The Australian Lowy Asia Power Index ranked US President Joe Biden lower than his predecessor Donald Trump in terms of economic influence in the region, citing that Biden maintained all of Trump's tariffs but failed to negotiate new trade agreements like those with Canada and Mexico under the United States-Mexico-Canada Agreement or Japan. This decision was seen as a missed opportunity to stay in the Trans-Pacific Partnership and avoid threatening the North American Free Trade Agreement. In contrast, Trump had negotiated several trade deals during his presidency. The Biden administration's Indo-Pacific Economic Framework (IPEF) was proposed as an alternative, but it was hindered by opposition from anti-trade ideologues within the US Trade Representative's office.
https://koreajoongangdaily.joins.com/news/2025-01-10/opinion/columns/Assessing-the-Biden-administrations-legacy-in-Asia/2219075India's Commerce Minister Piyush Goyal has stated that a free-trade agreement (FTA) between India and the four-nation European Free Trade Association (EFTA) is progressing rapidly, with strong political support for the deal. The implementation of the agreement is expected by the end of 2025. This development may give impetus to a similar FTA with the larger EU, particularly as Europe prepares for a more distant relationship with the US under President Donald Trump's return to office and its trade row with China.
https://www.scmp.com/week-asia/economics/article/3294085/india-and-european-nations-push-faster-fta-launch-ahead-trumps-return?module=top_story&pgtype=section#commentsIndustry Minister Lee is set to visit the US this week to discuss economic exchange between the two countries amidst turbulent financial times. The Industry Ministry has chosen to support exporters in Korea, which saw a record high export growth of 8.2% in 2024, reaching $683.8 billion. To boost cooperation and navigate uncertainties, Lee emphasized the need for collaboration between the government and private sector, as well as effective communication with the US business community ahead of the start of the second Donald Trump administration.
https://koreajoongangdaily.joins.com/news/2025-01-09/business/industry/Industry-Ministry-vows-closer-ties-with-key-sectors-as-global-trade-uncertainty-looms/2218626British Columbia's Minister Eby is planning a trip to Washington D.C. with other Canadian premiers to meet with US decision makers about proposed tariffs imposed by the president-elect. The tariffs, which include an increase on lumber exports from British Columbia, are expected to lead to higher prices for Americans, particularly in energy and electricity costs, affecting both residential and commercial customers.
https://globalnews.ca/news/10946455/bc-premier-david-eby-press-conference-latest/Canadian cabinet ministers are taking seriously US President-elect Donald Trump's threat of economic tariffs, which he has tied to demands for increased border security from both Canada and Mexico. International Trade Minister Mary Ng stated that the Canadian government will respond to the threats by protecting its economy, as tariffs would harm not only Canadian jobs but also the country's position as a top customer of the US.
https://globalnews.ca/news/10948442/donald-trump-tariffs-canada-ministers/Malaysia has imposed provisional anti-dumping duties on polyethylene terephthalate (PET) imports from China and Indonesia, citing unfair trade practices. This move is part of a broader effort by the Singapore government to address longstanding issues in its relationship with Malaysia, according to Prime Minister Lee Hsien Loong. Meanwhile, Indonesia has joined the BRICS bloc as a full member, marking a significant step in President Prabowo Subianto's global ambitions. However, this move may also pose risks for Indonesia's economy. In other news, the Philippines has announced that it will remain vigilant on prices despite meeting its target, while Malaysia and Singapore are exploring opportunities to develop the Johor-Singapore Special Economic Zone.
https://www.businesstimes.com.sg/international/asean/progress-longstanding-issues-key-priority-singapore-malaysia-ties-2025-pm-wongThe global financial markets are experiencing a mixed reaction to recent news. The luxury sector is reacting strongly to the potential imposition of tariffs on high-end goods such as Birkin bags and Gucci shoes, with some analysts warning that this could have a negative impact on consumer spending. Meanwhile, the US dollar has weakened against its Canadian counterpart after Prime Minister Justin Trudeau announced he would step down as leader of his party, sparking concerns about the future of trade relations between the two countries. In contrast, the Seoul stock market rose 1.9 percent despite ongoing political uncertainty, while Tokyo's Nikkei 225 fell 1.5 percent due to a decline in Nippon Steel's shares after its proposed purchase of US Steel was blocked by President Joe Biden.
https://www.montanarightnow.com/national_news/us-european-markets-mostly-rise-as-trump-tariff-plans-in-question/article_d966df49-5e75-511f-a907-65c204b2f5df.htmlBrazil, under President Luiz Inacio Lula da Silva, aims to strengthen cooperation between countries of the "Global South" during its presidency of BRICS. The group has expanded to include Iran, Egypt, Ethiopia and the UAE as full members. One objective is to develop alternative payment systems for trade among member nations, a move that drew criticism from US President-elect Donald Trump who threatened tariffs if they undermined the US dollar.
https://www.ndtv.com/world-news/brazil-announces-indonesia-entry-into-brics-7415947The US government is considering imposing tariffs on a range of critical goods including defense supplies such as steel, iron, aluminum, and copper, medical supplies like syringes, needles, vials, and pharmaceutical materials, as well as energy production components including batteries, rare earth minerals, and solar panels.
https://www.fakti.bg/en/world/939749-trump-s-team-is-considering-the-size-of-tariffs-for-individual-countries