Main points of global economic news for May 8, 2026

1. ASEAN promotes regional fuel sharing and electricity grid interconnection mechanisms: At a press conference held after the 48th ASEAN Summit in Cebu, Philippine President Ferdinand Marcos said member countries agreed on the need to ensure a stable and reliable energy supply chain and strengthen the regional cooperation on energy security. Among the specific measures discussed was accelerating the ratification of the ASEAN Framework Agreement on Petroleum Security (APSA), a mechanism for member states to support neighboring countries facing fuel shortages. In addition to the oil sharing mechanism, ASEAN leaders also promoted the operation of the ASEAN Power Grid, an initiative aimed at interconnecting the power grids of the ten member countries.

2. The US Court of International Trade invalidated President Donald Trump’s new tariffs: The United States Court of International Trade has ruled against the 10% global tariffs imposed by President Donald Trump in February 2026. The court said the tariffs were not justified under the Trade Act of 1974, invoked by the administration. This decision represents a victory for small businesses who had taken legal action to obtain reimbursement of customs duties.

3. The IEA warns of the volatility of the global energy market: The director general of the International Energy Agency (IEA), Fatih Birol, has warned that the global energy market is entering a period of volatility due to supply disruptions caused by the conflict in Iran. He assured that the IEA was ready to draw more oil from its strategic reserves if the situation persisted. To date, the IEA has already mobilized 20% of its reserves to curb the rise in oil prices.

4. Microsoft: AI adoption is growing globally, widening inequalities: According to a Microsoft report, approximately 17.8% of the world’s working-age population uses AI for generative purposes, but the access gap between developed and developing countries is widening. In developed countries, the adoption rate reaches 27.5%, almost double that of developing countries. The United Arab Emirates (UAE) leads the global ranking (70.1%), while the United States and China rank 21st and 3rd respectively.

5. US issues ultimatum to EU on trade deal: US President Donald Trump has issued an ultimatum to the European Union (EU) demanding ratification of the bilateral trade agreement by July 4, or else see customs duties “significantly higher”. This agreement, which should be concluded in July 2025, aims to reduce customs duties on most European products to 15%. However, Mr Trump is unhappy with the EU’s slow ratification process and has threatened to increase tariffs on cars and trucks to 25%.

6. Fuel shortage, expected surge in plane ticket prices this summer: The cost of air travel is expected to explode this summer due to a global shortage of jet fuel. Conflicts between the United States and Israel, as well as Iran, and the crisis in the Strait of Hormuz have led to an increase of more than 100% in the price of kerosene, forcing airlines to cancel thousands of flights and increase their fares (by 14.9% in March).

7. The American beef industry hopes to regain market share in China: American producers hope that the next summit between President Donald Trump and President Xi Jinping will renew their export licenses to China. Previously, more than 400 US slaughterhouses lost their export rights after China allowed their licenses to expire without official justification. Producers believe that the time is right to renegotiate these licenses, because Australia, a direct competitor, is about to reach its quota.