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US and China trade truce details released
The Chinese government is set to lift export restrictions on critical minerals, cease exports of chemicals to North America required to produce fentanyl and resume the flow of key auto semiconductors. The White House confirmed the deal in a fact sheet that gives a detailed summary of the accord reached between Chinese and United States negotiators and signed off by U.S. President Donald Trump and Chinese leader Xi Jinping in South Korea. According to the U.S. Treasury Secretary Scott Bessent, the signing of the agreement would de-escalate tensions between the countries and essentially implement a one-year truce starting as soon as this week. A major issue discussed in the deal was automotive computer chips due to concerns that a lack of chips from Nexperia, which has production facilities in China, could create global supply chain issues. While Nexperia is based in the Netherlands, despite is a Chinese-owned company. Around 70% of the company’s chips are made in Europe and sent to China to be completed and re-exported to other countries. The fact sheet states that China will "take appropriate measures to ensure the resumption of trade from Nexperia's facilities in China, allowing production of critical legacy chi
Trade
Trump and Xi strike deal to cut China tariffs to 47%
United States President Donald Trump has announced a 10% tariff reduction on Chinese goods to 47% following nearly two hours of talks with President Xi Jinping, while also securing commitments on fentanyl enforcement and rare earths flows in exchange for easing trade tensions. The high-stakes summit in the South Korean port city of Busan, the leaders' first encounter since 2019, capped Trump's Asia swing that also yielded agreements with South Korea, Japan and Southeast Asian nations. Under the deal, tariffs on Chinese imports will fall to 47% from 57%, achieved by halving fentanyl-related levies to 10%. "It was an amazing meeting," Trump told reporters aboard Air Force One, rating the discussions a "12 out of 10". Xi committed to intensifying efforts against the illicit fentanyl trade, which Trump described as critical to addressing America's opioid crisis. "Very significantly, China has strongly stated that they will work diligently with us to stop the flow of Fentanyl into our Country," Trump said in a Truth Social post. China agreed to suspend this month's export restrictions on rare earths - critical minerals essential for manufacturing cars, aircraft and defence systems - for 12 months, according to Beijing
Trade
Mexico and US extend looming trade deadline
Mexican Prime Minister Claudia Sheinbaum and United States President Donald Trump have agreed to extend a looming trade deadline by a “few more weeks” as they discuss pending issues in Washington. During a press conference on Monday, Sheinbaum said Mexico would give more time to resolve 54 outstanding trade barriers. The U.S. agreed to pause tariffs for 90 days on some Mexican goods to 30% from 25% in June as the two countries continued talks to reach a new trade agreement. “I was interested in making sure that November 1 didn’t arrive without us having communicated and that we were in agreement that our teams were still working,” Sheinbaum said. The talks were set to end this week. Mexico has also been spared the brunt of the U.S. tariffs thanks to the United States-Mexico-Canada Agreement (USMCA) trade pact that is up for review next year. Following Sheinbaum’s comments earlier this week, the Mexican peso strengthened 0.29% to 18.39 per U.S dollar. Earlier this month, Sheinbaum expressed that she was confident Mexico would reach a favourable agreement with the U.S. on trade, and she was planning to unveil new advances in projects developing electric vehicles, semiconductors, satellites, drones and an artific
Trade
Trump slams extra 10% tariff on Canada following ad
United States President Donald Trump has slammed an extra 10% tariff on Canadian tariffs in retaliation for an anti-tariff ad run in the province of Ontario. The ad featured words from former President Ronald Reagan, who supported free trade. This provoked Trump, who made a statement on Truth Social where he said he would end trade talks with Canada following the ad being aired during the first game of the Baseball World Series. “Their Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD,” he posted. “Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now. Thank you for your attention to this matter!” It isn’t immediately clear which goods will be impacted by the tariff hike. The majority of Canadian exports to the U.S. are exempt from tariffs due to the United States-Mexico-Canada Agreement (USMCA) that was signed during Trump’s first term. The Trump administration, in August, imposed a 35% tariff on Canadian goods not covered by the USMCA. Canada’s economy has suffered from sector tariffs of 50% imposed this year by Trump on ste
Trade
Mission Critical: US$3bn to counter China dominance
