Trade expansion dealt a blow as latest WTOI released indicated a slow momentum in global trade. On August 09, the World Trade Organization released the latest World Trade Outlook Indicator (WTOI), cautioning a likelihood of slow trade expansion in the third quarter of 2018. The WTO attributes the potential slow in trade expansion to the current trade tension among other factors.
Turkey’s Lira continues on a downward spiral after President Trump ordered a metal tariff hike and President Erdogan takes to Twitter to accuse other countries of causing the Lira’s drop.
United States suspended Rwanda’s free trade status for the exportation of clothes and textiles to the United States under the African Growth Opportunity Act (AGOA). Rwanda increased taxes on the importation of used clothing into the country to boost the countries, apparel and textile industries and further implemented a total ban on the importation of used clothes and shoes.