Ukrainian attack halts oil exports from Russia’s Novo, affecting 2% of global supply, sources say. Russia’s Black Sea port of Novorossiysk temporarily suspended oil exports, equivalent to 2.2 million barrels per day, or 2% of global supply, on Friday, according to industry sources, after what local authorities said was a Ukrainian drone attack. (Reuters)

The Trump administration is lowering its mega tariffs on Switzerland. The Trump administration plans to lower the United States’ tariffs on goods from Switzerland, the Swiss government announced Friday following a meeting with US Trade Representative Jamieson Greer. (CNN)

US releases 2025 list of critical minerals, featuring 10 additions. The U.S. Geological Survey has published its final 2025 list of 60 critical minerals vital to the U.S. economy and national security and vulnerable to supply chain disruption, according to a Nov. 7 Interior Department press release. (Supply Chain Dive)

Consumers flash holiday warning signs. High-income consumers are trading down, Gen Z is spending less, and low-income shoppers are still struggling, according to many consumer companies that shared their latest quarterly results in recent weeks. (CNBC)

Port of Long Beach cargo volumes duck tariff dips in 2025. Cargo volumes at the Port of Long Beach have remained robust in 2025, despite tariff uncertainty, although the outlook is muted for the remainder of the year, port executives said during a Friday media briefing. (Supply Chain Dive)

The affordability crisis is forcing Trump to radically reshape his economic plan on the fly. President Donald Trump swept into office with a bold plan to remake America’s economy. But the realities of a persistent affordability crisis, low favorability ratings and biting election losses for his Republican party are forcing him to remake his plan on the fly. (CNN)

UK lobbying Poland to buy Swedish submarines, sources say. British Prime Minister Keir Starmer is lobbying Poland to award a multi-billion-euro submarine purchase contract to Swedish defense group Saab opens new tab that may include some deals with UK defense group Babcock, opens new tab, sources said. (Reuters)

Canadian boycott of US travel shows no sign of slowing. Kristy Gammon used to travel to the US from Canada at least once every other year, taking ski trips at Lake Placid in New York and travelling to Baltimore, Maryland, for her husband’s favorite Orioles baseball games. (BBC)

Modi’s victory in a key farm state may tip the balance on India-U.S. trade deal. The electoral victory for Indian Prime Minister Narendra Modi’s party in a key state is set to pave the way for New Delhi to make farm-related concessions, a central demand of U.S. trade negotiators. (CNBC)

US, South Korea release details of trade deal. The two countries released a joint fact sheet on the summit meeting last month between U.S. President Donald Trump and South Korean President Lee Jae Myung. Washington and Seoul agreed to set tariffs on U.S. imports of Korean autos and auto parts at 15%, down from 25%, putting them on par with their Japanese competitors. (Reuters)

China registers worst investment decline in years as slowdown continues. Signs of weakness in China’s economy stretched into October, with one measure of investment notching the sharpest slowdown in years. Momentum in retail sales and industrial production slowed, while investment and the property market continued to struggle, according to data released Friday by China’s National Bureau of Statistics. (Wall Street Journal)

Britain is preparing tens of billions in new taxes—again. The UK has long been torn between two mutually exclusive desires: Voters want European levels of welfare with American levels of taxation. By accident or design, that debate is slowly being resolved in the direction of higher taxes, as Britain’s Labour government prepares its second major tax increase in as many years.