The global fashion industry is bracing for 2026, navigating a market defined by geopolitical instability, macroeconomic uncertainty, and, above all, unprecedented U.S. tariffs. As leaders pivot from focusing on "uncertainty" to acknowledging the environment is simply "challenging," tariffs have emerged as the number one hurdle facing executives. The severity of the trade landscape cannot be overstated, executives told McKinsey and the Business of Fashion for the 2026 edition of the "State of Fashion" report.
Just about every major exporting economy was hit by U.S. President Donald Trump's "Liberation Day" tariffs in April. Malaysia was no exception, getting a 24% "reciprocal tariff" on its exports to the U.S. which, while perhaps not as catastrophic a level as some of its neighbors, still posed a significant threat to the Southeast Asian economy. Yet, Malaysia's government took a more measured response to new U.S. protectionism.
Finance Minister Peter Bethlenfalvy says the fiscal update will be a plan to make the province's economy competitive and protect jobs. The economic statement serves as a mini budget and often contains funding and updates on economic growth. In another recent financial update, the 2025-26 first quarter finances, the government projected a $14.6-billion deficit this year. A report last month by Ontario's financial accountability officer
Russia is India's top oil supplier. Moscow exported 1.62 million barrels per day to India in September, roughly one-third of the country's oil imports. For months, Modi resisted US pressure, with Indian officials defending the purchases as vital to national energy security. A move by India to stop imports would signal a major shift by one of Moscow's top energy customers and could reshape the calculus for other nations still importing Russian crude.
"So I was not happy that India was buying oil, and he (Modi) assured me today that they will not be buying oil from Russia. That's a big step. Now we're going to get China to do the same thing," Trump told reporters on October 15 at the White House. India has continued to buy Russian oil, helping to fund Moscow's war effort in Ukraine, all while Western nations ramp up sanctions against such purchases.
The EU steel industry, already reeling from Donald Trump's 50% tariffs on imports, is bracing itself for further damage after the US opened the possibility of a rolling list of derivative products that could be subject to tariffs including windows and doors with some metal. In August the US listed 407 product categories as derivative inclusions, ranging from wind turbines, mobile cranes and bulldozers to rail cars and furniture.
America's love affair with shrimp is a cultural touchstone, enough that The Daily Show could air multiple segments out of Red Lobster's $11 million loss after it offered a $20 endless shrimp buffet in 2023 that proved to be too popular. In fact, Americans consume more shrimp than any other seafood, about 5.5 pounds per person, per year, and about 40% of it comes from India. Indian shrimp exports to the U.S. totaled more than $2.5 billion in the 2023-24 fiscal year, according to the Indian Ministry of Commerce.
Customers at a supermarket on Avenida Rua Bolivar in Rio de Janeiro, Brazil, are positively surprised at the price changes they've been experiencing over the past few weeks, as they are now paying significantly less for coffee and meat, for example. "Finally, some good news in these difficult times," says shopper Julienne Freitas, while speaking with DW. Her experience is not anecdotal, but rather echoed by a recent survey from Brazil's Inter-Union Department of Statistics and Socio-Economic Studies (DIEESE)
Ontario's economy is going to continue to slow this year as U.S. tariffs reduce demands for exports and businesses cut back on investments and hiring, a new report estimates. The province's real GDP growth is projected to slow to 0.9 per cent this year and 1.0 per cent next year due to the impact of U.S. tariffs, says the report from the Financial Accountability Office of Ontario (FAO), released Wednesday.
A government spokesperson said: "We are still the only country to benefit from a 25% tariff on steel exports to the US, reinforcing our position as a trusted source of high-quality steel." Other countries face tariffs of 50% and so senior government sources insist that the UK is in a competitive position relative to others, and added they believed there, although senior government sources insist there "remains a path to zero".
Given the political turmoil in France and the uncertainty caused by US president Donald Trump's tariffs, why did the European Central Bank (ECB) decide not to cut interest rates again?
The European Central Bank left interest rates unchanged Thursday with inflation back under control and the economy weathering Trump's tariff onslaught better than expected. The bank's rate-setting council left its benchmark deposit rate unchanged at 2% at a meeting at its skyscraper headquarters in Frankfurt. The focus in Europe has shifted to the fiscal crisis in France and any possible role for the ECB in containing potential market turmoil that could erupt from the country's out-of-control deficit and political logjam.
The campaign stems from Donald Trump's tariff announcements in April, after which U.S. Customs and Border Protection posted a notice exempting computers and smartphones from import duties. On the company's UK product page, the Rivelia machine now appears in two versions: the De'Longhi Machine at £749.99, and the De'Longhi Computer at £637.49. That price difference reflects the 15% tariff on UK goods imported to the U.S.
Nestle has fired CEO Laurent Freixe after just one year in the job following an investigation into an undisclosed romantic relationship, ousting its second chief executive in a year and throwing the Swiss food giant into its deepest leadership chaos in decades. Freixe's sudden dismissal followed an investigation into an undisclosed romantic relationship with a direct subordinate that breached Nestle's code of business conduct, Nestle said late on Monday.
Currently, Brazil faces 50 percent taxes on all its exports to the US, the highest current tariff rate of any country except India. While Brazil has yet to respond in kind, on Thursday, its Chamber of Foreign Commerce (CAMEX) began exploring whether countermeasures would apply under a local law. This is a process that takes a bit of time, Lula said in Friday's interview with Radio Itatiaia.
Negotiations with several of them (with India itself, as well as China, Canada, and Mexico, the trio of nations that accounts for almost half of U.S. imports) remain ongoing, but all of them already have a base figure, a tariff floor on which to build or, in most cases, deconstruct their once-solid trade ties. Domestic and foreign policy aside, the new tariff framework paints a new picture for trade.
chaos at the US ports right now. They need to get a deal done quickly because this is very damaging to British industry. This has blindsided everybody - us, the UK Government, and certainly US customs. There's a huge backlog of imported goods in every port now in the US.
Japan Post Co. will suspend shipping of some small packages to the United States due to fresh tariffs imposed by the US government, in a sign of how President Donald Trump's levies may impact smaller businesses and individuals. The mail service will stop accepting parcels that include consumer goods for sale or gifts worth over $100 from Wednesday, after the U.S. revoked its tariff exemption on lower-value packages from across the world, according to a statement published on its website.
JCB has warned it could lose "hundreds of millions of pounds" after the US government unexpectedly extended tariffs on steel and aluminium to cover finished goods, dealing a blow to one of Britain's best-known engineering firms. The Trump administration confirmed on Monday that the 25 per cent tariffs already applied to components would now include all machines exported to the US containing steel or aluminium. The move is expected to hit every one of the 30,000 diggers and construction vehicles JCB ships across the Atlantic each year.
He blames the 50% tariff on steel and aluminum imposed by US President Donald Trump, which went into effect in June. Trump cited national security concerns under Section 232 of the US Trade Expansion Act of 1962 for the move. In addition to the steel tariffs, Trump has also imposed 25% "reciprocal tariffs" on most Indian goods. The US president has proposed an additional 25% tariff, set to go into effect later this month, in response to India's purchases of Russian oil.
