Geopolitical tensions

Total: (Last update: April 4, 2025)

• China imposed additional trade measures against the U.S., including (1) a 34% tariff on all U.S. imports effective April 10, 2025; (2) export controls on medium and heavy rare-earth elements such as samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium to the U.S., effective April 4, 2025; (3) addition of 16 U.S. entities to its export control list; and (4) inclusion of 11 U.S. companies, including Skaudio, to its "unreliable entity" list. (04/04/2025)
• United States added beer and empty aluminum cans to the list of aluminum derivative products subject to 25% Section 232 tariffs, pursuant to Proclamation 10895, revising Annex I of the Harmonized Tariff Schedule. The measure took effect on April 4, 2025. (02/04/2025)
• United States implemented a 10% baseline tariff on all countries, effective April 5, 2025. Additionally, a higher, country-specific reciprocal tariff will apply from April 9, 2025, to nations with which the U.S. has the largest trade deficits (Annex I). Exemptions include: goods covered by 50 U.S.C. 1702(b); items already subject to Section 232 tariffs (steel, aluminum, autos, auto parts); copper, pharmaceuticals, semiconductors, lumber; potential future Section 232 items; bullion; and certain energy and minerals unavailable domestically (Annex II). Under existing IEEPA orders, USMCA-compliant goods from Canada and Mexico remain at 0%, while non-compliant goods face a 25% tariff (10% for energy/potash). If those orders are lifted, non-compliant goods would face a 12% tariff. (02/04/2025)
• United States eliminated duty-free de minimis treatment for low-value imports from China and Hong Kong, effective May 2, 2025. The action, aimed at curbing the flow of synthetic opioids, imposes full duties on non-postal shipments under $800 and introduces fixed postal duties of 30% or $25 per item (rising to $50 on June 1, 2025). (02/04/2025)
• United States announced a 25% tariff on imported automobiles, including sedans, SUVs, crossovers, minivans, cargo vans, and light trucks, effective April 3, 2025. Certain automobile parts, such as engines, transmissions, powertrain components, and electrical systems, will also face a 25% tariff, with implementation no later than May 3, 2025. Vehicles qualifying for preferential treatment under the USMCA may have the tariff applied solely to their non-U.S. content. (26/03/2025)
• United States added 80 entities to the Entity List from China, the United Arab Emirates, South Africa, Iran, Taiwan, and others for activities deemed contrary to U.S. national security and foreign policy interests. (25/03/2025)
• European Union tightened limits on tariff-free steel imports to protect its steel industry. The liberalization rate was reduced from 1% to 0.1%, and the carry-over mechanism, which allowed unused import quotas to roll over to the next quarter, was eliminated. (25/03/2025)
• United States imposed a 25% tariff on all goods from countries that import Venezuelan oil directly or indirectly, effective April 2, 2025. (24/03/2025)
• European Union postponed the reactivation of its 2018 and 2020 countermeasures on U.S. goods—originally scheduled for April 1—to April 13, 2025. These measures, triggered by new U.S. tariffs on EU steel and aluminium, target products such as motorbikes, jeans, and whiskey. An additional package of countermeasures is expected by mid-April. (20/03/2025)
• Canada responded to U.S. tariffs on Canadian steel and aluminum products with 25% tariffs on a list of steel and aluminum products, as well as additional imported U.S. goods, totaling $29.8 billion. (12/03/2025)
• European Union announced plans to reinstate tariffs originally imposed in 2018 and 2020 as a reaction to U.S. metal tariffs. These measures, worth €4.5 billion, were suspended in 2023 after negotiations with President Biden. (12/03/2025)
• China announced 100% tariffs on Canadian rapeseed oil, oil residue cake, and peas, and 25% on aquatic products and pork in response to Canadian measures. (08/03/2025)
• Canada delayed its second wave of retaliatory tariffs on U.S. products until April 2, 2025, following a U.S exemption announcement. (06/03/2025)

Russian invasion of Ukraine 

Total: (Last update: April 1, 2025)

• Belarus implements an export prohibition of 253 foreign-made product categories, including household appliances, vehicles, clothing and medical clothing. (24/03/2025)
• European Union adopts 16th package of sanctions against Russia, including an import quota on primary aluminium. (25/02/2025)
• Japan updates export ban to 335 industrial products that contribute to strengthening the industrial base of Russia (23/01/2025)
• Belarus extends import ban on additional industrial and household items until December 2024 (28/08/2024)
• United States introduces import ban on low-enriched uranium from Russia. (11/08/2024)