Latest news on trade tariffs
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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 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.
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