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Bangladesh secured exemptions for some clothing and textiles made with US-produced materials, as part of a new agreement announced on Monday, while Target announced it would cut 500 jobs across its regional offices and distribution sites. These developments come amid a backdrop of global economic shifts, including a major report warning businesses of extinction risks due to nature loss, and a win for Japan's Prime Minister Sanae Takaichi in a snap election. Former US President Donald Trump also threatened to block a new bridge connecting the US and Canada.
According to BBC Business, the agreement with Bangladesh will also see Washington cut its tariffs on the country from 20 to 19 percent, in exchange for Dhaka opening its markets to a wider range of American goods. The apparel industry is the backbone of Bangladesh, the world's second-largest exporter of clothes after China. The South Asian country had been in long-drawn talks with the White House after President Trump imposed sweeping tariffs on global trading partners last year.
Target's job cuts, also announced on Monday, are intended to allow the retailer to invest in its stores and regain customers, according to an internal email obtained by the BBC. The cuts, along with a reorganization of geographic store districts, will help the firm boost store staffing, adding "labor and hours where needed most," the note said. This move is among the first strategic decisions made by new chief executive Michael Fiddelke.
Meanwhile, Japan's Prime Minister Sanae Takaichi secured a landslide victory in a snap election, with her Liberal Democratic Party (LDP) gaining a decisive majority of 316 out of 465 seats, as reported by BBC Business. The question now is whether Takaichi can address the country's economic challenges, including sluggish growth, significant public debt, and an aging and shrinking workforce.
A major report by Ipbes (Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services), also highlighted by BBC Business, warned that businesses risk extinction unless they protect and restore the natural world. The assessment, based on contributions from leading scientists and approved by 150 governments, sets out how companies can shift from harmful approaches to ones that help restore nature. Experts are calling for urgent action to restore the natural systems that keep the economy running.
In a separate development, as reported by The Guardian, Donald Trump threatened to block the Gordie Howe Bridge connecting the US and Canada. Trump made the threat in a social media post, claiming the bridge would only open when the US is fully compensated. He also made a bizarre claim that increased trade between Canada and China would include a ban on Canadians playing ice hockey.
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