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Elena Fischer
Geopolitics & Trade Reporter

Trade policy, sanctions, and geopolitical risk. Based in London. Previously covered EU economic policy for Politico Europe.

Latest

President Donald Trump said he will declare the Strait of Hormuz a US territory after defeating Iran, as vessel traffic through the critical oil chokepoint has fallen 80 percent since the war began.

Trump vows Hormuz annexation as strait traffic drops 80%

Trump said he will declare the Strait of Hormuz a US territory after defeating Iran, escalating a fight over the world's most critical oil chokepoint.

President Donald Trump ordered the Navy to open shipbuilding to foreign yards, lifting Hanwha and Fincantieri shares and drawing opposition from US shipbuilders.

Trump opens Navy to foreign yards in $1.85B plan

**Key Takeaways:** - Trump ordered the Navy to open shipbuilding to foreign yards, lifting Hanwha and Fincantieri shares. - The "Finland model" allows up to two vessels per class built abroad before US production. - Congress has pushed back, with the House NDAA barring foreign construction entirely.

President Donald Trump signed a proclamation Thursday imposing tariffs of up to 100 percent on imported drones and components, citing national security concerns.

Trump imposes 100% drone tariffs to curb China reliance

**The Trump administration's new drone tariffs mark a shift toward targeted duties, stricter rules of origin, and tougher enforcement in its trade strategy.**

President Donald Trump said the US economy is performing "incredibly well" and praised stock market gains as the S&P 500 closed at a record 7,798.99.

Trump praises US economy as S&P 500 closes at record 7,799

**Trump's endorsement of the US economy lands as the S&P 500 closes at a record high, reinforcing a rally built on cooling inflation data.**

The US Court of International Trade ruled Trump has authority under IEEPA to suspend the de minimis tariff exemption for imports under $800.

US court backs Trump's power to end $800 de minimis exemption

**A federal trade court ruled Thursday that President Donald Trump can keep blocking packages worth $800 or less from entering the US tariff-free, a rare legal win for his trade agenda.**

Tata Sons chairman N Chandrasekaran's decision to step down in February puts the conglomerate's $120 billion investment program at risk as a more cautious trustee board takes control of the transition.

Tata's $120 billion spending plan faces reset after chairman's exit

**Key Takeaways:** N Chandrasekaran's decision to step down as Tata Sons chairman in February puts India's largest conglomerate's $120 billion five-year investment program at risk.

President Donald Trump imposed tariffs of up to 100 percent on imported drones Thursday, targeting China's dominance while carving out lower rates for allied suppliers.

Trump's 100% Drone Tariffs Reshape Defense Supply Chains

**Washington is treating drones the way it once treated steel — a national security problem to be solved with tariffs and onshoring.**

New York Fed study shows American firms and households absorbed nearly 90 percent of the 2025 tariff burden, sparking White House pushback and a broader policy debate.

US Households Bear 90% of Tariff Costs as Policy Debate Grows

**Key Takeaways:** - New York Fed study found American firms and households absorbed nearly 90 percent of the 2025 tariff burden - Tax Foundation estimated tariffs added roughly $1,000 per household in 2025 and $1,300 in 2026 - NBER research found only about 20 percent of tariffs passed through to consumers, with inflation impact of 0.7 percentage points

Reform UK leader Nigel Farage contests a Clacton by-election against comedian Count Binface as his party's poll support falls to 23.6 percent during donation investigations.

Farage faces Clacton vote as Reform support slides to 23.6%

**Reform UK's poll lead has evaporated, and Nigel Farage's gamble on a Clacton by-election has left him facing a man in a trash can instead of political rivals.**

Russia's Supreme Court barred the anti-war Yabloko party from September's parliamentary ballot, removing the only registered opposition to the Ukraine war as economic strain mounts.

