Asian Markets Rise as Oil Prices Fall Ahead of Fed, BOE, BOJ Meetings 
UN Reappoints Volker Turk as Human Rights Chief Despite U.S., Russia, Israel Opposition 
Global Leaders Push Back as Trump Imposes New Forced Labor Tariffs 
Trump Orders ICE to Resume Traffic Stops After Deadly Immigration Enforcement Incidents 
Trump Administration Bars U.S. Travelers From Congo Flights Amid Ebola Outbreak 
Japan Services Producer Prices Rise 3.2% in June, Supporting BOJ Rate Hike Expectations 
Asian Stocks Sink as AI Spending Fears and China Chip Advances Hit Tech Shares 
Trump Administration Imposes New Forced Labor Tariffs on 60 Trading Partners 
Trump Administration Monitors OpenAI Incident as Lawmakers Push AI Kill Switch Bill 
Gold Price Holds Above $4,000 as Fed Rate Hike Bets Rise on Oil-Driven Inflation 
Dollar Holds One-Month High as Fed Rate Hike Bets Grow, Yen Remains Under Pressure 
Trump Halts New Iran Strikes as Diplomacy Advances, IRGC Warns UK and Gulf States 
Europe Economy Faces Recession Risk as Energy Costs and Weak Manufacturing Weigh on Growth 
US Investigates Moonshot Over Alleged Use of Advanced AI Chips and IP Theft 
UN Urges Venezuela to Rejoin ICC After Withdrawal Over Human Rights Concerns 
Trump Slams New York Data Center Ban, Warns AI Investment Could Shift to Other States 
Houthi Attacks on Saudi Oil Sites Raise Fears of Wider Middle East Conflict Despite U.S. Strike Pause 
President Donald Trump has signed legislation extending the African Growth and Opportunity Act (AGOA), a key U.S.-Africa trade program, through December 31, 2026. The extension is retroactive from September 30, 2025, ensuring continuity after the program briefly expired and putting hundreds of thousands of African jobs back on stable footing.
AGOA, first enacted in 2000, grants eligible Sub-Saharan African countries duty-free access to the U.S. market for more than 1,800 products. The program has played a major role in boosting exports, supporting industrial growth, and strengthening economic ties between the United States and Africa. Its temporary expiration in September raised concerns among businesses and workers who rely on preferential trade access to the world’s largest economy.
U.S. Trade Representative Jamieson Greer announced that his office will work with Congress this year to update AGOA. The goal is to expand market access for U.S. businesses, farmers, and ranchers while aligning the program with President Trump’s America First trade policy. The Office of the U.S. Trade Representative also confirmed it will coordinate with relevant agencies to implement any necessary changes to the U.S. Harmonized Tariff Schedule following the reauthorization.
The extension comes against a backdrop of strained relations between the United States and South Africa, Africa’s largest economy. President Trump previously boycotted a G20 meeting hosted by South Africa and later indicated the country would not be invited to G20 meetings hosted by the U.S. in 2026. Despite these tensions, South African Trade Minister Parks Tau welcomed the AGOA extension, emphasizing that it provides certainty and predictability for African and American businesses dependent on the program.
To qualify for AGOA’s duty-free benefits, participating countries must demonstrate progress toward a market-based economy, respect for the rule of law, political pluralism, and due process. They are also required to reduce barriers to U.S. trade and investment, combat corruption, protect human rights, and implement policies aimed at reducing poverty. The extension reinforces AGOA’s role as a cornerstone of U.S.-Africa trade and economic cooperation.