The battle for critical minerals entered a new phase on 20 October, when President Trump and Prime Minister Albanese signed a bilateral framework in Washington committing both nations to securing access to critical minerals and rare earths. This is a sizeable US$3 billion (A$4.61 billion) commitment, with both countries pledging at least $1 billion each within six months towards projects delivering end products to both markets. Critical minerals like lithium, cobalt, rare earths and graphite underpin defence technology, clean energy infrastructure and advanced manufacturing. China controls two-thirds of global cobalt refining and 60% of lithium processing, which means even when mining happens in Australia, the Democratic Republic of Congo, or Chile, the minerals flow to China for processing and refinement. That midstream dominance gives Beijing leverage over global supply chains, and during trade tensions or geopolitical disputes, that control becomes a tool that can halt production lines, delay military projects, and derail energy transitions. The agreed framework between the U.S. and Australia spans nine key areas to counter that dominance, from securing supply through strategic reserves to establishing asset sale

Trade
US, Argentina enter $20bn swap deal amid peso rout
As part of a comprehensive strategy to help it respond to forex and capital markets volatility, the Central Bank of the Argentinian Republic (BCRA) has finalised a $20 billion exchange rate stabilisation agreement with the U.S. Treasury Department, just six days before the country’s midterm elections. While no specific technical details were disclosed, the deal is understood to outline a framework for bilateral currency swap operations between the two countries. The main objective of the deal, according to analysts, is to reassure investors that Argentina will have the necessary funds to pay hefty foreign currency debt maturities due in the coming months. “Such operations will allow the BCRA to expand its set of monetary and exchange rate policy instruments, including the liquidity of its international reserves,” The central bank said in a statement. The announcement, made by the Central Bank in Buenos Aires, comes amid a run against the peso and is the latest in a series of measures by U.S. President Donald Trump’s administration. The Republican leader has showered Argentina with political and economic support ahead of the October 26 midterms, which will decide whether Milei can force through labour, tax and pensio
Trade
US-Australia pact targets minerals worth US$53bn
The Trump-Albanese critical minerals agreement contains resources projects worth a whopping US$53 billion (A$81.7 billion), according to the White House fact sheet. In reaching that figure, the United States and Australian governments intend to invest more than $3 billion together in critical mineral projects over the next six months. The two leaders met in Washington to sign a critical minerals pact to secure supply chains that are under threat from Chinese export restrictions as part of an ongoing trade war with the United States. READ MORE: Albanese unscathed as Trump waxes lyrical on critical Government mechanisms, such as the Export-Import Bank (EXIM) of America, are issuing seven Letters of Interest for more than $2.2 billion in financing, unlocking up to $5 billion of total investment for critical minerals and supply-chain security projects. The U.S. Department of War will invest in the construction of a 100 metric tonne-per-year advanced gallium refinery in Western Australia.Financial structureWithin six months, the framework of the deal states both countries “are taking measures to provide at least $1 billion in financing to projects located in each of the United States and Australia expected to generate en
Trade
Trade war reignites on rare earths bans, 100% tariffs
After months of painstaking negotiations and temporary truces, the United States-China trade war has reignited with a vengeance and rare earths represent just one match in a box full of combustible issues. On Friday, October 10, President Trump declared 100% additional tariffs on Chinese goods, marking the most dramatic escalation since April's "Liberation Day" chaos, when tit-for-tat levies pushed rates to 145% and nearly sent markets into bear territory. “It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large-scale Export Controls on virtually every product they make, and some not even made by them,” Trump wrote on his Truth Social platform. “This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations.” Markets responded with the S&P 500 dropping 2.7%, the Nasdaq plunging 3.6%, and cryptocurrency liquidations hitting US$18 billion - the sharpest declines in six months.Escalation on repeatThe current flare-up foll
Trade
EU to add 50% steel tariffs that could hurt UK industry
The European Union plans to introduce tariffs of 50% on steel imports, with the United Kingdom saying this could heavily damage the British steel industry. The EU will match steel tariffs added by the United States. Around 78% of UK steel exports went to the E.U. in 2024. “The European steel industry was on the verge of collapse – we are protecting it so that it can invest, decarbonise, and become competitive again,” said European Commission executive vice president for prosperity and industrial strategy Stéphane Séjourné. Séjourné said 18,000 jobs in the EU’s steel sector were lost last year. “In relation to the question of tariffs or other measures, as you’d expect, we are in discussions with the EU about this, as we’re in discussions with the U.S. about it,” said U.K. Prime Minister Keir Starmer. The plan would also reduce tariff-free steel import quotas by 47% to 18.3 million tonnes per year. The EU currently caps imports of 26 steel grades, with imports above these limits subject to 25% tariffs. The new proposals are intended to bolster negotiations with the U.S. to end its 50% tariff on steel imports, The Guardian reported. “The new measures proposed by the EU represent an existential threat to our steel