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The move comes after months of Trump pressing India to cut its reliance on cheap Russian crude. Trump said that India would also start to reduce its import taxes on U.S. goods to zero.

The White House confirmed on Feb. 2 the start of “Project Vault,” which would initially be funded by a $10 billion loan from the U.S. Export-Import Bank and nearly $1.67 billion in private capital.

The U.S., previously a leader in growth rates for container shipping, is now lagging much of the world. Inbound volumes in December dropped 6.4% from a year earlier to 1.9 million TEUs.

U.S. tariffs on commodities and the resulting uncertainty led to more than $550 million Canadian ($406 million) in forgone revenues last year at Canada’s two largest railroad operators.

The goods and services trade gap nearly doubled from the prior month to $56.8 billion, Commerce Department data showed Jan. 29. The trade data has been prone to volatility related to trade policy.

Nearly three months have elapsed since arguments in the closely watched tariffs case, and the Supreme Court isn't scheduled to meet in public for more than three weeks.

Industrywide U.S. and Canada Class 8 truck retail sales totaled 233,000 units in 2025, Paccar said, and are expected to range from 230,000 to 270,000 trucks in 2026.

President Trump said on social media that import taxes would be raised on autos, lumber and pharmaceutical drugs from South Korea with the rate on other goods going from 15% to 25%.

Canadian Prime Minister Mark Carney said Jan. 25 his country has no intention of pursuing a free trade deal with China, in a response to Trump’s tariff threat.

Volkswagen’s plans for a possible Audi factory in the U.S. aren’t progressing as U.S. tariffs add a burden and talks for local incentives haven’t yielded results, CEO Oliver Blume said.