Tariffs News Updates

Prime Minister Mark Carney’s government will lower the tariff-rate quota level for steel imports from countries with which Canada doesn’t have a trade agreement to 20% from 50%.

Treasury Secretary Scott Bessent’s comments come after Trump and Xi spoke on Nov. 24, their first conversation since the two leaders met in Busan, South Korea, in October.

An ongoing row between Japan and China centered around Taiwan threatens to inject fresh tensions into the Trump-Xi relationship and complicate ties.

President Trump’s decision to remove a key tariff on Brazilian coffee and beef may deliver some relief to markets and U.S. consumers who have struggled with soaring prices for the key staples.

President Donald Trump placed a 15% tax on goods imported from Japan. It's a heavy burden for the major U.S. ally, but shipments to the rest of Asia are helping to offset lost sales.

The warming of ties between the U.S. and China have boosted crop prices, with soybeans hovering near the highest levels since June 2024.

The changes to global trade and supply chains driven by factors including technology and geopolitical risks are likely to persist over the long term, according to FedEx CEO Raj Subramaniam.

Canada and its 13 provinces and territories agreed to knock down more hurdles to trading internally, as the country tries to reduce its reliance on the U.S. amid a punishing trade war.

Speaking at the Bloomberg New Economy Forum in Singapore, Raimondo argued that the political cost of unwinding tariffs is too high for any future administration, regardless of party. 

“It will definitely be positive for the cost of logistics,” said Mohammed Akoojee. “Up until now, the trade war has increased the cost of logistics in terms of freight rates and duties.”