President Donald Trump on Monday signaled an expansion of his protectionist trade agenda, stating he would soon announce tariffs on automobiles, pharmaceuticals, lumber, and semiconductors. These new duties would be layered atop his forthcoming “reciprocal tariffs,” aimed at countering what he has repeatedly described as unfair foreign trade practices.

Speaking at a Cabinet meeting, Trump said, “We’ll be announcing cars very shortly,” and added that tariffs on pharmaceuticals would follow. Later in the day, at a separate White House event, he noted that tariffs on lumber and semiconductors would come “down the road.” While offering few specifics, the president emphasized urgency, saying these moves would come “in the very near future, not the long future.”

South Korea has announced an ambitious plan to recycle 20% of its strategic critical minerals by 2030, a move aimed at reducing its near-total dependence on imports amid escalating trade tensions between the United States and China. The country will target the recovery of 10 key minerals, including lithium, nickel, cobalt, manganese, graphite, and five rare earth elements, from end-of-life products such as batteries and printed circuit boards.

These minerals are crucial for South Korea’s high-tech industries, particularly semiconductors and electric vehicles. The initiative, detailed in a joint statement by the trade and finance ministries on Tuesday, underscores South Korea’s growing concern over supply-chain vulnerabilities.

Chinese steel prices are struggling to gain traction, despite signs of resilience in the broader economy and the arrival of what’s typically the peak construction season. The divergence between upbeat economic indicators and persistent weakness in the steel market, especially in the property-linked segment, signals continued pain for steelmakers — and may prompt the government to accelerate long-discussed production cuts in an industry still shaped by demand patterns that no longer hold.

Normally, the end of the Lunar New Year holiday and the onset of spring bring a seasonal surge in construction, which drives steel consumption. But this year, futures for rebar — the steel used to reinforce concrete — slumped to a six-month low in Shanghai, now trading more than 10% below levels seen a year ago. The latest blow came from a 30% collapse in new housing starts in January and February, the steepest drop in over 20 years and a clear sign that the most steel-intensive part of the real estate sector remains in free fall.

The European Commission unveiled a list of 47 strategic projects on Tuesday aimed at boosting the EU’s domestic production of critical raw materials essential for its green transition and industrial security. These projects fall under the bloc’s Critical Raw Materials Act, which was adopted in 2023 and sets ambitious targets for sourcing key inputs: by 2030, the EU aims to domestically mine 10%, process 40%, and recycle 25% of its critical raw material needs.

“For a long time, raw materials were the blind spot in our industrial policy,” said EU industry commissioner Stephane Séjourné. “Europe has often preferred to buy most of the raw materials it needs almost exclusively outside its borders—until the COVID crisis and the war in Ukraine reminded us of the dangers of our addictions.”

Trade of Venezuelan oil to China, its biggest buyer, came to a halt on Tuesday after President Donald Trump’s latest executive order raised the specter of 25% tariffs on any country importing crude from Caracas. The move, announced just days after new sanctions targeting Chinese imports of Iranian oil, has created a fresh layer of uncertainty that sent Chinese traders and refiners into a holding pattern.

The order, which caught much of the market off guard, gives the U.S. secretary of state discretion to apply the tariffs starting April 2. Traders in China said they were now awaiting clarification on how the policy would be implemented and whether Beijing would issue any guidance—though several noted that China has weathered similar threats before and that flows could eventually resume once the immediate uncertainty passes.

President Donald Trump confirmed Monday that auto tariffs are coming soon, but signaled that not all of his threatened levies would hit on April 2, suggesting that some countries may be spared. That message—suggesting a degree of flexibility—lifted U.S. stocks, as investors bet the sweeping tariffs he’s long warned about could be narrower in scope.

Trump also opened a new front in his global trade campaign by announcing 25% secondary tariffs on any country purchasing oil or gas from Venezuela, citing national security and border concerns. That move jolted oil markets and further heightened trade tensions.

India is signaling its willingness to cut tariffs on more than half of its U.S. imports—worth over $23 billion—as part of a proposed trade deal with Washington, in a move aimed at averting the fallout from President Donald Trump’s upcoming “reciprocal tariff” plan. The prospective tariff reductions would represent the largest India has undertaken in years, driven by a pressing need to shield its export sector from a looming wave of U.S. protectionist measures.

New Delhi’s internal assessments show that the U.S. tariffs—set to take effect from April 2—could impact nearly 87% of India’s $66 billion in annual exports to the American market. In response, India is open to cutting tariffs on 55% of the U.S. goods it imports, many of which currently face duties between 5% and 30%. In certain cases, those tariffs could be significantly lowered or even eliminated altogether.

The unfolding wave of protectionism across the globe represents one of the most significant shifts in international trade policy since the post-World War II era. While President Donald Trump’s return to the White House has certainly accelerated the trend, what we’re witnessing is not merely the result of one administration’s agenda. Rather, it reflects a broader breakdown of the global consensus that had supported globalization, free trade, and multilateral cooperation for more than seven decades.

Trump’s aggressive tariff policies—targeting China, Mexico, Canada, the European Union, and even allies like South Korea—are only part of the story. Long before his re-election, countries had already begun erecting trade barriers, particularly against Chinese goods, as they sought to defend domestic industries from a flood of cheap electric vehicles, steel, solar panels, and other manufactured exports.