Record-breaking cocaine bust on vessel ⚓

TRADE NEWS

China Hits EU with Anti-Dumping Blow Amid Trade Tensions

China has implemented anti-dumping measures on European Union (EU) brandy imports, a move it claims is necessary to protect its domestic industry. This decision targets prominent French brands, including Hennessy and Remy Martin, which China alleges have been unfairly priced in its market. The measures come shortly after the EU imposed tariffs on Chinese electric vehicles (EVs), escalating trade tensions between the two economic powerhouses.

The Chinese Ministry of Commerce justified the action as a legitimate trade remedy, stating that their preliminary investigation revealed that EU brandy imports posed a substantial threat to local producers. In defense of its actions, China emphasized that the measures align with World Trade Organization (WTO) rules. Meanwhile, China has strongly opposed the EU’s EV tariffs, calling them unjustified and lacking factual or legal support.

These developments represent a significant escalation in trade relations between the EU and China, especially as Beijing has hinted at further retaliatory tariffs, particularly targeting German-made large-engine vehicles. German exports of these vehicles to China, valued at $1.2 billion last year, could face new tariffs, further intensifying the trade dispute.

This tit-for-tat trade conflict highlights the broader strain on China-EU relations, as both sides look to safeguard their industries in a highly competitive global market. With both parties seeking WTO support, this trade row may extend further into other sectors, creating additional challenges for businesses on both sides of the divide. See Clip

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VIDEO OF THE WEEK

Why Japan's Currency Is So Volatile

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SHIPPING NEWS

Record Cocaine Haul Uncovered on Polish Ship Anchored Off Brazil

A record-breaking cocaine seizure occurred on the bulk carrier Jawor while it was anchored off the coast of Maranhão, Brazil. On October 5, 2024, Brazil's Federal Police confiscated 500 kilograms of cocaine, the largest amount ever seized in the state's history. The vessel, operated by the Polish Steamship Company (Polsteam), was anchored near the Port of Itaqui, preparing to load soybeans destined for Spain.

The crew found suspicious packages in a forward storage area and reported them to authorities. It's suspected that the drugs were loaded onto the vessel overnight by perpetrators using small boats while the ship was anchored. The Federal Police launched a search operation, boarding the ship using helicopters. All 20 crew members, from Poland, Ukraine, Bulgaria, and Romania, are under investigation.

This incident highlights a growing trend of drug cartels using commercial ships to smuggle illegal substances into Europe. Similar cases have involved security lapses at South American ports, which were exploited by drug traffickers.

The operation underscores the need for improved maritime surveillance, with advanced inspections and security protocols playing a vital role in preventing smuggling activities on commercial vessels.

SHIPWRECK OF THE WEEK ⚓️☠️

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