Geopolitical tensions

Total: (Last update: October 21, 2025)

• United States President Trump has threatened new tariffs on Colombian imports amid rising tensions over drug policy and deportation issues, though no formal measures have been implemented. (21/10/2025)
• United States President Trump has announced the possibility of imposing 100% additional tariffs on Chinese imports if no trade deal is reached by November 1, 2025. (21/10/2025)
• United States has announced the results of its Section 301 investigation, finding that Nicaragua’s labor and human rights practices are unreasonable and proposing trade sanctions—including tariffs and suspension of CAFTA-DR benefits. Pending public comment by November 19, 2025. (21/10/2025)
• United States announced Section 232 tariffs on imports of trucks and parts (25%) and buses (10%), effective November 1, 2025. (17/10/2025)
• China announced countermeasures on U.S. Section 301 Ships Action, against five U.S.-related Subsidiaries of Hanwha Marine Co., Ltd, prohibiting organizations and individuals in China from conducting related transactions, cooperation and other activities with them. Effective October 14, 2025. (14/10/2025)
• United States published customs guidance on Section 232 import duties on timber, lumber, and their derivatives, effective October 14. It includes the list of products subject to the tariffs along with rates for all countries, the European Union, Japan, and the United Kingdom. Additionally, Annex II of Reciprocal Tariffs was updated to remove 158 Chapter 44 subheadings from the exceptions list. The corresponding Proclamation dated September 29 mentions increased rates for certain products from January 1, 2026. (10/10/2025)
• United States announced the second agreement with a major pharmaceutical company, AstraZeneca, to bring American drug prices in line with the MFN prices, pursuant to the Executive Order dated October 10, 2025. (10/10/2025)
• United States announced modifications to certain aspects of Section 301 ship action. (10/10/2025)
• China announces a “special port service fee” on U.S.-affiliated vessels docking in Chinese ports, effective October 14, with rates escalating over subsequent years. (10/10/2025)
• China adds 14 foreign entities to its Unreliable Entity List, primarily U.S. defense and technology companies (anti-drone, intelligence, analytics) and TechInsights with global affiliates, imposing prohibitions on trade, investment, cooperation, and data transfers. (09/10/2025)
• China announces export controls on (i) rare earth equipment and raw materials related items; (ii) medium and heavy rare earth-related items; (iii) certain items related to superhard materials; (iv) lithium batteries and artificial graphite anode materials; and (v) rare earth-related technologies. (09/10/2025)
• China imposed new export licensing requirements on rare earth products, including extraterritorial controls on Chinese-origin content and technologies, with restrictions on military/AI/semiconductor end-uses. (09/10/2025)
• European Union announced a draft regulation to protect EU steel industry from unfair impacts of global capacity, proposing to limit tariff-free import volumes to 18.3 million tons a year, double the level of out-of-quota duty to 50%, and introduce a Melt and Pour requirement to prevent circumvention. (07/10/2025)
• United States published customs guidelines on the new fees for vessels owned, operated, or built in China, and for all foreign-built vehicle carrier vessels, effective October 14, 2025. (03/10/2025)
• United States announced the first agreement with a major pharmaceutical company, Pfizer, to bring American drug prices in line with the MFN prices, pursuant to the Executive Order dated September 30, 2025. (30/09/2025)
• United States announced 100% tariffs on movies made outside the country. (29/09/2025)
• China amends its International Maritime Transport regulations. (29/09/2025)
• China added 3 U.S. companies to its Unreliable Entity List and 3 U.S. entities to its Export Control List. (25/09/2025)
• China announced an investigation into trade and investment barriers to relevant China-related restrictions in Mexico. (25/09/2025)
• China launches an anti-dumping investigation into imported pecans originating in Mexico and the U.S. (25/09/2025)
• United States launched Section 232 national security investigations into (i) robotics and industrial machinery and (ii) personal protective equipment (PPE), medical consumables, and medical equipment including devices. (25/09/2025)
• United States published guidance in the Federal Register and CBP notices implementing the U.S.–EU Framework Agreement, amending the HTSUS to adjust tariffs on EU-origin products, including automobiles and parts, cork and other unavailable natural resources, aircraft and aircraft parts, and generic pharmaceuticals with their ingredients and precursors. (24/09/2025)
• Türkiye announced it is lifting tariffs on U.S. goods that were originally imposed in 2018 in response to U.S. measures on Turkish steel and aluminum. (22/09/2025)
• United States issued updated CBP guidance on the U.S.–Japan Agreement pursuant to EO 14345: a 15% baseline tariff applies to nearly all Japanese imports, with sector-specific treatment for autos, aerospace, generic pharmaceuticals, and certain natural resources. The measure is retroactive to imports entered on or after August 7, 2025. (16/09/2025)
• Mexico announced a planned increase in tariffs on imports from countries with which it has no FTA, as part of the 2026 Economic Package. An official notice is pending. (09/09/2025)
• United States amended the scope of the reciprocal tariff by updating Annex II (exclusions), adding some products and removing others, pursuant to a new Executive Order. (05/09/2025)
• Canada removed counter-tariffs on U.S. goods, except steel, aluminum, and autos. Effective September 1, 2025, it lifted 25% duties covering $14.2 billion in trade imposed on March 13 and $30 billion imposed on March 4 (01/09/2025)
• United States published CBP guidance pursuant to EO 14329 (“Addressing Threats…”), effective August 27, 2025: most imports from India face an additional 25% duty, with certain exemptions including products covered by Annex II of EO 14257. (25/08/2025)
• United States updated the HTS list under Section 232 to include additional steel derivative products, effective August 18. (15/08/2025)
• United States updated the HTS list under Section 232 to include additional aluminum derivative products, effective August 18. (15/08/2025)
• United States initiated Section 232 investigations into imports of wind turbines. (13/08/2025)
• United States and China have announced a 90-day extension of the tariff suspension, extending the deadline to November 10, 2025. (12/08/2025)

Russian invasion of Ukraine 

Total: (Last update: October 22, 2025)

• European Union energy ministers approve a stepwise prohibition on both pipeline gas and liquefied natural gas (LNG) imports from Russia starting January 1, 2026, with a full ban to apply from January 1 2028. (20/10/2025)
• United Kingdom announces a new sanctions package against Russia, including banning imports of oil products refined in third countries using Russian-origin crude oil. (16/10/2025)
• European Union publishes origin guidance on the ban of refined products obtained from Russian crude oil starting January 16, 2026. (16/10/2025)
• Russia extends fuel export ban until end of 2025. (16/10/2025)
• Russia removes 5% tariff on imports of petroleum products until mid-2026. (16/10/2025)
• Kyrgyzstan bans exports of crude oil and petroleum products. (08/10/2025)
• European Union adopts 18th package of trade sanctions against Russia including refined petroleum oil products  ban via third countries, lowered price cap for Russian seaborne crude oil from $60 to $47.6 per barrel, and expanded export ban list with high-technology items such as computer numerical control (CNC) machines and constituent chemicals for propellants. (18/07/2025)
• Serbia suspends all exports of weapons and military equipment manufactured in Serbia. (25/06/2025)