The Week Ahead (Dec. 29 - Jan. 4): Mexico Hikes Auto Tariffs; China Licenses Steel, EV Exports

Dec. 29: CCPIT briefs U.S. visit outcomes

The China Council for the Promotion of International Trade will hold a press conference to detail the results of the Chinese entrepreneur delegation’s recent visit to the U.S. The briefing will also cover preparations for the fourth China International Supply Chain Expo and providing updates on Belt and Road Initiative.

Dec. 29: Hu Shuli to carry Olympic torch in Italy

Caixin Media President Hu Shuli will carry the Olympic flame in Taranto, Italy, on Dec. 29 as part of the 2026 Milan-Cortina Winter Games torch relay. The relay began in Italy on Dec. 6. Caixin will host a local event to mark the occasion.

Dec. 30: Malaysia to resume MH370 search

Malaysia will restart efforts to locate the wreckage of Malaysia Airlines Flight MH370. The 55-day intermittent search, led by Ocean Infinity, will target a high-probability zone in the southern Indian Ocean. The aircraft vanished in March 2014 during a flight from Kuala Lumpur to Beijing with 239 people on board.

Dec. 31: Lingerie brand Triumph exits Chinese mainland

The German underwear manufacturer, founded in 1886, will cease operations in the Chinese mainland market. The withdrawal reflects the challenging retail environment for legacy foreign consumer brands in the region.

Jan. 1: Mexico raises tariffs on non-FTA goods

New tariffs on approximately 1,100 goods from countries without free trade agreements with Mexico will take effect, impacting Chinese exports. Notably, duties on light vehicle imports will surge to 50% from 20%, a move passed by the Mexican congress in December.

Jan. 1: China requires export licenses for steel and EVs

China will implement export license management for a broad range of steel products and pure electric passenger vehicles. The steel restrictions cover roughly 300 customs codes, including pig iron, billets and scrap, while the new EV rules mean exporters must secure permits to ship cars, a segment that accounted for 28.1% of China’s auto exports in the first eight months of 2025.

Jan. 1: EU carbon tax enters mandatory phase

The European Union’s Carbon Border Adjustment Mechanism (CBAM) shifts from a transitional period to mandatory levy collection. This represents the world’s first cross-border carbon tariff system, imposing costs on importers of carbon-intensive goods to prevent carbon leakage.

Jan. 1: Greg Abel succeeds Buffett as CEO

Warren Buffett, 95, will officially step down as CEO of Berkshire Hathaway, handing the reins to vice chairman Greg Abel. Buffett announced the transition plan at the conglomerate’s shareholder meeting in May and will remain chairman of the board.

Jan. 1: China’s VAT Law takes effect

The Value-Added Tax Law comes into force, formally codifying China’s largest tax category into the national legal framework. With this implementation, 14 of China’s 18 existing tax categories are now governed by specific laws, marking significant progress in the country’s push for statutory taxation.

Jan. 1: Hong Kong adopts Basel capital rules for crypto

The Hong Kong Monetary Authority will implement new bank capital standards for crypto asset exposures. Based on Basel Committee guidelines, the rules cover assets including Bitcoin, Ethereum, stablecoins and tokenized real-world assets, setting strict capital requirements for banks interacting with the sector.

Jan. 1: U.S. expands entry restrictions

An executive order signed by President Trump expanding entry restrictions will take effect, increasing the number of affected nations from 19 to 40. The list primarily targets developing nations in Asia, Africa, and the Americas, as well as countries with strained U.S. relations such as Iran, Venezuela, and Russia.

Jan. 1: Personal data export certification begins

New regulations from the Cyberspace Administration of China and the State Administration for Market Regulation regarding the certification of personal information exports come into force. The rules detail the application process, validity periods and obligations for designated certification bodies.

Jan. 1: Stricter rules for trust companies enforced

The National Financial Regulatory Administration’s new management measures for trust companies take effect. The rules clarify business scopes and prohibit certain non-standard activities, aiming to force the industry to return to its roots in asset management and wealth preservation.

Jan. 1: Technical bar raised for new-energy vehicle tax breaks

Stricter technical standards for new-energy vehicles (NEVs) to qualify for purchase tax exemptions come into effect. Only pure electric and hybrid passenger vehicles that meet higher efficiency and range requirements will remain eligible for the subsidies.

Jan. 1: Bulgaria joins the Eurozone

Bulgaria will adopt the Euro as its official currency, becoming the 21st member state of the Eurozone. The country has been a member of the European Union since 2007.