 concerns, responded to others, held bilateral consultations with multiple members, and Chinese experts will give a special speech on quality infrastructure and RoHS compliance.

The EU-Mercosur Free Trade Agreement will take temporary effect on May 1, canceling some product tariffs and providing trade/investment rules. Signed in January, it needs parliamentary approval (4 Mercosur countries ratified). Europe has divisions (France opposes over agriculture), and the EP submitted it for ECJ review pending a ruling.

On 24th local time, EU and Australia signed an 8-year trade agreement eliminating tariffs on most EU goods and key Australian minerals. They seek trade diversification to reduce US tariff risks and "China dependence". A defense partnership was announced, and negotiations for Australia's Horizon Europe associated membership started. Chinese FM urged rational view of China's development.

At the 2026 Boao Forum for Asia sub-forum on "New Global Trade Pattern under Tariff Wars", attendees noted tariff wars' profound impacts (uncertainty, supply chain restructuring) on global trade, emphasizing multilateral/regional cooperation to address risks. Some guests expressed cautious optimism about the next decade, with AI noted as a potential game-changer.

UNCTAD's latest Global Trade Update report calls for reforming trade rules (including WTO reform) to address issues like lack of predictability, weak development, and low representation of least developed countries, aiming to boost developing countries' participation and economic growth with development at the core.

China's zero tariff policy on 53 African countries may reshape Kenya's export economic structure. It offers opportunities for Kenya's agriculture (tea, coffee, avocados) and industries (textiles, processed foods) via access to China's huge consumer market. Kenya's infrastructure investments are crucial for competitiveness, reflecting a global trade shift towards Asia.

A US International Trade Court judge ruled on March 4 that US Customs and Border Protection cannot impose tariffs under IEEPA during clearance, requiring refunds for previously levied tariffs. The ruling follows the Supreme Court's February 20 ruling that IEEPA doesn't authorize presidential large-scale tariffs, with potential $175B refunds for importers.

Cambodia's international trade volume hit over $11 billion in Jan-Feb 2026, up 17.6% YoY. Exports ($5.228B, +17.2%) and imports ($5.885B, +18%) grew double-digit. China is its largest partner with $3.577B trade (+34.4% YoY). Textiles are top exports (21% of total).

On March 12, the EU stated it will take a resolute & proportionate response if the US violates the 2025 US-EU trade agreement amid a new US 301 clause trade investigation. The EU also requests US clarification on the investigation's coordination with the 2025 deal.

On local 11th, US USTR launched new 301 investigations on 16 trade partners (including China) over "excess industrial capacity" to replace overturned equivalent tariffs. The move violates trade rules, facing opposition from many countries, and may harm global supply chain.

The US government is devising ways to avoid tariff refunds after the Supreme Court ruled past tariffs illegal. Companies (including FedEx) sue for up to $175B, with DOJ seeking a 90-day execution suspension; consumers also joined class actions.

US Supreme Court ruled the government’s large-scale tariff policy illegal, spurring US companies to sue for refunds. International criticism grows over US tariff policies’ impact on global trade uncertainty. Experts discuss US power struggles over tariffs, while countries accelerate diversification to reduce US dependence.

Canadian PM Carney’s India visit aims to finalize a trade agreement by end 2026, boost bilateral trade to $50B by 2030, and strengthen cooperation in uranium supply, clean energy, key minerals, and security, easing tensions since the 2023 dispute amid global trade uncertainty.

On Feb 25, 2026, the IMF released its 2026 US Article IV consultation statement, advising the US to cooperate with trading partners to address unfair trade concerns, control national security-based trade measures narrowly, and noting tariff harms. It focuses on US 2025 policy shifts and global impacts, with US 2025 tariffs disrupting trade.