The Chair of the European Parliament’s International Trade Committee, Bernd Lange, is expected to present his draft report on the EU-US trade agreement at the next International Trade Committee meeting on 4 November, as global trade tensions mount. The subsequent timeline for the agreement remains open and will be discussed following presentation of the draft report. Meanwhile, trade tensions between the US and China have escalated after China announced tariffs on exports containing trace amounts of Chinese rare earth metals, effective 1 December.
In response, US President Donald Trump used his Truth Social account to announce the introduction of a 100% tariff on Chinese imports starting 1 November, in addition to new export controls on critical software technologies. These developments highlight the fragility of the current US-China trade relationship. The EU, which imports nearly 100% of its rare earth metals from China, is also expected to be affected by the announced measures. EU Trade Commissioner Maroš Šefčovič stated that the EU may coordinate with G7 partners to respond to China’s latest export restrictions on rare earths. In addition, Šefčovič confirmed he has discussed the situation with US Commerce Secretary Howard Lutnick.
Meanwhile, the US Supreme Court plans to hear oral arguments for the case challenging US President Trump’s decision to impose tariffs on 5 November. The case arose due to three US courts ruling that Trump has exceeded his authority in imposing the tariffs.
The Supreme Court may reach a decision by the end of the year. However, since it faces no formal deadline, it could push the decision into H2 2026. The Trump administration is allowed to keep collecting tariffs as it awaits the final decision. There are three possible outcomes from the case:
- The Supreme Court may decide not to allow the tariffs at all and strike down all tariffs imposed by Trump under the International Emergency Economic Powers Act (IEEPA).
- It could strike down some of the tariffs Trump has imposed, but could rule that IEEPA is broad enough to allow some of the duties.
- It could uphold Trump’s duties.
