
French wine and spirits exports hit multi-decade low as tariffs, duties and a strong euro bite
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U.S. Trade Shortfall Leaps as European Gap Widens Despite Tariff Strategy
The U.S. goods deficit surged to $56.8 billion in November, a near doubling from October driven largely by a larger gap with the European Union even as tariffs intended to curb imbalances were in place. Year-to-date through November the shortfall sits at $839.5 billion, about 4% higher than a year earlier, underscoring that recent tariff measures have not delivered an immediate narrowing of trade deficits.

Japan’s Duty‑Free Sales Fall Further as Tensions with China Curb Visitor Spending
Japan’s duty‑free retail receipts have weakened further, driven by a slowdown in spending from inbound travelers amid strained relations with China. The drop signals an uneven recovery for tourism‑dependent retail and raises fresh questions about sector resilience if geopolitical pressures persist.
Tariffs, Resilience and Risk: Why U.S. Growth Has So Far Weathered Heavy Import Levies
A year after steep import duties were rolled out, growth has continued instead of collapsing as many forecast; negotiated rollbacks, exemptions and adaptive behavior from firms and foreign suppliers muted the immediate hit. Yet fresh data — including a sharp November swing in the goods deficit and accelerated rerouting of supply chains — underline that the resilience is conditional and could give way to higher prices, margin pressure and a more fragmented global trade landscape.

India's landmark EU and US trade pacts expand access but delivery will determine gains
India’s new trade accords with the EU and a related U.S. commercial understanding significantly widen preferential access and include headline procurement and tariff moves, but converting those openings into durable export and investment gains will hinge on faster customs reform, clearer rules‑of‑origin processes and robust verification. Early market reactions have been positive, yet implementation risks — from exporter liability under self‑certification to quota and monitoring details — could turn headline pledges into mainly political wins unless bureaucratic follow‑through is rapid and transparent.

U.S. customs bonds hit record shortfalls as tariff-driven liabilities surge
A surge in tariff-driven duties pushed customs bond shortfalls to an unprecedented 27,479 incidents in fiscal 2025, totaling about $3.6 billion, and strained surety markets and supply chains. The revenue bump from tariffs—roughly $30 billion in January and $124 billion YTD—has temporarily narrowed budget gaps but is legally contested; a pending Supreme Court decision could force large refunds and prolong collateral holds as insurers audit claims.

UK courts Germany, Italy and Netherlands to block French ‘Made in Europe’ procurement rules
The UK is quietly pressing Germany, Italy and the Netherlands to resist a French draft that would tighten local-content requirements in EU public procurement, arguing it would shut out non‑EU suppliers and raise costs for firms. London is also pushing for technical fixes—carve‑outs, grandfathering and clearer rules of origin—to limit investment disruption for automakers, tech and clean‑tech firms reliant on cross‑border supply chains.
Crypto Markets Slip as U.S.-Europe Tariff Threats Ignite Short-Term Panic
A sudden sell-off across major cryptocurrencies followed headline risk after the U.S. threatened higher tariffs on a group of European allies, knocking bitcoin down about 3% and triggering heavy long-liquidations. While the tariff news supplied the immediate spark, the scale of the move reflected deeper market fragilities and ongoing structural shifts—regulatory uncertainty, shifts in derivatives activity to perpetual venues, spot-ETF outflows and a tightening on‑chain supply picture—that can amplify headline-driven volatility.
Europe's bid for economic autonomy collides with entrenched U.S. links
European leaders are pressing for greater economic independence after a cycle of abrupt U.S. diplomacy exposed strategic vulnerabilities, but practical decoupling would be costly and slow. In addition to diversification through trade pacts and energy sourcing, capitals are quietly weighing financial and regulatory levers — from tighter procurement rules to trimming sovereign exposures — even as those tools carry significant economic and legal risks.