Latest news on trade tariffs
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Trump threatens higher tariffs on South Korea
Trump threatens higher tariffs on South Korea
Washington, 26 January (Argus) — President Donald Trump on Monday threatened to raise the tariff rate on imports from South Korea to 25pc from 15pc, citing the country's lack of progress on ratifying a trade deal with the US. "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 15pc to 25pc," Trump posted on his social media platform. South Korea was among the top US trading partners that committed to a trade agreement with the US to lower tariffs. Seoul promised $20bn/yr of cash investment in US manufacturing capacity, as well as purchases of 3.3mn t/yr of US LNG. The two countries also agreed to cooperate on shipbuilding. Trump as a result capped tariffs on imports from South Korea at 15pc. The White House has not released any executive order backing Trump's South Korea tariff threat, nor did it immediately provide other details. Trump's ability to quickly levy tariffs on South Korea and other trading partners is under review at the US Supreme Court, which is expected to issue a ruling soon. Trump's administration has not issued major tariff decisions in recent months, despite Trump's threats to do so. Trump earlier this month threatened to impose a 25pc tariff on US imports from countries doing business with Iran, but no decision has been made. Trump on 17 January threatened to impose a 10pc tariff on imports from the UK and seven EU members, which pushed back against his bid to annex Denmark's Greenland territory. Trump on 21 January withdrew that tariff threat after a slide in US stock and financial markets. Trump on 24 January threatened to impose a 100pc tariff on all goods imported from Canada if it signed a trade deal with China. Canada is a major source of the US' lumber imports, but South Korea is not. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US tariff threat may put Canadian scrap at risk
US tariff threat may put Canadian scrap at risk
Pittsburgh, 26 January (Argus) — US president Donald Trump's threat to impose 100pc tariffs on imports from Canada may disrupt aluminum and ferrous scrap flows to US consumers who rely on their northern neighbor to supplement domestic feedstock sources. Trump threatened the tariff against all imports from Canada on 24 January if Ottawa concludes a trade deal with Beijing. It is unclear if ferrous and non-ferrous scrap metal compliant with the US-Mexico-Canada trade agreement (USMCA) would remain exempt from the new tariffs, if they were imposed. The White House did not respond to a request for additional details and has not released an executive order backing Trump's Canada tariff threat, nor has it explained which Canada-China trade deal he was referencing. USMCA-compliant imports were exempt from the 35pc tariff the US government imposed on some Canadian imports on 1 August. Uncertainty will remain a concern for US steel and aluminum makers and Canadian scrap shippers until the new tariff rate officially goes into effect through an executive order. Canada is a major shipper of ferrous and aluminum scrap to the US. The country shipped 396,000t of aluminum scrap to the US from January through October 2025, accounting for nearly 55pc of imports, US Commerce Department data show. The second-largest supplier to the US, Mexico, shipped 223,000t in the same period. Canada also supplied 63pc of the 2.2mn t of ferrous scrap the US imported from January through October. The country was the second-largest shipper of prime scrap to the US after Mexico, with 444,000t during the same period. By Brad MacAulay and Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Compliance with US demands won’t buy safety: Carney
Compliance with US demands won’t buy safety: Carney
Calgary, 21 January (Argus) — In a speech widely seen as a rebuke of President Donald Trump's aggressive global trade and military policy, Canadian prime minister Mark Carney called on other smaller countries to cooperate with one another rather than give in to coercion. "Great powers have begun using economic integration as weapons, tariffs as leverage, financial infrastructure as coercion, supply chains as vulnerabilities to be exploited," Carney told world leaders gathered at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday. Individual countries like Canada and European nations — which Carney referred to as "middle powers" — lack the economic heft to defy these larger powers. "The middle powers must act together, because if we're not at the table, we're on the menu," he said. Carney did not mention Trump or the US by name in his speech, but the meaning was clear in the European setting amid Trump's repeated threats of annexing Denmark's Greenland territory. "We are in the midst of a rupture, not a transition," said Carney, repeating language he has often used domestically. Canada was among the first countries to be targeted by US tariffs last year and a pattern of on-again, off-again trade talks have persisted between the two long-time trading partners. Carney has vowed to double Canada's non-US exports to pivot away from its neighbor, which includes striking a deal in China last week and calling that country "more predictable". Now with most countries threatened by US tariffs, and some threatened by annexation, including Canada, Carney is calling on others to resist the temptation to capitulate and instead draw a line in the sand. "There is a strong tendency for countries to go along to get along, to accommodate, to avoid trouble, to hope that compliance will buy safety. Well, it won't," said Carney. Trump shot back at Carney during his own Davos address on Wednesday. "I watched your prime minister yesterday, he wasn't so grateful," Trump said. "But they should be grateful to us, Canada. Canada lives because of the United States. Remember that, Mark, the next time you make your statements." Trump on Wednesday walked back plans to impose a 10pc tariff on imports from the UK and seven EU members over their position on US ownership of Greenland, citing a "framework" of a future deal being achieved. Carney has hit back at the US with counter tariffs of its own, but has also relented at times. Canada in June 2025 rescinded a digital sales tax that would have collected revenue from the US' largest tech companies, after US secretary of commerce Howard Lutnick said the tax could have been a deal breaker in trade negotiations. That show of good faith — which did not appear to be reciprocated — was criticized within Canada as being contrary to Carney's repeated "elbows up" mantra in the face of Trump's threats. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump withdraws EU, UK tariff threat
Trump withdraws EU, UK tariff threat
Washington, 21 January (Argus) — President Donald Trump said Wednesday he will not proceed with plans to impose a 10pc tariff on imports from the UK and seven EU members over their position on US ownership of Greenland, averting a possible tariff war with Europe. Trump, writing via his social media platform, explained his decision by having reached the "framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region." Trump is in Davos, Switzerland, where he met with Nato secretary general Mark Rutte and delivered a rambling speech to explain his motivation for trying to annex Denmark's Greenland territory. Trump and the White House did not provide details of a possible deal. Trump on 17 January threatened to impose an additional 10pc tariff on US imports from the UK, Denmark, Finland, France, Germany, The Netherlands, Norway and Sweden. Those countries pushed back on his Greenland plans and sent a military mission to the Arctic island to examine its security needs. Trump also said he tasked vice president JD Vance, secretary of state Marco Rubio and special presidential envoy Steve Witkoff with negotiating the placement of the so-called Golden Dome missile defense network in Greenland. Trump's threats to annex Greenland and to impose tariffs on European countries that pushed back against his plans sent US stock and financial markets lower on Tuesday, out of concern that a tariff war may erupt between the US and the EU. The European parliament was preparing to freeze work on implementing laws for the EU-US trade deal agreed to last summer. Stock and financial markets bounced back after Trump earlier Wednesday appeared to have ruled out the use of military force to take over Greenland, with further gains after he said he would not proceed with tariffs. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump threatens higher tariffs on South Korea
Trump threatens higher tariffs on South Korea
Washington, 26 January (Argus) — President Donald Trump on Monday threatened to raise the tariff rate on imports from South Korea to 25pc from 15pc, citing the country's lack of progress on ratifying a trade deal with the US. "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 15pc to 25pc," Trump posted on his social media platform. South Korea was among the top US trading partners that committed to a trade agreement with the US to lower tariffs. Seoul promised $20bn/yr of cash investment in US manufacturing capacity, as well as purchases of 3.3mn t/yr of US LNG. The two countries also agreed to cooperate on shipbuilding. Trump as a result capped tariffs on imports from South Korea at 15pc. The White House has not released any executive order backing Trump's South Korea tariff threat, nor did it immediately provide other details. Trump's ability to quickly levy tariffs on South Korea and other trading partners is under review at the US Supreme Court, which is expected to issue a ruling soon. Trump's administration has not issued major tariff decisions in recent months, despite Trump's threats to do so. Trump earlier this month threatened to impose a 25pc tariff on US imports from countries doing business with Iran, but no decision has been made. Trump on 17 January threatened to impose a 10pc tariff on imports from the UK and seven EU members, which pushed back against his bid to annex Denmark's Greenland territory. Trump on 21 January withdrew that tariff threat after a slide in US stock and financial markets. Trump on 24 January threatened to impose a 100pc tariff on all goods imported from Canada if it signed a trade deal with China. Canada is a major source of the US' lumber imports, but South Korea is not. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Compliance with US demands won’t buy safety: Carney
Compliance with US demands won’t buy safety: Carney
Calgary, 21 January (Argus) — In a speech widely seen as a rebuke of President Donald Trump's aggressive global trade and military policy, Canadian prime minister Mark Carney called on other smaller countries to cooperate with one another rather than give in to coercion. "Great powers have begun using economic integration as weapons, tariffs as leverage, financial infrastructure as coercion, supply chains as vulnerabilities to be exploited," Carney told world leaders gathered at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday. Individual countries like Canada and European nations — which Carney referred to as "middle powers" — lack the economic heft to defy these larger powers. "The middle powers must act together, because if we're not at the table, we're on the menu," he said. Carney did not mention Trump or the US by name in his speech, but the meaning was clear in the European setting amid Trump's repeated threats of annexing Denmark's Greenland territory. "We are in the midst of a rupture, not a transition," said Carney, repeating language he has often used domestically. Canada was among the first countries to be targeted by US tariffs last year and a pattern of on-again, off-again trade talks have persisted between the two long-time trading partners. Carney has vowed to double Canada's non-US exports to pivot away from its neighbor, which includes striking a deal in China last week and calling that country "more predictable". Now with most countries threatened by US tariffs, and some threatened by annexation, including Canada, Carney is calling on others to resist the temptation to capitulate and instead draw a line in the sand. "There is a strong tendency for countries to go along to get along, to accommodate, to avoid trouble, to hope that compliance will buy safety. Well, it won't," said Carney. Trump shot back at Carney during his own Davos address on Wednesday. "I watched your prime minister yesterday, he wasn't so grateful," Trump said. "But they should be grateful to us, Canada. Canada lives because of the United States. Remember that, Mark, the next time you make your statements." Trump on Wednesday walked back plans to impose a 10pc tariff on imports from the UK and seven EU members over their position on US ownership of Greenland, citing a "framework" of a future deal being achieved. Carney has hit back at the US with counter tariffs of its own, but has also relented at times. Canada in June 2025 rescinded a digital sales tax that would have collected revenue from the US' largest tech companies, after US secretary of commerce Howard Lutnick said the tax could have been a deal breaker in trade negotiations. That show of good faith — which did not appear to be reciprocated — was criticized within Canada as being contrary to Carney's repeated "elbows up" mantra in the face of Trump's threats. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump withdraws EU, UK tariff threat
