US Suspends De Minimis Exemption for Low-Value Goods

Recently, Honda Motor Company has begun to cut back or suspend production at some of its North American factories due to a shortage of key chips caused by the Nexperia crisis. According to content posted by a union official from a Honda factory supplier on social media, Honda's plant in Canada, which produces compact Civic sedans and CR-V SUVs, has halved its output. Additionally, according to a report from Nikkei, Honda Motor suspended car production at its Mexican factory on October 28 local time, and it is not yet clear when production will resume.

On October 29, the United States and South Korea reached an agreement on the specific terms of a trade deal. South Korea will invest $350 billion in the U.S. in exchange for the U.S. maintaining a comprehensive tariff rate of 15% on South Korea, including reducing tariffs on cars and auto parts to 15%; previously, the U.S. announced a 25% tariff on imported cars. In the semiconductor sector, South Korea stated that the agreed-upon tariff levels would not place South Korea at a disadvantage.

On October 30, BYD released its third-quarter report for 2025, showing third-quarter revenue of 194.985 billion yuan, a year-on-year decrease of 3.05%; net profit was 7.823 billion yuan, a year-on-year decrease of 32.60%. For the first three quarters, revenue was 566.266 billion yuan, a year-on-year increase of 12.75%; net profit was 23.333 billion yuan, a year-on-year decrease of 7.55%.

Baofeng Energy (600989.SH) disclosed its third-quarter report, showing that the company achieved an operating income of 35.545 billion yuan from January to September 2025, a year-on-year increase of 46.43%. The net profit attributable to the parent company was 8.950 billion yuan, a substantial year-on-year increase of 97.27%, and the net profit attributable to the parent company excluding non-recurring items also reached 8.972 billion yuan, a year-on-year increase of 82.85%. The single-quarter data was even more robust, with third-quarter operating income of 12.725 billion yuan, a year-on-year increase of 72.49%. The net profit attributable to the parent company was 3.232 billion yuan, skyrocketing 162.34% year-on-year, indicating a growth trend driven by a synergy of "volume and price differences."

On October 30th, the major project of the national petrochemical industry planning layout and China Petroleum's key project in the "14th Five-Year Plan," the Guangxi Petrochemical Ethylene Project, was fully completed and put into operation at Qinzhou Port in Guangxi. The first batch of qualified solid chemical products has been dispatched. The total investment of the project exceeds 30 billion yuan.