Brazil Challenges US Tariffs at WTO: 25% on Goods, 12.5% on Forced Labor Allegations

US Imposes 50% Tariffs on $20 Bn Canadian Goods via Section 338; Canada Retaliates Dollar-for-Dollar

The US-Canada trade war escalates as Washington imposes 50% tariffs on $20 billion worth of Canadian goods under a rarely-used Depression-era law (Section 338 of the Tariff Act of 1930). Canada, led by new PM Mark Carney, vows dollar-for-dollar retaliation. This marks the first use of Section 338, after the US Supreme Court struck down earlier tariff powers under IEEPA. For exam aspirants, this is a key case study on trade law, executive power, and international economic diplomacy.

BRICS Finance Ministers & Central Bank Chiefs Unite Against Unilateral Tariffs, Push Local Currency Settlement

The BRICS FMCBG meeting under India's chairship issued a joint statement expressing serious concern over unilateral tariffs imposed by the US, which distort trade and violate WTO rules. They also pushed for cross-border payments in local currencies and established a new Task Force on Growth and Development. This is crucial for India's BRICS presidency and global trade dynamics.

BRICS Delhi Declaration 2026 Avoids Ukraine, Condemns US Tariffs & Pahalgam Attack

The 45-page BRICS Delhi 2026 declaration carefully sidesteps the Ukraine war to accommodate Russia, condemns US tariffs and secondary sanctions, reiterates support for Palestine and the Pahalgam terror attack victims, and backs Iran's WTO bid. This is a masterclass in diplomatic balancing for the Global South.

India-EU FTA: Additional Preferential Steel Quota of 694,853 Tons, but CBCT Levy Applies

India secured an additional preferential steel export quota of 694,853 tons to the EU under the India-EU FTA, raising the total quota to 1.64 million tons. However, Indian steel remains subject to the EU's Carbon Border Adjustment Mechanism (CBAM), which could add costs equivalent to ~35% of value. This is a crucial trade-off for aspirants: market access vs. carbon compliance.

US-Canada Trade War: 50% Tariffs on $20 Billion Goods, Canada Retaliates on Steel & Dairy

US-Canada trade negotiations collapsed on August 21, 2026, triggering 50% US tariffs on $20 billion of Canadian goods. Canada retaliated with tariffs on US steel and dairy, escalating a trade war that threatens the USMCA framework and highlights the fragility of allied trade relations. For exam aspirants, this is a key case study on trade wars, retaliation mechanisms, and the role of FTAs in global economics.

Canada-US Trade War: 50% Tariffs Hit $28B Goods, India Seeks CEPA by Year-End 2026

On August 22, 2026, the US imposed 50% tariffs on $28 billion of Canadian goods, escalating a trade war. This creates a strategic opening for India as Canada seeks to diversify non-US exports and fast-track a CEPA with India, targeting $50 billion in bilateral trade by 2030.

US Treasury Secretary Bessent Urges G20 to Curb China Imports; $1.2 Trillion Surplus Flagged

US Treasury Secretary Scott Bessent has called on G20 nations to re-examine trade terms with China to reduce global imbalances, citing China's unsustainable $1.2 trillion trade surplus. This comes as the US rebuilds its tariff policy after legal setbacks and pushes for a joint G20 statement on trade imbalances, while also escalating secondary sanctions on Iran.

US Bans Canadian Alcohol, Dairy, Motorcycles; 50% Tariffs on $20B Goods in Trade War Escalation

US escalates trade war with Canada by banning imports of alcohol, dairy, and motorcycles effective Sept 29, 2026, after Canada retaliated against US 50% tariffs on $20 billion Canadian goods. This threatens the USMCA agreement and signals a shift in Canada's trade strategy away from its biggest partner. Students should note the impact on bilateral trade dynamics and the potential for further tariff escalation.