Rebuffing President Trump’s tariff regime, India and the EU announced a trade deal on Tuesday aimed at boosting economic ties. The deal from New Delhi and Brussels comes at a time when the US is still trying to establish a trade agreement with India — and shortly after the EU-US agreement almost stalled due to Trump’s pursuit of Greenland.
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Meanwhile, Trump on Monday said he was increasing tariffs on goods from South Korea, accusing the country of “not living up to its Deal” with the US. Tariffs on goods from South Korea will jump back to 25%, from 15%.
Trump’s latest tariff salvo at a US ally came days after he threatened to impose 100% tariffs on Canada over that nation’s trade deal with China, even though he had previously called the agreement “a good thing.”
In a social media post, Trump said of Canadian Prime Minster Mark Carney that if he “thinks he is going to make Canada a ‘Drop Off Port’ for China to send goods and products into the United States, he is sorely mistaken.”
Canada has negotiated a deal to lower tariffs on Chinese electric vehicles, in return for lower import taxes on Canadian farm products. But the Trump administration claims the agreement may run afoul the United States-Mexico-Canada free trade agreement (USMCA) that is scheduled to be renegotiated this summer.
On Sunday, Carney said his country was rectifying some issues that had developed over the past several years, and that Canada was “going back to the future.” He reiterated Canada’s commitment to the USMCA, which includes not pursuing free trade agreements with non-market economies.
The actions continue a string of renewed tariff-based threats from the president. Last week, Trump called off planned tariffs on European nations over his pursuit of Greenland. Trump cited the “framework of a future deal” reached with NATO Secretary General Mark Rutte.
Trump has said the framework deal would give the US “total access” to Greenland, though he has provided few details. Just days earlier, Trump had said the US would implement 10% tariffs on eight European countries that he says are getting in the way of a US purchase of Greenland.
Read more: What Trump promised with his ‘Liberation Day’ tariffs — and what he delivered
LIVE 90 updates
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EU and India clinch major trade deal in rebuff to Trump
India and the EU have agreed on a trade deal, as both countries look to deepen relations and economic ties and offset the impact of President Trump’s tariffs.
The deal between New Delhi and Brussels has been two decades in the making, and it comes at a time when India and the US have failed to agree on a comprehensive trade deal despite months of negotiations. Meanwhile, the EU trade agreement with the US almost stalled last week due to Trump’s pursuit of Greenland.
The India-EU agreement also follows Canada’s trade deal with China, which led Trump to threaten the US’s Canadian neighbors with further tariffs.
Bloomberg News reports:
Read more here.
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South Korea industry minister arrives in Washington to discuss tariff warning
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Starmer and Xi call for deeper ties as Trump shakes up global relations, trade
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Hyundai Motor reports bigger-than-expected profit fall in Q4 as US tariffs bite
Hyundai Motor’s (005380.KS) reported worse-than-expected fourth quarter operating profit on Thursday, as a result of President Trump’s tariffs. The South Korean automaker did forecast higher sales and profit margin, but the recent drop marks the third consecutive decline in quarterly profit for the car maker.
Trump initially hit Seoul with 25% tariffs on imported autos, which were eventually cut to 15% in April following a trade deal agreement. However, this week, Trump threatened to increase tariffs on South Korea back up to 25%, later, Trump told reporters that he hoped the two countries would be able to work something out.
Reuters reports:
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India to slash tariffs on high-end EU cars to 30% in boost for luxury carmakers
Reuters reports:
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Swiss exports to US hit record in 2025, defying Trump’s tariffs
Defying President Trump’s tariffs, Switzerland managed to export a record number of goods to the US last year despite Trump imposing some of his highest tariffs on the country.
Excluding gold, Swiss shipments worth $71.5 billion went to the US in 2025. This represents a 3.9% increase from 2024, according to data published by the Swiss customs office on Thursday.
Bloomberg News reports:
Read more here.
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Wed, January 28, 2026 at 1:23 PM UTC
Trump: ‘We’ll work something out with South Korea’ after tariff threat
President Trump said on Tuesday that the US and South Korea will work toward a solution in response to a question about his threat this week to increase tariffs on imports, including cars, from South Korea to 25%, up from 15%.
The news caused South Korean automaker stocks to fall. Trump said the increase in tariffs was due to Seoul not fulfilling its part in the trade deal the two sides agreed upon last year.
Reuters reports:
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Tue, January 27, 2026 at 4:42 PM UTC
US-India trade deal at ‘very advanced stage’: Indian petroleum minister
The US and India are nearing a trade deal, according to reports from CNBC on Tuesday. India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri told CNBC that negotiations are at an “advanced stage.”
Trade talks between the US and India have been fragile over the last few months. Last year, President Trump hit New Delhi with 25% duties and an added tariff of 25% due to its purchase of Russian oil, which Trump said was helping to fund the war in Ukraine.
India and the EU signed a historic trade deal today, which was two decades in the making, and which some have said is a rebuff to Trump and some of his aggressive tariff policies.
CNBC reports:
Read more here.
