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Macron calls for US to end tariffs on Europe in Davos
French President Emmanuel Macron has called for the United States to end its tariffs on European goods, saying “we do prefer respect to bullies”. The European Union could impose economic counter-measures under the bloc’s Anti-Coercion Instrument, Macron said at the World Economic Forum in Davos. U.S. President Donald Trump has said tariffs on several European countries will continue to rise until the U.S. can purchase Greenland. “We do believe that we need more growth, we need more stability in this world,” said Macron. “But we do prefer respect to bullies. We do prefer science to plotism, and we do prefer rule of law to brutality.” Macron also called for greater cooperation among European countries and respect for international bodies. “Without collective governance, cooperation gives way to relentless competition,” he said. “Competition from the United States of America through trade agreements that undermine our export interests, demand maximum concessions and openly aim to weaken and subordinate Europe, combined with an endless accumulation of new tariffs that are fundamentally unacceptable — even more so when they are used as leverage against territorial sovereignty.” The address comes as Trump calls for countr
Trade
Trump warns of economic disaster if tariffs are refunded
Unprecedented policy uncertainty from the Trump administration, coupled with the looming possibility that between US$133.5-$150 billion in illegal tariffs may have to be refunded to importers, is creating an overhang that capital markets are factoring into their playbook for an already turbulent 2026. The United States Supreme Court (SCOTUS) is currently deliberating on the legality of emergency tariffs deployed by the Trump administration under the International Emergency Economic Powers Act of 1977 (IEEPA). Most legal commentators believe SCOTUS will rule against Trump, given the line of questioning during oral arguments late last year. Assuming the court rules in favour of refunds, they will be processed via a U.S. Customs & Border Protection (CBP) electronic refund system and potentially as early as 6 February.Economic disasterBy his own admission, Trump recognises that the SCOTUS ruling on tariffs will be the most important decision the country’s highest court will ever make. "If the Supreme Court rules against the United States of America on this National Security bonanza, WE’RE SCREWED!" Trump posted on 12 January Truth Social. Trump also admitted that it would be an "economic disaster" if tariffs were overtu
Trade
India’s BRICS digital currency push irks Washington
India’s central bank is quietly pushing a plan that could reshape how emerging economies pay each other, and this move risks further aggravating an already jumpy White House. According to sources, the Reserve Bank of India (RBI) has proposed linking the official digital currencies of BRICS nations to speed up cross-border trade and tourism payments. The idea is set to be pitched for inclusion on the agenda of the 2026 BRICS summit, which India will host later this year. If approved, it would mark the first time BRICS leaders formally consider connecting their central bank digital currencies (CBDCs). The bloc’s core members, Brazil, Russia, India, China and South Africa are all running CBDC pilot programmes, even if none have fully rolled one out. The proposal builds on the groundwork laid at the 2025 BRICS summit in Rio de Janeiro, where members agreed to improve interoperability between national payment systems. While the aim was practical rather than ideological - cheaper, faster transactions across borders – it also reduces reliance on the U.S. dollar, which officials insist is not the stated goal. Washington is far from happy about the implication with U.S. President Donald Trump repeatedly branding BRICS
Trade
Bessent: Supreme Court unlikely to overturn tariffs
With a Supreme Court decision looming, the Trump administration is betting that the justices will not stand in the way of what it calls the president’s defining economic strategy: Sweeping tariffs imposed under emergency powers that were never designed for routine trade warfare. Treasury Secretary Scott Bessent said on Sunday it was “very unlikely” the court would overturn Donald Trump’s use of the International Emergency Economic Powers Act (IEEPA) to levy tariffs on imports from much of the world. Speaking on NBC's Meet the Press, Bessent argued that the court would avoid disrupting a sitting president’s economic agenda, framing judicial restraint as a matter of stability rather than legality. That confidence comes as Trump escalates his trade campaign by announcing new tariffs targeting several European countries unless they agree to negotiations tied to his long-standing fixation with acquiring Greenland. The plan would start with 10% duties on imports from countries including Denmark, Germany, France and the UK on 1 February, rising to 25% by June. Trump did not specify which law authorises the move; however, it mirrors earlier tariffs imposed under IEEPA during his so-called “Liberation Day” rollout. IEEP
Trade
EU leaders stand by Denmark amid US tariff threats
