The WTO's 2026 Global Trade Outlook report shows 2026 global goods (1.9%) and services (4.8%) trade growth lower than 2025 due to geopolitical tensions, high oil prices, and policy uncertainty. AI-related product trade remains active, driving growth, while MFN treatment proportion declines.

Since the US Supreme Court ruled federal tariffs illegal, the US government imposed new tariffs (15% global, "Liberation Day" 2025) harming consumers, businesses, and manufacturing. 64% Americans are dissatisfied; 98k manufacturing jobs lost in a year. Policies failed to meet goals, causing chaos and global opposition.

On April 2, Trump signed Section 232 documents: imposing tariffs on some imported patented drugs/pharmaceutical ingredients (100% for some, 15% for certain regions, UK lower; no generics tariffs temporarily) and adjusting steel/aluminum/copper derivatives tariffs starting April 6. Measures aim to strengthen US domestic industries and safeguard national/economic security, with exemptions for qualifying pharma companies.

On April 2, the White House announced US President Trump signed a document imposing 100% tariffs on imported patented drugs and pharmaceutical ingredients under Section 232 of the 1962 Trade Expansion Act, with exemption pathways to force pharmaceutical companies to agree on drug prices and industry return.

US Commerce Department released data on April 2 showing US trade deficit in goods and services was $57.3B in February, up 4.9% MoM due to import growth exceeding export growth; exports $314.8B (up 4.2%), imports $372.1B (up 4.3%); commodity exports rose $11.5B driven by non-monetary gold and natural gas.

In March, India revised FDI rules to relax Chinese investment restrictions in electronics and solar cells (10%+ share via automatic approval), its first systematic relaxation since 2020. Aimed at easing capital shortages and supply chain gaps amid economic slowdown and geopolitical pressure, it reflects India’s balanced strategy, though policy risks remain for Chinese investors.

The OECD released its latest economic outlook, noting the US-Israel-Iran conflict tests global economic resilience. It predicts energy prices may fall mid-2026 if chaos eases, with 2026 global GDP growth at 2.9% and 2027 at 3.0% (slight 0.1pp drop). It also forecasts major economies' growth, prolonged inflation from energy hikes, and impacts if prices soar further. The outlook is uncertain with risks (Hormuz disruption) and upsides (tech investment). Governments are called to improve energy efficiency and address debt sustainability.

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.