United States

Beijing responded swiftly on Tuesday to the tariffs President Trump had promised, announcing a fusillade of countermeasures targeting American companies and imports of critical products, the New York Times reported. Mr. Trump’s 10 percent tariff on all Chinese products went into effect at 12:01 a.m. Tuesday, the result of an executive order issued over the weekend aimed at pressuring Beijing to crack down on fentanyl shipments into the United States.

President Donald Trump on Monday agreed to a 30-day pause on his tariff threats against Mexico and Canada as America’s two largest trading partners took steps to appease his concerns about border security and drug trafficking, the Associated Press reported. The pauses provide a cool-down period after a tumultuous few days that put North America on the cusp of a trade war that risked crushing economic growth, causing prices to soar and ending two of the United States’ most critical partnerships.

The European Union wants to engage swiftly with the United States over President Donald Trump's planned tariffs, trade chief Maros Sefcovic said on Tuesday, while his boss Ursula von der Leyen stressed the bloc would protect its interests in negotiations, Reuters reported. Sefcovic, speaking before a meeting of EU ministers to debate trade and EU competitiveness, said he wanted "early engagement" and was awaiting confirmation of the appointment of Trump's pick for Commerce Secretary, financier Howard Lutnick.

Mexican President Claudia Sheinbaum said on Monday that tariffs with the United States are on hold for a month after a conversation with President Donald Trump in which she committed to putting more law enforcement on the U.S. border to stop the flow of drugs, Reuters reported. "Our teams will start working today in two areas: security and commerce," Sheinbaum wrote in a post on X that announced the pause in tariffs. Trump ordered the 25% tariffs on all Mexican goods over the weekend, with Mexico saying it would respond with tariffs of its own without detailing on what products.

Northvolt AB’s appointed bankruptcy lawyers in the U.S. have sent a letter to creditors in Sweden threatening legal action if they don’t return to the company funds seized by the country’s Enforcement Authority, according to Bloomberg News reported. The steps to recover claims “violate United States federal law and an order from the US Bankruptcy court,” Christopher T. Greco, a lawyer for Kirkland & Ellis LLP, wrote in the letter seen by newspaper Dagens Industri.

A top executive of troubled Indian tech firm Byju’s and an ally of the company’s founder were found in contempt of court and now face financial sanctions of $25,000 a day for refusing to comply with a U.S. court order, a judge ruled yesterday. Byju’s manager Vinay Ravindra and company ally Rajendran Vellapalath failed to answer questions about their roles in stripping software, cash and other assets from Byju’s U.S. businesses that are under court supervision, a federal judge in Delaware found.

A creditor to an overseas arm of China’s largest construction company is asking a U.S. bankruptcy court to help investigate whether the firm may have committed fraud, Bloomberg News reported. China Construction America Inc. filed for chapter 11 in New Jersey last month. The company is a subsidiary of state-owned China State Construction Engineering Corp. The largest unsecured creditor of the case, BML Properties Ltd., wants the court to appoint an examiner to look for potential fraud and misconduct, according to a motion filed on Thursday.

Northvolt AB has yet to line up investors willing to commit funds to allow the Swedish battery maker to emerge from chapter 11 protection, Bloomberg News reported. The electric vehicle supplier’s cash position is dwindling as investors wait for others to step forward first in the ongoing funding talks. “Numerous parties have submitted indications of interest in Northvolt’s financing process,” a spokesperson for Northvolt said.

Toronto-Dominion Bank is looking to sell about $9 billion of residential mortgage loans as the Canadian lender adjusts its balance sheet to comply with a new cap imposed by US regulators, part of a plea agreement reached last year for its role in failing to prevent money laundering, Bloomberg News reported. The portfolio for sale consists of so-called jumbo mortgages taken out by US homeowners with relatively high credit scores, according to people familiar with the matter. Bids on the pool are due next week, the people added, asking not to be named because the details are confidential.

President Trump said on Tuesday that he intended to impose a 10 percent tariff on Chinese imports into the United States on Feb. 1, the New York Times reported. Speaking at the White House, Mr. Trump said that the tariffs were in response to China’s role in America’s fentanyl crisis. Trump said that China was sending fentanyl to Canada and Mexico, from where it would be transported into the United States. The tariff threat comes after Mr.