China is the biggest trade partner of Iran and bought 80% of its shipped oil; Turkey and India are the next two biggest trade partners
US tariffs
Latest in US tariffs
Donald Trump
Trump to world: Trade with Iran, pay America 25%
President imposes immediate tariff on Iran’s trading partners as Tehran grapples with deadliest anti-government protests since Islamic Revolution
Donald Trump
Trump warns of higher tariffs on India over Russian oil purchases
US president warns of higher tariffs on India over Russian oil; Some Indian exports already face US tariffs of 50%
China
China lifts tariffs on US farm goods after fentanyl levy cuts
Beijing suspends levies on US agricultural imports in the latest sign of easing trade tensions between the two countries
Donald Trump
Every dollar spent on tariffs is a dollar lost to science, says Bayer COO
“Every dollar we spend on tariffs is a dollar we can’t spend on research and development,” Sebastian Guth warns, as protectionist trade policies risk delaying future medical breakthroughs
Diabetes
Trump tariff threat pushes Eli Lilly to raise Mounjaro prices in UK
The company said it was reviewing Mounjaro pricing with other governments and expected to make similar adjustments in certain markets from September 1
AMD
Nvidia, AMD to pay US government 15% of advanced chips sale to China
Nvidia’s H20 and AMD’s MI308 – required for AI-related use – can now be sold; The companies had a combined sale of $23.2bn in China in FY2024
Donald Trump
Gulf trade diplomacy in spotlight as WTO report highlights UAE, Saudi Arabia roles in global talks
Beyond the Middle East, the new WTO report signals a sharp deterioration in the global trade outlook
Donald Trump
WTO slashes 2025 trade forecast as Trump tariffs, policy uncertainty weigh on growth
WTO Director-General Ngozi Okonjo-Iweala warned that “potential signs of fragmentation” along geopolitical lines could cause the worst welfare losses for low-income economies
Donald Trump
Trump’s global tariffs take effect, India hit hardest with 50% over Russia oil trade
The deadline has now passed and Trump’s sweeping new tariff regime is in effect, marking the most expansive US trade action since the 1930s
Donald Trump
Trump’s copper tariff u-turn sparks US oversupply as metals take a breather: Saxo Bank
The turbulence in copper spilled over into precious metals, which paused for breath in July after a strong first half of the year
Donald Trump
Trump delays tariff hikes to August, targets new countries
August 1 now set as new date for sweeping trade penalties unless concessions made
HSBC
UAE businesses confident of international trade growth despite tariff woes
Businesses in the UAE remain optimistic of trade opportunities despite increased costs
Abu Dhabi
Eid Al Adha 2025 dates announced; UAE petrol prices change; new tax rule revealed; Dubai real estate tokenisation – 10 things you missed this week
UAE petrol prices, Eid holiday dates, tax rules and more top news stories this week
BNPL
UAE malls in ‘non-prime’ areas could face pressure from Chinese goods diversion amid U.S. tariffs
UAE retailers are preparing for significant changes in 2025 as global trade tensions and evolving payment preferences reshape the regional shopping landscape
Donald Trump
Trump’s EU tariff extension pushes gold prices down
Spot gold was down 0.3% at $3,346.55 an ounce, while US gold futures fell 0.6% to $3,345.80
Donald Trump
Trump postpones 50% tariff on EU imports to July 9
The euro and US dollar rose against the safe-haven yen and Swiss franc after the deadline extension
