British 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-countriesThe Japanese government plans to develop a strategy by 2025 to increase its defense equipment exports by enhancing the competitiveness of its defense industry. The goal is to expand the industry's market reach and accelerate related efforts in cooperation with the private sector, particularly as US President-elect Donald Trump's "America First" policy may limit international trade opportunities. To achieve this, the government will work with various agencies, including the defense and trade ministries, to set medium- and long-term targets for exports. The strategy will also incorporate opinions from industry stakeholders.
https://www.japantimes.co.jp/news/2025/01/05/japan/politics/japan-defense-exports-strategy/South Korean Industry Minister Ahn Duk-geun is set to visit the United States this week to discuss bilateral economic ties with business and government officials in the US state of Georgia. The visit comes ahead of the launch of the second Donald Trump administration, which suggests that the trip may be aimed at strengthening economic relations between South Korea and the US under the new administration.
https://www.lokmattimes.com/business/south-korean-industry-minister-to-visit-us-for-broader-bilateral-economic-ties/China's economy is facing challenges such as a debt crisis, low consumption, and high youth unemployment. Despite these issues, the country has reaffirmed its commitment to opening up its economy to the world by 2025, with plans to expand systemic openness, build a market-oriented business environment, and attract foreign investment in sectors like advanced manufacturing, energy saving, and environmental protection. However, China's economic prospects may be impacted by President-elect Donald Trump's trade policies, which could lead to a decline in exports, investment, and employment due to potential tariffs on Chinese imports.
https://www.ndtv.com/world-news/despite-donald-trumps-threats-china-remains-undeterred-about-opening-up-economy-7391929