International News 25 November 2025
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Asian Currencies Mixed as Baht and Peso Lead Declines
Asian currencies traded mixed against the U.S. dollar on Monday (Nov 24, 2025), with Thailand’s baht and the Philippine peso posting the sharpest losses. The baht weakened 0.34% to 32.490 per dollar, while the peso slipped 0.17% to 58.817. Other regional currencies also saw varied movements: the Japanese yen dipped 0.21%, the Singapore dollar fell 0.12%, the Korean won slipped 0.11%, and the Indonesian rupiah eased 0.09%. Meanwhile, the Malaysian ringgit strengthened slightly by 0.10%, and both the Taiwan dollar and the Chinese yuan remained relatively stable. Year-to-date performance shows wider divergence across Asia. The Malaysian ringgit emerged as the strongest performer, up 7.87% since late 2024. In contrast, the Thai baht has fallen 5.57%, the Indonesian rupiah 3.68%, and India’s rupee 4.32%. The Singapore dollar and Taiwan dollar gained 4.41% and 4.28%, respectively, while the yuan strengthened 2.68%. The baht and peso’s weakness reflects global risk sentiment and investor expectations regarding U.S. monetary policy, with markets remaining cautious ahead of the Federal Reserve’s final meeting of the year amid speculation of further rate cuts.
Brazil Says 22% of Exports to U.S. Still Face 40% Tariffs Despite New Exemptions
The Brazilian government announced that 22% of its exports to the United States remain subject to an additional 40% tariff, even after President Donald Trump expanded exemptions for goods such as coffee, meat, and fruit. According to Brazil’s Ministry of Development, Industry, Trade and Services (MDIC), these exempted products still face a baseline 10% tariff, calculated from Brazil’s 2024 export values. Vice President Geraldo Alckmin explained that prior to Washington’s latest decision, 36% of Brazil’s exports to the U.S. were hit with the full 50% rate. The removal of 238 products from the additional tariff list marks what he called the “biggest breakthrough” in bilateral trade negotiations so far. However, several key items—including fish, honey, wine, machinery, engines, and footwear—continue to face the extra duties. MDIC data shows that 51% of Brazil’s exports are now free from the 40% surcharge, though 15% of those still incur the 10% base tariff, while 36% face no extra charges at all. Around 27% of exports remain under investigation or tariff measures linked to Section 232, covering sectors such as steel, aluminum, wood, copper, and furniture. Alckmin noted that talks are ongoing and reiterated President Lula’s willingness to meet President Trump, though no meeting has been scheduled. “We remain optimistic, and we want to reaffirm that optimism. This work is not finished,” he said.
U.S. Treasury Chief Says 43-Day Government Shutdown Caused $11 Billion in Permanent Losses
U.S. Treasury Secretary Scott Bessent said the 43-day government shutdown inflicted a permanent economic loss of US$11 billion, though he remains upbeat about the country’s 2026 outlook. Speaking on NBC’s Meet the Press, he noted that interest-rate-sensitive sectors—especially housing—have slipped into recession, but he does not foresee the overall U.S. economy entering negative growth. Bessent argued that inflation is driven more by services than by President Trump’s broad tariffs and expects falling energy prices to ease cost pressures. He highlighted positive October data, including lower energy costs and a rise in home sales, and stressed that the administration is working to control inflation, partly through newly negotiated cuts to food import tariffs. Bessent also pointed to widening state-level inflation gaps, saying Democratic-led states have inflation 0.5% higher due to increased regulation. He defended recent policy changes—such as reducing taxes on overtime and tips, adjusting Social Security taxes for some individuals, and introducing tax credits for car loans—as measures that will lift real incomes. He added that Americans can expect significant tax refunds in early 2026. The secretary urged Republicans to vote to end the filibuster if Democrats trigger another shutdown, following Trump’s signing of a temporary funding bill that expires on January 30. Bessent said upcoming healthcare-cost measures and newly negotiated trade deals, including expectations of new factory openings, will help drive stronger, non-inflationary growth next year.