On Monday, the head of the Russian Central Bank, Elvira Nabiullina, opposed rushing to cut the key interest rate, but indicated that the risks of a renewed inflation acceleration would soon decline, making room for a possible rate cut.
Nabiullina's statements came during a speech she delivered before the Russian Parliament, at a time when the Central Bank kept the key interest rate at 14 percent, during its meeting last month, for the second time in less than two months, according to Reuters.
The bank also raised its inflation expectations in 2026 to a range between 7.1 and 7.6 percent, compared to its previous estimates that ranged between 6 and 7 percent, while aiming to reduce inflation to 4 percent.
The Central Bank is scheduled to hold its next meeting to discuss the level of the key interest rate on December 18.
Taiwan's exports rose more than expected in October, reaching a record monthly level for the third month in a row, driven by strong demand for artificial intelligence chips and technology produced on the island.
Taiwanese Ministry of Finance data issued on Monday showed exports rising by 58.9 percent year-on-year, reaching $96.76 billion, exceeding analysts' expectations of a 50 percent increase, and compared to $87.22 billion in September. This growth was close to the increase recorded in September, amounting to 60.9 percent, as exports continued their annual rise for the thirty-sixth month in a row, according to Reuters.
In terms of major markets, exports to the United States jumped by 55.9 percent year-on-year, to $32.93 billion, while exports to China rose by 42.9 percent.
Exports of electronic components also increased by 61.4 percent, reaching $32.68 billion, setting a new monthly record high, while imports rose by 75.1 percent to $68.89 billion, exceeding economists’ expectations of an increase of 54.5 percent.
Artificial intelligence applications, high-performance computing and cloud services continued to grow, with export growth expected to extend into the fourth quarter, supported by the shopping and holiday season at the end of the year, and the demand for chips used in artificial intelligence infrastructure. The Ministry of Finance expects exports in November to rise by between 47 and 51 percent on an annual basis.
Taiwan includes major companies in the chip industry, including TSMC, the world's largest manufacturer of advanced chips used to run artificial intelligence applications, which is one of the main suppliers to NVIDIA, Apple, and other major technology companies.
China announced, on Monday, the extension of the suspension of additional 24 percent customs duties on US imports for a period of two months, in addition to the continued suspension of special duties imposed on ships linked to the United States, in a move aimed at maintaining trade calm between the two largest economies in the world, and implementing the understandings reached by the Chinese and American presidents during their summit in Washington last September.
The Customs Tariffs Committee of the Chinese State Council said that the suspension of the additional duties of 24 percent will continue for two months, starting at 1:01 p.m. local time, Tuesday, while customs duties of 10 percent will remain in effect on US imports covered by the decision.
The committee explained that the step comes in implementation of “the results and agreements reached during the meeting of the presidents of China and the United States in Washington,” stressing that the continued suspension of some additional duties will help provide a stable and predictable trade environment and support the development of economic relations between the two countries.
In a parallel move, the Chinese Ministry of Transport announced the extension of the suspension of special duties imposed on ships connected to the United States until January 10, 2027, while continuing to suspend the investigation related to the security of supply chains in the maritime shipping and shipbuilding sectors.
These procedures are important for international trade movement. The effects of mutual duties are not limited to the cost of goods; Rather, it extends to maritime transportation services and supply chains, affecting companies’ decisions regarding shipping, warehousing, and investment.
Following the Washington summit in September, the two sides had proposed a package of mutual tariff reductions worth approximately $60 billion, including US agricultural products imported by China during 2024 worth approximately $17 billion. However, the package has not been finally approved yet, which makes extending the current suspension a temporary measure to maintain the calm, and not a comprehensive settlement of the existing trade disputes.
Watch for American steps
The Chinese Tariffs Commission indicated that it had noted repeated American statements regarding Washington’s intention to use the duties imposed under Article 301 of the US Trade Law, as an alternative to the duties that were based on the International Emergency Economic Powers Law, after judicial rulings ruled that the legal basis for some of those duties was invalid.
Beijing confirmed that it will closely follow subsequent US measures, and will adjust its customs countermeasures according to developments. This position reflects China's desire to maintain room for negotiation, while retaining the possibility of re-imposing trade measures if Washington takes new steps that affect its exports or the interests of its companies.
For companies and importers, extending the suspension provides an additional opportunity to plan shipments and shipping operations over the next two months, but it does not end the uncertainty associated with the future of customs duties.
The continued suspension of port fees may ease potential pressures on maritime transport companies operating between the two markets, at a time when global trade faces challenges related to logistics costs and changing trade policies.
The Chinese move indicates the continuation of the cautious path of calm between Beijing and Washington, without meaning that structural differences related to tariffs, supply chains, and industrial policies will be overcome.
As the new suspension approaches expiration in January 2027, the markets' eyes will be on the extent to which the two sides are able to transform political understandings into final trade agreements, giving companies greater certainty about the future of economic relations between the two countries.
