More than a third of the global arms sold worldwide during the past five years originated in the United States, underscoring its role as the world’s top weapons seller,  the Stockholm International Peace Research Institute (SIPRI) announced on Monday.

UK trade with the European Union plunged in January as Britain’s departure from the bloc and widespread coronavirus restrictions dealt a double blow to the nation’s struggling economy, AP reports.

The United States agreed a four-month suspension of retaliatory tariffs imposed on British goods such as Scotch whisky over a long-running aircraft subsidy row, with both sides pledging to use the time to resolve the dispute.

Ngozi Okonjo-Iweala takes over the World Trade Organization on Monday amid hopes that she will spur the beleaguered body into addressing its towering challenges, including the pandemic-fuelled global economic crisis, AFP reported.

Group of Seven leaders on Friday said they would seek a collective approach to China to counter “non-market oriented” policies and practices and to ensure a fair multilateral global trade.

China last year overtook the United States as the EU's biggest trading partner, the EU statistics agency Eurostat said on Monday.

The maker of electric cars Tesla has announced plans to accept payments in bitcoin crypto currency for its products, Reuters reported. Tesla elaborated that it had already bought some $1,5 billion worth of bitcoins. The information is included in a filing with the SEC.

Exports from Britain to the European Union fell by 68% in January as trade was disrupted after the end of a transition period following Britain’s departure from the European Union, according to a trade body representing hauliers.

Crude oil touched its 12-month highs as hopes for economic revival were boosted by output cuts from OPEC member countries, Reuters reported. The rally edged up to as high as $60 per barrel in European trading on Friday.

South Korea’s minister of trade Yoo Myung-hee will not accept the bid to become the next director general of the World Trade Organization (WTO), AP reported, quoting official statement of the ministry. The statement also noted that the WTO will soon be officially informed.