Trump withdraws EU, UK tariff threat
Washington, 21 January (Argus) — President Donald Trump said Wednesday he will not proceed with plans to impose a 10pc tariff on imports from the UK and seven EU members over their position on US ownership of Greenland, averting a possible tariff war with Europe. Trump, writing via his social media platform, explained his decision by having reached the "framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region." Trump is in Davos, Switzerland, where he met with Nato secretary general Mark Rutte and delivered a rambling speech to explain his motivation for trying to annex Denmark's Greenland territory. Trump and the White House did not provide details of a possible deal. Trump on 17 January threatened to impose an additional 10pc tariff on US imports from the UK, Denmark, Finland, France, Germany, The Netherlands, Norway and Sweden. Those countries pushed back on his Greenland plans and sent a military mission to the Arctic island to examine its security needs. Trump also said he tasked vice president JD Vance, secretary of state Marco Rubio and special presidential envoy Steve Witkoff with negotiating the placement of the so-called Golden Dome missile defense network in Greenland. Trump's threats to annex Greenland and to impose tariffs on European countries that pushed back against his plans sent US stock and financial markets lower on Tuesday, out of concern that a tariff war may erupt between the US and the EU. The European parliament was preparing to freeze work on implementing laws for the EU-US trade deal agreed to last summer. Stock and financial markets bounced back after Trump earlier Wednesday appeared to have ruled out the use of military force to take over Greenland, with further gains after he said he would not proceed with tariffs. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US aims to contain Greenland fallout on market
US aims to contain Greenland fallout on market
Washington, 20 January (Argus) — President Donald Trump's administration is rushing to stave off a potential trade war with Europe and its negative effects on financial markets, as the UK and EU have pushed back on his bid to annex Denmark's Greenland territory. Trump has threatened to impose a 10pc tariff on US imports from the UK and seven members of the EU from 1 February, unless they agree to his demand for the US takeover of Greenland. The UK appears to rule out retaliatory measures, but EU leaders will meet on 22 January to agree on the bloc's response. The European parliament is preparing to freeze work on implementing laws for the EU-US trade deal agreed to last summer. US stock and financial markets fell in Tuesday morning sessions. But US treasury secretary Scott Bessent, speaking at the Davos Economic Forum in Switzerland, urged his EU counterparts to desist from retaliatory measures. He blamed the downward trend in US financial markets on the contagion effect from a sharp fall in Japan's government bond markets on Monday. "I tell everyone, 'sit back, take a deep breath, do not retaliate'", Bessent said at the forum. "The president will be here tomorrow, and he will get his message across." Trump is scheduled to arrive in Davos on Wednesday to address the forum and hold meetings with EU leaders. California governor Gavin Newsom (D), who is also at Davos, on Tuesday urged the European leaders to take a tougher stand against Trump. Newsom said his message to the EU leaders is to "get off your knees and grow a spine," adding that "there's no diplomacy with Donald Trump." The White House has not released any details on how Trump's tariff threat against select EU members will be carried out and whether energy commodities will continue to be exempted from tariffs. So far there are no executive orders from Trump on implementing tariffs starting 1 February. Bessent also defended Trump's designs on Greenland, reiterating the president's argument that the US needs to take over the island's security to prevent Russia and China from attacking it. Bessent asserted that "this has been in the minds of American presidents for more than 150 years". The French foreign ministry on Monday said that the US explanation for needing to annex Greenland is the equivalent of arguing that "if there were a fire someday, firefighters would intervene — so better burn the house now." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump threatens 10pc tariff against UK, EU members
Trump threatens 10pc tariff against UK, EU members
Houston, 17 January (Argus) — President Donald Trump on Saturday threatened to impose a 10pc tariff on US imports from the UK and seven key members of the EU, citing their participation in a military mission in Denmark's Greenland territory, which he is threatening to annex. US imports from the UK, Denmark, Finland, France, Germany, The Netherlands, Norway and Sweden would be subject to a 10pc tariff from 1 February, rising to a 25pc tariff from 1 June, Trump announced via his social media platform. The tariff would remain in place until "such time as a Deal is reached for the Complete and Total purchase of Greenland", Trump said. Trump has stepped up discussion of taking over Greenland — a self-governing island under Denmark's control — following a US special forces raid that captured Venezuelan president Nicolas Maduro on 3 January. Denmark and Greenland have rejected US overtures to buy the island, as well as Trump's threat to take over the island by force. Trump is citing Greenland's alleged lack of military protection as the latest justification for his threats. He has denigrated Denmark's commitment to the island's defense against alleged threats from Russia and China. "They currently have two dogsleds as protection, one added recently," Trump said on Saturday. Denmark's foreign minister Lars Lokke Rasmussen, who traveled to Washington on 14 January to meet Trump administration officials, pushed back against that accusation. "Denmark has already stepped up our own contribution by committing additional funds for military capabilities — not [dogsleds], but ships, drones, fighter jets," Rasmussen said. The countries threatened with new tariffs by Trump joined Denmark to dispatch troops and military experts to Greenland on a mission to assess the island's security needs. Trump on Saturday said that the reconnaissance mission "journeyed to Greenland, for purposes unknown." EU leaders expressed solidarity with Denmark and called for dialogue, but they omitted mention of possible retaliation if Trump makes good on his threat to impose new tariffs. "Tariffs would undermine transatlantic relations and risk a dangerous downward spiral," European Council president Antonio Costa and European Commission president Ursula von der Leyen said in response to Trump's post. "Europe will remain united, coordinated, and committed to upholding its sovereignty." "Applying tariffs on allies for pursuing the collective security of Nato allies is completely wrong," UK prime minister Keir Starmer said on Saturday. "We will of course be pursuing this directly with the US administration." US imports from the UK already are subject to a 10pc import tariff, and imports from the EU face a 15pc tariff. While Trump is threatening tariffs against seven out of 27 EU members, the bloc collectively negotiates trade matters and sets tariffs. Trump is scheduled to attend the Davos Economic Forum in Switzerland on 21-22 January. A bipartisan delegation of 11 US senators and members of the House of Representatives traveled to Copenhagen on 16 January to express support for Denmark's government and push back against Trump's designs on Greenland. "There is no need, or desire, for a costly acquisition or hostile military takeover of Greenland when our Danish and Greenlandic allies are eager to work with us on Arctic security, critical minerals and other priorities under the framework of long-standing treaties," said US senators Jeanne Shaheen (D-New Hampshire) and Thom Tills (R-North Carolina), who were part of the congressional delegation. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico says trade pact will hold despite Trump doubts
Mexico says trade pact will hold despite Trump doubts
Mexico City, 16 January (Argus) — Mexico remains confident that the US-Mexico-Canada Agreement (USMCA) will be extended, even as US president Donald Trump questions the value of the pact that functions as a foundation for much of North America's trade. The three countries are working on the treaty's scheduled review this year and aim to meet the 1 July deadline to conclude the process, Mexico's economy minister Marcelo Ebrard said Thursday during president Claudia Sheinbaum's daily press conference. Negotiators have made steady progress on issues raised by each side, he said Ebrard's remarks come after Trump again put the USMCA's future in question earlier this week. During a visit to a Ford plant in Michigan, Trump dismissed the treaty as offering "no real advantage". The agreement, which replaced the North American Free Trade Agreement (NAFTA) in 2020, is a key driver of Mexico's economy, supporting trade and manufacturing supply chains tied to the US and Canada. This year's review cycle foresees a 16-year extension to the treaty if all three countries agree. Without an extension, the USMCA would shift to annual reviews, which analysts see leading to further uncertainty about trade and investment planning. Tariffs on some Mexican exports would probably remain in place even if the agreement is renewed, analysts have said. Bilateral relations have grown tense in the past year following Trump's repeated threats to pursue military action against criminal groups in Mexico. The US has also pressed Mexico to deliver faster progress on illegal drug traffic enforcement. Mexico's foreign minister Juan Ramon de la Fuente and US secretary of state Marco Rubio spoke by telephone on Thursday and reaffirmed the "importance of the US-Mexico partnership", both governments said in a joint statement. Following the call, the US State Department posted on X that "incremental progress" on border security is "unacceptable", and that upcoming engagements will require measurable results to dismantle trafficking networks and disrupt alleged fentanyl flows from Mexico into the US. Sheinbaum said earlier this week that she had ruled out any US military intervention following a "good conversation" with Trump on security issues. By Cas Biekmann Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexican auto industry aims high in tough USMCA talks
Mexican auto industry aims high in tough USMCA talks
