International Trade Bulletin — May 19, 2025

1. EU–U.K. “Reset” Agreement Sealed

On May 19, Britain’s Prime Minister Keir Starmer and European Commission President Ursula von der Leyen signed a landmark deal to “reset” post-Brexit relations. Key provisions include streamlined customs procedures, a 12-year shared-fishing-rights arrangement, and U.K. access to a €150 billion EU defence funding program—an unprecedented extension of security cooperation.

2. Eurozone Growth Forecast Revised Downward

Citing heightened trade-policy uncertainty—especially after U.S. tariff actions—the European Commission reduced its GDP forecast for the 20-country euro area to 0.9% in 2025 (from 1.3%) and to 1.4% in 2026 (from 1.6%).

3. China’s Industrial and Retail Momentum Slows

April data from China revealed a slowdown in both industrial output growth and retail sales, signaling weakening domestic demand as American tariffs take effect .

4. Johannesburg G20 Summit Preparations

Global economic and development leaders—including the heads of the IMF, World Bank, WTO, and FAO—have been invited to the late-May G20 summit in Johannesburg. Agendas will cover climate change mitigation, global financial stability, and post-pandemic supply-chain recovery .

5. Togo Proposes Sahel Customs Union

In a bid to deepen West African trade integration, Togo announced plans to join the Sahel States’ customs alliance. This would grant landlocked neighbors duty-free access to the port of Lomé, enhancing regional logistics and market connectivity .