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As the largest economy and the largest energy consumer in Europe, Germany is central to the energy and commodity markets we cover. Our German team, based in Hamburg, provide detailed, insightful local commentary on these specialist markets every day with a range of dedicated services. Argus’ global expertise supports and enhances the solutions we offer German market participants, while our unique insight into the region proves invaluable to those trading with the country.
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US tariffs a significant risk to global economy: IMF
US tariffs a significant risk to global economy: IMF
London, 4 April (Argus) — US import tariffs pose a "significant risk" to the global economy, according to the IMF. "We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth," IMF managing director Kristalina Georgieva said. "It is important to avoid steps that could further harm the world economy." The comment come after two days of turmoil on global oil and equities markets, sparked by the US imposition of sweeping tariffs on trade. For oil markets, this was compounded by a surprise decision from the Opec+ producer group to speed the unwinding of its output cuts. Front-month Ice Brent crude futures prices have fallen by more than 8pc since US president Donald Trump released details of the tariffs on 2 April, to trade near a three-year low below $69/bl. US-based bank Goldman Sachs on 4 April said it has cut its oil demand growth estimate for this year to 600,000 b/d from 900,000 b/d, based on its economists' new view of economic growth. This and the extra production from Opec+ has led the bank, which was bullish on oil prices for a long time, to cut its Brent crude price forecasts for a second time in three weeks , by $5/bl to $66/bl this year. Goldman also removed a price range from its forecasts, "because price volatility is likely to stay elevated on higher recession risk." Like Goldman, UK-based bank Barclays said there is downside risk to its $74/bl forecast for Brent this year. It said oil demand is holding up, "but the potential effect of the trade war on demand is hard to ignore." By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Funding cuts could delay US river lock renovations
Funding cuts could delay US river lock renovations
Houston, 3 April (Argus) — The US Army Corps of Engineers (Corps) will have to choose between various lock reconstruction and waterway projects for its annual construction plan after its funding was cut earlier this year. Last year Congress allowed the Corps to use $800mn from unspent infrastructure funds for other waterways projects. But when Congress passed a continuing resolutions for this year's budget they effectively removed that $800mn from what was a $2.6bn annual budget for lock reconstruction and waterways projects. This means a construction plan that must be sent to Congress by 14 May can only include $1.8bn in spending. No specific projects were allocated funding by Congress, allowing the Corps the final say on what projects it pursues under the new budget. River industry trade group Waterways Council said its top priority is for the Corps to provide a combined $205mn for work at the Montgomery lock in Pennsylvania on the Ohio River and Chickamauga lock in Tennesee on the Tennessee River since they are the nearest to completion and could become more expensive if further delayed. There are seven active navigation construction projects expected to take precedent, including the following: the Chickamauga and Kentucky Locks on the Tennessee River; Locks 2-4 on the Monongahela River; the Three Rivers project on the Arkansas River; the LaGrange Lock and Lock 25 on the Illinois River; and the Montgomery Lock on the Ohio River. There are three other locks in Texas, Pennsylvania and Illinois that are in the active design phase (see map) . By Meghan Yoyotte Corps active construction projects 2025 Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mexico, Canada sidestep latest Trump tariffs: Update
Mexico, Canada sidestep latest Trump tariffs: Update
Adds Canada reaction Mexico City, 3 April (Argus) — US president Donald Trump's sweeping tariff measures largely spared Mexico and Canada from additional penalties, as the US-Mexico-Canada free trade agreement (USMCA) will continue to exempt most commerce, including Mexico's energy exports. According to Trump's tariff announcement on Wednesday , all foreign imports into the US will be subject to a minimum 10pc tax starting on 5 April, with levels as high as 34pc for China and 20pc for the EU. Mexico and Canada are the US' closest trading partners and have seen tariffs imposed and then postponed several times this year, but remained mostly exempt from Trump's "reciprocal" tariffs. Energy and "certain minerals that are not available in the US" imported from all other countries also will be exempt from the tariffs. Trump also did not reimpose punitive tariffs on energy and other imports from Canada and Mexico. All products covered by the USMCA, which include energy commodities, are