GTA Monthly Roundup: December 2025

The Global Trade Alert team documented 727 trade and industrial policy developments during December 2025. Four trends emerge:

1. The US continued to negotiate and implement bilateral trade deals. Washington implemented retroactive tariff reductions under the trade deals with Switzerland, Liechtenstein, and South Korea. Additionally, the US signed a pharmaceutical pricing agreement with the UK, exempting UK pharmaceuticals from Section 232 tariffs in exchange for increased drug pricing.

2. Governments updated their annual trade and industrial policy instruments. China published the 2026 editions of its dual-use export and import, Tariff Adjustment Plan, export license and import license catalogues. The EU updated its autonomous tariff suspension and import tariff-rate quota regimes. The US enacted the 2026 National Defence Authorisation Act (NDAA). 

3. Investment policies moved to the forefront of the policy toolkit. The US enacted the Comprehensive Outbound Investment National Security Act. The EU published its new approach to economic security, calling for reinforced FDI screening mechanisms in strategic sectors. China updated its Encouraged Foreign Investment Catalogue, offering foreign investors customs duty exemptions, reduced land prices, and other tax benefits. India liberalised its Foreign Investment Policy for insurance. 

4. Critical minerals policy expanded into a diverse mix combining funding, as well as procurement and export restrictions. The US backed domestic production with USD 210 million for Crucible Metals and a USD 134 million funding call for rare earth recovery. The 2026 NDAA restricted the Defense Department procurement of molybdenum, gallium, and germanium from China, Russia, Iran, and North Korea. The EU’s RESourceEU Action Plan called for export restrictions on scrap containing permanent magnets and aluminium, with possible future controls on copper scrap. Brussels also pledged EUR 3 billion to de-risk investments through a CRM financing hub. Vietnam amended its Geology and Minerals Law to establish export controls on processed rare earth goods. Canada’s Ontario launched a CAD 500 million fund to expand critical mineral processing and refining capacity.

The GTA Monthly Roundup provides a rapid overview of changes in import barriers, export curbs, subsidies, and related industrial policy measures. It is organised by geography, beginning with the United States, China and the European Union. The final section briefly summarises developments in further regions covered by the GTA. Links to official sources are included in the references.

The US continued to negotiate and implement bilateral deals. It also enacted support measures for the defence, raw materials, and agriculture sectors. Moreover, Washington announced outbound investment and public procurement restrictions affecting the defence industry. The GTA team documented 77 policy developments during the last four weeks.

The White House issued a proclamation delaying planned Section 232 tariff increases on certain wood products by one year. The duty on upholstered wooden furniture will remain at 25% until 1 January 2027, instead of rising to 30% in 2026. The duty on kitchen cabinets and vanities will also stay at 25% until 1 January 2027, rather than increasing to 50% in 2026. The existing 10% tariff on certain softwood timber and lumber remains unchanged. 

The Federal Communications Commission banned all foreign-made drones and their critical components from receiving new equipment authorisations. The measure prevents their entry into the US market following national security concerns about surveillance and data risks. In addition, it specifically banned products from Chinese firms DJI Technologies and Autel Robotics. Existing drones and previously authorised models remain unaffected, allowing retailers to continue selling approved inventory.

The Department of Commerce and the USTR implemented the Agreement on Fair, Balanced, and Reciprocal Trade with Switzerland and Liechtenstein. Effective retroactively from 14 November 2025, the US set a special consolidated tariff rate of 15% (including MFN) for goods affected by the “reciprocal tariffs” from both Liechtenstein and Switzerland. The measure reduces previously higher and additional reciprocal tariffs: 39% for Switzerland and 15% (excluding MFN) for Liechtenstein. Washington also implemented the Strategic Trade and Investment Deal with South Korea. It changed the reciprocal tariff rate to a combined rate of 15% (including MFN). Previously, the additional reciprocal tariff applicable, excluding MFN, to South Korea alone was 15%. It also modified the tariff treatment for some goods subject to Section 232 tariffs. Specifically, it capped the tariff treatment of certain wood and furniture products, as well as automobiles and autoparts, at 15%.  

The USTR announced the results of its Section 301 investigation into Nicaragua. It determined that the country's labour rights violations, human rights abuses, and dismantling of the rule of law burden trade with the US and hence warrant retaliatory action. As a result, the United States disclosed it will impose a new phased tariff on all imported Nicaraguan goods that do not qualify as originating under CAFTA-DR. Tariffs would start at 0% in January 2026, increasing to 10% on 1 January 2027, and reaching 15% on 1 January 2028. The duties will apply in addition to any existing tariffs, including the country-specific 18% additional “reciprocal tariff”. 

