Core Insights - The United States has secured new framework trade agreements aimed at reducing high tariff rates and providing duty exemptions for four Central and South American nations [1][2] - A significant reduction in tariffs from 39% to 15% on imports from Switzerland and Liechtenstein is part of the agreements [2][5] - The U.S. is also finalizing trade agreements with Argentina, Ecuador, El Salvador, and Guatemala to enhance trade and secure supply chains in the Western Hemisphere [2][3] Summary by Categories Trade Agreements - The U.S. has formalized a trade-related agreement with South Korea, building on a framework pact established in July [3] - Recent agreements include a truce in the trade war with China and pacts with several Southeast Asian countries [3] Tariff Reductions - The U.S. plans to cap tariffs on imports from Switzerland and Liechtenstein at 15%, which will also apply to future duties on pharmaceuticals and semiconductors [5][6] - The previous 39% tariff on Swiss imports was implemented on August 7, 2023, under the Trump administration [6] Investment and Market Access - Switzerland and Liechtenstein will eliminate duties on all U.S. industrial goods, seafood, and some agricultural products, while applying tariff rate quotas on certain agricultural imports [7] - The two countries are expected to invest $200.3 billion in the U.S. over the next five years, with Switzerland contributing $200 billion [7] - Switzerland will also enhance market access for U.S. cars, medical devices, and certain meat and dairy products by adjusting regulatory restrictions [8]

So you heard Alys's report with regard to the trade dynamic that we're developing with Latin America right now. Ununice Yun just laid out the state of play with China and its economy visav trade. Just how important are the next few weeks and months for this Trump administration in trying to really push through the priorities it has on international trade.>> Extraordinarily important. Um and uh these four new trade agreements I think are a great showing of momentum of the uh importance of using tariffs as a ...

Core Insights - The trade agreements announced by US President Trump in Southeast Asia are characterized as "historic" but reveal uneven benefits and numerous uncertainties for the involved countries [1][2]. Trade Agreements Overview - The agreements include the removal of many tariff and non-tariff barriers on US exports, with commitments from Southeast Asian nations to purchase nearly $150 billion worth of US goods, particularly in sectors like semiconductors and aerospace [2][6]. - The agreements are perceived as "one-sided," with Southeast Asian countries facing unclear benefits and potential costs to their domestic industries due to the rollback of tariffs on US goods [3][7]. Economic Impact on Southeast Asia - For Malaysia, the tariff exemptions are estimated to apply to about $12 billion of its exports to the US, which is approximately 2.8% of its GDP, but only about $1 billion of these exports will benefit from a zero tariff rate [3][4]. - The Malaysian stock market showed a decline following the announcement, indicating that investors may have already priced in the trade deals [5]. Specific Country Insights - Vietnam is highlighted as a significant contributor to regional exports to the US, accounting for about $18 billion of the $41 billion total in July [9]. - Cambodia expressed satisfaction with the deal but is seeking further exemptions for garments and footwear, which constitute about 50% of its exports [13]. - Malaysia's Trade Minister indicated that the deal provides better access to US markets and exemptions for specific products like palm oil and pharmaceuticals [14]. Future Negotiations and Uncertainties - The framework of the agreements is non-binding, and detailed negotiations are expected to continue, particularly for Thailand, with a goal to conclude by the end of the year [13]. - There remains uncertainty regarding how the US will classify "transshipped" goods, which could be subject to high tariffs, adding complexity for manufacturers [11][12].

Chinese and US trade negotiators have lined up an array of agreements for Xi Jinping and Donald Trump to formally unveil this week, but none address the core issues: Here’s your Evening Briefing https://t.co/Qc7JGpulDk ...