European leaders have stood in solidarity with Denmark and Greenland as United States President Donald Trump threatens to impose tariffs if Greenland isn’t sold to the U.S. This would see tariffs increase to 10% as of 1 February for Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland, the U.S. president said on Truth Social. These tariffs could shoot up to 25% on 1 June, Trump said. “Starting on February 1st, 2026, all of the above mentioned Countries (Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland), will be charged a 10% Tariff on any and all goods sent to the United States of America,” Trump said. “The United States of America is immediately open to negotiation with Denmark and/or any of these Countries that have put so much at risk, despite all that we have done for them, including maximum protection, over so many decades.” In response, the eight European allies hit back at the ultimatum, calling it “completely wrong” and unacceptable. In a post to X, French President Emmanuel Macron said the country will not be influenced by “intimidation or threat”. European Commission President Ursula von der Leyen and President of the Eur

Trade
China's trade surplus reaches record $1.2 trillion
China has reported a record full-year trade surplus of US$1.2 trillion for 2025 despite United States President Donald Trump’s trade war. This is the first time the trade surplus exceeded US$1.1 trillion, beating last year’s US$993 billion. Despite exports to the U.S. falling 20%, they increased by 8.4% to the European Union (EU) and 13.5% to South-east Asia. The American share of Chinese exports last year was 11.1%, down from 14.7% in 2024, reaching some of the lowest levels since the 1990s. However, the loudest complaints about China’s surplus are expected to come from the E.U., which has yet to follow the U.S. in implementing broad-based tariffs. The bloc has called for Beijing to stimulate domestic demand and reduce its own barriers to manufactured imports. While exports experienced significant growth, imports only increased by 0.5% due to the Chinese economy being weighed down by a property crisis and rising debt, leading to businesses being hesitant to invest and consumers being cautious about spending. According to official data from the country’s customs administration, export goods grew 6.6% in December year-over-year. That was more than the forecast from a Bloomberg poll of analysts of 3.1% and above
Trade
Mexico's increased tariffs on China to kick in this week
A broad range of new tariffs is being implemented by Mexico from Thursday, set to mostly impact Asian nations. Earlier this month, the tariff hike was approved by Mexico's congress, with an increase of up to 35%, on imports from China, India, South ⁠Korea, Thailand, Indonesia and more, but China will be the hardest hit. Automobiles, auto parts, textiles, clothing, plastics and steel are just some of the industries and goods that will see the tariff increase. China has strongly opposed the increase, but it has aligned Mexico with the United States in hampering Chinese imports and looking to increase domestic industry production instead. The tariffs are part of a wider “Plan México”, which is seeking to raise national investment to 28% of gross domestic product and generate 1.5 million jobs.
Trade
China will impose tariffs of up to 42.7% on EU dairy
China will slap tariffs up to 42.7% on dairy products from the European Union, including milk and cheese from the region. The elevated tariffs will be collected from Tuesday and range from 21.9% to 42.7% and were based on preliminary results from an investigation opened by China’s Commerce Ministry. According to the country's commerce ministry, EU subsidies caused “substantial damage” to China's domestic dairy industry. This comes as tensions between Beijing and Brussels intensify after Brussels slapped tariffs of up to 45% on electric vehicles imported from China in October last year Most companies will pay just under 30% with the tariffs targeting unsweetened milk and cream and fresh processed cheese, including the iconic French Roquefort and Camembert. An EU spokesperson said the dairy tariffs were "unjustified and unwarranted”, according to Reuters, and said the European Commission would be providing comments to the Chinese authorities. This follows China significantly lowering EU pork tariffs to 4.9% to 19.8% from the up to 62.4% that they were previously hit with in October last year.
Trade
Mexican senate votes for heavier tariffs on Chinese goods
Mexico's Senate has voted in favour of increased tariffs on China, up to 50%. The tariffs will apply to imports from China, India, South Korea, Thailand and Indonesia from next year, after a majority vote of 76 votes in favour, 5 against and 35 abstentions. The proposal, now passed through both the lower house and Senate, will see the increases applied to auto parts, textiles, clothing, plastics, steel and more. Despite being a lessened version of the original proposal, it has still faced backlash from business groups. "These adjustments will boost Mexican products in global supply chains and protect jobs in key sectors," said Emmanuel Reyes, chairman of the Senate Economy Committee. China responded the day after the vote, with the commerce ministry stating that they hoped Mexico would “correct such unilateralist and protectionist practices as soon as possible”.