exempt as well. Yet steel and aluminum, cars, trucks and auto parts from Mexico and Canada remain subject to separate tariffs. Steel and aluminum imports are subject to 25pc, in effect since 12 March. The 25pc tariff on all imported cars and trucks will go into effect on Thursday, whereas a 25pc tax on auto parts will go into effect on 3 May. Mexico's president Claudia Sheinbaum this morning emphasized the "good relationship" and "mutual respect" between Mexico and the US, which she said was key to Trump's decision to prioritize the USMCA over potential further tariffs on Mexican imports. "So far, we have managed to reach a relatively more privileged position when it comes to these tariffs," Sheinbaum said. "Many of our industries are now exempt from tariffs. We aim to reach a better position regarding steel, aluminum and auto parts exports, too." The Mexican peso strengthened by 1.5pc against the US dollar in the wake of the tariff announcement, to Ps19.96/$1 by late morning on Thursday from Ps20.25/$1 on Wednesday. Mexico has not placed any tariffs on imports from the US, which may have eliminated the need for the US to reciprocate with tariffs. "In contrast to what will apply to 185 global economies, Mexico remains exempt from reciprocal tariffs," Mexico's economy minister Marcelo Ebrard said. Mexico exported 500,000 b/d of crude to the US last year, making the US by far the most important export market for the nation's commodity. Mexico also imports the majority of its motor fuels and LPG from the US. If US won't lead, Canada will: Carney To the north, Canada's prime minister says the US' latest trade actions will "rupture" the global economy. "The global economy is fundamentally different today than it was yesterday," said prime minister Mark Carney on Thursday while announcing retaliatory tariffs on auto imports from the US. Canada is matching the US with 25pc tariffs on all vehicles imported from the US that are not compliant with the USMCA, referred to as CUSMA in Canada. But unlike the US tariffs, which took effect Thursday, Canada's will not include auto parts. Automaker Stellantis has informed Unifor Local 444 that it is shutting down the Windsor Assembly Plant in Ontario for two weeks starting on 7 April, with the primary driver being Trump's tariffs. The closure will affect 3,600 workers. Trump on 2 April unveiled a chart of dozens of countries the US is targeting with new tariffs, but that lengthy list may also represent opportunity for Canada and Mexico, who have already been dealing with US trade action. "The world is waking up today to a reality that Canada has been living with for months," Canadian Chamber of Commerce president Candace Laing said, a reality which Carney views as an opportunity for his country. "Canada is ready to take a leadership role in building a coalition of like-minded countries who share our values," said Carney. "If the United States no longer wants to lead, Canada will." By Cas Biekmann and Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Stellantis idles plants, lays off 900 on US tariffs
Stellantis idles plants, lays off 900 on US tariffs
Sao Paulo, 3 April (Argus) — Stellantis is pausing production at two factories in Canada and Mexico and laying off 900 workers at US plants as the company evaluates the effect of US automotive import tariffs. Effective immediately, Stellantis will temporarily pause production at the Windsor Assembly Plant in Canada, resuming production in the week of 21 April, the company said Thursday. In Mexico, the Toluca Assembly Plant will halt production on 7 April through the end of the month. As a result, the company will temporarily lay off 900 workers at five US stamping, casting and transmission plants in Michigan and Indiana that supply assembly plants. The automaker attributed the decision to the "new automotive sector tariffs now going into effect". A 25pc tariff on all cars and trucks imported into the US took effect on Thursday and a 25pc tax on auto parts will go into effect on 3 May. Stellantis is monitoring the tariff situation to assess whether further action is required, North America chief operating officer Antonio Filosa said in an internal email shared with Argus . The moves affect production of Chrysler Pacifica minivans, Jeep's Compass and Wagoneer, and Dodge's new electric muscle car, the Charger Daytona. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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About Argus and O.M.R.
In July 2020, O.M.R. Oil Market Report was integrated into Argus Media's German subsidiary, Argus Media Germany, and now operates under the Argus Media name.
Both Argus Media, established in 1970, and O.M.R. Oil Market Report, established in 1985, were founded as family businesses. Now, they combine their long history and extensive experience in market reporting.
Our team of experts are in daily exchange with market participants in Germany and around the world, providing you with trusted prices, latest news and useful analyses on the German and northwest European markets.
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