Tariff Weekly: November 22 - November 28, 2025

Introduction

The week of November 22 to November 28, 2025, has been marked by significant developments in the realm of trade and tariffs, as countries navigate the complexities of an evolving global landscape. From Brazil's political shifts to India's economic resilience amidst high tariffs, the implications are far-reaching and multifaceted.

Key Developments

Brazil's Political Landscape

• President Lula is gaining momentum ahead of elections, partially due to his opposition to U.S. tariffs, which may bolster his domestic support.
• The Trump administration is preparing for potential Supreme Court rulings that could invalidate some tariff authorities, raising concerns over $100 billion in possible refunds for importers.

Canadian Trade Reassessments

• Canada is reassessing its fighter jet procurement deal with the U.S. amidst tariff implications, while simultaneously tightening steel import rules to mitigate negative effects from U.S. policies.
• The Canadian economy continues to show profit growth despite trade tensions, with a shift towards enhancing non-U.S. exports by 2035.

Shifts in Global Investment

• Investors are increasingly looking towards Africa for resources and strategic investments, influenced by U.S. tariffs.
• The EU is struggling to define its economic security strategy amidst U.S.-China tensions, emphasizing the need for reduced tariffs yet facing negotiation stalemates.

Analyzing Trends and Implications

Economic Impact on Countries

• Australia has seen a rise in gold and beef exports to the U.S., positively impacting its trade balance. In contrast, India's rupee is under pressure, with analysts predicting further declines due to ongoing tariffs.
• Thailand reported its largest trade deficit since early 2023, driven by increased imports from China as U.S. buyers stock up on goods to avoid higher tariffs.
• India's GDP growth remains robust at 8.2%, yet high U.S. tariffs are impacting exports and trade negotiations, leading to a widening trade deficit.

Corporate Responses to Tariff Pressures

• Companies across various sectors, including toys, biotech, and agriculture, are reassessing their strategies in light of the unpredictable tariff environment.
• Retailers in the U.S. report managing tariff pressures effectively, although smaller retailers face challenges from supply disruptions linked to these tariffs.

Conclusion

The developments of this week underscore the intricate interplay between tariffs, trade negotiations, and economic strategies across the globe. Countries are responding variably to the pressures of U.S. tariffs, with some finding opportunities for growth while others struggle with the repercussions.

Key Takeaways

• Countries like Brazil and Canada are adjusting their trade strategies in response to U.S. tariffs, reflecting broader geopolitical shifts.
• The potential Supreme Court ruling on U.S. tariff authorities could have significant financial implications for importers.
• Global investment trends are evolving, with a notable pivot towards Africa amidst ongoing tariff challenges.
• Companies are increasingly seeking strategic advice to navigate the complexities of trade rules and tariff impacts, highlighting the growing importance of adaptability in the global market.