The tariffs are seen as a protective measure for the Mexican textile industry, and a way to reduce imports from China, potentially avoiding trade conflicts with the U.S.

Biden announced his decision following a lengthy national security review into the deal, led by the Committee on Foreign Investment in the United States.

A subsea power link and four data cables were damaged December 25, after Eagle S sailed over them on the Gulf of Finland.

The project was first granted a pause in September 2024, after a turbine made by the project's manufacturer Vestas was deemed unsuitable.

China's Ministry of Commerce cited a need to "safeguard national security and interests" as the reason behind the new restrictions. 

The planned talks are a welcome sign for importers and exporters bracing for a labor disruption that would shut every major port on the U.S. East and Gulf coasts. 

The ILA and USMX have until January 15 to come to a deal on a new collective bargaining agreement to avert another strike at U.S. ports.

Across Appriss Retail's 60 U.S. retail clients, total merchandise returns in 2024 were valued at $685 billion, and made up more than 13% of all sales.

The project was brought about following the grounding of the Ever Given in 2021, which blocked the waterway for six days and impacted billions of dollars worth of trade.

Uncertainty regarding whether Trump will actually impose the tariffs he has proposed is a matter of intense speculation.