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Costco, the nation’s biggest warehouse club, has filed a lawsuit against the U.S. government to recover millions in tariff refunds. It’s part of a broader legal challenge by many U.S. importers — and the case is now on a fast-track timeline in the Supreme Court.

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U.S. manufacturing activity contracted for the ninth consecutive month in November, reflecting broad reductions in new orders, employment, and supplier deliveries, the Institute for Supply Management said.

What’s the news? ISM’s PMI slipped to 48.2 from 48.7, remaining below the 50 mark that indicates contraction. Companies attributed the weakness to President Donald Trump’s tariff increases, which are driving up material costs and complicating supply and production planning.

Decreasing Headcount: Employment weakened further, with 67% of manufacturers reporting continued headcount reductions rather than hiring, reinforcing signs of a cooling labor market. New orders fell for a third month, adding to evidence of slowing demand.

Mixed Signals: The New York Fed reported a pickup in regional factory activity in November, while S&P Global said national manufacturing output grew, though at a slower pace.

The United States plans to take additional equity stakes in critical minerals companies as part of a broader strategy to reduce reliance on China. Jarrod Agen, head of the National Energy Dominance Council, said such investments are becoming “the norm” as demand for defense, semiconductor, and clean-energy minerals grows, according to a Bloomberg report.

The Trump administration has already spent more than $1 billion to acquire stakes in firms active in rare earths, magnets, and battery metals. Recent deals include:

Union Pacific has postponed its formal merger application with Norfolk Southern, with the filing now expected around Dec. 16.

The delay stems from a contractor needing more time to finish parts of the documentation, executives said. CEO Jim Vena told investors the railroads want the submission to be “exceptional,” noting the application will exceed 4,000 pages, including traffic forecasts and a full operating plan.

Opposition is mounting: BNSF, Canadian National, and CPKC argue the merger would erode competition and risk service disruptions. In a separate filing, BNSF urged regulators to review UP’s compliance with conditions tied to its 1996 Southern Pacific acquisition, alleging UP continues to restrict competitive access.

Air cargo volumes from mainland China to the United States have begun to recover after months of steep, double-digit declines. Market data from WorldACD shows tonnage is now only a few percentage points below 2024 levels as of mid-November.

Shipments from Hong Kong remain weaker, with volumes still down about 15 percent year over year due to the closure of the de minimis provision that previously supported low-value e-commerce parcels. Both China and Hong Kong saw slight week-over-week declines ahead of Thanksgiving.

Across the wider Asia Pacific region, weekly tonnages to the U.S. slipped 2 percent, with notable drops from Vietnam, Thailand, and Malaysia.

Ford Motor Co.’s electric vehicle business suffered a sharp setback in November, with U.S. EV sales plunging 61 percent year-over-year to 4,247 units. The decline follows the elimination of the federal $7,500 EV tax credit under President Donald Trump’s October legislation, which has materially weakened consumer demand across the segment.

The decline was worsened by Ford’s October 23 shutdown of F-150 Lightning production after a fire at major supplier Novelis disrupted the flow of aluminum.

Zoom out: Overall U.S. sales for Ford slipped just 0.9 percent, but analysts note that EV performance remains the company’s most significant vulnerability heading into 2026. Several experts say December results will be pivotal as Ford reassesses EV pricing, incentives, and production plans amid shifting demand and supply disruptions

Copper prices surged to a fresh record on Wednesday, fueled by tightening global supply and a wave of shipments being redirected into the United States ahead of potential new import tariffs.

Key details: London Metal Exchange futures climbed 2.4% to $11,411.50 a ton, after touching an intraday peak of $11,485 — nearly 30% higher than at the start of the year.

Why the rise? Traders have accelerated deliveries into the U.S. amid speculation that the Trump administration may impose additional copper tariffs in 2026, putting pressure on availability in other regions. Supply concerns have intensified following unplanned disruptions at major mines in Indonesia, Chile, and the Democratic Republic of Congo.

A bipartisan group of U.S. senators introduced legislation on Thursday that would bar Nvidia from selling its most advanced AI chips — including the H200 and Blackwell — to China for 30 months, escalating efforts to restrict Beijing’s access to cutting-edge computing power.

The SAFE CHIPS Act, led by Republican Senator Pete Ricketts and Democrat Chris Coons, would bar the Commerce Department from approving export licences for AI chips more sophisticated than those currently allowed for buyers in China, Russia, Iran, and North Korea for 30 months.

Why now? The proposal comes as the White House weighs whether to permit Nvidia to export the H200 to China, a move that has alarmed lawmakers. Industry experts warn that unrestricted access to the H200 could allow China to expand its supercomputing capacity rapidly.

The United States and Britain announced a landmark agreement that eliminates U.S. tariffs on British pharmaceuticals and medical technology in return for the U.K. committing to pay more for American medicines and to revise how it assesses drug value.

What’s the deal? Under the agreement, Britain will raise the net price it pays for new U.S. drugs by 25%, while U.K.-made medicines, ingredients, and medical devices will be exempt from Section 232 and future Section 301 tariffs.

British pharmaceutical groups welcomed the deal, saying it could attract more investment and speed patient access to innovative therapies. The U.S. has pressed allies to pay higher prices for American medicines, arguing that foreign underpayment drives up domestic drug costs.

The Trump administration is indicating it may withdraw from the U.S.-Mexico-Canada Agreement next year, raising the prospect of dismantling the president’s own flagship North American trade pact. U.S. Trade Ambassador Jamieson Greer told Politico that the administration is considering exiting or renegotiating major sections of USMCA as the three countries head into their mandatory 2026 review.

Key details: Greer said Trump only wants agreements he views as “a good deal,” noting the review clause was intentionally designed to allow the U.S. to revise or abandon the accord if necessary. He also floated the idea of dividing the USMCA into two separate bilateral deals with Canada and Mexico.

Why does this matter? USMCA replaced NAFTA in 2020 and underpins $1.8 trillion in tariff-free trade between the U.S., Canada, and Mexico. The U.S. continues to impose 50% tariffs on Canadian steel and aluminum and 25% tariffs on other Canadian imports, while most Mexican goods remain duty-free under origin rules.

A coalition of major U.S. trailer manufacturers — Great Dane, Stoughton Trailers, and Wabash — has petitioned federal trade agencies to levy steep anti-dumping and countervailing duties on dry van and refrigerated trailers imported from Mexico, Canada, and China.

The filings, submitted Nov. 20 to the Commerce Department and the International Trade Commission, allege that foreign producers are selling trailers in the U.S. at below-market prices or with government subsidies.

Number game: U.S. imported 72,333 trailers in 2023, 48,751 in 2024, and 21,082 in the first half of 2025, with Mexico accounting for the overwhelming majority. The coalition is seeking extraordinarily high duty rates — 223% to 297% for Canada, 209% to 432% for Mexico, and 363% to 1,363% for China.