标签： North America

A recent report by Deloitte highlights that sweeping tariffs imposed by the US government under President Donald Trump are poised to significantly impact the oil and gas industry by 2026. The energy sector, which depends extensively on global supply chains for essential materials like drilling rigs, valves, compressors, and specialized steel, faces rising operational costs and disrupted supply chains due to these tariffs. The report estimates that material and service costs across the value chain could surge by 4% to 40%, potentially squeezing industry margins. The US has levied tariffs ranging from 10% to 50% on key imports such as steel, aluminum, and copper, as well as crude feedstocks not covered by the United States-Mexico-Canada Agreement. These measures are expected to reshape the industry’s cost structure and introduce uncertainty in feedstock sourcing. Additionally, inflation and financial instability triggered by the tariffs may delay final investment decisions (FIDs) and offshore greenfield projects worth over $50 billion until 2026 or later. Operators may find it challenging to offset higher costs, which could dampen investment activity in the sector. To mitigate risks, oil and gas companies are likely to renegotiate contracts with escalation and force majeure clauses. Moving forward, companies may prioritize supply chain resilience over cost efficiency, shifting to domestic or non-tariffed suppliers and leveraging foreign trade zones or tariff reclassification to manage duties. This shift is particularly significant given the US’s reliance on imports, with nearly 40% of oil country tubular goods demand in 2024 met through foreign sources.

U.S. President Donald Trump concluded his five-day Asia trip with a significant trade breakthrough during a summit with South Korean President Lee Jae Myung in Gyeongju. The two leaders finalized details of a previously contentious trade agreement, which had been in limbo since July. Under the deal, South Korea will invest $350 billion in the U.S., split into $200 billion in cash payments and $150 billion in shipbuilding investments. The agreement also includes a 50/50 profit-sharing arrangement until initial investments are recouped, with U.S. Commerce Secretary Howard Lutnick overseeing project assessments. The deal awaits ratification by South Korea’s parliament. Trump expressed optimism about his upcoming meeting with Chinese President Xi Jinping, hinting at potential tariff reductions on Chinese goods in exchange for Beijing’s commitment to curb fentanyl precursor exports. The U.S. could halve its current 20% tariffs on Chinese goods, according to reports. Meanwhile, South Korea rolled out an extravagant welcome for Trump, presenting him with a gold crown and the nation’s highest honor, the ‘Grand Order of Mugunghwa.’ Despite the diplomatic fanfare, protests erupted near the summit venue, with critics decrying the focus on tariff negotiations. Trump also addressed North Korea’s recent missile test, reiterating his commitment to resolving tensions on the Korean Peninsula.

Dubai Aerospace Enterprise (DAE) has announced a remarkable financial performance for the first nine months of 2025, with profits doubling as the global aviation sector rebounds. The company reported a pre-tax profit of $653 million, a 100% increase compared to $326.6 million in the same period last year. Total revenue also surged by 26%, reaching $1.28 billion, up from $1.02 billion, driven by robust fleet utilization and the integration of Nordic Aviation Capital (NAC), acquired earlier this year. Operating cash flow rose to $1.13 billion, while adjusted pre-tax profit margins improved to 26.7%. DAE’s total assets expanded to $16.36 billion, reflecting the successful incorporation of NAC’s portfolio. CEO Firoz Tarapore highlighted the company’s strengthened position in the global leasing market, emphasizing the full integration of NAC and sustained financial health. DAE’s fleet grew significantly, with 263 aircraft acquired, including 249 for its owned portfolio. The company also signed 162 new lease agreements and expanded its engineering services arm, Joramco, which saw a 56.3% increase in profitability. With $3.44 billion in available liquidity and $2.75 billion raised from regional and Asian banks, DAE is well-positioned to capitalize on the ongoing recovery in commercial aviation and the global push for fleet modernization.

The US Federal Reserve has proceeded with another interest rate cut, reducing its key lending rate by 0.25 percentage points to a range of 3.75% to 4%. This decision, announced on Wednesday, comes as concerns over a slowing labour market overshadow fears of inflation. Economists noted that the ongoing US government shutdown, now nearing its one-month mark, has left central bankers ‘flying blind’ due to delays in official job market data. The Fed last cut rates in September, marking the first reduction since December 2022, in response to sluggish hiring trends. Chairman Jerome Powell highlighted ‘downside risks’ to unemployment as a key factor. Despite the shutdown, the Labor Department released September inflation data last week, showing a 3% year-over-year increase, slightly below expectations. This reinforced the likelihood of further rate cuts. Earlier this year, fears of tariff-driven inflation dominated discussions as President Trump imposed sweeping tariffs on major trading partners. While inflation remains above the Fed’s 2% target, the milder-than-expected September reading allowed policymakers to prioritize labour market concerns. Bank of America economists noted that ‘policymakers are slightly more focused on downside risks to the employment mandate.’ The latest cut brings the key lending rate to its lowest level in three years. Wall Street anticipates another quarter-point reduction at the Fed’s December meeting, with investors pricing in an over 80% chance. However, JP Morgan’s chief US economist, Michael Feroli, cautioned that upcoming jobs reports could ‘significantly change perceptions of the labour market.’ Meanwhile, President Trump has criticized Powell for not cutting rates faster and hinted at replacing him before his term ends in May 2024.