Geopolitical tensions

Total: (Last update: November 07, 2025)

• United States President Trump has announced a trade deal with Uzbekistan via Truth Social. An official notice is pending. (07/11/2025)
• United States announced agreements with pharmaceutical manufacturers Eli Lilly and Company and Novo Nordisk to reduce prices of major drugs in the U.S. under a “most‑favored‑nation” (MFN) pricing approach. (06/11/2025)
• China confirmed the suspension of the March tariff measures on U.S. goods, effective November 10, 2025. These included the 15% tariffs on chicken, wheat, corn, and cotton (Annex 1) and the 10% tariffs on sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products. (05/11/2025)
• China confirmed retaining the 10% tariffs on U.S. goods, while suspending the previously announced 24% for a year, effective November 10, 2025. (05/11/2025)
• China suspended the U.S.-related Unreliable Entity List and Export Control List measures announced on March 4 and April 4 for one year, effective November 10, 2025. (05/11/2025)
• United States announced reducing the tariffs on fentanyl-related products to 10%, effective November 10, 2025 (down from 20%) and maintaining the reciprocal 10% tariff rate until November 10, 2026. Selected export control measures will be suspended for a year. (01/11/2025)
• United States published Customs Guidance on Section 232 duties on Medium- and Heavy-Duty Vehicles (MHDVs), Medium- and Heavy-Duty Vehicle Parts (MHDVPs) and buses, effective November 1, 2025.
• United States and the Republic of Korea reached a reciprocal tariff agreement (15%), linked to major Korean investments and U.S. energy purchases. The White House has confirmed the investment commitments (Fact Sheet). (29/10/2025)
• United States published the United States-Japan Framework for securing the supply of critical minerals and rare earths through mining and processing. (27/10/2025)
• United States announced new MoUs on critical minerals cooperation and investment with Thailand and Malaysia, aimed at diversifying global supply chains. (26/10/2025)
• United States concluded Framework Agreements on Reciprocal Tariffs with Thailand (19% tariffs) and Viet Nam (20% tariffs). (26/10/2025)
• United States announced an Agreement on Reciprocal Tariffs with Malaysia, maintaining reciprocal tariffs at 19%. The U.S. will apply 0% tariffs on Malaysian-origin products listed in Schedule 2 of Annex 1, while Malaysia will apply customs duties on U.S.-origin goods as specified in Schedule 1 of Annex 1, along with other market access conditions detailed in the agreement—as outlined in the Annexes and Appendix. (26/10/2025)
• United States announced an Agreement on Reciprocal Tariffs with Cambodia, maintaining reciprocal rates at 19%. The U.S. will apply 0% tariffs on Cambodian-origin products listed in Schedule 2 of Annex 1, while Cambodia will apply customs duties on U.S.-origin goods as specified in Schedule 1 of Annex 1, along with other market access conditions detailed in the agreement. (26/10/2025)
• United States President Trump announced an additional 10% tariff on Canada over an anti-tariff advertisement, 48 hours after announcing that the trade talks with Canada are terminated. (25/10/2025)
• United States initiated Section 301 investigation of China’s implementation of the Phase One Agreement. (24/10/2024)
• 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 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)

Russian invasion of Ukraine 

Total: (Last update: April 25, 2025)

• United Kingdom introduced a new trade sanctions package against Russia including business software restrictions, technology controls and additional export and import prohibitions. (24/04/2025)
• Belarus implements an export prohibition of 253 foreign-made product categories, including household appliances, vehicles, clothing and medical clothing. (24/03/2025)
• European Union adopts 16th package of sanctions against Russia, including an import quota on primary aluminium. (25/02/2025)
• Japan updates export ban to 335 industrial products that contribute to strengthening the industrial base of Russia (23/01/2025)
• Belarus extends import ban on additional industrial and household items until December 2024 (28/08/2024)
• United States introduces import ban on low-enriched uranium from Russia. (11/08/2024)