Financial Performance - Cleveland-Cliffs reported revenues of $4.7 billion[7] and Adjusted EBITDA of $143 million[7] for the third quarter of 2025[6] - The company's liquidity stood at $3.1 billion as of September 30, 2025[7, 48] - Capital expenditure guidance for 2025 was updated to approximately $525 million[50, 55] - The company has achieved a $3.9 billion reduction in pension/OPEB net liabilities since the AM USA acquisition[52] Strategic Initiatives - A Memorandum of Understanding (MOU) was signed with a major global steel producer on September 17, 2025, expected to be highly accretive to shareholders[9] - Multi-year fixed price contracts were agreed upon with certain automotive customers[20] - The company was awarded a Department of War contract worth up to $400 million for electrical steel[25, 28] Market Dynamics - Automotive steel shipments increased by 10% from the prior quarter[14] - Tariffs on steel imports from various countries, including Canada, Brazil, and Mexico, were increased to 50%[33] - Total U S Light Vehicle Imports are down ~16% YTD[40] Cost Management - Lower Selling, General and Administrative (SG&A) expenses and capital expenditure outlook[7] - The company anticipates a ~$50 per net ton decrease in unit cost of steel for 2025[55] Contractual Obligations - The onerous third-party steel slab contract, representing approximately 1.5 million net tons annually, is set to expire on December 9, 2025[44, 46]

We'll start in Washington though with the release of new details surrounding the US EU trade deal. Aean Jabber is outside the White House with more. Aean.Yeah, Sarah, that's right. The United States and the European Union released a joint statement this morning laying out more specifics around their trade agreement that was announced earlier this summer. A senior administration official briefing reporters called this a positive step forward.and he said the administration's goal here is to use trade agreemen ...

Trade Agreement Overview - The United States and the European Union are releasing a joint statement detailing their trade agreement [1][2] - The EU intends to eliminate tariffs on all US industrial goods and provide preferential market access for US seafood and agricultural goods [2] - The US commits to apply the higher of either the US most favored nation tariff rate or a tariff rate of 15% on goods from the EU [2] Key Points of Contention and Agreement - The US will reduce tariffs on European automobiles after the EU formally introduces legislative proposals for tariff reductions [3] - The EU intends to procure US liquified natural gas, oil, and nuclear energy products with an expected value of $750 billion through 2028 [4] - The EU intends to purchase at least $40 billion worth of US AI chips for its computing centers [4] - Tariffs on pharmaceuticals from the EU will not exceed 15% [5] Strategic Implications - The administration aims to use trade agreements to layer the World Trade Organization (WTO) and make it less relevant [2][8] - The US feels the WTO is biased and unfair, particularly towards China, leading to individual negotiations taking precedence [8][9] - The EU needed access to the US market and clarity for their companies, putting them in a position to negotiate [6]

With over 80% of the S&P 500 market cap announcing second quarter earnings. There's one word that CEOs and analysts can't stop talking about. Tariffs.According to the latest Bloomberg analysis of earnings calls from Russell, 3000 companies tiers were mentioned nearly 4500 times. That's a massive surge from last year when none were being added Associated with that material's costs talked about 30% more frequently. And guess what's taking a backseat.Mentions of inflation thinking nearly 30% and diversity arou ...

Tariffs and Geopolitics Impact - The industry is still learning about the impact of geopolitics and tariffs [1] - Tariffs are detrimental to consumers [1] - A 15% tariff is better than the announced 30% tariff, but worse than zero [2] Trade and Regulations - The company did not expect to be able to ship to China due to regulations [2] - The Department of Commerce and the government are considered open [2] Impact and Hope - The company hopes the impact of trade agreements will be minimized, but it is out of their control [3] - The company is hopeful that the Trump administration understands the predicament of U S manufacturing companies [3] - The company hopes the administration will work with them to do the right thing for U S manufacturing companies [3]

Trade Agreement Negotiation - The industry views current framework deals as the start of negotiating rounds that may span weeks, months, or even years [1] - Addressing politically entrenched trade issues between countries takes a long time [2] - The use of tariffs is a tactic to bring parties to the negotiating table [3] Trade Policy & Tariffs - The administration aims to rebalance trade and bring back manufacturing jobs [5] - Tariffs are seen as leverage to get countries to the negotiating table [6] - The average tariff rate is nearly 20% [8] Globalization Impact - The US has benefited from globalization, but concerns exist regarding its impact, particularly after China's admission to the WTO [7] - The administration is responding to the perceived negative impacts of globalization [7] Market & Economic Outlook - The stock market is performing well despite high tariff levels [8] - Consumer prices have increased, but not to a concerning degree [8] - Inflation has ticked up, but has not yet become a significant headwind [9]