Modern slavery

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Latest International Trade News

Weekly roundup of HMRC import, export and customs guidance—22 April 2025

Details of updates to HMRC import, export and customs guidance for the period from 15 to 22 April 2025.

WTO Chief Economist forecasts global trade decline amid rising tariffs

The World Trade Organization (WTO) Chief Economist has released projections on 16 April 2025 forecasting a 0.2% decline in global merchandise trade volume for 2025, reversing previous growth expectations. The report cites rising tariffs and trade policy uncertainty as key factors, with US-China bilateral tariffs now exceeding 100%. The analysis warns that potential US reciprocal tariffs could reduce trade growth by an additional 0.6 percentage points, while services trade growth is projected at 4.0% for 2025, down from a 5.1% baseline forecast.

TRA imposes provisional duties on Lithuanian and UAE engine oil imports

The Trade Remedies Authority (TRA) has secured acceptance from the Secretary of State for Business and Trade for provisional anti-dumping duties on engine oils and hydraulic fluids imported from Lithuania and UAE, effective 16 April 2025. The duties, ranging from 11.60% to 24.95% for participating companies with countrywide rates of 49.59% for Lithuania and 59.40% for UAE, will apply for up to six months. The measure follows TRA's finding that UK producers were being undercut by 37% of UK sales prices, with expected benefits to UK producers estimated at £5m-£55m.

WTO forecasts trade decline and warns of reciprocal tariff risks in new outlook

The World Trade Organization (WTO) has released its Global Trade Outlook and Statistics report on 16 April 2025, projecting a 0.2% decline in global merchandise trade volume for 2025. The report, which includes services trade forecasts for the first time, warns of potential further decline to -1.5% if reciprocal tariffs are implemented. North American exports are expected to fall by 12.6%, while services trade is forecast to grow by 4.0%. The WTO notes significant trade diversion effects, particularly impacting US-China trade flows and creating new opportunities for least-developed countries in textiles and electronics sectors.

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