The future of the multilateral trading system was front and centre in last week’s trade news, with the World Trade Organization (WTO) hosting its annual Public Forum in Geneva.
This week, wider geopolitics will be at the fore with the UN General Assembly taking place in New York.
UK prime minister Andy Burnham is set to meet US President Donald Trump, but it’s the latter’s meeting with Chinese counterpart Xi Jinping later in the week in Washington that could be more significant for global trade.
The ‘no drama’ relationship?
For Burnham, there are three key aims, a government source told the Guardian.
“Bond with Trump, make the case for Ukraine and avoid any drama”.
Another source told the same publication that Burnham is expected to adopt a “third way” between Sir Keir Starmer’s conciliatory approach to Trump and Canadian PM Mark Carney’s more combative stance, “pushing back more than his predecessor publicly and privately, but avoiding open diplomatic warfare”.
AI, British sanctions on Israeli settlements, social media bans, the Falkland Islands, the Chagos Islands and the idea of a united Ireland could all prove thorny issues for Burnham to navigate.
He is travelling to the US tonight and will meet Trump tomorrow.
The high-stakes relationship
Trump is also set to meet Chinese President Xi Jinping on Thursday (24 September) in Washington DC for a summit that could have wider implications for global trade.
Senior US and Chinese officials have been holding a series of bilateral meetings in advance of this, with trade, AI and the war in Iran among the key talking points.
A one-year extension to the current trade truce, which is due to end on 10 November, has been discussed without an agreement being reached, sources have told the FT. It’s thought that the Trump administration prefers the idea of a six-month extension, saying that it would also act as a “compliance period for assessment”.
The US is also reportedly of the view that China hasn’t lived up to its commitments on rare earths but was encouraged by Beijing’s claims that it is looking into the matter.
The two superpowers have agreed to create a new AI dialogue mechanism however, amid fears that US-China competition in the field could be a cause for the technology’s rapid development escaping human control.
Party conference season underway
Back in the UK, MPs have departed Westminster for the Party Conference recess, with the Liberal Democrats currently hosting their annual gathering in Brighton. Read tomorrow’s Day in Trade digest for a review of trade policy developments at the conference from the Chartered Institute’s senior public affairs executive, Oliver Greensmith.
With Burnham in New York, the leader of the opposition Kemi Badenoch will be hoping to draw attention to a new policy pledge from the Conservatives. Her party has pledged to restore tax free shopping for overseas tourists – a measure that the Conservatives say could bring £4.1bn to the economy per year.
However, it was her predecessors Boris Johnson and Rishi Sunak who removed the exemption in the first place in 2021, according to Politico’s London Playbook. Badenoch was a junior minister in Sunak’s Treasury team at the time.
Chartered Institute events this week
It’s a packed week for Chartered Institute members, with three online events taking place from tomorrow.
First up, our director general Marco Forgione will be present for the ‘Members’ Forum’ at 11am on Tuesday. The event is an opportunity to “hear key updates, learn about current developments in international trade and engage directly with our leadership team”.
On Wednesday at 10am, our senior digital and customs expert Ilona Kawka will be discussing the implications of the EU’s latest ‘Made in Europe’ proposals at the quarterly Manufacturing Special Interest Group gathering.
The event comes amid increasing British concern that the scheme could lock UK firms out of key European supply chains – an issue raised by the chancellor on Friday in a meeting with EU finance ministers.
Then, on Thursday, this month’s Lunchtime Learning is taking place, looking at key processes and requirements for moving goods between Great Britain and Northern Ireland. That’s taking place at 12pm as usual and will include a presentation from our technical consultant David Pothecary.
Other dates for your diary
- Monday: Jewish people celebrate Yom Kippur
- Tuesday: UK public sector finances published
- Wednesday: Flash S&P Global/HSBC manufacturing and services Purchasing Managers’ Indexes for the UK, US, India, France, Germany and Eurozone
- Thursday: British Retail Consortium publishes monthly Consumer Sentiment Monitor
- Friday: Pope Leo XIV begins a four-day apostolic tour in France
- Saturday: 2026 Turner Prize exhibition opens to the public
- Sunday: Labour Party Conference begins in Liverpool