Mexico City, 15 January (Argus) — Mexico's auto industry wants a return to zero tariffs on vehicle exports to the US and Canada under a pending update of the free trade agreement (USMCA) between the three countries, but there are concerns about the speed of the talks. If negotiations succeed, USMCA would be renewed for another 17 years on 1 July 2026 — six years after its launch — a step that industry sources say is critical to restoring investor confidence and unlocking the full potential of nearshoring in Mexico. Mexico was the largest foreign source of vehicles for the US in 2025, supplying 17pc, or 2.7mn units, of the 16.2mn light vehicles sold in the US, according to automaker association AMIA. Mexico was also the top supplier of auto parts to the US in 2025 and the world's third-largest exporter of light vehicles by value. Industry representatives say that success now hinges on continuity in the treaty, which remains uncertain as disputes between Mexico, the US and Canada persist. Those concerns were outlined by Mexico's main auto groups at an event in Mexico City this week. Negotiations are unfolding under a tense US trade backdrop. In March 2025, US president Donald Trump imposed 25pc blanket tariffs on USMCA partners under a national security provision, measures that Mexican automakers are still seeking to unwind. "There is nothing more important right now than the treaty review and dealing with these tariffs still hanging over us," said Guillermo Rosales, head of auto dealers' association AMDA. "The goal must be to return to zero." A key point of contention is the treaty's regional value content rules, where light vehicles must contain at least 70pc North American content. That is a threshold more than 90pc of Mexican auto exports to the US already meet, but industry groups are pushing for flexibility for firms still on a compliance pathway. Heavy vehicle makers are still working to reach compliance. "We are at 64pc regional content and aiming for 70pc by 2027," said Mexico's association of truck and bus manufacturers Anpact head Rogelio Arzarte, noting that sourcing components not currently produced in North America remains complex. Mexico's industry is also seeking changes to the USMCA's rapid response labor mechanism, arguing it has been applied disproportionately against Mexican facilities. While talks began early, the process is already slipping. The US trade representative has yet to submit a required report to Congress, raising fears the review could drift toward US midterm elections, prolonging uncertainty and delaying investment. "I want to be positive," said AMIA head Rogelio Garza. "But it's not going to be easy for some industries, among which I believe we are included." By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Clean Fuels urges US to tariff renewable diesel
Clean Fuels urges US to tariff renewable diesel
New York, 22 October (Argus) — A US biofuel trade group called on President Donald Trump's administration today to remove a carveout that allows imported renewable diesel to avoid some tariffs, targeting a trade flow that was already dwindling this year. The Trump administration announced a host of "reciprocal" tariffs on countries in April but exempted some energy products to avoid price spikes for consumers and businesses. While the US did not exempt foreign ethanol and biodiesel from these tariffs, renewable diesel was effectively excluded since it trades under the same tariff code as petroleum diesel. This is an unintended "loophole" that undercuts US biorefineries, according to a letter Clean Fuels Alliance America sent to the US Trade Representative Wednesday. The group, which represents biomass-based diesel feedstock suppliers and producers, wants the Trump administration to modify the exemptions so that the tariffs apply to renewable diesel. Sustainable aviation fuel has also benefited from this workaround — since it similarly lacks a tariff code distinct from petroleum jet fuel — and could also be impacted by any regulatory effort to distinguish renewable fuels from similar petroleum ones. Trade policy has been a frustration for the renewable diesel industry this year, since the Trump administration did not exempt from tariffs renewable feedstocks like used cooking oil (UCO) and tallow that are frequently imported to make fuel. Trump recently threatened to end "cooking oil" trade with China too, a major UCO supplier. This dynamic allows foreign biorefineries to buy up those feedstocks for less because of lower US bidding interest and then send their fuel into the US without tariffs, refiners argue . At the same time, the US has already taken various other steps to discourage foreign biofuels from entering the country — potentially limiting the upside for US industry even if tariff enforcement shifts. The US has transitioned from a long-running tax break for biodiesel blenders, which credited foreign biofuels, to a new incentive this year that can only be claimed by US producers. The Trump administration has also floated revamping a biofuel blend mandate to halve program credits for fuels made abroad or from foreign feedstocks. Biofuel imports have continued this year — notably including renewable diesel from Finnish refiner Neste's Singapore plant and Braya Renewable Fuels' Newfoundland biorefinery — but are still sharply down from last year's levels. The US has been a net importer of renewable diesel for years but is projected to export 30,000 b/d more than it imports this year and 35,000 b/d next year, according to the US Energy Information Administration. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump withdraws EU, UK tariff threat
Trump withdraws EU, UK tariff threat
Washington, 21 January (Argus) — President Donald Trump said Wednesday he will not proceed with plans to impose a 10pc tariff on imports from the UK and seven EU members over their position on US ownership of Greenland, averting a possible tariff war with Europe. Trump, writing via his social media platform, explained his decision by having reached the "framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region." Trump is in Davos, Switzerland, where he met with Nato secretary general Mark Rutte and delivered a rambling speech to explain his motivation for trying to annex Denmark's Greenland territory. Trump and the White House did not provide details of a possible deal. Trump on 17 January threatened to impose an additional 10pc tariff on US imports from the UK, Denmark, Finland, France, Germany, The Netherlands, Norway and Sweden. Those countries pushed back on his Greenland plans and sent a military mission to the Arctic island to examine its security needs. Trump also said he tasked vice president JD Vance, secretary of state Marco Rubio and special presidential envoy Steve Witkoff with negotiating the placement of the so-called Golden Dome missile defense network in Greenland. Trump's threats to annex Greenland and to impose tariffs on European countries that pushed back against his plans sent US stock and financial markets lower on Tuesday, out of concern that a tariff war may erupt between the US and the EU. The European parliament was preparing to freeze work on implementing laws for the EU-US trade deal agreed to last summer. Stock and financial markets bounced back after Trump earlier Wednesday appeared to have ruled out the use of military force to take over Greenland, with further gains after he said he would not proceed with tariffs. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US aims to contain Greenland fallout on market
US aims to contain Greenland fallout on market
Washington, 20 January (Argus) — President Donald Trump's administration is rushing to stave off a potential trade war with Europe and its negative effects on financial markets, as the UK and EU have pushed back on his bid to annex Denmark's Greenland territory. Trump has threatened to impose a 10pc tariff on US imports from the UK and seven members of the EU from 1 February, unless they agree to his demand for the US takeover of Greenland. The UK appears to rule out retaliatory measures, but EU leaders will meet on 22 January to agree on the bloc's response. The European parliament is preparing to freeze work on implementing laws for the EU-US trade deal agreed to last summer. US stock and financial markets fell in Tuesday morning sessions. But US treasury secretary Scott Bessent, speaking at the Davos Economic Forum in Switzerland, urged his EU counterparts to desist from retaliatory measures. He blamed the downward trend in US financial markets on the contagion effect from a sharp fall in Japan's government bond markets on Monday. "I tell everyone, 'sit back, take a deep breath, do not retaliate'", Bessent said at the forum. "The president will be here tomorrow, and he will get his message across." Trump is scheduled to arrive in Davos on Wednesday to address the forum and hold meetings with EU leaders. California governor Gavin Newsom (D), who is also at Davos, on Tuesday urged the European leaders to take a tougher stand against Trump. Newsom said his message to the EU leaders is to "get off your knees and grow a spine," adding that "there's no diplomacy with Donald Trump." The White House has not released any details on how Trump's tariff threat against select EU members will be carried out and whether energy commodities will continue to be exempted from tariffs. So far there are no executive orders from Trump on implementing tariffs starting 1 February. Bessent also defended Trump's designs on Greenland, reiterating the president's argument that the US needs to take over the island's security to prevent Russia and China from attacking it. Bessent asserted that "this has been in the minds of American presidents for more than 150 years". The French foreign ministry on Monday said that the US explanation for needing to annex Greenland is the equivalent of arguing that "if there were a fire someday, firefighters would intervene — so better burn the house now." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump threatens 10pc tariff against UK, EU members
Trump threatens 10pc tariff against UK, EU members
Houston, 17 January (Argus) — President Donald Trump on Saturday threatened to impose a 10pc tariff on US imports from the UK and seven key members of the EU, citing their participation in a military mission in Denmark's Greenland territory, which he is threatening to annex. US imports from the UK, Denmark, Finland, France, Germany, The Netherlands, Norway and Sweden would be subject to a 10pc tariff from 1 February, rising to a 25pc tariff from 1 June, Trump announced via his social media platform. The tariff would remain in place until "such time as a Deal is reached for the Complete and Total purchase of Greenland", Trump said. Trump has stepped up discussion of taking over Greenland — a self-governing island under Denmark's control — following a US special forces raid that captured Venezuelan president Nicolas Maduro on 3 January. Denmark and Greenland have rejected US overtures to buy the island, as well as Trump's threat to take over the island by force. Trump is citing Greenland's alleged lack of military protection as the latest justification for his threats. He has denigrated Denmark's commitment to the island's defense against alleged threats from Russia and China. "They currently have two dogsleds as protection, one added recently," Trump said on Saturday. Denmark's foreign minister Lars Lokke Rasmussen, who traveled to Washington on 14 January to meet Trump administration officials, pushed back against that accusation. "Denmark has already stepped up our own contribution by committing additional funds for military capabilities — not [dogsleds], but ships, drones, fighter jets," Rasmussen said. The countries threatened with new tariffs by Trump joined Denmark to dispatch troops and military experts to Greenland on a mission to assess the island's security needs. Trump on Saturday said that the reconnaissance mission "journeyed to Greenland, for purposes unknown." EU leaders expressed solidarity with Denmark and called for dialogue, but they omitted mention of possible retaliation if Trump makes good on his threat to impose new tariffs. "Tariffs would undermine transatlantic relations and risk a dangerous downward spiral," European Council president Antonio Costa and European Commission president Ursula von der Leyen said in response to Trump's post. "Europe will remain united, coordinated, and committed to upholding its sovereignty." "Applying tariffs on allies for pursuing the collective security of Nato allies is completely wrong," UK prime minister Keir Starmer said on Saturday. "We will of course be pursuing this directly with the US administration." US imports from the UK already are subject to a 10pc import tariff, and imports from the EU face a 15pc tariff. While Trump is threatening tariffs against seven out of 27 EU members, the bloc collectively negotiates trade matters and sets tariffs. Trump is scheduled to attend the Davos Economic Forum in Switzerland on 21-22 January. A bipartisan delegation of 11 US senators and members of the House of Representatives traveled to Copenhagen on 16 January to express support for Denmark's government and push back against Trump's designs on Greenland. "There is no need, or desire, for a costly acquisition or hostile military takeover of Greenland when our Danish and Greenlandic allies are eager to work with us on Arctic security, critical minerals and other priorities under the framework of long-standing treaties," said US senators Jeanne Shaheen (D-New Hampshire) and Thom Tills (R-North Carolina), who were part of the congressional delegation. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
