➀ South Korea's exports increased by 3.7% in April, marking the third consecutive month of growth.

➁ Exports to the U.S. decreased by 6.8% due to heavy tariffs imposed by the Trump administration.

➂ Semiconductor exports jumped 17.2% to reach $11.7 billion, the highest figure for any April.

➀ The re-emergence of nationalism and protectionism is undoing the effects of globalisation on world trade.

➁ Global trade growth stagnated after the financial crisis, during the first Trump administration, and in the wake of the Covid-19 pandemic.

➂ World trade has seen a peak in 2022, but is expected to drop back in 2023, according to the World Bank.

➀ Chinese exports to the US are expected to fall by 77% in 2025, according to WTO forecasts.

➁ Chinese imports are expected to increase to every other market, with the rest of North America predicted to see growth of 25 percent.

➂ The CIS region is projected to raise exports, which the WTO says is principally related to exemptions for natural resources.

➀ China has introduced new controls on the export of several critical minerals and magnets.

➁ The process of obtaining special export licenses is expected to be lengthy, which may lead to a shortage of stockpiles.

➂ China is the world leader in rare earth reserves, holding nearly half of the world's known reserves.

➀ The U.S. is a significant buyer of foreign goods, with President Trump aiming to change this, but substitution will be difficult.

➁ The U.S. tariffs could be costly for the country and for those selling to the U.S.

➂ China and the EU buy less from the U.S., making retaliation less painful and less effective.

➀ Ed 在内阁会议上因获得美国10%的关税率而受到祝贺；

➁ Ed 的成功归功于他在美国商务部的一个朋友，提前得知了计算关税的方法；

➂ Ed 在未公开之前就计算出关税，并在内阁会议上直接告诉首相关税率；

➃ Ed 作为英国与美国贸易的中间人，有望在即将到来的贸易谈判中获得丰厚的收益。