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Key Foreign Trade News on February 8, 2026 (English Version)
1. US-India Reach Interim Trade Framework, Tariff Adjustments and Procurement Commitments Released
The United States and India officially announced an interim trade framework agreement, ending their long-standing trade impasse. Under the agreement, the US will reduce the benchmark tariff on Indian goods to 18% and cancel the previously imposed 25% punitive tariffs. In exchange, India has committed to stopping imports of Russian oil and purchasing a total of 500 billion US dollars worth of energy, aviation, technology and other products from the US within five years. Both sides plan to complete follow-up negotiations within six months, which will further facilitate the access of US industrial and agricultural products to the Indian market while allowing India to exclude some sensitive agricultural products from extensive opening-up.
2. China’s Rare Earth Prices Hit Record High Amid Tightened Export Controls to Japan
Affected by the growing demand in fields such as electric vehicles and national defense, as well as China’s tightened export controls on Japan, the prices of key rare earth elements including dysprosium, terbium and yttrium have recently hit an all-time high. Analysts point out that prices are expected to fluctuate at a high level in the short term. Japan, which is highly dependent on China’s rare earth imports, is attempting seabed mining to reduce its reliance, but it is facing challenges such as high costs and immature technology, making it difficult to change the dependence pattern in the short term.
3. US Threatens to Impose Additional Tariffs on Countries Trading with Iran
US President Donald Trump signed an executive order, which took effect on February 7, threatening to impose additional tariffs (such as 25%) on countries that purchase sanctioned Iranian goods and services. The executive order stated that the additional tariffs are necessary to restrict trade with Iran, which may further tighten the global crude oil supply and bring uncertainty to international energy trade and shipping industry compliance operations.
4. China’s New Energy Vehicle Export Performance Shines, High-Value-Added Products Become Growth Drivers
Relevant data show that China’s new energy vehicle exports in January 2026 achieved a year-on-year growth of 38.2%, with outstanding performance. In addition, 100 customized natural gas buses were loaded and exported to Mexico from Yantai Port on February 8, marking new progress in China’s new energy commercial vehicles opening up the international market. Institutions predict that China’s export growth rate in 2026 may reach around 5%, with emerging markets and high-value-added products such as “new three exports” becoming the core growth drivers.
5. Updates on Global Trade Trends: Slowdown Expected in 2026
According to relevant reports from UNCTAD, global trade continued to expand in 2025 with a 7% increase to exceed 35 trillion US dollars for the first time. However, growth is expected to slow down in 2026, with global economic growth projected to remain subdued at 2.6%. Geopolitical tensions, rising protectionism, and structural shifts in global value chains will continue to exert pressure on international trade flows.