'Plan B' for Trump tariffs involves 10pc duty
'Plan B' for Trump tariffs involves 10pc duty
Washington, 16 January (Argus) — President Donald Trump's administration is prepared to impose a temporary 10pc tax on imports before rolling out more permanent measures in case the US Supreme Court strikes down emergency tariffs imposed in 2025, a senior White House adviser said. "We can put a 10pc tariff right away to make up most of the room, and then use things like the 301 authorities, the 232 authorities, to backfill the things that we've already achieved," White House national economic council director Kevin Hassett told Fox Business Friday. The Supreme Court, in a Friday update on its website, said it may issue a decision on one of its pending cases on 20 January at 10am ET. That will mark the court's next chance to decide on the tariff case since holding oral arguments in early November. The opinion could also be for an unrelated case that is also pending before the high court. Hassett, like other Trump officials, has expressed confidence about the administration's ability to prevail in court while, at the same time, outlining a possible fallback plan in case of legal defeat. The reference to a 10pc tariff is the most explicit confirmation to date of a possible route the administration plans to take if the high court strikes down Trump's tariffs. Hassett likely is referencing a possible invocation of Section 122 of the 1974 Trade Act, which allows the White House to impose tariffs of up to 15pc for a period of 150 days to address a balance of payment issue. But subsequent extensions would require explicit authorization from Congress. The administration likely will use the time period to prioritize the countries and industries it will target with tariffs next. Targeting a specific industry would rely on a "Section 232" authority that allows the Commerce Department or US Trade Representative's office to determine whether imports of a product need to be curbed on national security grounds. A Section 301 investigation would target a specific country on the grounds that it is discriminating against US exports. In both cases, the process leading up to the imposition of tariffs can take months, requires public consultation and allows carveouts for the affected US importers. The future Supreme Court decision will affect Trump's tariffs on Mexico, Canada and China, where he cited an economic emergency created by the three countries' alleged inaction to stop the flow of fentanyl drugs into the US. The Supreme Court will also address Trump's most extensive action — imposing tariffs of 10pc and higher since 5 April on nearly every US trading partner to address the "economic emergency" of persistent US trade deficits. In both cases, Trump cited a 1977 law called the International Emergency Economic Powers Act (IEEPA), which previous presidents only used to impose targeted economic sanctions, to impose tariffs on nearly all US trading partners. The Supreme Court's decision on IEEPA tariffs also would affect the tariffs Trump imposed on imports from Brazil and India, US government lawyers informed the Court of International Trade last week. Trump cited Brazil's alleged suppression of freedom of speech as a reason to impose tariffs. In the case of India, Trump imposed an extra 25pc tariff because of India's purchase of Russian crude. The Supreme Court's decision will not affect tariffs on US imports of steel, aluminum, cars and auto parts, which Trump imposed by citing well-tested legal trade authorities. The money issue One of the issues that prompted even conservative justices to express skepticism about Trump's emergency tariffs during the oral argument in November related to their function in raising government revenue. Government lawyers countered at the time that tariffs were a foreign and economic policy tool for the White House, rather than a tax, which the Constitution says only Congress can impose. The US has collected nearly $260bn in customs duties during the first 11 months of Trump's second term, according to data from the US Treasury Department. Hundreds of companies have already filed lawsuits seeking to recover the tariffs, but Trump warned earlier this week that paying them back could take "years" to figure out. "It would be a complete mess, and almost impossible for our country to pay," Trump said on 12 January via his social media network. "Anybody who says that it can be quickly and easily done would be making a false, inaccurate, or totally misunderstood answer to this very large and complex question." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexican auto industry aims high in tough USMCA talks
Mexican auto industry aims high in tough USMCA talks
Mexico City, 15 January (Argus) — Mexico's auto industry wants a return to zero tariffs on vehicle exports to the US and Canada under a pending update of the free trade agreement (USMCA) between the three countries, but there are concerns about the speed of the talks. If negotiations succeed, USMCA would be renewed for another 17 years on 1 July 2026 — six years after its launch — a step that industry sources say is critical to restoring investor confidence and unlocking the full potential of nearshoring in Mexico. Mexico was the largest foreign source of vehicles for the US in 2025, supplying 17pc, or 2.7mn units, of the 16.2mn light vehicles sold in the US, according to automaker association AMIA. Mexico was also the top supplier of auto parts to the US in 2025 and the world's third-largest exporter of light vehicles by value. Industry representatives say that success now hinges on continuity in the treaty, which remains uncertain as disputes between Mexico, the US and Canada persist. Those concerns were outlined by Mexico's main auto groups at an event in Mexico City this week. Negotiations are unfolding under a tense US trade backdrop. In March 2025, US president Donald Trump imposed 25pc blanket tariffs on USMCA partners under a national security provision, measures that Mexican automakers are still seeking to unwind. "There is nothing more important right now than the treaty review and dealing with these tariffs still hanging over us," said Guillermo Rosales, head of auto dealers' association AMDA. "The goal must be to return to zero." A key point of contention is the treaty's regional value content rules, where light vehicles must contain at least 70pc North American content. That is a threshold more than 90pc of Mexican auto exports to the US already meet, but industry groups are pushing for flexibility for firms still on a compliance pathway. Heavy vehicle makers are still working to reach compliance. "We are at 64pc regional content and aiming for 70pc by 2027," said Mexico's association of truck and bus manufacturers Anpact head Rogelio Arzarte, noting that sourcing components not currently produced in North America remains complex. Mexico's industry is also seeking changes to the USMCA's rapid response labor mechanism, arguing it has been applied disproportionately against Mexican facilities. While talks began early, the process is already slipping. The US trade representative has yet to submit a required report to Congress, raising fears the review could drift toward US midterm elections, prolonging uncertainty and delaying investment. "I want to be positive," said AMIA head Rogelio Garza. "But it's not going to be easy for some industries, among which I believe we are included." By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil antidumping duties to disrupt PE markets
Brazil antidumping duties to disrupt PE markets
Houston, 28 August (Argus) — Brazilian trade regulators' decision to impose provisional antidumping duties on polyethylene (PE) resin imports from the US and Canada is expected to disrupt trade flows throughout the Americas. The new duties issued by foreign trade council Gecex/Camex, set at $199.04/t for US-origin resin and $238.49/t for Canadian-origin resin, will be effective immediately and valid for up to six months. The duties are part of a broader shift in Brazil's trade policy, which raised overall polymer import taxes from 12.6pc to 20pc in October 2024. Decom will conclude the full antidumping investigation by 2 February 2026. A global trader active in the Brazilian market said on Thursday that they are already reassessing all delayed orders, pending shipments, and goods in transit to determine how to proceed with clients. Many of those clients have expressed concerns the measure is a strategy to improve Braskem's short-term financials, especially as creditor banks holding the company's shares as collateral are expected to take over the task of selling the company. This follows unsuccessful negotiations with Brazilian investor Nelson Tanure who had sought to acquire Braskem. In contrast, an executive at a Brazilian plastic resin converting company said the decision is good news, as it helps level the playing field with competitors in the Manaus Free Trade Zone, who largely import from the US under tax-free conditions, unlike buyers in the rest of Brazil. But there could be a side effect, the executive said, of manufacturers in Manaus turning to Asian suppliers, which may drive up prices for those imports as well. The executive said he is watching to see what Braskem's new pricing levels for September will be. With the antidumping duties in place, analysts expect a short-term drop in prices as exporters seek alternative destinations for resin traditionally sent to Brazil. Analysts expect Braskem to be the primary beneficiary for the measures, having faced ongoing losses, reduced operating rates, and workforce cuts. US-Brazil trade death blow? US traders are concerned with the new duties, with one trader saying it "will probably kill the economics" of trade between the US and Brazil. "It's just one more thing gone wrong," the trader said. "It will be a huge pain, short term." Another US trader said it expects some orders to be cancelled. Ultimately, traders said it is likely that more material will be sent from the US to surrounding countries, such as Uruguay, Argentina and Paraguay. But it is unlikely that those countries will be able to absorb all of the resin that had been moving to Brazil. "It's not good," said one North American producer of the new duties. "Brazil will not be the way to go [with exports]. We will need to move to other regions." Another producer agreed, saying the news "is not helpful," but that the full impact will not be known until Braskem announces its