It has been over 100 days since the US-EU tariff agreement reached in Scotland on July 27. The US imposes 15% tariffs on most EU goods, hitting German exports (down to 2021 low vs US) and industries like automotive (VW, Mercedes-Benz profits plunge), machinery, chemical. German economy stagnates, EU has internal criticism, and agreement details have disputes.

At the Shanghai CIIE, Argentine businesses (including 13 meat firms) highlight strong China-Argentina trade ties (China is Argentina's largest trading partner). The Argentine business community dismisses US pressure to "push China out", emphasizing mutual complementarity and interdependence. Argentina aims to expand meat exports to China amid its growing middle class, viewing CIIE as a key platform.

A DIHK survey shows Germany's economy hasn't recovered despite government reforms. It covers 23,000 firms, with low business confidence, sluggish investment/employment. Forecasts: stagnation this year, 0.7% weak growth next year. DIHK's Melnikov calls for faster burden reduction and structural reforms.

On September 25, 2025, Korea issued a positive final anti-dumping ruling on Thai particleboard, recommending 13.03-15.18% duties for 5 years (tax number 4410.11.1000). It also noted the 2024 investigation, 2025 preliminary ruling and temporary duties.

On Nov 5, European Council reached agreement on amending European Climate Law, updated 2035 emission reduction targets, maintained 2040 net GHG cut by 90% from 1990, approved updated NDC target, and introduced measures like carbon credits offsetting.

On October 29, 2025, India’s Ministry of Commerce and Industry issued a positive final ruling on the second anti-dumping sunset review of Chinese-origin FKM (fluororubber), recommending 5-year continued anti-dumping duties (USD1.04-8.86/kg) for specific Chinese manufacturers. It also recaps prior related investigations.

On Nov 4, 2025, Mexico's Ministry of Economy initiated the 5th sunset review of anti-dumping investigations on seamless steel pipes from Japan. The dumping period is Jul 1,2024-Jun30,2025, injury period Jul1,2020-Jun30,2025, involving specific TIGIE tax numbers. Mexico first launched the probe in 1999, imposed 99.9% duty in 2000, and extended it via 4 previous sunset reviews.

On November 4th local time, Iraqi Prime Minister Saddam Hussein ordered to halt imports of gasoline, diesel and kerosene as Iraq's production meets domestic consumption needs.

Late October rainfall in India damaged crops (soybeans, cotton etc.), reducing yield/quality and farmers' income. Combined with long-term debt, farmers face hardships. US-India trade talks are deadlocked over agriculture; Modi government won't compromise to protect farmers' livelihoods.

On October 31st, Zhao Zenglian (Deputy Director General of China Customs) met Dimi Dooley (Ireland's Minister of State for Agriculture, Food and Maritime Affairs) and his delegation. They discussed deepening China-Ireland Customs inspection quarantine cooperation and promoting safe, convenient agricultural & food trade. Irish Ambassador O'Brien attended.

On September 29, 2025, Morocco terminated the second sunset review investigation of anti-dumping measures on Danish-origin insulin (effective Oct 1, 2025) and decided not to continue the measures, responding to the applicant's withdrawal request. Relevant background includes past investigations, duties, and price commitments.

On Oct 29, the Federal Reserve cut the federal funds rate target range by 25bps to 3.75-4.00% (5th cut since Sep 2024). Powell said Dec rate cut is not certain. US economy has moderate growth, slowing job growth, high inflation. 10 FOMC members voted for the cut. Analysts have different future rate cut predictions.

India's electronics exports grow rapidly (42% YoY in H1, $15.6B→$22.2B) driven by PLI, with nearly half from Apple iPhone (India is Apple's 2nd largest manufacturing base). Petroleum exports decline (FY2023 $97.4B→FY2025 $63.3B). Electronics manufacturing faces 80%+ component imports (mostly China) and weak R&D.

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.