The USTR signed an agreement with the United Kingdom to rebalance pharmaceutical pricing. Under the agreement, the US committed to exempting UK pharmaceuticals, ingredients, and medical technology from Section 232 tariffs and refraining from Section 301 investigations. 

In terms of trade defence, Washington published a notice initiating a safeguard investigation on imports of quartz surface products. This investigation follows an application lodged by Quartz Manufacturing Alliance of America on behalf of the US industry.

President Trump signed into law the 2026 National Defense Authorization Act (NDAA), which included several financial support measures. The Act expanded the Development Finance Corporation (DFC)'s budget for insuring and financing large-scale infrastructure, energy, and technology projects abroad through September 2031. It also established a USD 5 billion Equity Revolving Fund allowing the DFC to acquire direct ownership stakes in foreign projects, and allocated USD 2 billion for the Defense Industrial Base Fund for critical minerals, defence platforms, and advanced technology projects. 

The Department of Commerce awarded Crucible Metals LLC USD 210 million in grants under the CHIPS Incentives Programme. The grants will finance the production of minerals necessary for manufacturing silicon and compound semiconductors. Earlier in December, the Department of Energy launched a funding opportunity of up to USD 134 million to strengthen domestic supply chains for rare earth elements. The initiative supports projects demonstrating the commercial viability of recovering rare earth elements from unconventional feedstocks.

The Department of Energy also granted USD 400 million to Holtec Government Services LLC for advancing the deployment of light-water small modular reactors in Michigan. The beneficiary operates in the defence and energy sectors.

In early December, the Department of Agriculture provided USD 12 billion in one-time bridge payments to support American farmers facing trade disruptions and increased input costs. Up to USD 11 billion will be distributed through the Farmer Bridge Assistance (FBA) Program. The remaining USD 1 billion will support producers of speciality crops and sugar not covered by the FBA Program. Moreover, the Department launched a USD 700 million Regenerative Pilot Program for incentivising farmers to enhance soil health and water quality.

The 2026 NDAA enacted the Comprehensive Outbound Investment National Security Act. This last Act established an outbound investment screening regime, prohibiting US persons from investing in semiconductors, AI, quantum technologies, high-performance computing, and hypersonic systems in China, Russia, Iran, North Korea, Cuba, or Venezuela. The Department of Treasure will issue implementing regulations within 450 days. Moreover, the NDAA prohibited the Department of Defense from procuring molybdenum, gallium, or germanium sourced from China, Russia, Iran, or North Korea.

The White House ordered the Department of Justice and the Federal Trade Commission to investigate alleged anti-competitive behaviour in domestic food supply chains. The order empowers agencies to examine whether foreign-controlled companies influence food prices or create security risks. The order empowers the agencies to take "enforcement actions" and propose "new regulatory approaches" to remedy found anti-competitive behaviours.

During December 2025, China updated its annual policy catalogues and stepped up trade defence activity. Beijing also issued rare earth export licences to Chinese firms. The GTA team documented 76 new developments.

China's Ministry of Commerce (MOFCOM) published the 2026 list of dual-use goods requiring export licenses. The updated list added 24 new tariff lines and removed 3 tariff lines at the 10-digit HS code level compared to 2025. In addition, Beijing published the 2026 catalogue of goods subject to export licenses. Aside from 10-digit technical changes and consolidated amendments, the catalogue is largely unchanged from last year.

Earlier in December, the government established export licenses for 300 steel products under chapters 72 and 73. The measure takes effect on 1 January 2026.

China reportedly set the first batch of 2026 export quotas for refined fuel products, including gasoline, diesel, and aviation fuel. The initial quota was set at 19 million tonnes, down from 40.2 million tonnes total for 2025. Separately, the quota for low-sulphur marine fuel was set at 8 million tonnes, down from 13.9 million tonnes in 2025.

Beijing granted rare earth export licenses to several Chinese companies in early December. The beneficiaries include JL MAG Rare-Earth Co, Beijing Zhong Ke San Huan Hi-Tech Co, and Yunsheng Group. Later in the month, the government granted Ningbo Jintian Copper an export license for rare earth permanent magnet products.