new price position. "This was initiated by Braskem, and they want to get their prices up," the producer said. "Where is the balance between Braskem getting their prices up and producers in North America absorbing some amount of [the anti-dumping duty]? That's obviously unknown at this point." The impact will likely be different from product-to-product and producer-to-producer. Brazilian buyers who are purchasing resin that is highly specialized and not easily replaced by another supplier, are likely to see their prices rise significantly. But buyers purchasing more commodity-type resin will have other supply alternatives and may not see as much of an impact. Trade flow changes likely The move is likely to result in some trade flow shifts. In some cases, US producers who have assets in other regions can shift volume from one region to another. For instance, a company like ExxonMobil, which has assets in Saudi Arabia and the US, could shift volume from Saudi Arabia to Brazil and move US material that would normally have gone to Brazil to other regions to fill in gaps traditionally sourced out of Saudi Arabia. Dow, which has assets in Argentina, is likely to supply more into Brazil from those assets, sources said. "Trade patterns will adjust," said a US trader. The antidumping measures could boost Braskem's pre-tax earnings by $150mn-$250mn, representing a 10-15pc increase, according to a July report by Brazilian bank BTG Pactual. If combined with the approval of legislation that restores tax incentives to the petrochemical sector, the company's earnings could rise by up to 45pc in 2026. Despite the potential upside, BTG maintains a neutral recommendation for Braskem shares, citing pressured spreads, high leverage, and unresolved environmental liabilities. By Fred Fernandes and Michelle Klump Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil imposes PE duties on US, Canada
Brazil imposes PE duties on US, Canada
Sao Paulo, 28 August (Argus) — Brazil's foreign trade council, Gecex/Camex has confirmed provisional antidumping duties on polyethylene (PE) resin imports from the US and Canada effective immediately and valid for up to six months. Gecex/Camex set the duties at $199.04/t for US-origin resin and $238.49/t for Canadian-origin resin. These rates reflect the dumping margins identified by Decom, with a 10pc reduction applied. The decision follows a recommendation by the Department of Trade Defense (Decom), which found evidence of material injury to Brazil's domestic industry caused by US and Canadian PE imports. The investigation began on 31 July 2024, following a petition from petrochemical producer Braskem, Brazil's sole PE producer. Decom concluded that dumped imports continued to enter the market, posing further injury to the domestic industry. Brazil imported 706,000t of PE from January-June 2025, a 9.9pc decline compared to the same period in 2024. The US was the leading supplier, accounting for 488,800t, followed by Argentina, Canada, Egypt, and Saudi Arabia. Despite the looming tariffs, US shipments remained strong in the weeks leading up to the decision, as buyers who had delayed orders returned to the market. Prices for PE in Brazil had not reacted to the recommendation as of 22 August. Argus reported a sharp increase in LDPE prices for Brazil and the west coast of South America (WCSA) during that week. By Fred Fernandes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil will not reciprocate US tariffs: Lula
Brazil will not reciprocate US tariffs: Lula
Sao Paulo, 14 August (Argus) — Brazil will not impose new reciprocal tariffs on US goods, according to president Luiz Inacio Lula da Silva, backing down from earlier pledges to counter the US' 50pc tariffs on Brazilian products. "We are negotiators," Lula said Wednesday after signing a decree to offer a line of credit to small businesses to counter the new US tariffs, which have been in effect since 6 August. "We do not want, at first, to do anything that would worsen our relationship [with the US]." Previously Lula said reciprocal tariffs could be used against the US, but earlier this year Lula also signed a new economic reciprocity law that spelled out how the country could react to limits on its trade — including provisions to negotiate and avoid actions that would further harm the country. The US tariffs affect over 35pc of Brazilian products that head to the US, representing 4pc of Brazilian exports, while 700 other products remain under 10pc charges effective since April. Brazil has a trade deficit for goods and services with the US, adding up to over $400bn over the last 15 years, finance minister Fernando Haddad said in a televised interview in early July. The US' trade surplus with Brazil reached $2.3bn in the first half of 2025, a more than seven-fold increase from a year before, according to US-Brazil chamber of commerce Amcham. The US is Brazil's second-largest trading partner behind China, receiving $40.3bn worth of exports in 2024, according to the Brazilian secretary of foreign trade. Brazil is seeking to challenge the US tariffs before the World Trade Organization, saying they "flagrantly violate core commitments made by the US to the WTO, such as the most-favored-nation principle and the negotiated tariff ceilings". Industry urges cautious response Lula's decision follows pleas from different industry groups to not retaliate against the US tariffs. "There is no technical or economic justification for the tariff hike, but we believe now is not the time to retaliate," said Brazilian industry lobby group CNI's president Ricardo Alban in July. "We continue to defend negotiations as a way to convince the American government that this measure is a lose-lose situation for both countries." An Amcham survey of Brazilian companies found that 86pc believe reciprocal action from Brazil against the US would "worsen bilateral tensions and reduce space for negotiations". Haddad was to meet US treasury secretary Scott Bessent on 13 August to discuss the tariffs, but he said that the meeting was cancelled . Brazil will also seek to continue to open markets with other countries, Lula said. It has has been speaking other Brics countries — the informal forum of Brazil, Russia, India, China and South Africa — to improve relations among countries affected by the US tariffs, Lula said. The group accounts for around 40pc of the global economy, according to IMF. Brazil will send at least 500 business representatives to India in January to discuss opportunities in trade, energy, critical minerals and other areas, according to the government. "Instead of crying over losses, we will seek winning somewhere else," Lula said. "The world is big and is eager to negotiate with Brazil." By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil increases 2025 coffee crop outlook
Brazil increases 2025 coffee crop outlook
Sao Paulo, 4 December (Argus) — Brazil is set to produce its third-largest coffee crop ever this year, despite it being a low productivity year in the crop cycle, according to national supply company Conab's last crop estimate for this cycle. Brazil will produce almost 56.5mn 60kg bags of coffee this year, up from the previous forecast released in September of 55.2mn bags. The upward revision was driven by higher average national productivity, reflecting a better performance of Conilon coffee crops, one of the two major types of coffee grown in Brazil. This is above the 51.8mn bags first projected for the season and surpasses the 2024 crop, which produced 54.2mn bags. Droughts, irregularly distributed rainfall and high temperatures severely hampered yields in the prior cycle, despite initial expectations for a high-producing one. Coffee cycles occur biennially in Brazil, with larger volumes produced in alternating years. During the lower producing years — known as negative years — plants replenish their nutritional reserves, leading to reduced output. The 2025 cycle is considered a negative year, with the current estimate representing an all-time high for a negative year, topping the record registered in the 2023 crop, when Brazil produced nearly 55.1mn bags. It is expected to rank as the third-largest in the nation's history, only behind the positive cycles of 2020 and 2018, which produced 63.1mn bags and 61.7mn bags, respectively. Conab revised the outlook for the current cycle based on an increase in expected yields to 30.4 bags/hectare (ha) from 29.7 bags/ha in the prior forecast. That is up by 5.5pc from 28.8 bags/ha in the positive 2024 year and compares with 29.4 bags/ha in the negative 2023 cycle. Brazil grows two types of coffee: the higher-grade Arabica coffee and the Conilon grade coffee, also referred to as Robusta. These varieties have different taste, caffeine content and productivity levels, as well as distinct producing regions and harvesting calendars. Arabica coffee production is forecast at around 35.8mn bags, ahead of the nearly 35.2mn bags projected in September, but down from 39.6mn bags in 2024. There has been significant vegetative recovery in crops, mainly in southeastern Minas Gerais state, Brazil's largest producer, which contributed to an increase compared to the previous estimate, according to Conab. Yields rose to 24.1 bags/ha from 23.7 bags/ha in September. That is behind the 26.2 bags/ha in 2024. Conilon coffee output should reach an overall record of 20.8mn bags, up from 20.1mn bags in the previous outlook following the consistent weather conditions in major producing states Espirito Santo and Bahia that promoted good conditions for areas and resulted in high yields. That compares with 14.6mn bags in the prior cycle. Yields are up to 55.9 bags/ha, from 53.8 bags/ha estimated in September and 39.2 bags/ha yielded in 2024. Conab continues to expect the total area allocated to both coffee grades to reach approximately 2.25mn ha this cycle, 0.9pc above on the year. The area set aside for coffee is split between space for production and new crops. Areas allocated to crops in production fell by 1.2pc on the year to nearly 1.86mn ha. New areas account for around 396,428ha, up by 12pc, as is usual for negative years. Coffee exports fall on year Brazil exported 34.2mn bags of coffee in January-October, around 17.8pc below the total shipped in the same period a year before, according to trade ministry Mdic data. This reduction in volume exported in the first ten months of 2025 is mainly because of limited domestic stocks at the beginning of the year, following a record shipment of 50.5mn bags in 2024. Tariffs imposed by the US from April onwards, a major buyer of Brazilian coffee, also contributed to the reduction in exports. Brazil exported coffee to 150 countries in the first ten months of 2025. The US and Germany accounted for the largest share of shipments, with 14.1pc and 14pc, respectively. Italy received 8.1pc of exports, Belgium and Japan 6.3pc each. By João Petrini Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US lifts tariffs on most fertilizer imports: Update
US lifts tariffs on most fertilizer imports: Update
