China’s September exports saw an 8.3% increase year-over-year, reaching $328.5 billion, but exports to the United States fell by 27% for the sixth consecutive month. Imports also grew, reaching 7.4%, although the domestic economy faces challenges. Amidst escalating trade tensions, including threats of tariffs and export controls from both sides, a potential meeting between U.S. and Chinese leaders is now at risk. China is expanding markets to Southeast Asia, Latin America, and Africa to counter pressure from U.S. policies.
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In response to the U.S.’s imposition of fees on Chinese vessels, China will begin charging U.S. ships docking at its ports starting October 14th. The Ministry of Transport stated these fees are a direct countermeasure, mirroring the U.S. policy. China will charge $56 per net ton, matching the U.S. rate, with plans to increase fees over time. While this will likely impact costs for U.S. consumers and potentially decrease export demand, it is unlikely to benefit U.S. shipbuilding due to China’s dominant market share.
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U.S. wine exports to Canada have plummeted, with a staggering 96.8% drop in June 2025 compared to the previous year. This decline follows similar collapses in May and April, resulting in a significant loss of nearly $130 million in wine sales for the first half of the year. The situation is attributed to a “buy local” movement in Canada, fueled by trade tensions and President Trump’s remarks about potentially making Canada a U.S. state. While whiskey exports have also been affected, the fine wine industry in America faces particularly acute losses, potentially suffering an additional $240 million if current trends persist.
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India has declined a U.S. offer to purchase F-35 fighter jets, preferring joint design and domestic manufacturing instead of direct acquisitions. This rejection comes amid increasing trade tensions, particularly due to the U.S.’s proposed tariffs on Indian goods, prompting India to seek ways to reduce its trade surplus with Washington. Despite the rejection of the F-35, a strategic shift towards self-reliance in defense, diplomatic channels remain open, with India still planning to host a Quad leaders’ summit. The government’s focus remains on its “Make in India” initiative, prioritizing technology sharing and production within India for future military collaborations.
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Following a May 2025 agreement in Geneva to reduce import tariffs by 115 percentage points, China accuses the U.S. of violating the deal through recent actions, including AI chip export controls and visa restrictions. The Chinese Commerce Ministry asserts that China fulfilled its obligations, while the U.S. has unilaterally escalated trade tensions. China threatens further retaliatory measures, creating uncertainty in global markets and jeopardizing established supply chains. Further talks have not been scheduled, although a phone call between Presidents Trump and Xi is anticipated.
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Finance Minister Katsunobu Kato stated that Japan’s substantial holdings of U.S. Treasuries could be leveraged in trade negotiations with the Trump administration. While acknowledging this option, Kato did not confirm its use, noting that various factors would influence the decision. Japan, the largest foreign holder of U.S. government debt, faces potential economic harm from impending U.S. tariffs on vehicles and auto parts. The possibility of selling Treasuries is being considered amidst escalating trade tensions and concerns about the stability of U.S. government bonds.
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Amidst escalating trade tensions, China’s state media rebuked the US for its complaints, arguing that American economic practices, including excessive consumption and outsourcing, have resulted in an unsustainable lifestyle. Beijing announced better-than-expected economic growth in the first quarter, although officials acknowledged upcoming pressure from US tariffs. The conflict continues, with both sides employing retaliatory measures, including restrictions on airline purchases and postal services, despite a pause in recent tariff increases. China maintains it is unwilling to yield to US demands but is prepared to defend its interests.
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In response to US tariffs on steel and aluminum, the EU implemented €22 billion in retaliatory tariffs on various US goods, with only Hungary dissenting. These duties, ranging from 10-25%, will be phased in throughout the year, targeting products such as tobacco, motorcycles, and poultry. The decision follows rejected negotiations with the US, and the EU anticipates further retaliatory measures if a trade agreement isn’t reached. These escalating tariffs reflect growing global trade tensions fueled by protectionist policies.
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Following the imposition of new US tariffs, Chinese officials, including Vice-Minister of Commerce Ling Ji, convened a meeting with over 20 US companies, including Tesla and GE Healthcare. The meeting aimed to encourage these firms to advocate for a resolution to the trade war and stabilize global supply chains. China framed its retaliatory tariffs as defensive measures protecting all businesses, including American ones, while urging US compliance with multilateral trade rules. The gathering, attended by representatives from various sectors, underscores China’s efforts to mitigate economic fallout and reassure investors amidst escalating trade tensions.
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Former President Trump recently criticized the US’s energy imports from Canada, despite having personally negotiated the USMCA trade deal in 2018 that allows this energy flow. This agreement, replacing NAFTA, was lauded by the Trump administration as a significant win for American workers and businesses. Trump’s current complaints come amidst renewed trade tensions with Canada, including threatened tariffs on Canadian steel and aluminum. The USMCA is set for renewal in 2026.
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John Q. Hosedrinker