The reaction from Mumbai to Donald Trump’s threats of higher tariff rates, due to India’s continued purchasing of Russian oil, leads the global trade agenda today.
Elsewhere, we see warnings over business investment, a reminder to enter the International Trade Awards and good news for UK meat exporters.
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India pushes back
After the White House promised to increase the tariff rate for Indian exports into the US, Mumbai has clapped back, calling the measures “unjustified and unreasonable.” US president Donald Trump had threatened hiked rates on India due to their ongoing purchasing of Russian oil.
However, according to the Indian Ministry of External Affairs’ statement, both the EU and US currently purchase more Russian energy than India does.
The EU is also looking to get in on the act, with additional sanctions being explored for India and China over continued economic relations with Russia.
Russia sanctions
While Mumbai promises to “take all necessary measures” to protect its economic security, Trump appears to be moving forward with a tougher stance against Russia.
The US president has threatened more sanctions against Russia, if it does not come to a peace agreement with Ukraine by this week. However, with Russian president Vladmir Putin repeating previous demands, this deal looks unlikely.
Weak business investment
Global economic growth is under threat, according to the Organisation for Economic Co-operation and Development (OECD), as both Trump’s tariffs and a weaker business environment threaten confidence.
Net investment across OECD nations has dropped from 2.5% of GDP before the 2008 financial crisis to 1.6%, with only two nations (Israel and Portugal) surpassing their pre-financial crisis trends. The OECD’s outgoing chief economist, Álvaro Pereira, told the FT that countries “will not be able to sustain growth” if this rate does not pick up.
International Trade Awards
A reminder that businesses are invited to enter this year’s International Trade Awards.
Organised by the Chartered Institute, the six award categories honour and recognise outstanding businesses and individuals who have demonstrated exceptional achievements and contributions to international trade.
You can nominate yourself, or another firm or business, here. The winners will be announced at the Import Export Show in London in November.
‘Exporting win’ for UK pork
Mexico is opening up its pork markets to British businesses. According to a UK government press release, twelve businesses from England and Northern Ireland have secured access to Mexico’s meat market. Exports minister, Gareth Thomas, called the news an “exporting win” that would boost rural communities across the UK.
Chartered Institute director general, Marco Forgione, said that “opening the Mexican market to British pork is a tangible example of what good trade policy can deliver. It rewards years of work to prove our world‑class standards on food safety, animal welfare and traceability.”
‘Digital solutions’ to avoid fines
Digital solutions might be the way to avoid post-Brexit border fines, experts said last week, after Border Force warned of fines for not following customs rules. The government agency reminded traders to follow the new Safety & Security Entry Summary (ENS) declaration requirements introduced earlier this year for imports into Britain. It said that compliance hasn’t improved since the new rules came in, over six months ago.
Ilona Kawka, the Chartered Institute’s senior digital trade consultant, said that “digital solutions like Dokit are on offer to support compliance amidst constantly changing regulatory requirements.”
Dokit is a supply chain visibility app, that provides end-to-end visibility and automated documentation to importers and exports.
What else is in the news
- The government has set out new considerations for the Low Pay Commission when recommending next year’s National Living Wage and National Minimum Wage
- Brazil’s supreme court has ordered the arrest of former president, Jair Bolsonaro, despite diplomatic and tariff pressure from the US
- A senior defence figure told the Telegraph that the US is scrambling to get access to Chinese critical defence metals, despite Beijing’s promise to open up critical minerals exports as part of its trade deal with Trump
- The government is testing the Emergency Alerts system on 7 September 2025 at 3pm. Compatible mobiles and tablets will receive an alert and make a loud siren-like sound and vibrate
