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EU launches legal action against Britain over customs fraud
The case seeks to “recover €2.7 billion (S$4.4 billion) in lost customs duties after London allegedly ignored a scam by Chinese importers. The bloc’s fraud watchdog said last year that Britain turned a blind eye to the rampant use of fake invoices and customs claims by Chinese importers for textiles and footwear.”
[The Straits Times]
EU, Japan start push for exemptions from Trump tariffs
“The European Union and Japan, the United States’ top economic and military ally in Asia, reiterated that their exports were not a threat to U.S. national security, rejecting Trump’s justification for imposing the tariffs. … The three parties did agree on joint steps to tackle global steel over capacity and distorted market practices, including stronger rules on subsidies and more sharing of information about market abuse.”
Jordan suspends FTA with Turkey
“The cabinet's decision seeks to curb any further negative impacts on the industrial sector in Jordan in light of the imbalanced competition with Turkish products that are supported by the Turkish government. The decision is part of the government’s efforts to review all free trade agreements and study their benefit to the economy.”