It is too soon to hold a funeral for US tariffs
Import duties are a far bigger deal in next week’s midterms due to their association with an unpopular president
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Import duties are a far bigger deal in next week’s midterms due to their association with an unpopular president
Euronews Business takes a closer look at how Europe’s petroleum oil import bill has risen amid tensions in the Middle East - and experts do not expect costs to fall in the near future.
Korea will ease export restrictions currently imposed on diesel starting in November on condition that domestic supply remains stable, the industry ministry said Thursday. The Ministry of Trade, Industry and Resources said the government will allow diesel exports of up to 110 percent of the volume recorded in the same month a year earlier, up from the current cap of 100 percent.
The higher cap will apply only when oil refiners fulfill their domestic supply obligations and maintain adequate inventories, the ministry added. Korea adopted export restrictions on fuel products when it implemented the oil price cap system in March to maintain stable domestic supply. Local oil refiners have recently called for such restrictions to be eased.
The industry ministry said crude supplies remain stable, citing crude import volumes for October and November equivalent to at least 100 percent of last year's monthly average. "With tensions in the Middle East lingering, the government will closely monitor the supply of petroleum products and immediately reinstate the previous cap should further supply conce
The surge follows a May decision by the Directorate General of Foreign Trade to move certain categories of silver to the restricted list, requiring importers to obtain authority's licences.
South Korea's business sentiment rose to a more than four-year high in October, driven by solid confidence in manufacturing and an improved outlook in nonmanufacturing, a central bank survey showed Thursday. The Composite Business Sentiment Index (CBSI) for all industries stood at 104.2 in October, up 5.1 points from the previous month, according to data from the Bank of Korea (BOK).
The reading marked the highest level since August 2022, when the index recorded 105.5 after the COVID-19 pandemic. The index measures corporate outlooks on overall business conditions, with a reading below 100 indicating that pessimists outnumber optimists. "Increased investment and production in major sectors, including semiconductors, automobiles and shipbuilding, boosted related upstream industries," a BOK official said.
"A strengthening Korean won also helped local firms ease the financial burden of purchasing imported raw materials." The CBSI among manufacturers climbed 6.1 points on-month to 105.6 in October, marking the highest point in more than four years since June 2022, when the reading stood at 10
South Korea increased imports of Russian coal by 34% from January to August, up 34% from the same period in 2025, energy think tank CREA said. It attributed the 18 million metric ton rise to increased coal-fired power generation to offset nuclear power losses following the expiration of reactor licenses.
South Korea ranked fourth among destinations for Russian coal exports.
According to Reuters, US goods trade deficit widened from $2.8 billion to $134.9 billion in September. While imports of goods increase $8.1 billion to $344.1 billion, goods exports climbed from $5.3 billion to $209.2 billion.
Pakistan’s gas mess: LPG prices soar, imported LNG piles up and the debt bill keeps growing The Times of…
A pending increase in U.S. tariffs on steel and auto imports from Canada starting Jan. 1 would be 'catastrophic' for the industry, a Honda Motor executive said on Tuesday.
The finance ministry has also tightened compliance for the scrap trade, simplified interstate GST norms for e-commerce sellers, and expanded e-invoicing to service imports.
The privatization of Korea Aerospace Industries (KAI) could gain momentum as the state-run Export-Import Bank of Korea (Eximbank) commissions a 1.8 billion won ($1.36 million) consulting project and the Fair Trade Commission (FTC) highlights the benefits of stronger competition among major defense companies. Although Eximbank and KAI have expressed reservations about a change in ownership, KAI’s slower growth compared to its defense industry peers, despite a boom in arms exports, is fueling calls for privatization.
Eximbank is KAI’s largest shareholder, with a 26.41 percent stake. According to Rep. Ahn Sang-hoon of the main opposition People Power Party and other sources, Eximbank recently selected AT Kearney as the preferred bidder for the consulting project and is proceeding with the subsequent steps.
The project will examine ways to strengthen Korea’s aerospace industry and foster global anchor companies. Reports that the project was initiated at the government’s request have also sparked controversy. On Oct. 20, KAI CEO Kim Jong-chool said the company’s ownership structure
Hanwha Group’s potential acquisition of Korea Aerospace Industries (KAI) could give the country’s aerospace and defense industry a much-needed boost in the global market, as privately owned defense firms have significantly outpaced their state-backed rival in sales growth. Yet transferring control of a strategically important company to a private conglomerate would also raise questions over national security, market concentration and the public investment underpinning its technological achievements.
KAI has remained under state ownership since its establishment in 1999, with the state-run Export-Import Bank of Korea as its largest shareholder, holding a 26.41 percent stake. Hanwha is the second-largest shareholder, with a 15.89 percent stake. KAI’s relatively modest growth compared with private-sector defense counterparts highlights the potential benefits of a change in ownership.
Lagging behind other private defense firms, KAI’s annual sales reached 3.69 trillion won ($2.79 billion) in 2025, inching down from 3.81 trillion won in 2023. Over the same period, LIG Defense & Aerospac
Donald Trump’s tariffs on steel imports have kicked off a bonanza for steel producers in the US, including BlueScope. They’re a pain for the wider economy.
