Global Scans · Trade · Weekly Summary

WHAT'S NEXT?: Global trade policies could be upended with a new President in the White House, Brexit, a potential break-up of the European Union and China reacting to these changes in profound ways.

• [New] The EU was planning to produce 10 million tons and import another 10 million tons of renewable hydrogen per annum by 2030. Deutsche Welle
• [New] Two 2 GW HVDC interconnectors will export up to 22.8 TWh / year of clean electricity to Italy. European Climate, Infrastructure and Environment Executive Agency
• [New] Large-emitter trading systems - a group which includes the industrial carbon tax, as well as Quebec's cap-and-trade emissions pricing system - are on track to be the single biggest driver of cuts to Canada's emissions by 2030, contributing 20-48% of anticipated reductions. Reccessary
• [New] Pipelines can reduce the oil-and-gas sector's reliance on the US, by opening up new export opportunities from eastern ports and reducing the flow of oil which travels from western to eastern Canada via pipelines in the US. Reccessary
• [New] In the United States, natural gas prices are projected to rise into late 2025 and 2026 as liquefied natural gas export capacity grows. American Farm Bureau Federation
• [New] The momentum of the export sector could peter out in the coming quarters given the expected effects of the tariff shock on global trade and the risk of further US protectionist measures. economic-research.bnpparibas.com
• [New] For China's foreign trade partners, a reduction in production capacity could ease competitive pressure from Chinese goods. economic-research.bnpparibas.com
• [New] Looking ahead to 2026, the North American trucking industry faces a highly uncertain environment shaped by trade policy outcomes, regulatory clarity on EPA 2027 emissions standards, and the trajectory of consumer demand. ACT Research
• [New] Fed could tolerate high inflation to ease tariff effects. The Times
• [New] Around 80% of world trade is carried by sea, and disruption can greatly increase shipping firms' costs, and leave them short of capacity. BBC News
• [New] U.S. trade barriers and China's regulatory challenges risk fragmenting supply chains, creating divergent opportunities for investors in resilient American tech firms versus high-risk Chinese state-backed champions. Ainvest
• [New] Trump's 2025 tariffs will hit nearly three-quarters of US food imports, raising prices on products that are often difficult or impossible to produce domestically. Tax Foundation
• [New] Risks to growth, inflation and profit margins from the high China tariffs may be somewhat mitigated by the avenues of avoidance. Schwab Brokerage
• [New] The much higher tariffs both implemented and proposed in 2025 will likely worsen the magnitude of the economic impacts coming out of last fall's analysis. / USA Schwab Brokerage
• [New] The potential tariff threat is much larger in 2025, with former President Trump proposing a 10% tariff on all U.S. imports from countries outside China, while China would face a 60% tariff on all exports to the U.S. TD Securities
• [New] If Canada does not receive a permanent exemption to new tariffs, we would expect the federal government to retaliate with reciprocal measures on U.S. imports, although the sheer scope of Canadian imports from the U.S. presents a major challenge. TD Securities
• [New] China announced it will reciprocate with 15% tariffs on American food and agricultural products including soybeans, meat, and chicken. Forbes
• [New] The US will urge its allies in the Group of Seven to impose tariffs as high as 100% on China and India for their purchases of Russian oil in an effort to convince President Vladimir Putin to end his war in Ukraine. Insurance Journal
• [New] Mexico said on Wednesday it will raise tariffs on automobiles from China and other Asian countries to 50%. Yahoo Finance
• [New] The expiry of the U.S. tariff grace period will heighten volatility and sustain congestion on major East-West trades. BeeOnTrade
• [New] This fall, heightened uncertainty over US reciprocal tariffs will remain a key issue. economic-research.bnpparibas.com

Last updated: 18 September 2025