Russia Disqualifies Antiwar Party as Putin's Approval Slips to 70%

**Key Takeaways:** - Russia's Supreme Court barred the anti-war Yabloko party from September's parliamentary ballot on Aug. 10 - Gasoline prices rose 19.9 percent year-over-year in June as Ukraine strikes hit Russian targets - Putin's approval rating slipped to 70 percent from near 80 percent at the start of the year

Russian President Vladimir Putin made his first visit to the disputed Kuril Islands, drawing an official protest from Japan over the four-island territorial dispute.

Putin's First Kuril Visit Signals 4-Island Standoff With Japan

**Putin's first visit to the disputed Kuril Islands has hardened Russia's stance against Japan, adding a third front to Tokyo's security challenges.**

Taiwan's coast guard participated in 33 drills during the Han Kuang exercises, arming cutters with antiship missiles to counter Chinese maritime pressure.

Taiwan arms coast guard with missiles in 33 Han Kuang drills

**Taiwan is folding its coast guard into frontline defense, arming patrol cutters with antiship missiles and rehearsing anti-blockade operations as Beijing's maritime pressure escalates.**

Yemen's Houthis struck Saudi Aramco's Jazan refinery for the second time in a week, while WTI crude held near $81 a barrel as Gulf producers rerouted cargoes around the Strait of Hormuz.

Oil holds near $81 as Houthis hit Aramco Jazan refinery again

**Houthi strikes on Saudi energy infrastructure converge with Iran's Hormuz blockade, threatening two critical oil chokepoints at once.**

President Trump signed a national security memorandum directing the Navy to replace electromagnetic catapults with steam systems on future Ford-class aircraft carriers, a multibillion-dollar reversal.

Trump orders Navy to restore steam catapults, a multibillion-dollar reversal

**President Trump signed a national security memorandum Thursday ordering the Navy to abandon electromagnetic catapults on future Ford-class carriers and return to steam.**

Ukraine's drone innovation lifted Shahed interception rates to 87 percent in July, reshaping the Russia-Ukraine war and driving global defense procurement.

Ukraine's drone edge lifts Shahed interception rate to 87%

**Ukraine's battlefield edge now rests on a drone innovation race that lifted Shahed interception rates to 87 percent in July.**

Elon Musk plans to spend at least $100 million on a Republican voter-turnout operation for the November midterm elections, capping a yearlong reconciliation with President Trump.

Musk commits $100 million to GOP turnout as Trump ties mend

**Key Takeaways:** Elon Musk plans to spend at least $100 million on GOP voter turnout, capping a yearlong reconciliation with Trump.

US Central Command announces Task Force Falcon Strike, its first multinational attack-drone unit, as Iran keeps the Strait of Hormuz closed and threatens escalation.

US drone force, carrier deployment threaten 20% of global oil

**The US military is deploying its first multinational attack-drone task force and a second aircraft carrier to the Middle East as Iran keeps the Strait of Hormuz shut and threatens escalation.**

The United States threatened to maintain an indefinite naval blockade of Iran, deepening a supply squeeze that has cut the IEA's global oil output forecast by 4.3 million barrels per day.

US threatens indefinite Iran blockade as oil supply drops 4%

**An indefinite U.S. naval blockade of Iran tightens a chokehold on the Strait of Hormuz, cutting IEA oil forecasts by 4.3 million barrels per day.**

President Donald Trump signed a proclamation imposing tariffs of 10% to 100% on imported drones and components, citing national security and U.S. reliance on foreign unmanned aircraft systems.

Trump slaps 100% tariff on drones, targeting China's supply chain

**Trump's 100% tariff on national-security-sensitive drones targets the foreign supply chain that dominates U.S. unmanned aircraft.**

A federal trade court upheld President Trump's elimination of the de minimis import exemption, which had allowed shipments worth up to $800 to enter the US duty-free.

Trade court backs Trump's de minimis end, hitting $64.6B in imports

**Key Takeaways:** The US Court of International Trade upheld Trump's elimination of the de minimis exemption, a ruling that affects 1.36 billion low-value shipments worth $64.6 billion.

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