International News 21 August 2025
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Canada’s Inflation Slows to 1.7% in July on Cheaper Gasoline
Canada’s annual inflation rate eased to 1.7% in July, down from 1.9% in June, primarily due to falling gasoline prices, Statistics Canada reported Tuesday. Analysts had expected inflation at 1.8%. On a monthly basis, inflation rose 0.3%, matching forecasts and up from June’s 0.1%. Gasoline prices dropped 16.1% year-on-year in July, after a 13.4% decline in June, as geopolitical tensions eased, oil producers boosted supply, and Ottawa’s removal of the carbon tax on gasoline continued to weigh on prices—a factor expected to persist for another eight months. Despite the drag from gasoline, underlying inflationary pressures remained firm. Excluding gasoline, annual inflation rose 2.5% in July. Food prices accelerated to 3.3% from 2.9%, while shelter costs climbed to 3% from 2.9%, driven by a 5.1% surge in rents and a smaller decline in natural gas costs. Overall, inflation remains within the Bank of Canada’s 1%–3% target range but reflects ongoing upward pressure from housing and food.
https://internasional.kontan.co.id/news/inflasi-tahunan-kanada-turun-jadi-17-di-bulan-juli
India’s Russian Oil Imports Drop in July as Discounts Shrink
India’s crude oil imports from Russia fell sharply in July 2025 after a surge in June, as refiners reduced purchases due to narrowing discounts and weaker seasonal demand during the monsoon. Imports dropped 24.5% month-on-month to about 1.5 million barrels per day (bpd), according to Reuters. Despite the decline, Russia remained India’s top supplier, accounting for 34% of total crude imports of 4.44 million bpd—the lowest share since September 2023—followed by Iraq and Saudi Arabia. Around 60% of July’s Russian oil imports were purchased by private refiners such as Reliance Industries, Nayara Energy, and HPCL-Mittal Energy, while state-owned refiners bought the remainder. Reliance, operator of the world’s largest refining complex, slashed its Russian oil intake by 19%, prompting state-owned refiners to turn to Middle Eastern and U.S. supplies. This shift pushed OPEC’s share of India’s imports to its highest level in five months. From January to July 2025, India’s Russian oil imports slipped 3.6%, while U.S. crude shipments surged by 58%. Notably, India imported no crude from Latin America in July—the first such occurrence since Reuters began tracking monthly data in 2011.
U.S. Expands Steel and Aluminum Tariffs to 400+ Products
The U.S. Commerce Department announced Wednesday (Aug 20, 2025) that it will impose higher tariffs on more than 400 products containing steel and aluminum, including wind turbines, cranes, heavy equipment, railcars, motorcycles, marine machinery, furniture, and household appliances. The new rules add 407 product categories to the sectoral tariff list, applying a 50% tariff on steel and aluminum content plus country-specific duties on other materials. According to Evercore ISI, the move covers imports worth over $200 billion last year and could raise overall effective tariffs by around one percentage point. The expanded measures also include auto exhaust parts, electrical steel for EVs, bus components, compressors, and aerosol packaging materials. Automakers and Tesla had urged Washington not to impose these duties, citing limited U.S. production capacity for certain specialty steels, but their requests were denied. Deputy Commerce Secretary Jeffrey Kessler said the move closes loopholes and supports the ongoing revival of U.S. steel and aluminum industries. Major producers such as Cleveland-Cliffs and Nucor had lobbied for broader coverage, particularly targeting auto-related steel and aluminum imports.