Core Viewpoint - Mexico's Senate has passed a new import-export tariff law, set to impose tariffs ranging from 5% to 50% on various products from several Asian countries, including China, starting January 1, 2026. This move, aimed at supporting domestic industries, has faced significant opposition from various business groups in Mexico [1]. Group 1: Legislative Details - The Senate approved the tariff law with a vote of 76 in favor, 5 against, and 35 abstentions, following its earlier passage in the House of Representatives [1]. - The law will impose tariffs on a wide range of products, including automobiles, auto parts, textiles, clothing, plastics, and steel, with most tariffs set at 35% [1]. - The final version of the law is considered milder than an earlier proposal that was shelved, with at least 750 amendments made [1]. Group 2: Industry Impact - Business leaders warn that the tariffs will disrupt key manufacturing sectors that support Mexico's production, employment, and exports, particularly in electrical and electronic components [2]. - The president of the National Chamber of Commerce highlighted that 66% of the national GDP sectors were not consulted before the proposal was submitted, leading to decisions lacking technical assessments, which have already caused contractions in some industrial and service sectors [2]. - The board member of the Mexican Business Coordinating Council stated that tariff increases will immediately reflect in final prices, disproportionately affecting low-income consumers [2]. Group 3: International Response - The Chinese Ministry of Commerce expressed opposition to unilateral tariff measures and is conducting a trade barrier investigation against Mexico to protect its industries [3].

Domestic News - The Central Economic Work Conference was held in Beijing from December 10 to 11, emphasizing the need for a stable yet progressive economic policy, focusing on quality improvement and efficiency enhancement, and increasing counter-cyclical and cross-cyclical adjustments [2] - In November, China's monthly automobile production exceeded 3.5 million units for the first time, setting a historical record. For the first 11 months of the year, both production and sales surpassed 31 million units, with a year-on-year growth of over 10%. The production and sales of new energy vehicles approached 15 million units, with a year-on-year increase of over 30% [2] International News - The Swiss National Bank maintained its key policy rate at 0% for the second consecutive time, indicating openness to further rate cuts if persistent price declines pose a deflation threat [5] - The Central Bank of Brazil announced that it would keep its benchmark interest rate unchanged at a high level of 15% [6] - The International Energy Agency (IEA) revised down its forecast for global oil supply surplus for this year and next year, projecting a surplus of 3.815 million barrels per day by 2026, a reduction of 231,000 barrels per day from last month's forecast [6] Market Overview - The Shanghai Composite Index closed at 3873.32, down 0.7% [8] - The Shenzhen Component Index closed at 13147.39, down 1.27% [8] - The Hang Seng Index closed at 25530.51, down 0.04% [8]

Core Viewpoint - The Chinese side urges the U.S. to completely eliminate unilateral tariffs, emphasizing that trade wars have no winners and protectionism is not a viable solution [1] Group 1: U.S. Tariff Measures - The Chinese Ministry of Commerce noted a recent ruling by the U.S. International Trade Court that deemed former President Trump's global tariffs, retaliatory tariffs, and "fentanyl" tariffs illegal, calling for their revocation and permanent cessation [1] - Since the implementation of unilateral tariff measures by the U.S., there has been significant disruption to international trade order, affecting both corporate operations and consumer life in the U.S. [1] Group 2: Domestic and International Reactions - The unilateral tariff measures have not resolved any issues for the U.S. and have instead led to considerable opposition within the country [1] - The Chinese side calls for the U.S. to acknowledge rational voices from both the international community and domestic stakeholders regarding the need to eliminate these tariffs [1]