The Chinese government reportedly mandated that chipmakers use at least 50% domestically manufactured equipment when expanding or building new facilities. According to sources, authorities indicated that 50% is only the minimum baseline, although there are exemptions for advanced production lines. 

The State Council released the 2026 Tariff Adjustment Plan, effective 1 January 2026. The measure increased tariffs for 16 items across chapters 03, 08, 27, 28, 64, 84, 85, and 90. Out of the total, provisionally lower tariffs were removed for 14 and two are now subject to increased provisional rates. Conversely, the measure decreased tariffs for other 16 items under chapters 25, 27, 28, 38, 68, 71, 84, 85, and 90. 

MOFCOM also updated the 2026 list of dual-use goods requiring import licenses. Compared to the 2025 list, 3 tariff lines under chapters 28 and 85 were added. These products are now subject to import licensing requirements. Moreover, Beijing published the 2026 catalogue of goods subject to import licenses. This catalogue also remains substantially the same as last year.

MOFCOM set the 2026 non-state fuel oil import quota at 20 million tonnes, maintaining the same level as 2024 and 2025. The quota will be allocated on a first-come, first-served basis. 

In terms of trade defence, China imposed a definitive 55% safeguard duty on beef imports exceeding the tariff-rate quota for three years. The quota volumes will progressively increase from 2.69 million tonnes in 2026 to 2.74 million tonnes in 2027 and 2.80 million tonnes in 2028.  Beijing set a definitive antidumping duty of up to 19.8% on EU pork imports, plus provisional countervailing duties of up to 42.7% on EU dairy product imports. Both measures followed investigations initiated in 2024 by Chinese industry associations.

The Chinese National Development and Reform Commission (NDRC) and MOFCOM released the 2025 edition of the Encouraged Foreign Investment Catalogue, effective 1 February 2026. The new edition contains a total of 619 items, some added and some removed, when compared to the previous edition of 2022. The newly added sectors include advanced manufacturing and technology sectors, including lithium battery materials, new medical devices, optoelectronic devices, fuel cell carbon carriers, nuclear graphite for reactors, lithography machines, hydrogen power equipment, brain-computer interfaces, neuromorphic chips, humanoid robots and others. Foreign investors in these sectors will now receive three main incentives: customs duty exemptions on imported self-use equipment, access to lower land prices, and reduced corporate income tax and other tax credit benefits when reinvesting distributed profits. 

Beijing adopted an action plan “to support high-quality development of service outsourcing”. The plan calls for increased financial support and the exploration of export credit insurance to help the sector expand to international markets. The measure aims to enhance service sector competitiveness and international market presence.

The government launched the National Venture Capital Guidance Fund with CNY 100 billion in public contributions. The beneficiary industries include integrated circuits, quantum technology, biomedicine, brain-computer interfaces, and aerospace. The initiative aims to leverage central government capital to attract participation from local governments, SOEs, financial institutions, and private investors. 

At the subnational level, Beijing will provide up to CNY 10 million per company for enhancing automotive intelligent manufacturing. Eligible projects include the development of innovation technology incubation and acceleration platforms, jointly developed by companies, universities and research institutes. 

China imposed countermeasures against 20 US companies due to their “arms sales” to Chinese Taipei. The countermeasures freeze the companies’ assets in China and prohibit Chinese organisations and individuals from conducting transactions or cooperation with them. The targeted companies operate in the defence and dual-use technologies sectors.

The EU focused on issuing policy guidelines, such as strategies and plans, and on advancing legislative proposals. Financial support for the green transition was also strengthened. The GTA team documented 125 policy actions by the EU and its member states.

The Commission called for export restrictions on scrap and waste containing permanent magnets and aluminium. The Commission also signalled that future controls on copper scrap may follow if supply risks justify action. The pledges are part of the RESourceEU Action Plan, an initiative to strengthen the EU’s security of supply for critical raw materials (CRM).

Brussels updated the list of products subject to a temporary customs duty exemption or reduction. The objective of the list is to ensure sufficient supply of products not produced in the EU. Effective 1 January 2026, tens of industrial products saw their duties temporarily decreased or eliminated. Affected products include industrial chemicals, textiles, manufacturing inputs, and energy-storage components. Conversely, the same measure increased import duties on over a hundred agricultural and industrial products, including processed food, mineral inputs, plastics, glass fibres, aluminium and steel products. Furthermore, the Commission updated its autonomous import tariff-rate quotas regime for 2026. The update increased or opened new in-volume quotas for five six-digit CN codes. On the other hand, the update closed in-volume quotas for 16 products. Both regimes exclude Russia and Belarus from preferential treatment.

