A U.S. trade agreement reached with Indonesia in July is at risk of collapsing because Jakarta has backtracked on several commitments it made as part of the deal, a U.S. official said on Tuesday, Reuters reported. "They're reneging on what we agreed to in July," said the official, who spoke on condition of anonymity, giving no details about which specific commitments Indonesia was now questioning. Asked about the comments, Indonesian officials said on Wednesday that the talks between two sides are still ongoing, with no specific issues arising during negotiations.

Higher tariffs have dealt a “severe blow” to the world economy, China's premier said Tuesday, even as China’s own trade surplus has surged past $1 trillion, the Associated Press reported. Premier Li Qiang made the remarks at a forum of top international organizations held in Beijing while top Chinese leaders are attending an annual economic planning meeting.

Mexican lawmakers are slated to begin debate this week on a bill to raise tariffs on goods from China and other Asian countries, three ruling party lawmakers told Reuters, amid fierce opposition from China and Mexican business groups. The proposal would raise tariffs by up to 50% on imports of automobiles, textiles, clothing, plastics, steel and other products from China and other Asian countries that do not currently have a trade pact with Mexico, including India, South Korea, Thailand, and Indonesia.

China’s exports returned to growth in November following an unexpected contraction the month before. Shipments to the United States, however, dropped nearly 29% from a year earlier, marking the eighth straight month of double-digit declines, EuroNews.com reported. Overall exports from China in November were 5.9% higher than last year in dollar terms, according to customs data released Monday. The total came to $330.3 billion (€283.21bn), exceeding economists’ estimates and signalling an improvement from a 1.1% contraction in October.

A $1 million haul of cash and gold tied to QuadrigaCX's co-founder has been forfeited to the government of British Columbia, signaling the strongest test yet of the Province’s unexplained wealth order framework, CoinDesk.com reported. The Supreme Court of British Columbia granted the forfeiture after Michael Patryn did not contest the action, clearing the way for the Province to liquidate 45 gold bars, luxury watches, and more than $250,000 in cash seized during an earlier investigation, according to a Vancouver Sun report.

Canada’s government formally told the global automaker Stellantis on Thursday that its transfer of the production of its Jeep Compass from a suburban Toronto plant to Illinois meant that the company had defaulted on contracts covering hundreds of millions of dollars in assistance, the New York Times reported. “Stellantis is on the hook,” Mélanie Joly, the Canadian industry minister, told a parliamentary committee after announcing that the government had served the company with a “notice of default” on Thursday.

Canacol Energy Ltd., a Canadian natural gas exploration and production company with operations in Colombia, has formally requested that the Colombian Superintendencia de Sociedades (Superintendency of Corporations) recognize its ongoing Canadian insolvency proceedings, FinanceColombia.com reported. The objective of the petition is to suspend all execution processes and protective measures that could affect the continuity of its operations in Colombia. The request, submitted by KPMG INC.

The European Bank for Reconstruction and Development (EBRD), in its recently released Regional Economic Prospects report, cites the uncertainty surrounding trade policies among the main reasons for revising global growth projections for 2025 from 3.5% to 3.2%, EuroNews reported. The US government has now threatened 25% tariffs on Canadian and Mexican imports and doubled levies on Chinese goods to 20%. While the direct effects of these policies have been widely discussed, the consequences for other countries remain unclear.

Country Garden, once one of China’s largest property developers, on Tuesday received U.S. bankruptcy court recognition for its Hong Kong restructuring plan, WSJ Pro Bankruptcy reported. Judge Philip Bentley of the U.S. Bankruptcy Court for the Southern District of New York said he is satisfied that the company’s principal place of business is in Hong Kong, a key finding required for a foreign restructuring plan to seek U.S. recognition. The recognition of Country Garden’s Hong Kong restructuring plan under chapter 15 of U.S.

Elliott Investment Management's affiliate Amber Energy plans to keep Citgo Petroleum's refineries, terminals and other connected assets once it takes over the Venezuela-owned U.S. refiner, following the completion of a court-ordered auction, sources close to the preparations said, Reuters reported. A Delaware court last week approved Amber's $5.9 billion bid for Citgo's parent PDV Holding and ordered the sale of PDV's shares, wrapping up an auction aimed at compensating creditors for debt defaults and expropriations in Venezuela.