Global Trade Weekly — 2026-09-23
The dominant trade headline this week is the upcoming Trump–Xi summit in Washington, with both sides weighing tariff reductions — including potential cuts on US LNG — and Washington reportedly holding off on new excess-capacity tariffs to preserve negotiating leverage. In commodity markets, copper futures surged to a record of about $15,212 per metric ton on September 22, prompting calls that the metal is "becoming the new gold."
Global Trade Weekly — 2026-09-23
Top Stories
1. Trump–Xi summit nears as both sides weigh tariff cuts. Days before President Trump's summit with China's President Xi Jinping in Washington, negotiations are underway over potential tariff reductions, with US and Chinese officials reportedly discussing cutting tariffs on US LNG ahead of the visit. Analysts note both leaders arrive with distinct leverage cards — from rare earths to market access — that could shape the next phase of the US-China rivalry. The move follows months of escalation and retaliation that had pushed the world's two largest economies toward a deeper confrontation before a pivot toward de-escalation.
2. Europe stakes at the table. The summit agenda — spanning tariffs, rare earths, and AI — will have direct consequences for Europe, which is not at the negotiating table but is deeply exposed to its outcomes, Euronews reports. EU trade watchers are tracking a busy week of EU–China and EU–US contacts as the WTO returns to work from its summer break.
3. Copper becomes "the new gold." COMEX copper futures climbed toward record levels of about $15,212 per metric ton on September 22, a move highlighted by Russian Presidential Special Envoy Kirill Dmitriev, who attributed the surge partly to intensifying demand dynamics around critical metals. Record copper prices raise costs for electrification, EVs, and grid infrastructure across every major economy.
Tariff & Sanctions Tracker
Background context: A new US sanctions bill signed September 18, 2026 (H.R. 5334) grants the administration new tariff powers targeting Russia and Iran. Specific fresh tariff actions from the past 24 hours were limited; announced or expected items from this week's coverage:
- US/China — LNG tariffs: US and Chinese officials are discussing cutting tariffs on US LNG as part of pre-summit negotiations, ahead of the Trump–Xi meeting in Washington
- US/China — Excess-capacity tariffs: The US is expected to hold off announcing new tariffs on China related to excess capacity, reportedly to preserve the threat as leverage in summit negotiations
- US/Russia-Iran — Sanctions bill: H.R. 5334, signed September 18, 2026, enacts new sanctions on Russia and Iran paired with new tariff-imposition powers for the administration
By the Numbers
- ~$15,212 per metric ton: Copper futures levels on COMEX as of September 22, 2026 — approaching record highs
- 21 → 73 per cent: Share increase for developing economies tied to trade-cost dynamics noted in the WTO's World Trade Report 2026, which finds non-tariff measures now have a greater impact on trade costs than tariffs for most economies
Regional Spotlight
ASEAN and the mega-regional trade architecture. ASEAN remains central to the global trading system through the Regional Comprehensive Economic Partnership (RCEP), the world's largest trade bloc spanning all 10 ASEAN nations plus Australia, China, India (named in negotiations), Japan, South Korea, and New Zealand. RAND-framework analyses and Brookings estimates cited by CSIS suggest RCEP could raise global real incomes by $285 billion annually if fully implemented before 2030 — roughly twice the absolute gains of the CPTPP. Notably, RCEP still awaits ratification by the Philippines and Myanmar. With RCEP ratification incomplete and the US-China summit reshaping bilateral terms, ASEAN economies face pressure to deepen intra-bloc integration — including energy cooperation — to remain attractive as supply-chain diversification accelerates.
What to Watch Next Week
- Trump–Xi summit, Washington: Potential announcements on LNG tariff cuts and excess-capacity tariff decisions; outcomes will ripple through to Europe's tariff, rare-earths, and AI exposure
- Post-summit tariff decisions: Any US announcement on new excess-capacity tariffs on China, delayed as negotiating leverage — a decision could come immediately after the summit
- WTO autumn session: The WTO returns to work this week, with the dispute agenda and EU–China trade contacts on the docket
Note: screenshot-based verification of WTO news pages was incomplete; readers should confirm specifics on the original pages.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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