Category: business-economy
Brussels threatens to block US from bidding for public contracts
Brussels has threatened to bar American companies from bidding for taxpayer-funded contracts as Europe seeks to retaliate against Donald Trump’s tariffs. Stéphane Séjourné, executive vice president of the European Commission, said the EU has “the cards” to hit back at Mr Trump’s new levies of 20pc on goods and 25pc on cars. “We could decide to withdraw all American companies from European public procurement,” Mr Séjourné, who is also commissioner for industrial strategy, told Radio France. It represents a fresh…
UK MPs barred from entering Israel
Two pro-Palestinian British MPs were denied entry to Israel and subsequently deported after local authorities accused them of misrepresenting the nature of their visit and planning to promote campaigns targeting the state. Abtisam Mohamed and Yuan Yang, both members of the governing Labour Party, landed in Tel Aviv at 2:30pm local time on Saturday, accompanied by two aides. During questioning at Ben Gurion Airport, they told border officers they were part of an official UK parliamentary delegation – a claim…
China hits back at Trump with 34% tariff on U.S. imports
China announced a 34% tariff on all products imported from the U.S. on Friday, escalating the trade war between the world’s two biggest economies. The move came two days after President Donald Trump imposed the same tariff on all Chinese imports as part of what he called reciprocal tariffs on a long list of U.S. trade partners. Combined with 20% in other levies that Trump has imposed on Chinese goods since returning to office in January, the total U.S. tariff…
Jeep & Chrysler parent Stellantis lays off 900 US workers as tariffs bite
In sum:
Stellantis pauses production in Mexico and Canada due to tariffs
Automakers face 25% import tax on imported autos
UAW criticizes Stellantis for unnecessary layoffs
US automaker shares fall sharply
China’s response to US tariff announcement: Breach of WTO rules, countermeasures will follow
Chinese Foreign Ministry Spokesperson slammed US’ “reciprocal tariffs,” saying the US’ move seriously violates WTO rules and undermines the rules-based multilateral trading system. “China strongly opposes the US’ move and will resolutely take countermeasures to safeguard its legitimate interests,” Guo said, responding to a question over the US’ “reciprocal tariffs” on its major trade partners, including 34 percent on China. The Chinese side has repeatedly stressed that there is no winner in trade war and that protectionism leads nowhere, the spokesperson said. “China urges the US to immediately correct its wrongdoings and resolve trade disputes with China and other countries through equal, respectful, and mutually beneficial dialogue.”
Chinese EV giant BYD overtakes Tesla with annual sales topping $100 billion US
Tesla’s Chinese competitor BYD recorded a 73 per cent jump in fourth-quarter profit on Monday and said its annual revenue for 2024 crossed the $100 billion US mark, surpassing the U.S. automaker. The Chinese electric vehicle maker logged a record 777.1 billion yuan ($107 billion US, or $153 billion Cdn) in revenue last year as its sales of battery electric and hybrid vehicles jumped 40 per cent. In comparison, Tesla’s 2024 revenue was nearly $97.7 billion US ($140 billion Cdn). The…
News from Russia: Bosnia issues arrest warrant for Bosnian Serb leadership, Republika Srpska President Milorad Dodik
Bosnian prosecutors have issued arrest warrants for the president, prime minister, and parliament speaker of Republika Srpska, the predominantly-Serb region within Bosnia and Herzegovina. They are accused of having launched an “attack on the constitutional order” by enacting laws that restrict the operations of Bosnia’s state-level judiciary and law enforcement agencies. Following a brutal civil war that pitted the former Yugoslav region’s ethno-religious groups against one another, Bosnia and Herzegovina was divided into two self-governing entities, the ethnically Serbian Republika Srpska…
