Last week, new policy developments emerged across China, the United States, and Southeast Asia. The U.S. announced it would reduce tariffs on Chinese “fentanyl-related products” from 20% to 10% and extend some Section 301 tariff exemptions until 2026, which can be regarded as a sign of easing China-U.S. trade relations.

Meanwhile, the Philippines extended the 15% import tariff on rice until the end of 2025 and plans to adjust it between 15% and 35% based on international rice prices. On the other hand, the U.S. imposed new tariffs on goods exported from Switzerland, increasing pressure on European exporters. Overall, the global tariff landscape last week was characterized by “eased China-U.S. relations, stable control in Southeast Asia, and cautious pressure from Europe and the U.S.”

Going forward, the trend of the global trade market is worth continuing to monitor.