A fifth of world imports are now affected by tariffs: WTO

Global imports worth $2,640 billion were impacted by tariffs and trade measures between mid-October 2024 and 2025, a significant increase from the previous period. The WTO noted a rise in protectionism, with nearly a fifth of world imports now affected by such measures.

Higher palm oil imports by India, the world’s largest buyer of vegetable oils, could help top producers Indonesia and Malaysia reduce their stocks and support benchmark Malaysian palm oil futures, while putting pressure on US soyoil futures.

In a bid to bolster local industry, a parliamentary committee is advocating for the domestic production of essential steel components. Leading manufacturers gathered to strategize on replacing imports of premium materials essential for transformers and automotive manufacturing. The emphasis is on fostering independence within these vital sectors.

Asia Pacific economies are urged to boost local currency trade invoicing for goods like textiles and metals, potentially extending to services and finance. India Exim Bank highlights the need for interoperable digital systems and payment networks to facilitate seamless cross-border settlements. Regional cooperation and modernized infrastructure are key to enhancing trade efficiency and resilience.

India aims to achieve $2 billion in organic food exports by 2030, with current exports reaching $665 million in 2024-25. The nation’s organic production has surged to 46.99 lakh tonnes, driven by a 15% CAGR in cultivation area. The first Northeast India Organic Week is underway to boost regional organic potential.

India is exploring importing coking coal from Mongolia to diversify supplies, despite transport and geopolitical challenges. Currently reliant on Australia for over half its coal, India faces rising demand and is evaluating Mongolia’s high-grade, lower-cost coal via Russia or China routes, though logistics and potential Chinese restrictions pose hurdles.

Indian buyers have secured significant soybean oil purchases for April-July 2026, a rare move driven by a discount to palm oil. This strategy hedges against Indonesia’s planned B50 biodiesel mandate, which is expected to tighten palm oil supplies and increase prices. Traders are also concerned about reduced sunflower oil output.

India and Russia are set to significantly boost trade and investment. A major business forum will be held in New Delhi, coinciding with President Putin’s visit. Both nations aim for $100 billion in bilateral trade by 2030. The focus will be on expanding Indian engineering and food product exports to Russia.

Elon Musk revealed on the People by WTF podcast that he attempted to convince President Trump against imposing tariffs, but his efforts were unsuccessful. Musk stated that the President clearly favored tariffs, and his attempts to change this perspective did not yield results.

The central government’s recent integration of 29 laws into 4 streamlined Labour Codes, enabling an environment that promotes industrial efficiency while safeguarding workers’ interests, is expected to catalyse growth in India’s export sector.