Adds detail on the lack of full exemption status for ammonia and recent Nola urea futures trade Houston, 14 November (Argus) — US president Donald Trump said today key nitrogen and phosphate fertilizers, among other agricultural products , are exempt from US import tariffs that were implemented in April, but ammonia's status under the tariff modification remains unclear. After just seven months in place, tariffs that have curbed imports to US shores and elevated the price of fertilizers have been lifted, according to a modification to Executive Order 14257 issued by the White House today. Fertilizers exempted from the tariffs include urea, ammonium nitrate, UAN, ammonium sulfate, TSP, DAP and MAP. Ammonia could qualify for tariff exemptions, but eligibility will be determined on a case-by-case basis by the secretary of commerce and the US Trade Representative, depending on the terms of existing or ongoing trade negotiations with each country. Potassium fertilizers like MOP were already exempt from import tariffs. The modification to the tariffs went into effect for goods imported starting 13 November. January Nola urea futures traded down roughly $30/st late Friday afternoon to $360/st fob following the announcement, but otherwise activity was largely subdued given the modifications' proximity to the weekend. Fertilizer values will likely begin to price-in the change in trade policy starting Monday. Most fertilizer exporting countries, except for Russia , faced tariff rates of 10-15pc, with some suppliers even facing up to 30pc tariffs, resulting in major shifts in fertilizer trade. Exporters have avoided the US, favoring alternative destinations for their supply. But trade flows could normalize now that fertilizers are now tariff-free. The tariffs have contributed to eroding fertilizer affordability relative to crop prices in the US this year, driving fertilizer prices to multi-year highs and significantly curbing demand for nutrients across the country. Lower cost imports could help unwind farmer reluctance to enter the market leading up to the spring season in 2026. The announcement should provide importers and distributors with some certainty headed into next spring after months of being kept on edge by shifting US trade policy. By Calder Jett and Sneha Kumar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US lifts tariffs on fertilizer imports
US lifts tariffs on fertilizer imports
Houston, 14 November (Argus) — US president Donald Trump said today key nitrogen and phosphate fertilizers, among other agricultural products, are exempt from US import tariffs that were implemented in April. After just seven months in place, tariffs that have curbed imports to US shores and elevated the price of key fertilizers have been lifted, according to a modification to Executive Order 14257 issued by the White House today. Fertilizers exempted from the tariffs include ammonia, urea, ammonium nitrate, UAN, ammonium sulfate, DAP and MAP. Potassium fertilizers like MOP were already exempt from import tariffs. The modification to the tariffs will go into effect for goods imported starting 13 November. Most fertilizer exporting countries, except for Russia , faced tariff rates of 10-15pc, with some suppliers even facing up to 30pc tariffs, resulting in major shifts in fertilizer trade. Exporters have avoided the US, favoring alternative destinations for their supply. But trade flows could normalize now that fertilizers are now tariff-free. The tariffs have contributed to eroding fertilizer affordability relative to crop prices in the US this year, driving fertilizer prices to multi-year highs and significantly curbing demand for nutrients across the country. Lower cost imports could help unwind farmer reluctance to enter the market leading up to the spring season in 2026. By Calder Jett and Sneha Kumar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil starts process for reciprocating US tariffs
Brazil starts process for reciprocating US tariffs
Sao Paulo, 29 August (Argus) — Brazil has started the process of developing reciprocal tariffs against the US, vice-president and trade minister Geraldo Alckmin said, a move designed to speed up negotiations. Brazil's foreign trade chamber, Camex, has 30 days to determine how the 50pc tariffs the US imposed on Brazil effective 6 August can be countered under the country's economic reciprocity law approved in April. The law authorizes retaliation through goods, services and intellectual property. There is no time frame for the process of imposing reciprocal tariffs after the initial 30-day deliberation period. "Brazil will not give up on its sovereignty," Alckmin said this week during a visit to Mexico, where he signed two cooperation agreements on biofuels with Mexico as well as a letter of intent on agriculture. "I hope that [this process] will help accelerate dialogue and negotiations [with the US], which is what president Lula has been asking us to do." The move comes weeks after President Luiz Inacio Lula da Silva had said that Brazil would not reciprocate the tariffs but seek to negotiate. Brazil has been working to counter the tariffs' effect on its economy by supporting companies in efforts to find new markets , and by approving a line of credit to small businesses hurt by the measures. Earlier this month, Brazil asked the World Trade Organization to intervene in the dispute over tariffs. The US typically runs a trade surplus for goods and services with Brazil, which has totaled more than $400bn over the last 15 years, finance minister Fernando Haddad said in a televised interview in early July. In the first half of 2025 the US' trade surplus with Brazil reached $2.3bn, a more than seven-fold increase from a year before, according to US-Brazil chamber of commerce Amcham. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
'Plan B' for Trump tariffs involves 10pc duty
'Plan B' for Trump tariffs involves 10pc duty
Washington, 16 January (Argus) — President Donald Trump's administration is prepared to impose a temporary 10pc tax on imports before rolling out more permanent measures in case the US Supreme Court strikes down emergency tariffs imposed in 2025, a senior White House adviser said. "We can put a 10pc tariff right away to make up most of the room, and then use things like the 301 authorities, the 232 authorities, to backfill the things that we've already achieved," White House national economic council director Kevin Hassett told Fox Business Friday. The Supreme Court, in a Friday update on its website, said it may issue a decision on one of its pending cases on 20 January at 10am ET. That will mark the court's next chance to decide on the tariff case since holding oral arguments in early November. The opinion could also be for an unrelated case that is also pending before the high court. Hassett, like other Trump officials, has expressed confidence about the administration's ability to prevail in court while, at the same time, outlining a possible fallback plan in case of legal defeat. The reference to a 10pc tariff is the most explicit confirmation to date of a possible route the administration plans to take if the high court strikes down Trump's tariffs. Hassett likely is referencing a possible invocation of Section 122 of the 1974 Trade Act, which allows the White House to impose tariffs of up to 15pc for a period of 150 days to address a balance of payment issue. But subsequent extensions would require explicit authorization from Congress. The administration likely will use the time period to prioritize the countries and industries it will target with tariffs next. Targeting a specific industry would rely on a "Section 232" authority that allows the Commerce Department or US Trade Representative's office to determine whether imports of a product need to be curbed on national security grounds. A Section 301 investigation would target a specific country on the grounds that it is discriminating against US exports. In both cases, the process leading up to the imposition of tariffs can take months, requires public consultation and allows carveouts for the affected US importers. The future Supreme Court decision will affect Trump's tariffs on Mexico, Canada and China, where he cited an economic emergency created by the three countries' alleged inaction to stop the flow of fentanyl drugs into the US. The Supreme Court will also address Trump's most extensive action — imposing tariffs of 10pc and higher since 5 April on nearly every US trading partner to address the "economic emergency" of persistent US trade deficits. In both cases, Trump cited a 1977 law called the International Emergency Economic Powers Act (IEEPA), which previous presidents only used to impose targeted economic sanctions, to impose tariffs on nearly all US trading partners. The Supreme Court's decision on IEEPA tariffs also would affect the tariffs Trump imposed on imports from Brazil and India, US government lawyers informed the Court of International Trade last week. Trump cited Brazil's alleged suppression of freedom of speech as a reason to impose tariffs. In the case of India, Trump imposed an extra 25pc tariff because of India's purchase of Russian crude. The Supreme Court's decision will not affect tariffs on US imports of steel, aluminum, cars and auto parts, which Trump imposed by citing well-tested legal trade authorities. The money issue One of the issues that prompted even conservative justices to express skepticism about Trump's emergency tariffs during the oral argument in November related to their function in raising government revenue. Government lawyers countered at the time that tariffs were a foreign and economic policy tool for the White House, rather than a tax, which the Constitution says only Congress can impose. The US has collected nearly $260bn in customs duties during the first 11 months of Trump's second term, according to data from the US Treasury Department. Hundreds of companies have already filed lawsuits seeking to recover the tariffs, but Trump warned earlier this week that paying them back could take "years" to figure out. "It would be a complete mess, and almost impossible for our country to pay," Trump said on 12 January via his social media network. "Anybody who says that it can be quickly and easily done would be making a false, inaccurate, or totally misunderstood answer to this very large and complex question." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US to roll out $12bn of farmer aid
US to roll out $12bn of farmer aid
Houston, 8 December (Argus) — US president Donald Trump today announced $12bn of aid payments to farmers to help offset the financial burdens of high-cost inputs and low crop prices. Trump today during a roundtable meeting at the White House said that he will leverage revenues collected from tariffs to secure $12bn worth of funding for farm assistance. Of the full aid package, $11bn will be used for the farmer bridge assistance (FBA) program, which provides broad relief to growers of corn, soybeans, wheat and other crops and grains, according to the US Department of Agriculture (USDA). Farmers who qualify for the FBA program can expect to receive payments by 28 February, with commodity-specific rates expected to be released by the end of this month. The remaining $1bn of bridge payments are reserved for commodities not covered under the FBA program such as specialty crops and sugar, according to the USDA. But details and a timeline of these payments were not immediately released. After the White House meeting, the USDA clarified that the $12bn in funds would be authorized under the Commodity Credit Corporation Charter (CCC) Act and administered by the Farm Service Agency. How funds authorized by the CCC are tied to tariff revenue was not immediately clear. The Argus NPK fertilizer affordability index has recovered from its lows earlier in the year, but remains at around 0.89 on 4 December, indicating lower crop prices relative to input costs. Front-month CBOT corn prices have increased by about 20¢/bushel since 1 October to $4.36/bushel on 8 December, while granular urea prices at Nola have declined by $46/st on a midpoint basis to $355.50/st fob Nola over the same period, according to Argus data. Market participants expect most of the aid to go toward paying down debt farmers have accumulated while operating on thin margins in recent years. The removal of fertilizer tariffs drove significant declines in phosphate, urea, and UAN prices, slightly easing input costs for growers. USDA expects 95mn acres of corn to be planted next year, so clearing debt could open the door for more borrowing and spring spending, depending on when these payouts arrive. The push to bolster domestic production to reduce reliance on fertilizer imports remains a key effort by the Trump administration to improve farmer profitability. Trump said he would even impose "very severe tariffs" on Canada if it was necessary to expand US production, but that would be a departure from administration trade policy that has so far exempted Canadian fertilizer imports, especially potash, from tariffs. Trump said he is willing to use tariff revenue again should farmers find they need additional relief. Calls for farmer aid have come from the Trump administration since as early as September this year, but were stalled by the partial shutdown of the US government and questions about how aid could be funded. By Sneha Kumar and Chris Mullins Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil increases 2025 coffee crop outlook