The U.S. government is granting visas to Flávio Bolsonaro and his family following his defeat in Brazil's presidential election, a senior Trump administration official tells Axios.Why it matters: The move comes days after Brazil President Luiz Inácio Lula da Silva defeated Bolsonaro, the son of former President Jair Bolsonaro, in a closely watched election.Driving the news: Following the election, Brazil's Supreme Court ordered Bolsonaro on Monday to surrender his passports and barred him from leaving the country.The order relates to an ongoing investigation into alleged money laundering.
Bolsonaro has denied any wrongdoing.Trump administration officials said they would not comment further until the Bolsonaro family is safely in the United States.The big picture: President Trump and his administration have repeatedly backed the Bolsonaro family, with the president denouncing the prosecution of the elder Bolsonaro as a "witch hunt."Jair Bolsonaro was convicted last year by Brazil's Supreme Court of plotting a coup to overturn the 2022 election and sentenced to a 27-year prison sentence, though he remains under house arrest due to health problemsTrump's administration has targeted Brazilian Supreme Court Justice Alexandre de Moraes, who oversaw the prosecution, with visa restrictions and, separately, sanctions that were later lifted.The Trump administration also imposed steep tariffs on Brazilian imports in 2025, escalating tensions between Washington and Brasília.Go deeper: Brazil's election ignites MAGA's midterm warningsEditor's note: This story has been updated with additional information throughout.
President Trump applauded Quebec's new separatist premier Tuesday, continuing to jab at Ottawa despite fragile trade talks that seemed to be gaining momentum. The big picture: Even as Trump's top economic adviser suggested a deal to ease the ongoing trade war is possible, the president has continue to antagonize Canada.The U.S. recently accused Canada of trying to influence American elections through retaliatory tariffs, which Canadian officials have denied.Meanwhile, Trump's continued to antagonize Canada from the campaign trail, saying at a Mississippi stop Monday that it was "charging us massive tariffs" and has "treated us badly."Driving the news: In a brief shoutout Tuesday, the president congratulated Paul St-Pierre Plamondon for his win some three weeks ago.While a recent vote stymied an Albertan separatist push, St-Pierre Plamondon has vowed to hold Quebec's third referendum on independence, though he's said it wouldn't happen until after Trump leaves office.St-Pierre Plamondon's center-left Parti Québécois won 60 of 127 seats, leaving it four short of a majority.
It would likely need support from a fellow separatist party to advance a referendum.Prime Minister Mark Carney has emphasized the importance of Canadian unity as the nation faces unprecedented hostility from the American president.Trump shared an Irish Times article that framed the Quebec vote as a "blow to Mark Carney" that could "hamper" his "efforts to maintain national unity against Trump."Zoom out: Trump on Tuesday also congratulated British Columbia's premier-designate, Lorne Doerkson, after his Conservatives swung the province rightward."Conservatives are moving strong in Canada!" the president wrote.
Doerkson, however, has rejected suggestions that he's aligned with the president, similar to St-Pierre Plamondon.Friction point: The U.S. Embassy in Canada last week accused Canadian leaders of trying to influence American politics with reciprocal tariffs on politically important products and states in the U.S.The White House did not immediately respond to Axios' request for comment.The intrigue: White House economic adviser Kevin Hassett said in a Fox interview Sunday that negotiations with Canada have "picked up" and are "gathering steam."Carney told reporters Monday trade talks had intensified slightly since the talks last fell apart in August.Midterm politics are complicating Trump's tariff agenda, Axios' Courtenay Brown reports.
Last week, the the White House exempted certain Canadian imports from 50% tariffs following pressure from Sen. Susan Collins (R-Maine).Collins pledged to seek to seek further tariff relief and encourage a broader trade agreement with Canada.The bottom line: Trump relationship with Canada has been tumultuous — rattled by trade tensions and the president's persistent "51st state" threats.Go deeper: Trump's Canada feud collides with Alberta's separatist vote
Higher MSPs, firm edible-oil demand and expanded use of improved seed varieties are expected to push mustard acreage to a record 9.5 million hectares in 2026-27. Even with unchanged yields, higher sowing could lift production, helping India reduce its heavy dependence on edible-oil imports.
Leftover cooking oil is attracting the attention of state-owned majors as an alternative feedstock.
A bipartisan group of US lawmakers have warned American banks, port authorities and fuel-industry groups against facilitating imports of Russian diesel, raising the prospect of congressional investigations and legal action over President Donald Trump’s decision to ease restrictions on Russian fuel.
Removing tariffs on more than 100 products, including gherkins and baked beans, was one of five measures announced this morning before tomorrow’s budgetIt is not just gherkins where the Treasury is cutting import tariffs. (See 9.07am.) Here is the lists from the Treasury of mostly food imports where tariffs are being cut.Garlic (8% + £100 per 100 kg)Gherkins (12%)Yes, I do.
We certainly stand taller in the world. The terrible projections of doom as to what would happen to our financial sector etc haven’t happened. Our growth rates are higher than our European competitors. Our exports, particularly of services to the European Union, have actually rocketed.
And we’ve now got more trade deals and more options around the rest of the world.Five months ago, Andy Burnham says … I’m not going to reopen these arguments.Two-and-a-half years ago, a Labour government got a massive majority in parliament saying we will not be re-entering the single market, the customs union, or opening up a debate on the free movement of people.
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Stelco's Hamilton operations steel production facility is pictured from across the Hamilton Harbour in Burlington, Ont., on Friday, Oct. 9, 2026. THE CANADIAN PRESS/Nick Iwanyshyn
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