Brussels proposed the extension of the Carbon Border Adjustment Mechanism (CBAM) to 180 steel and aluminium downstream products. This extension would encompass machinery, specialised equipment, and household goods, ranging from base metal mountings and industrial radiators to casting machines. The proposal requires approval from both the European Parliament and Council, with a tentative implementation date of 2028. 

Regarding trade defence, the Commission initiated anti-dumping investigations concerning Chinese imports of silicomanganese steel wires, mobile cranes, benzyl alcohol, and sodium benzoate. Moreover, it set definitive antidumping duties of up to 115.9% on Chinese choline chloride imports.

The EU published its new approach to strengthen economic security. The communication outlined plans to prioritise EU funding programmes for projects reducing reliance on critical technologies, components and materials. For example, under the upcoming Industrial Accelerator Act, ResourceEU and the Circular Economy Act. 

Brussels published other guidelines for the CRM and battery sectors. Under the RESourceEU Action Plan, the Commission pledged to mobilise EUR 3 billion to create a CRM financing hub to de-risk investments. The plan also called for additional support by leveraging existing investment instruments, including InvestEU, the Innovation Fund, and Horizon Europe, to channel financing towards CRM projects. Furthermore, the Commission's Battery Booster Strategy, part of a wider Automotive Package, called for EUR 1.5 billion in interest-free loans for battery cell products. It also pledged EUR 300 million for critical raw material projects essential to the battery value chain and further support from the upcoming European Competitiveness Fund. 

The Commission proposed legislation to implement previously announced support. These include the proposal to establish a Temporary Decarbonisation Fund for EU producers of CBAM goods between 2028 and 2029. The fund aims to mitigate carbon leakage risks by reimbursing a portion of EU-ETS carbon costs. In addition, the Commission proposed the creation of “super credits” for small zero-emission M1 vehicles manufactured within the EU. Under the same proposal, vehicle manufacturers would be able to use low-carbon EU steel to offset CO2 emissions. Finally, the Biotech Act’s proposal includes a EUR 10 billion initiative with the European Investment Bank (EIB) Group. These proposals require approval by the European Parliament and Council.

The EIB provided EUR 1 billion to STMicroelectronics for advanced semiconductor research, development, and manufacturing in Italy and France. It also signed a EUR 450 million loan with ORES to finance investments in Wallonia's electricity distribution network. The loan supports renewable energy integration and expanded electricity use. 

Germany launched the EUR 30 billion Germany Fund to support future-oriented industries. The fund, coordinated by KfW, will provide equity investments for deeptech and infrastructure and loans and guarantees to support transformation industries. Berlin also received approval from the Commission to deploy a EUR 1.6 billion scheme for fast-charging stations for electric heavy-duty vehicles, to grant EUR 495 million to GlobalFoundries for expanding its Dresden semiconductor site and to provide EUR 128 million for X-FAB to construct a new open foundry facility in Erfurt. The country’s Ministry for Economic Affairs and Energy disclosed the 2025 beneficiaries of the Federal Funding Program for Industry and Climate Protection (BIK). A total of 38 projects have been supported with EUR 476 million. One of the supported companies was Hüttenwerke Krupp Mannesmann, a steel manufacturer, which secured EUR 200 million (EUR 140 million from the national government and EUR 60 million from the Lower Saxony government) for its EAF2HKM project. 

France launched a EUR 20 billion electricity capacity mechanism. The scheme supports generation, demand-response, and storage projects for 10 years starting in November 2026. Paris granted EUR 749 million in equity to Eutelsat to finance investments in low-Earth orbit satellite constellations. 

Several Member States introduced schemes to accelerate the green transition. Hungary launched a EUR 4.1 billion scheme for cleantech manufacturing through December 2030, while  Austria unveiled a similar EUR 100 million scheme running until October 2026. Italy, a EUR 1.5 billion scheme for net-zero technology manufacturing until 31 December 2030. Denmark established a EUR 3.8 billion grant scheme for carbon capture and storage investments. Spain set a EUR 408 million grant scheme for the decarbonisation of the manufacturing industry.