Brazil increases 2025 coffee crop outlook
Sao Paulo, 4 December (Argus) — Brazil is set to produce its third-largest coffee crop ever this year, despite it being a low productivity year in the crop cycle, according to national supply company Conab's last crop estimate for this cycle. Brazil will produce almost 56.5mn 60kg bags of coffee this year, up from the previous forecast released in September of 55.2mn bags. The upward revision was driven by higher average national productivity, reflecting a better performance of Conilon coffee crops, one of the two major types of coffee grown in Brazil. This is above the 51.8mn bags first projected for the season and surpasses the 2024 crop, which produced 54.2mn bags. Droughts, irregularly distributed rainfall and high temperatures severely hampered yields in the prior cycle, despite initial expectations for a high-producing one. Coffee cycles occur biennially in Brazil, with larger volumes produced in alternating years. During the lower producing years — known as negative years — plants replenish their nutritional reserves, leading to reduced output. The 2025 cycle is considered a negative year, with the current estimate representing an all-time high for a negative year, topping the record registered in the 2023 crop, when Brazil produced nearly 55.1mn bags. It is expected to rank as the third-largest in the nation's history, only behind the positive cycles of 2020 and 2018, which produced 63.1mn bags and 61.7mn bags, respectively. Conab revised the outlook for the current cycle based on an increase in expected yields to 30.4 bags/hectare (ha) from 29.7 bags/ha in the prior forecast. That is up by 5.5pc from 28.8 bags/ha in the positive 2024 year and compares with 29.4 bags/ha in the negative 2023 cycle. Brazil grows two types of coffee: the higher-grade Arabica coffee and the Conilon grade coffee, also referred to as Robusta. These varieties have different taste, caffeine content and productivity levels, as well as distinct producing regions and harvesting calendars. Arabica coffee production is forecast at around 35.8mn bags, ahead of the nearly 35.2mn bags projected in September, but down from 39.6mn bags in 2024. There has been significant vegetative recovery in crops, mainly in southeastern Minas Gerais state, Brazil's largest producer, which contributed to an increase compared to the previous estimate, according to Conab. Yields rose to 24.1 bags/ha from 23.7 bags/ha in September. That is behind the 26.2 bags/ha in 2024. Conilon coffee output should reach an overall record of 20.8mn bags, up from 20.1mn bags in the previous outlook following the consistent weather conditions in major producing states Espirito Santo and Bahia that promoted good conditions for areas and resulted in high yields. That compares with 14.6mn bags in the prior cycle. Yields are up to 55.9 bags/ha, from 53.8 bags/ha estimated in September and 39.2 bags/ha yielded in 2024. Conab continues to expect the total area allocated to both coffee grades to reach approximately 2.25mn ha this cycle, 0.9pc above on the year. The area set aside for coffee is split between space for production and new crops. Areas allocated to crops in production fell by 1.2pc on the year to nearly 1.86mn ha. New areas account for around 396,428ha, up by 12pc, as is usual for negative years. Coffee exports fall on year Brazil exported 34.2mn bags of coffee in January-October, around 17.8pc below the total shipped in the same period a year before, according to trade ministry Mdic data. This reduction in volume exported in the first ten months of 2025 is mainly because of limited domestic stocks at the beginning of the year, following a record shipment of 50.5mn bags in 2024. Tariffs imposed by the US from April onwards, a major buyer of Brazilian coffee, also contributed to the reduction in exports. Brazil exported coffee to 150 countries in the first ten months of 2025. The US and Germany accounted for the largest share of shipments, with 14.1pc and 14pc, respectively. Italy received 8.1pc of exports, Belgium and Japan 6.3pc each. By João Petrini Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Former Brazilian president Bolsonaro arrested
Former Brazilian president Bolsonaro arrested
Belem, 22 November (Argus) — Brazil's federal police have detained former president Jair Bolsonaro for violating court orders during his house arrest and to prevent "an attempted escape", according to a supreme court (STF) ruling. STF said that it found "very serious evidence" that Bolsonaro — who was under strict house arrest following his conviction on charges of attempting a coup and sentenced to jail for 27 years and three months — was trying to escape. This included information that Bolsonaro would break his electronic ankle monitor and try to escape during "confusion caused by a demonstration called by his son". Bolsonaro's son, senator Flavio Bolsonaro, posted a video on social media on Friday calling on the former president's supporters to perform a vigil outside of his home to pray for Bolsonaro's health and "liberty in Brazil". STF's decision also notes that Bolsonaro did not comply with orders to not use social media during his house arrest. The detainment is a "preventative measure" and does not count towards his sentencing, according to the court. STF said its decision to detain Bolsonaro was also motivated by three congressmen and Bolsonaro allies who fled the country: Alexandro Ramagem, Carla Zambelli and Eduardo Bolsonaro, the former president's son. Ramagem was also convicted of an attempted coup and sentenced to 16 years in jail, but fled to the US, according to STF. Zambelli was convicted of illegally carrying a weapon, unlawful coercion, as well as hacking and inserting false documents into Brazil's national council of justice. She fled to Italy, where she was detained and is awaiting extradition. Eduardo Bolsonaro will face trial before STF for coercion during the course of legal proceedings during his father's trial. The prosecutor general's office accused him of promoting "serious sanctions" against Brazil to dissuade STF from convicting his father for the coup plot. Eduardo, who has been in the US since March, met with US president Donald Trump and was a vocal supporter of Trump imposing 50pc tariffs on Brazilian products . Trump mentioned the trial against the former president as one of the reasons for the tariffs, but some have since been lifted . Jair Bolsonaro's defense attorney will appeal the arrest, saying that the former president's health is "delicate" and that "his imprisonment could put his life at risk." Appeals to serve his sentence under house arrest — also based on Bolsonaro's health — have so far not come to fruition. The former president has been hospitalized several times in the last year due to complications following a stabbing he suffered while campaigning in 2018. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Greenland tariff spat could hurt US steelmakers
Greenland tariff spat could hurt US steelmakers
Pittsburgh, 20 January (Argus) — Rising trade tensions between the US and Europe over control of Greenland could raise raw material costs for US electric arc furnace (EAF) steelmakers importing prime scrap. President Donald Trump threatened on 17 January to impose an additional 10pc tariff on US imports from the UK, Denmark, Finland, France, Germany, the Netherlands, Norway and Sweden from 1 February, because of their participation in a military mission in Denmark's Greenland territory, which he is threatening to annex. The tariffs will rise to 25pc from 1 June if a deal for US ownership of Greenland is not reached, Trump said on his social media platform. Greenland is a self-governing island under Denmark's control. The Netherlands, Poland, Sweden and the UK are major suppliers of prime scrap to the US. US imports from those nations have been subject to tariffs since April 2025, at rates of 10pc from the UK and 15pc from the EU. EAF steelmakers typically rely on European prime scrap imports to relieve pressure on domestic supply and #1 busheling pricing. US steelmakers have paid higher raw material costs due to import tariffs over the last year as stricter import controls have significantly supported the domestic steel market and offset the added import fees. Prime scrap imports from the Netherlands, Poland, Sweden and the UK rose by 61pc in 2025 to 403,000 metric tonnes (t) between January and October 2025, compared with the same period of 2024, despite the April tariffs. But mills shifted the import ratio to favor shipments from the UK because of its lower tariff rate. UK prime scrap shipments accounted for 68pc of all European shipments between April and October, compared with only 10pc in the same period of the prior year. This sourcing shift could signal that US mills will adopt a similar pattern if tariff rates rise by an additional 10pc in February and to 25pc in June. Canada and Mexico have been the largest sources of prime scrap imports to the US, at around 34pc between January-October 2025. Any shift to North American consumption could support scrap suppliers with large prime scrap inventories that have been overhanging the US market over the last year. EU leaders will meet on 22 January to agree on the bloc's response to Trump's threat to annex Greenland and to impose the additional tariffs. By Brad MacAulay Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump threatens 10pc tariff against UK, EU members
Trump threatens 10pc tariff against UK, EU members
Houston, 17 January (Argus) — President Donald Trump on Saturday threatened to impose a 10pc tariff on US imports from the UK and seven key members of the EU, citing their participation in a military mission in Denmark's Greenland territory, which he is threatening to annex. US imports from the UK, Denmark, Finland, France, Germany, The Netherlands, Norway and Sweden would be subject to a 10pc tariff from 1 February, rising to a 25pc tariff from 1 June, Trump announced via his social media platform. The tariff would remain in place until "such time as a Deal is reached for the Complete and Total purchase of Greenland", Trump said. Trump has stepped up discussion of taking over Greenland — a self-governing island under Denmark's control — following a US special forces raid that captured Venezuelan president Nicolas Maduro on 3 January. Denmark and Greenland have rejected US overtures to buy the island, as well as Trump's threat to take over the island by force. Trump is citing Greenland's alleged lack of military protection as the latest justification for his threats. He has denigrated Denmark's commitment to the island's defense against alleged threats from Russia and China. "They currently have two dogsleds as protection, one added recently," Trump said on Saturday. Denmark's foreign minister Lars Lokke Rasmussen, who traveled to Washington on 14 January to meet Trump administration officials, pushed back against that accusation. "Denmark has already stepped up our own contribution by committing additional funds for military capabilities — not [dogsleds], but ships, drones, fighter jets," Rasmussen said. The countries threatened with new tariffs by Trump joined Denmark to dispatch troops and military experts to Greenland on a mission to assess the island's security needs. Trump on Saturday said that the reconnaissance mission "journeyed to Greenland, for purposes unknown." EU leaders expressed solidarity with Denmark and called for dialogue, but they omitted mention of possible retaliation if Trump makes good on his threat to impose new tariffs. "Tariffs would undermine transatlantic relations and risk a dangerous downward spiral," European Council president Antonio Costa and European Commission president Ursula von der Leyen said in response to Trump's post. "Europe will remain united, coordinated, and committed to upholding its sovereignty." "Applying tariffs on allies for pursuing the collective security of Nato allies is completely wrong," UK prime minister Keir Starmer said on Saturday. "We will of course be pursuing this directly with the US administration." US imports from the UK already are subject to a 10pc import tariff, and imports from the EU face a 15pc tariff. While Trump is threatening tariffs against seven out of 27 EU members, the bloc collectively negotiates trade matters and sets tariffs. Trump is scheduled to attend the Davos Economic Forum in Switzerland on 21-22 January. A bipartisan delegation of 11 US senators and members of the House of Representatives traveled to Copenhagen on 16 January to express support for Denmark's government and push back against Trump's designs on Greenland. "There is no need, or desire, for a costly acquisition or hostile military takeover of Greenland when our Danish and Greenlandic allies are eager to work with us on Arctic security, critical minerals and other priorities under the framework of long-standing treaties," said US senators Jeanne Shaheen (D-New Hampshire) and Thom Tills (R-North Carolina), who were part of the congressional delegation. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Greenland’s resources face extraction hurdles
