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Electric car rivals BYD and Tesla are set to be the biggest losers from Mexico's proposed 50 percent tariff on autos imported from China, triggering a likely blow to the fast-growing electric car market in Mexico while sparing the traditional "Big Three" U.S. car manufacturers.

The U.S. Treasury on Friday called on Group of Seven and European Union allies to impose "meaningful tariffs" on goods from China and India to halt their purchases of Russian oil and convened a G7 finance meeting to discuss efforts to step up pressure on Moscow to end its war in Ukraine.

Beijing has warned Mexico to think twice before moving ahead with a plan to raise tariffs that could hurt Chinese automakers, saying it would retaliate against the measure.

Trump reportedly asked the EU to impose tariffs on China and India to punish them for buying Russian oil. The EU is likely to be highly wary of agreeing to do so.

Mexico will raise its tariffs on automobiles from China and other Asian countries to 50%, from a prior level of 20%, Economy Minister Marcelo Ebrard said on Wednesday.

Morning Brief: Market Sunrise anchor Ramzan Karmali breaks down the latest international financial news for September 10, 2025. President Trump has asked the European Union to impose 100% tariffs on China and India, according to a report from the Financial Times.

President Donald Trump has told European officials he's willing to impose sweeping new tariffs on India and China to push President Vladimir Putin to the negotiating table with Ukraine — but only if EU nations do so as well. Bloomberg's Stephen Engle shares what we know so far.

U.S. President Donald Trump asked the European Union to hit China and India with tariffs of up to 100% over the countries' Russia oil purchases. Washington was also prepared to "mirror" any tariffs imposed by Europe on the two countries.

Our global markets watchlist tracks nine prominent indexes from economies around the world.

Volkswagen CEO Oliver Blume talks with Bloomberg at the Munich Auto Show about the possible impact of US tariffs, competition with Chinese automakers on electric vehicles, and the outlook for sales of luxury Porsche and Audi cars. -------- More on Bloomberg Television and Markets Like this video?