The EU’s new approach to economic security called for the introduction of European preference criteria in public procurement for strategic sectors where supporting European industrial leadership can boost resilience and mitigate security risks. In addition, the Commission proposed reinforcing EU foreign direct investment (FDI) screening, including new guidelines to ensure consistent application of the FDI Screening Regulation across Member States and clarifying the interaction between EU-level requirements and national screening mechanisms. 

Likewise, the Commission’s RESourceEU Action Plan called for “increased control over foreign investment on the EU CRMs value chain on security grounds”. These would be achieved by integrating the Critical Raw Materials Act’s strategic projects as “Projects or Programmes of Union Interest” under the Foreign Direct Investment Regulation. The Battery Booster Strategy also pledged “new FDI conditionalities” to ensure foreign investments bring value to the battery supply chain and "deliver clear benefits for Europe’s competitiveness and resilience".

The GTA documented 449 new developments announced by jurisdictions outside the US, China, and the European Union in the last four weeks. Significant developments include:

Argentina reduced export duties for 84 products, with new rates ranging from 0% to 24% compared to previous rates of 2% to 26%. The affected products include various agricultural and agro-industrial items. 

Australia's Clean Energy Finance Corporation (CEFC) invested AUD 147 million in the Carmodys Hill wind farm developed by Aula Energy. The project’s 42 wind turbines will connect to the Davenport–Brinkworth transmission line.

Brazil's National Bank for Economic and Social Development (BNDES) signed loans worth BRL 1.1 billion with Companhia Siderúrgica Nacional to modernise steel plants and BRL 1 billion to Eldorado Brasil Celulose SA to build railway infrastructure for pulp transport. Moreover, the government launched a BRL 10 billion credit line scheme to support truck fleet renewal, with provisions favouring domestically manufactured vehicles. In trade defence, Brasilia initiated an anti-dumping investigation on Chinese imports of butyl acrylate.

Canada's Ontario launched a CAD 500 million Critical Minerals Processing Fund. The fund aims to expand and modernise critical minerals processing and refining capacity within the province. 

Egypt increased the export duty on certain animal feed components and on stainless steel scrap. Both measures are valid for a period of one year, effective on 7 and 18 December, respectively. 

The Eurasian Economic Union eliminated import duties on waste and scrap of precious metals from 25 January 2026 until 31 December 2028. The Union also temporarily eliminated import duties on certain nuts, seeds, and fruit kernels until December 2028.

India approved new incentives under the Production-Linked Incentive (PLI) scheme for the auto sector. One of the beneficiaries was Bajaj Auto Ltd, which received INR 625.65 crore in incentives, ranging between 13% to 16% on incremental sales of electric scooters and three-wheelers. New Delhi also liberalised the Foreign Investment Policy for insurance companies, increasing the FDI limit from 74% to 100%. In addition, the government removed end-use restrictions on auctioned coal linkages, explicitly allowing permit holders to export up to 50% of their allocated coal. 

Indonesia introduced tiered export duties on gold products. The duties range between 7.5% and 15%, depending on benchmark prices. 

Iraq approved a temporary additional customs duty of 40% on nitrogen gas imports. Furthermore, Baghdad banned the imports of chicken, cuts, and processed products and of six agricultural crops, including tomatoes, cabbage, cauliflower, lettuce, turnips, and beets. 

Japan's Bank for International Cooperation (JBIC) provided a JPY 135 billion loan to shipping company Mitsui OSK Lines (MOL). The loan will support the acquisition of Dutch firm LBC Tank Terminals. JBIC also granted USD 189 million to UnicornMark Discovery Singapore, a company partially invested in by Japanese shipping firm Mitsui OSK Lines. This loan will finance a floating storage and regasification unit for charter services. 

Kenya's KCB Bank and the African Development Bank (AfDB) signed a USD 150 million debt facility. The facility will provide trade finance and loans for climate-friendly investments.

Malaysia temporarily decreased the export duty on crude palm oil for January 2026. The adjustment responds to the reference market price reaching MYR 3’946 per tonne.

Mexico raised import duties on over a thousand products, including cosmetics, textiles, machinery, vehicles, and various manufactured goods. The duties were raised from a range of 0% to 35% to a range of 5% to 50%. In terms of trade defence, the government initiated anti-dumping investigations on Chinese imports of acrylic sheet and parallel anti-dumping and countervailing investigations on US imports of pork leg and shoulder. Mexico also imposed temporary provisional antidumping duties on hollow aluminium profiles from China and the US. 

