Countries around the world have scrambled to cope with the fallout of the energy shock from the Iran war. This comes as the Iran war stretches into its third week.
The U.S. on Thursday stateside announced new trade investigations into 60 countries. The probes, conducted under Section 301(b) of the Trade Act of 1974, include China, the European Union, India and Mexico.
The Section 301 probes are aimed at identifying unfair trade practices, particularly excess capacity and production. Despite growing criticism from global trading partners against its over-reliance on external demand, China's export machine continued to go full throttle.
India has eased investment rules that will allow limited Chinese investments in manufacturing of electronic components, capital goods and solar cells. Minority investments by Chinese entities in Indian businesses will be processed within 60 days.
Iran has sent at least 11.7 million barrels of crude oil through the waterway since the war began, all of which were headed to China: TankerTrackers. Many ships have "gone dark" after Tehran threatened to attack any vessel attempting to pass through the waterway.
China's trade surplus rose to its highest on record in the combined January-February period. Exports also massively beat expectations, rising 21.8% from a year ago.
China's consumer inflation recorded the biggest jump in more than three years. Consumer price index rose 1.3% in February from a year earlier, beating economists' forecast for a 0.8% increase in a Reuters poll.