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Daily Update — October 29, 2025

Decarbonization in the Age of AI; Economic Lessons from History; and New Automotive Tariffs

Today is Wednesday, October 29, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Energy Transition & Sustainability

From ambition to execution: CCUS in the age of AI

 

The carbon capture, utilization and storage (CCUS) market is entering a new era of maturity. Global carbon capture capacity is expected to quadruple by 2030, according to S&P Global Commodity Insights' CCUS Market Capacity Outlook, marking a decisive shift from ambition to achievement. This projected near-term growth serves as the basis for a broader, multi-decade deployment. The latest Commodity Insights CCUS outlook, which updates expectations for 2030, continues to forecast strong and consistent progress through 2050, with global carbon capture capacity anticipated to exceed 2 billion metric tons per year.

 

New forces are rapidly strengthening the business case for CCUS. No longer confined to the oil and gas industry, CCUS is now central to broad-based decarbonization — driven by surging demand for clean, reliable electricity in the age of AI; pragmatic approaches to scaling carbon removal; and renewed emphasis on decarbonizing core sectors such as cement and steel.

Economy

Listen: Economic Insights: Lessons from the Past with Nathan Stovall | Look Forward


In this episode of the “Look Forward” podcast, Andy Critchlow sits down with Nathan Stovall, director of FIG Research at S&P Global Market Intelligence and host of the “Street Talk” podcast, to discuss the dynamics of today's economy and the lessons learned from past financial crises. They delve into the historical parallels with the 1929 crash, the implications of private lending growth and the current state of consumer finance.

 

As they explore US consumer resilience amid volatility and the potential risks posed by shadow banking, Nathan shares his expert insights on bank balance sheets, the role of the Federal Reserve and what the future might hold for the financial landscape.

Global Trade

New section 232 tariffs target truck and bus imports

 

When new section 232 automotive tariffs go into effect Nov. 1, medium and heavy-duty vehicles (MHDVs) and parts will be tariffed at 25%, with buses at 10%. For MHDVs, the 25% tariff applies to some Class 3 vehicles, as well as classes 4 through 8. The relevant Harmonized Tariff Schedule of the United States codes include vehicles with a compound gross vehicle weight of more than 5 tons, and some Class 3 vehicles are that large.

 

A similar 25% will apply to medium and heavy-duty vehicle parts. The parts tariff is for key parts, which will include engines, transmissions, tires and chassis. For transit buses, school buses, motor coaches and similar vehicles, the tariff is 10%. According to the US government, tariffs are being imposed to ensure national security protection. The proclamation noted this would be achieved if 80% of MHDVs sold in the US were US-made. MHDVs that comply with the United States-Mexico-Canada Agreement will have the 25% tariff imposed only on the value of non-US content. Vehicle importers are responsible for determining this value, with the US Commerce Department approving or denying the request. This functionality is the same for light-duty vehicles. 

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