Greenland’s resources face extraction hurdles
Houston, 16 January (Argus) — Greenland's natural resources have returned to the fore since US president Donald Trump renewed his interest in acquiring the Danish autonomous territory, but the island's rare earths (REEs) and "critical minerals" will likely remain mostly commercially untapped amid extraction challenges and a lack of commercial viability without significant government financing. Trump recently denied that rare earths and "critical minerals" are a major motive in the push to acquire the territory, stating, "we need Greenland for national security, not minerals". Still, members of his administration have previously noted some interest in its resources, including US ambassador to the UN and former national security advisor Mike Waltz, who told Fox News in a January 2025 interview that "this is about critical minerals" in addition to national security when asked about US interest in Greenland. Geopolitical tensions grow Trump's chief policy advisor, Stephen Miller, last week told CNN that the "formal position" of the US government is that it should control Greenland "to protect and defend Nato and Nato interests". The notion was opposed by Europe, causing leaders of six European nations to put their names to a 6 January statement , with Denmark defending the sovereignty of Greenland in the face of US threats. In the following days, Trump said the US aims to acquire Greenland "whether they like it or not", claiming that if the US does not acquire the territory "Russia or China will take over Greenland". US, Danish and Greenlandic officials met in Washington on 14 January, but talks ultimately ended without agreement . "It's clear that the [US] president has this wish of conquering Greenland," Danish foreign minister Lars Lokke Rasmussen told reporters after the meeting. The meeting left both sides "with a fundamental disagreement" about Greenland's future, and "we didn't manage to change the American position", Rasmussen said. Trump's push for the US' acquisition of Greenland now involves tariff threats against countries opposing the move, saying, "I may put a tariff on countries if they don't go along with Greenland, because we need Greenland for national security", during remarks on Friday at an event dedicated to improving healthcare in US rural areas. Known resources and extraction challenges Greenland holds significant reserves of REEs and other "critical minerals", many of which serve essential — and sometimes non-substitutable — roles in various applications across many sectors, including defense, energy and automotive, among many others. The territory holds an estimated 36.1mn metric tonnes (t) of light and heavy rare earths, though only 1.5mn t of resources are proven, according to the Geological Survey of Denmark and Greenland (GEUS) and the US Geological Survey (USGS), respectively. Greenland holds the eighth-largest proven REE resources in the world, according to the USGS, but, Greenland does not actively produce any rare earths. In addition to rare earths, Greenland is also home to a "high" resource potential of molybdenum, graphite, hafnium, niobium, platinum group metals, tantalum and titanium, among others, according to estimates from GEUS. The island holds significant reserves of uranium, though its government banned mining of that element in 2021. Despite the resource quantities, few companies participate in Greenland's mining industry as difficult geological and geographical factors, harsh weather and limited existing infrastructure imply high operational costs, according to GEUS. A few rare earths and "critical minerals" projects are in exploratory phases however, and have received significant interest in government funding to propel production. Current projects US-based Critical Metals owns the Tanbreez project in southern Greenland, which holds an estimated 27pc of global heavy rare earths, according to the company, but the project has yet to achieve commercial production. The company has signed several offtake agreements within the last year, including with REalloys , Ucore Rare Metals and Saudi firm Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company. As of Thursday, all of the project's rare earths concentrate production is now slated for offtake under long-term contract agreements, according to Critical Metals. Critical Metals received a letter of interest for $120mn from the US Export-Import Bank for its Tanbreez rare earths project in June, covering studies, pre-production and initial mining. Canadian firm Greenland Resources' was granted a 30-year exploitation permit for molybdenum and magnesium for its Malmberg project in east Greenland in June, but has yet to start commercial production. The company has signed long-term supply agreements from the project with Finland-based stainless steel producer Outokumpu , German metal supplier Hempel Metallurgical and Italian specialty steel manufacturer Cogne Acciai Speciali within the last year. Greenland Resources also has significant funding interest from European government agencies. The European Union said in December it will help fund the molybdenum project , noting the project could quickly deliver on the EU's needs for molybdenum for the defense sector. The project also received support from the European Raw Materials Association in 2022. By Reagan Patrowicz Estimated Contained Resources in Greenland metric tonnes (t) Element Resource Estimates (2023) Antimony 3,780 Chromium 560,000 Copper 108,000 Gallium 152,000 Graphite 6,000,000 Hafnium 108,000 Lithium 235,000 Molybdenum 324,000 Niobium 5,900,000 Platinum Group Metals 576 Rare Earth Elements 36,100,000 Silicon 2,800,000 Tantalum 916,000 Titanium 12,100,000 Tungsten 26,200 Vanadium 179,000 Zirconium 57,100,000 List not indicative of all resources. Totals summed by GEUS from resource estimations of known individual deposits in Greenland. Source: Geological Survey of Denmark and Greenland (GEUS) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
'Plan B' for Trump tariffs involves 10pc duty
'Plan B' for Trump tariffs involves 10pc duty
Washington, 16 January (Argus) — President Donald Trump's administration is prepared to impose a temporary 10pc tax on imports before rolling out more permanent measures in case the US Supreme Court strikes down emergency tariffs imposed in 2025, a senior White House adviser said. "We can put a 10pc tariff right away to make up most of the room, and then use things like the 301 authorities, the 232 authorities, to backfill the things that we've already achieved," White House national economic council director Kevin Hassett told Fox Business Friday. The Supreme Court, in a Friday update on its website, said it may issue a decision on one of its pending cases on 20 January at 10am ET. That will mark the court's next chance to decide on the tariff case since holding oral arguments in early November. The opinion could also be for an unrelated case that is also pending before the high court. Hassett, like other Trump officials, has expressed confidence about the administration's ability to prevail in court while, at the same time, outlining a possible fallback plan in case of legal defeat. The reference to a 10pc tariff is the most explicit confirmation to date of a possible route the administration plans to take if the high court strikes down Trump's tariffs. Hassett likely is referencing a possible invocation of Section 122 of the 1974 Trade Act, which allows the White House to impose tariffs of up to 15pc for a period of 150 days to address a balance of payment issue. But subsequent extensions would require explicit authorization from Congress. The administration likely will use the time period to prioritize the countries and industries it will target with tariffs next. Targeting a specific industry would rely on a "Section 232" authority that allows the Commerce Department or US Trade Representative's office to determine whether imports of a product need to be curbed on national security grounds. A Section 301 investigation would target a specific country on the grounds that it is discriminating against US exports. In both cases, the process leading up to the imposition of tariffs can take months, requires public consultation and allows carveouts for the affected US importers. The future Supreme Court decision will affect Trump's tariffs on Mexico, Canada and China, where he cited an economic emergency created by the three countries' alleged inaction to stop the flow of fentanyl drugs into the US. The Supreme Court will also address Trump's most extensive action — imposing tariffs of 10pc and higher since 5 April on nearly every US trading partner to address the "economic emergency" of persistent US trade deficits. In both cases, Trump cited a 1977 law called the International Emergency Economic Powers Act (IEEPA), which previous presidents only used to impose targeted economic sanctions, to impose tariffs on nearly all US trading partners. The Supreme Court's decision on IEEPA tariffs also would affect the tariffs Trump imposed on imports from Brazil and India, US government lawyers informed the Court of International Trade last week. Trump cited Brazil's alleged suppression of freedom of speech as a reason to impose tariffs. In the case of India, Trump imposed an extra 25pc tariff because of India's purchase of Russian crude. The Supreme Court's decision will not affect tariffs on US imports of steel, aluminum, cars and auto parts, which Trump imposed by citing well-tested legal trade authorities. The money issue One of the issues that prompted even conservative justices to express skepticism about Trump's emergency tariffs during the oral argument in November related to their function in raising government revenue. Government lawyers countered at the time that tariffs were a foreign and economic policy tool for the White House, rather than a tax, which the Constitution says only Congress can impose. The US has collected nearly $260bn in customs duties during the first 11 months of Trump's second term, according to data from the US Treasury Department. Hundreds of companies have already filed lawsuits seeking to recover the tariffs, but Trump warned earlier this week that paying them back could take "years" to figure out. "It would be a complete mess, and almost impossible for our country to pay," Trump said on 12 January via his social media network. "Anybody who says that it can be quickly and easily done would be making a false, inaccurate, or totally misunderstood answer to this very large and complex question." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
