economic diplomacy

A federal court this week dealt a setback to President Donald Trump’s aggressive tariff strategy, ruling that his use of the International Emergency Economic Powers Act (IEEPA) to impose broad “reciprocal” tariffs exceeds the authority Congress granted him. The lawsuit was brought by the Liberty Justice Center (LJC), a libertarian public-interest law firm whose past funders include two of Trump’s wealthiest backers, Robert Mercer and Richard Uihlein.

In a dramatic turn in the ongoing US-China trade tensions, former US President Donald Trump has claimed that Chinese President Xi Jinping reached out to him to discuss tariff-related negotiations. However, China’s Foreign Ministry has publicly denied any such communication or ongoing consultations, intensifying the diplomatic confusion and market uncertainty surrounding global trade dynamics.

As tensions mount over the looming threat of higher tariffs, Indian Prime Minister Narendra Modi and United States Vice-President JD Vance met in New Delhi this week to reaffirm both nations' commitment to an increasingly strategic and multifaceted partnership. Their discussions signaled progress in bilateral trade negotiations, even as the clock ticks on a 90-day tariff reprieve announced by U.S. President Donald Trump, set to expire on July 9.

Rachel Reeves will fly to Washington next week to meet her American counterpart for the first time, as the British government intensifies efforts to secure a UK-US trade deal.

Italian Prime Minister Giorgia Meloni is set to meet with US President Donald Trump in a high-stakes White House summit on Thursday, aiming to present herself as a potential mediator between Brussels and Washington amid rising transatlantic trade tensions.

Chinese President Xi Jinping has issued a stark warning against global protectionism, declaring that “trade wars and tariff wars produce no winners” as he began a three-country diplomatic tour in Southeast Asia aimed at countering the economic pressure of US tariffs.

The global steel and aluminum markets are bracing for impact after US President Donald Trump announced a sweeping 25% tariff on all steel and aluminum imports. With the tariffs set to take effect on March 12 "without exceptions or exemptions," major trade partners of the US are weighing their options—whether to push for exemptions, retaliate, or adapt to a new trade landscape.

Prime Minister Albanese confirmed to Parliament that he has a discussion scheduled with President Trump and vowed to keep Australians informed.