Venezuelan oil exports drop sharply after U.S. tanker seizure
Venezuela’s oil shipments have plunged following the United States’ seizure of a tanker earlier this week....
Fabiola Galicia, who worked for 11 years at a decorative ribbon factory in Ciudad Juarez, saw her hours cut to just three days a week in June.
In August, Design Group Americas – which filed for bankruptcy protection last month – closed its Ciudad Juarez factory, leaving Galicia and around 300 other employees without work.
Court filings indicate the company partially blamed U.S. President Donald Trump’s tariffs for its difficulties. Galicia said a company representative explicitly cited the tariffs: “They told us the tariffs had affected the company.”
Assembly plants in Ciudad Juarez, which import raw materials mostly duty-free and export finished products to the U.S., are now in crisis. President Trump’s global trade war has compounded challenges already facing the sector, including rising wages and investor concerns over reforms by Mexico’s ruling leftist Morena party.
These plants, known as maquiladoras, account for roughly 60 per cent of jobs in Ciudad Juarez. The city became a major manufacturing hub as multinational companies relocated operations there to avoid U.S. tariffs on Chinese goods. But after years of growth, many factories are now laying off staff or closing entirely.
According to Mexico’s National Institute of Statistics and Geography, between June 2023 and June 2025, Ciudad Juarez lost more than 64,000 factory jobs, including nearly 14,000 in the first six months of this year alone.
Maria Teresa Delgado, vice-president of the maquila association INDEX Juarez, described the industry as “in crisis.” She cited a combination of factors behind the layoffs, including Trump’s tariffs, rising minimum wages, and investor concerns. In northern Mexico, the minimum wage has increased from 22 pesos ($1.17) per hour in 2019 to 52.48 pesos ($2.80) today.
Delgado called the tariffs “the cherry on top” of the mounting pressures facing factories.
Foreign direct investment in Mexico fell 21 per cent in the first quarter of 2025 compared with the previous year. In Chihuahua state, where Ciudad Juarez is located, investment in manufacturing dropped 56 per cent, from $800 million to $348 million.
Some companies are already leaving Ciudad Juarez, relocating to countries with lower labour costs or investing in the U.S. to avoid tariffs. Earlier this year, automotive parts manufacturer Lear Corp announced it would move some production lines to Honduras. French electronics maker Lacroix plans to close its Ciudad Juarez operations by the end of the year.
Thor Salayandia, president of the regional business coalition Border Block Trade, said he had to cut staff at his nail factory in Ciudad Juarez, reducing employees from around 90 in 2023 to just 20. “Clients are cutting costs. One day they place an order, the next they don’t,” he said.
Japan has lifted a tsunami advisory issued after an earthquake with a magnitude of 6.9 hit the country's northeastern region on Friday (12 December), the Japan Meteorological Agency (JMA) said. The JMA had earlier put the earthquake's preliminary magnitude at 6.7.
The United States issued new sanctions targeting Venezuela on Thursday, imposing curbs on three nephews of President Nicolas Maduro's wife, as well as six crude oil tankers and shipping companies linked to them, as Washington ramps up pressure on Caracas.
Iran is preparing to host a multilateral regional meeting next week in a bid to mediate between Afghanistan and Pakistan.
Kyiv has escalated its naval campaign against Moscow’s economic lifelines, claiming a successful strike on a vessel suspected of skirting international sanctions within the Black Sea.
An extratropical cyclone has caused widespread disruption across Brazil’s São Paulo state, with powerful winds toppling trees and power lines, blocking streets and leaving large parts of the region without electricity.
Türkiye’s Trade Minister Omer Bolat said Friday that discussions in Washington with U.S. officials have strengthened efforts to expand bilateral trade, moving closer to a $100 billion target.
Türkiye’s President Recep Tayyip Erdoğan and Pakistani Prime Minister Shahbaz Sharif held talks on Friday during the International Peace and Trust Forum in Ashgabat, Turkmenistan, focusing on bilateral relations as well as regional and global issues
Hungary has strongly criticised NATO Secretary-General Mark Rutte’s warning that Russia could be capable of attacking the alliance within five years, with Foreign Minister Péter Szijjártó describing the remarks as irresponsible and dangerous.
Thailand and Cambodia have agreed to halt all shooting from Friday evening following renewed fighting along their shared border, U.S. President Donald Trump said on Friday.
China’s Ministry of Commerce announced on Friday that it will introduce a licensing system for steel exports starting in 2026, covering around 300 steel products.
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