Steve Mallia's Toronto-based telescope accessory business was thriving until March when the Trump administration imposed a 25% tariff on U.S.-bound orders that do not comply with local content rules under the U.S.-Mexico-Canada Agreement, Reuters reported. The tariff, imposed soon after U.S. President Donald Trump took office in January, effectively stopped Mallia's StarField Optics from competing in its main market, as many of the components used in its products came from China. "When we started to sell into the U.S., business was very strong. We were making money," Mallia said.

Mexico's government on Tuesday said it aimed to cease funding Pemex by 2027 when the highly-indebted state energy company should become financially self-sufficient, helped by an investment vehicle, a debt offering and efforts to stabilize production, Reuters reported. Mexican President Claudia Sheinbaum told a press conference that by 2027, Pemex "will no longer need the finance ministry's support," referring to the recent support it received from the government to pay down debt.

The European Union is pushing to exempt its wine and spirit exports to the U.S. from tariffs, an EU official said, as both sides work toward fine-tuning a deal, the Wall Street Journal reported. Wines, spirits and beer are all important products for the EU, the official said on Tuesday. French politicians have called for alcoholic beverages to be exempt from a baseline 15% tariff that will hit a majority of goods from the EU later this week as part of the trade deal.

South Korea will prepare measures to help companies cope with higher U.S. tariffs and expand into new markets, the Finance Ministry said on Tuesday, as it kicked off a task force to prepare the new administration's economic policy plans, Reuters reported. On the domestic front, the government will come up with measures to boost short-term demand, as well as financial support for mid- to long-term technology development to enhance market competitiveness, it said in a statement. South Korea reached a trade deal with the U.S.

Canada will provide up to C$1.2 billion to help softwood lumber producers deal with U.S. countervailing and anti-dumping duties, Prime Minister Mark Carney said on Tuesday, Reuters reported. Carney, speaking to reporters in the Pacific province of British Columbia, said Ottawa would make up to C$700 million available in loan guarantees and also provide C$500 million to help speed product development and market diversification. Read more.

U.S. President Donald Trump said on Tuesday he would increase the tariff charged on imports from India from the current rate of 25% "very substantially" over the next 24 hours, in view of New Delhi's continued purchases of Russian oil. He also said a "zero tariff" offer for imports of U.S. goods into India was not good enough, alleging that India was "fuelling the war" in Ukraine. Trump's threat to India over its purchases of Russian oil started on July 31, when he announced a 25% tariff for Indian goods, along with an unspecified penalty.

The European Union will suspend its two packages of countermeasures to U.S. tariffs for six months following a deal with U.S. President Donald Trump, a Commission spokesperson said on Monday, Reuters reported. The EU-U.S. agreement leaves many questions open, including tariff rates on spirits, and Trump's executive order last week setting tariffs on most EU goods at 15% did not include carve-outs such as for cars and car parts. EU officials have said they expect more executive orders to follow soon. "The EU continues to work with the U.S.

Japanese Prime Minister Shigeru Ishiba said on Monday he will not hesitate to hold talks with President Donald Trump to ensure an agreed cut to U.S. automobile tariffs is implemented soon, Reuters reported. In a parliament session on Monday, Ishiba drew criticism from some opposition lawmakers for not having signed an official document with the U.S. in clinching a trade deal last month. "Creating a document could have delayed the timing of tariff cuts. That was our biggest fear," Ishiba said, defending Japan's decision to agree on a deal without creating an official document with the U.S.

Distressed Brazilian telecom operator Oi SA is preparing a chapter 11 bankruptcy filing in a US court, Bloomberg News reported. The company is working with law firm White & Case LLP, the people said, asking not to be named discussing private details. The company will probably file as soon as its ongoing chapter 15 process is canceled. (Subscription required.) Read more.

A subsidiary of a Hong Kong conglomerate entangled in U.S.-China tensions appealed on Friday for legal protection for businesses in Panama after the company's contract over its Panama Canal port assets has been faced with lawsuits in the Central American country, the Associated Press reported. Respect for the rule of law is essential to assure businesses that Panama is a safe place to invest in, Panama Ports Company, under Hong Kong-based CK Hutchison Holdings, said in a statement.