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Tue, January 27, 2026 at 9:34 AM UTC
South Korea auto stocks recover from early slump after Trump tariff comments
South Korean stocks started to gain on Tuesday, following a drop after President Trump’s threat to raise tariffs on South Korean goods, including autos, to 25% from 15%.
But despite a small recovery, South Korean automakers were still down at market close. Hyundai Motor (005380.KS) was down 0.8% after falling 4%, Kia Corp (000270.KS) closed down 1% after dropping as much as 6%, and Hyundai Mobis (012330.KS) was 1% down following an earlier loss of 5%.
Reuters reports:
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Tue, January 27, 2026 at 9:08 AM UTC
Canada holds firm on trade pivot as energy minister heads to India
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Mon, January 26, 2026 at 10:14 PM UTC
Trump says he’s increasing tariffs on South Korean goods with country ‘not living up to its Deal’
President Trump on Monday said he was increasing tariffs on goods from South Korea, accusing the country of “not living up to its Deal” with the US.
Trump specifically blamed the South Korean legislature, which he said has been delaying the enactment of the deal. The countries agreed to the deal over the summer and announced key details in November.
“Because the Korean Legislature hasn’t enacted our Historic Trade Agreement, which is their prerogative, I am hereby increasing South Korean TARIFFS on Autos, Lumber, Pharma, and all other Reciprocal TARIFFS, from 15% to 25%,” Trump wrote on Truth Social.
South Korea-based Hyundai (005380.KS) is the largest importer of new vehicles from South Korea into the US.
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Mon, January 26, 2026 at 11:00 AM UTC
G-7 finance ministers to discuss rare rarths
Rare earths will be a key talking point this week at the meeting of Group of Seven finance officials, which will take place in France on Tuesday.
Discussions will focus on supplies of critical raw materials.
The G-7 meeting will include the World Bank and the International Monetary Fund (IMF).
Bloomberg News reports:
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Sun, January 25, 2026 at 9:53 PM UTC
Volkswagen may halt plans for Audi plant in the US unless tariffs are reduced
Volkswagen CEO Oliver Blume told a German newspaper the company will not move forward with an Audi factory planned in the US unless automotive tariffs are reduced, Bloomberg reported Sunday:
Read more here.
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Sun, January 25, 2026 at 5:13 PM UTC
Bessent says Carney ‘trying to virtue-signal to his globalist friends at Davos’
US Treasury Secretary Scott Bessent on Sunday accused Canadian Prime Minister Mark Carney of an “about face” when the country negotiated a trade deal with China. Bessent reiterated President Trump’s threat to impose 100% tariffs on Canada over the China agreement.
Last week, Carney spoke at the World Economic Forum in Davos, Switzerland, on the need for middle powers to join together against aggressive coercion by superpowers. He did not mention any countries by name, but many interpreted his remarks to be a reference to the US, Bloomberg reports.
Bessent also took aim at Carney for his Davos speech: “I’m not sure what Prime Minister Carney is doing here, other than trying to virtue-signal to his globalist friends at Davos,” Bessent said on Sunday.
Read more here.
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Sun, January 25, 2026 at 4:59 PM UTC
Carney emphasizes Canada’s commitment to the USMCA
Prime Minister Mark Carney on Sunday reiterated Canada’s commitment to the United States Mexico Canada trade agreement, Reuters reports, which includes not pursuing free trade agreements with non-market economies.
Carney’s remarks came a day after President Trump’s threat to impose 100% tariffs on Canadian goods because of Canada’s pending trade agreement with China,
Read more here
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Sat, January 24, 2026 at 2:38 PM UTC
Trump threatens 100% Canada tariffs over trade deal with China
President Trump threatened to levy 100% tariffs on goods from Canada over that nation’s new trade deal with China, Bloomberg reports. In a social media post, he referred to Canadian Prime Minister Mark Carney as “Governor Carney” — a likely reference to Trump’s stated desire to make Canada the 51st US state.
Read more here.
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Fri, January 23, 2026 at 1:29 PM UTC
EU to suspend retaliatory trade package against US for 6 months
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Fri, January 23, 2026 at 11:55 AM UTC
Taiwan president: We looks forward to more chip investment in Arizona
Taiwan’s President Lai Ching-te said on Friday that his country is looking forward to even more semiconductor investment in Arizona. Taiwan Semiconductor Manufacturing Company (TSM), the world’s largest chipmaker and producer of advanced chips, has already invested $165 billion in Arizona’s Phoenix factories.
Reuters reports:
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Fri, January 23, 2026 at 9:09 AM UTC
In Davos debut, Musk says US tariffs make solar power a challenge
Elon Musk hit back at President Trump’s tariffs during his Davos appearance on Thursday by saying that tariffs make solar power a challenge.
The Tesla (TSLA) CEO explained that “tariff barriers for solar are extremely high.”
Musk, who was interviewed by BlackRock (BLK) CEO Larry Fink, has not always been a fan of the World Economic Forum and, in the past, has called the meeting “elitist.”
Reuters reports:
Read more here.
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Fri, January 23, 2026 at 9:00 AM UTC
Cholula sauce maker McCormick forecasts weak annual profit on tariffs, higher input costs
