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US-ally trade wars

US-ally trade wars
The latest news, analysis and opinion on US-ally trade wars. In-depth analysis, industry insights and expert opinion.
US President Donald Trump signs the USMCA trade agreement during a ceremony on the South Lawn of the White House in Washington in January 2020. Photo: AFP
Donald Trump

Trump privately weighs quitting USMCA trade pact he negotiated

Ahead of the July review, President Trump questions aides on a US withdrawal, signalling a shift towards bilateral talks with Canada and Mexico.

Japan

Is Japan’s US$550-billion Trump ‘signing bonus’ a deal with strings attached?

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China-EU relations

EU seeks independence, survival amid China-US economic dominance

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United States

Trump’s White House edits India trade deal, sparking confusion over terms

Revised statements swap ‘commitments’ for ‘intentions’ as Indian farmer groups prepare nationwide protests over sensitive agricultural deals.

An art student completes a mural of US President Donald Trump and Prime Minister of India Narendra Modi, in Mumbai, India in August 2025. Photo: AP
US-China relations

China, Trump targeted in House hearing on foreign influence in US non-profits

Claims made at Congressional hearing that network of foreign donors paid American advocacy groups billions to try to influence US policy.

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Canada

Carney speaks to Trump after he demands half of bridge that Canada paid for

The US$4.7 billion bridge that links the Canadian province of Ontario with the US state of Michigan is due to open this year.

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US-China relations

Trump’s ‘vacillating’ China policy causing confidence crisis in allies: report

‘Sweeping destruction – rather than careful reforms and policy corrections – is the order of the day’, Munich Security Report 2026 says.

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Munich Security Report 2026 says “the world has entered a period of wrecking-ball politics”. Photo: Handout
India

India’s oil imports from Russia snared by Trump order, tariff threat

All state-owned and private refiners had paused buying any spot cargoes since Trump first mentioned the deal on social media a week ago.

Greenland

Open Questions | Trump’s ‘imperial’ agenda and the end of the old world order: Luuk van Middelaar

Political theorist says rapid acceleration of the US president’s ‘offensive, almost imperial’ agenda has left Europe disoriented.

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India

India’s trade blitz seeks to keep afloat a sinking global order

‘Jolted out of its slumber’ by US tariffs, New Delhi is aggressively diversifying trade alliances to act as a bridge in a polarised world.

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Indian Prime Minister Narendra Modi (centre) with European Commission President Ursula von der Leyen (right) and European Council President Antonio Costa at Hyderabad House in New Delhi on January 27. Photo: European Council/dpa
India

Opinion | Why the new US-India trade agreement is a big deal

The warming of New Delhi’s ties with Washington has implications for Russia, China and the global dynamics of trade and geopolitical power.

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US President Donald Trump meets Indian Prime Minister Narendra Modi at the White House in Washington on February 13, 2025. Photo: Reuters
China trade

China-Canada canola deal faces test as USMCA trade talks loom, insiders warn

Initial shipments bring hope, but ‘Fortress North America’ threat and lack of long-term guarantees leave producers wary of Beijing’s commitment.

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China-EU relations

Stung by Trump’s policies, German multinationals cautiously pivot towards China

German firms are keen to invest more in China as they shy away from the US, but they still face issues in the Chinese market, business group says.

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South Korea

Coupang data leak threatens South Korea-US ties amid tariff tensions

The breach, which has fuelled public anger, shows how a domestic corporate scandal can escalate into a diplomatic flashpoint.

Delivery trucks for e-commerce retailer Coupang leave a distribution centre in Seoul, South Korea. Coupang’s data leak last year exposed the personal information of 33.7 million people. Photo: Reuters
World Economic Forum (WEF) in Davos

Opinion | How Trump’s Davos spotlight was upstaged by middle powers breaking away

While they continue to flatter Trump, politicians and businesses are also pursuing new deals and trading partners, diversifying supply chains and exploring ways to reduce dependence on the US.

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US President Donald Trump is photographed by a gaggle of journalists at the World Economic Forum annual meeting in Davos, Switzerland, on January 22. Photo: AP
United States

Opinion | Tariff by tariff, Trump is building a trade wall around the US

Amid the precarity of Trump’s limited economic success at home, trade wars abroad have only sped up the transition to a multipolar world.

Rare earths

From China chokehold to US stockpile, Europe looks for least bad rare earth bet

The EU industry chief secured a ‘commitment’ in Washington for a memorandum on critical minerals, but anxiety is growing.

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US-China trade war

Canada’s former deputy PM hopes for less economic dependency on China in future

Canada’s former deputy prime minister supports economic system ‘in which China works’ but other countries’ vulnerabilities are limited.

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Chrystia Freeland, who served as Canada’s deputy prime minister, says countries must be careful about whom they build economic dependencies on. Photo: The Canadian Press via AP
Diplomacy

Opinion | American allies are finally hedging against American risk

As US policy becomes more self-centred and unpredictable, traditional allies realise their best bet lies with diplomatic diversification.

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India

Why India may ‘gravitate back’ to US bloc after Trump-Modi tariff deal

Analysts doubt that India can buy more than US$500 billion of US products in a short span of time and stop buying Russian oil.

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United States

Trump lifts Russia-related oil tariffs on India under new trade deal

Under the pact, India’s tariffs have been reduced from 50 per cent to 18 per cent.

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US President Donald Trump and Indian Prime Minister Narendra Modi have reached a trade deal easing tariffs and reducing tensions over Russian oil purchases. Photo: AFP
Banking & finance

‘America First’ Fed? Why China economists doubt Trump’s pick can boost US dollar

Kevin Warsh unlikely to deliver long-term rebound while central bank independence still at risk, analysts say.

Kevin Warsh, Trump’s nominee for Fed chair, speaks during the Sohn Investment Conference in New York City, in 2017. Photo: Reuters
China economy

Opinion | US-China rivalry: great powers that don’t make things won’t be great for long

As globalisation falters, it is countries that focus on building productive capacity, not financial excess, that will come out on top.

Diplomacy

Editorial | Starmer’s visit to China highlights benefits of dialogue over confrontation

While several deals were struck on the UK prime minister’s trip, the most important outcome is the willingness of the leaders of both countries to work constructively together.

United States

Outside In | Gradually, then suddenly, the world is waking up to the US threat

Middle powers are pivoting to Beijing and hedging with new partners as China’s economic displacement of the US rapidly expands.

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US President Donald Trump raises his fist after a “Board of Peace” meeting at the World Economic Forum annual gathering in Davos, Switzerland, on January 22. Photo: AFP
US-China relations

Opinion | How the world can design a new trade architecture

Even as the US overhauls world trade norms, China’s quiet but influential role in redefining globalisation is impossible to ignore.

Cargo containers are stacked on a ship at the Port of Los Angeles in Los Angeles, on October 15, 2025. Photo: EPA
United States

US trade deficit widens sharply, reversing big pullback lauded by Trump

The US president touted the success of his tariffs after the trade gap fell to an earlier low, but the figure has since boomeranged back.

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Trade

Macroscope | Trump weaponises trade as globalisation becomes more fractured

As recognised by Canada, the fracturing of the global economy is in full swing. Policymakers and businesses should expect it to continue.

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