Morocco's state-owned phosphate and fertiliser producer, OCP Group, received a EUR 450 million guarantee from the AfDB. The guarantee will allow the company to get long-term financing for implementing its 2023-2030 Green Investment Programme.

Nigeria's Heirs Energies Limited secured a USD 750 million loan from Afreximbank for domestic energy capacity expansion. The Nigerian Content Development and Management Board announced a USD 100 million equity investment scheme to support local capacity and participation in the oil and gas industry. 

Pakistan exempted all exports from a 0.25% development surcharge. The measure entered into force on 1 December 2025. 

The Philippines’ Department of Agriculture imposed a maximum suggested retail price on imported carrots and red and white onions. The price of red onions was raised just days after. These measures aim to tackle high market prices.

Qatar unveiled a USD 20 billion joint venture with Brookfield to foster investment in AI infrastructure and adoption. The initiative aims to establish the country as a leading AI hub in the Middle East. Qatar, alongside Oman, jointly initiated an anti-dumping investigation on imports of calcium chloride from India and Egypt. The investigation was triggered by the Secretariat General of the Cooperation Council for the Arab States of the Gulf.  

Russia established temporary export tariff-rate quotas for wheat, meslin, barley, and corn from 15 February to 30 June 2026 and liberalised the export of husked rice throughout 2026. Conversely, it reduced the import quotas of certain seeds from "unfriendly" countries in  2026. In terms of financial support, Moscow allocated RUB 60.6 billion to subsidise preferential loans for agricultural producers. The national development bank VEB.RF signed a RUB 14.6 billion loan with construction company Parma Campus LLC. The loan will finance the construction of student dormitories, guesthouses for faculty, and educational and laboratory buildings. 

Saudi Arabia's Local Content and Government Procurement Authority added several products to mandatory public procurement lists, requiring government-funded project contractors to source these items from local manufacturers from 1 March 2026. The amendments affect pharmaceuticals, medical supplies, construction materials, cleaning consumables, food and agricultural products, and others.

The Southern African Customs Union initiated an anti-dumping investigation on Chinese imports of flat-rolled products of iron or non-alloy steel. The investigation covers products of a width of 600 mm or more, clad, plated or coated, painted, varnished or coated with plastics. The Union also increased the customs duty on sugar imports from ZAR 3.65/kg to ZAR 4.36/kg. 

South Korea's export credit agency K-sure granted USD 1.7 billion to Verizon to purchase telecommunications equipment from Samsung Electronics. Moreover, it provided USD 2 billion to ADNOC for acquiring Korean products and services related to projects in AI, renewable energy, hydrogen, and power grids. 

Switzerland implemented the November 2025 agreement with the US. Specifically, it eliminated import duties for certain US agricultural goods and established import tariff-rate quotas for US meat. US fish, seafood and agricultural products, previously subject to import duties reaching CHF 189 per 100kg, now enter duty-free. US meat (beef, bison and poultry) will enjoy annual duty-free import quotas for a total of 3’000 tonnes annually. The government simultaneously established rules defining when products qualify as originating from the US.

Türkiye enacted a provisional antidumping duty of up to 31.4% for Chinese imports of aluminium frames for photovoltaic panels. It also set a definitive antidumping duty of up to 14.2% on Chinese imports of acrylic fibre. 

The United Kingdom, under a pharmaceuticals agreement with the US, committed to increasing new drug prices by 25%. For this, the government would raise the maximum spending threshold from GBP 30’000 to GBP 35’000 per Quality Adjusted Life Year for NHS treatments and adjust the valuation formula to assign higher values to health benefits. The National Wealth Fund provided a GBP 800 million guarantee to SSEN Transmission for a grid upgrade project in Scotland. The government announced GBP 125 million in loan guarantees and grants for INEOS' Grangemouth chemical plant. In addition, it allocated GBP 100 million in grant funding to support SMEs operating in sectors prioritised in the Modern Industrial Strategy of June 2025. In terms of trade defence, London initiated an anti-dumping investigation on Chinese imports of boom lifts and a countervailing one on Chinese imports of boom lifts.  

Vietnam’s National Assembly amended the Geology and Minerals Law to announce upcoming new restrictions on exports and imports of rare earth elements. The amendments reiterate an existing ban on raw rare earth mineral exports, whilst advancing new export controls on processed goods. The government is expected to issue implementing regulations in early 2026. In addition, Vietnam unveiled that it is developing a National Strategy on Rare Earths governing exploration, exploitation and processing.

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