China’s aluminum production machine, which has dominated the global market for two decades, is finally hitting structural and policy limits that could reshape the international supply chain—and offer a glimmer of relief to beleaguered Western producers.

Having ramped up production from just 4 million metric tons in 2004 to over 43 million tons in 2024—now accounting for 60% of global output—China’s aluminum industry is approaching the government’s national capacity cap of 45 million tons, which was imposed in 2017. According to the International Aluminium Institute, China’s output averaged 44 million tons on an annualized basis in the first quarter of 2025, leaving very little room for further expansion.

India expects a notable slowdown in steel imports from China, South Korea, and Japan following its recent imposition of a 12% provisional safeguard duty on some categories of imported steel. The temporary measure, valid for 200 days, is aimed at curbing a surge in low-cost shipments that has increasingly pressured domestic producers.

The move follows a second consecutive year of rising finished steel imports, which reached a nine-year high in the 2024–25 fiscal year. China, South Korea, and Japan were the top exporters to India, with Chinese shipments growing especially rapidly in recent months amid domestic oversupply and sluggish construction demand in China.

The diversion of U.S.-origin petroleum gas shipments away from China underscores just how deeply the escalating U.S.-China trade war is disrupting global energy and petrochemical supply chains.

In the past week alone, at least four propane cargoes initially bound for Chinese ports have rerouted to alternative destinations including Japan and South Korea. These are not isolated movements: the shift is part of a broader reshuffling of flows triggered by steep U.S. tariffs on China and reciprocal Chinese import duties. One ethane cargo — a key raw material for plastics — has reportedly been cancelled altogether.

The global corporate earnings season has revealed a stark and widening fault line caused by President Donald Trump’s sweeping trade war. Businesses across a broad range of industries — from consumer goods to airlines, automakers to pharmaceutical companies — are warning of rising costs, growing operational uncertainty, and faltering consumer sentiment as tariffs and trade tensions ripple through the global economy.

Procter & Gamble, PepsiCo, Thermo Fisher Scientific, and American Airlines were among the major firms on Thursday to either cut profit forecasts or withdraw financial guidance entirely. Their earnings reports paint a clear picture: Trump’s tariffs are upending supply chains and sowing strategic confusion in boardrooms.

China’s move to quietly exempt select U.S. imports from its steep 125% retaliatory tariffs marks a significant turning point in the escalating trade war, offering the first concrete sign that Beijing is willing to consider de-escalation — but only on its own terms.

China’s Ministry of Commerce has begun soliciting lists of critical goods from companies — including U.S. and European multinationals — that are currently subject to tariffs but lack viable alternative suppliers. While no formal announcement has been made, several firms report that exemptions are already being granted in sectors such as pharmaceuticals and aerospace.

Chile’s state copper company Codelco has secured a major green light from the country’s competition regulator (FNE) for its proposed joint venture with SQM to expand lithium production in the Atacama salt flats — one of the richest lithium deposits in the world. The decision is a key milestone in President Gabriel Boric’s push to strengthen state control over the country’s strategically vital lithium resources while also scaling up production to meet global demand.

The FNE’s approval follows regulatory clearance from a range of key international jurisdictions, including the European Union, Brazil, Japan, South Korea, and Saudi Arabia. However, approval from China’s competition authority — a particularly sensitive issue given Chinese firm Tianqi’s significant stake in SQM — is still pending. Tianqi, which owns a 22% share in SQM, has previously expressed concern over the joint venture, including through legal challenges.

India’s plan to allow foreign companies to acquire up to a 49% stake in its nuclear power sector signals a historic shift in one of the country’s most tightly controlled and strategically sensitive industries. If approved, the move could unlock billions in investment, accelerate the country’s transition away from coal, and potentially revive long-stalled Indo-U.S. civil nuclear cooperation.

The proposal — which is being drafted by the Department of Atomic Energy in consultation with the Prime Minister’s Office and the Finance Ministry — would permit foreign equity participation in Indian nuclear power projects, but only with prior government approval. The new policy would still bar automatic foreign direct investment, reflecting the government’s intent to retain strict oversight over national security concerns tied to atomic energy.

President Donald Trump’s executive order endorsing deep-sea mining marks a historic policy pivot, signaling the United States’ intent to tap the ocean floor for critical minerals—a move that could dramatically reshape both the global mining industry and geopolitical competition over resource security.

Signed on Thursday, the order instructs federal agencies to fast-track the development of deep-sea mineral extraction capabilities within U.S. territorial waters, international waters, and in partnership with friendly nations. The focus is on securing vital materials such as cobalt, nickel, and manganese—key inputs for renewable energy technologies, electric vehicles, advanced defense systems, and steel production.