Global tariff policies tightened markedly last week.

On the China-US front, Donald Trump issued a public threat on January 24, stating that the US would impose a 100% tariff on all Canadian goods exported to the US if Canada struck a substantive trade agreement with China. He explicitly opposed the transshipment of Chinese goods into the US via third countries, warning that China could face punitive measures such as additional tariffs if the relevant China-Canada agreement was deemed to help China circumvent US trade barriers.

Meanwhile, the US announced it would raise tariffs on some South Korean goods from 15% to 25% over South Korea’s failure to implement existing trade agreements.

The European Union announced the imposition of an anti-dumping duty of up to 60.3% on candle products originating in China, and South Africa also plans to hike the import tariff on Chinese-made automobiles from 25% to a maximum of 50%.

The global tariff environment this week features escalations across multiple fronts with notable spillover effects. Tariffs have evolved from a mere trade tool into an important means for countries to compete for supply chain interests and conduct geopolitical games.