Several South Korean media sources reported that South Korea’s HL Group had signed a business agreement with South Korea’s Hana Bank and the Korea Trade Insurance Corporation regarding a cooperative export financing support package. The package will be prepared to assist automotive parts makers facing US tariffs, and
South Korean Industry Minister Kim Jung-kwan arrived at Incheon Airport early on September 14 after meeting with U.S. Commerce Secretary Howard Lutnick in New York. Kim had been in the U.S. since September 11 to discuss details of Seoul’s pledged USD 350 billion investment there in exchange for the U.S. reducing its
Reported on September 11, 2025, Mexico will raise import tariffs on cars from China and several other Asian countries as part of a broader policy aimed at protecting jobs. The measure covers sectors including automotive, steel, toys, and textiles.
Indonesia’s car export quota to Mexico is currently limited to around
The Canadian government has begun a review of its 100% tariffs on EVs imported from China, as it tries to maintain support for Canadian industries and find a balance between the U.S. and China.
“Officials are currently undertaking work on this review, including an assessment of China’s policies and trade practices, a
On September 10, it was reported that Mexico’s government will raise tariffs on imports from Asian countries, including an increase of up to 50% on automobiles from China and other nations without trade agreements.
The reform also covers textiles, steel, motorcycles, and toys, impacting USD 52 billion in imports and
On September 9, the U.S. Supreme Court agreed to hear the Trump administration’s tariffs appeal on an expedited basis, in a case with vast implications for the economy and presidential power, setting a fast briefing schedule with a hearing to come in November.
The court agreed to take up an appeal from the Trump admi
On September 11, Stellantis CEO Antonio Filosa said the company, which has a large manufacturing footprint in the U.S., Mexico and Canada, is holding a “very productive exchange of ideas” with President Trump’s administration, and that a final scenario with U.S. tariffs was getting clearer. While Filosa said the tari
On August 28, it was reported that the Mexican government is preparing to raise tariffs on Chinese imports as part of its 2026 budget proposal. This move aims to shield local manufacturers from low-cost competition and aligning with longstanding demands from U.S. President Donald Trump.
The planned increases would co
On September 5, U.S. President Trump announced a new tariff framework agreement under which the U.S. will apply a baseline 15% tariff on nearly all Japanese imports entering the U.S., alongside separate some sector-specific treatment for automobiles and automobile parts; aerospace products; generic pharmaceuticals; a
On September 5, U.S. Commerce Secretary Howard Lutnick told media that President Trump's trade deals, including the one announced the previous day with Japan, will stay in place despite the ongoing legal challenge to his sweeping tariffs.
After two lower federal courts dismissed the presidential tariffs based on IEEP
On September 3, U.S. President Donald Trump asked the U.S. Supreme Court to quickly make a decision on whether he has the authority to impose his sweeping tariffs following a 7-4 appeals court ruling that rejected the administration’s argument that emergency powers justified steep tariffs set under the International
On September 4, Mexican President Claudia Sheinbaum announced that her government is weighing the possibility of imposing tariffs on imports from countries that do not have trade agreements with Mexico, including China.
The move would be part of “Plan Mexico,” a strategy aimed at strengthening domestic industry in re
On August 29, Statistics Canada announced that Canada's economy shrank much more than expected in Q2 as U.S. tariffs squeezed exports, but higher household and government spending softened the blow somewhat.
The GDP for the quarter that ended June 30 slowed by 1.6% on an annualized basis, while Q1 growth was downward
On August 29, the president of the German Association of the Automotive Industry (VDA) welcomed the European Commission's proposal to reduce EU tariffs on US industrial goods to zero, as announced in August. VDA now expects the US to reduce tariffs on imports of cars and car parts from the EU to 15%, retroactively to
On August 29, the U.S. Court of Appeals for the Federal Circuit, in a 7-4 ruling, held that the law President Trump invoked when he granted his most expansive tariffs does not actually grant him the power to impose those tariffs, making them illegal. “The core Congressional power to impose taxes such as tariffs is ve
On August 29, the U.S. Commerce Department's Census Bureau announced that the U.S. trade deficit in goods widened sharply in July as imports surged, suggesting trade could be a major drag on economic growth in Q3.
The goods trade gap soared 22.1% to USD 103.6 billion in July, widely surpassing the USD 89.45 billion
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