On October 29th local time, the upgraded EU-Ukraine DCFTA came into effect, restricting EU imports of sensitive agricultural products, adding safeguard clauses, and stipulating production standard coordination. On October 13th, the European Council passed a resolution to reduce/eliminate tariffs on Ukrainian dairy, fresh produce, meat, from a June 30, 2025 preliminary agreement for a long-term mutually beneficial trade framework.

Takashi Hayao, President of Japan's Liberal Democratic Party, was elected the 104th Prime Minister of Japan. Japan faces complex economic challenges: persistent inflation, fiscal-monetary dilemmas, uncertain US-Japan negotiations, and yen depreciation risks. His economic policies face doubts from markets and economists, with unclear effectiveness in resolving structural issues.

Sri Nivasan (IMF Asia Pacific Director) says Asian economies should strengthen regional integration amid trade tensions (APEC helps); IMF forecasts Asia's 2025 growth at 4.5%, 2026 at 4.1%, driven by lower tariffs, strong exports, macro policy support and favorable financial environment.

Brazil and US delegations met (ASEAN summit) to discuss US tariffs on Brazilian products. Lula and Trump are optimistic about a trade agreement; talks cover key minerals/rare earths. Brazil aims to finalize negotiations soon, with US shifting stance over tariff impacts and mineral interests. Bolsonaro's appeal and past tariff ties are mentioned.

On 26th, US President Trump signed trade and key mineral agreements with Malaysia, Thailand, Cambodia, Vietnam during the 47th ASEAN Summit. The deals cover tariffs, supply chains, labor/environment, with flexible, limited legal binding. Southeast Asian media note leniency, experts highlight uncertainty; agreements tie to China competition, ASEAN remains cautious not to take sides.

A European credit rating agency downgraded the US sovereign credit rating from "AA" to "AA-" due to deteriorating public finance (high deficit, rising debt) and declining governance (executive power concentration, policy uncertainty). The outlook is stable, and the agency was recognized by the ECB in 2023.