Category: Economy
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.”
In Texas, ‘water is the new oil’ as cities square off over aquifers that may soon dry out
In Central Texas, a bitter fight over a $1 billion water project offers a preview of the future for much of the state as decades of rapid growth push past the local limits of its most vital natural resource. On one side: Georgetown, the fastest growing city in America for three years straight, which in 2023 signed a contract with an investor-funded enterprise to quickly begin importing vast volumes of water from the Simsboro Formation of the Carrizo Wilcox Aquifer,…
FCA to ease rules restricting mortgage lending
The Financial Conduct Authority (FCA) announced plans to ease British mortgage lending rules, aiming to help more people buy homes. The regulator is preparing to review and potentially relax stress-testing requirements that assess borrowers’ ability to handle higher interest rates. Additionally, the FCA will launch a public debate in June on the mortgage market, focusing on risk appetite, affordability testing, product innovation, lending to older borrowers, and consumer information needs. A consultation in May will explore ways to simplify remortgaging,…
U.S. News: Veterans Affairs Set To Lay Off Thousands
The Trump administration plans to reduce the Department of Veterans Affairs workforce by around 72,000 employees, from approximately 470,000 to 398,000. Veterans Affairs Secretary Doug Collins stated that the cuts would not impact veterans’ healthcare or benefits, and the department would continue hiring for essential roles. Collins emphasized that this move was part of efforts to make the department more efficient and transparent. The cuts are expected to take place in August. The American Federation of Government Employees, representing over…
US Fed, GSA Pauses Federal Property Sales Amid Backlash, Lawmaker Criticism
Rep. Rick Larsen (D-Wash.) criticized the General Services Administration’s (GSA) plan to sell hundreds of federal properties, though a U.S. News article mistakenly attributed his comments to Rep. John Larson (D-Conn.). The GSA initially listed about 440 federal buildings, totaling nearly 80 million square feet, for sale as part of the Trump administration’s efforts to reduce government size and spending. However, following backlash from workers, officials, and others, the GSA paused the sales and removed the listings from its website….
BlackRock will control over 43 ports in 23 countries, including Panama Canal Ports
Video: The asset-management giant BlackRock, which has invested huge amounts in Russian state-owned energy and banks, and which is also invested in rebuilding Ukraine, is now buying property that will give them control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, located at either end of the Panama Canal. Other ports are in Mexico, the Netherlands, Egypt, Australia, Pakistan and elsewhere.
China not mincing words, reiterates opposition to US tariff over “so-called fentanyl issue,” vows countermeasures
March 3: China is studying and formulating relevant countermeasures in response to the US’ threat of imposing an additional 10 percent tariff on Chinese products under the pretext of fentanyl, the Global Times learned from a reliable source. The countermeasures will likely include both tariffs and a series of non-tariff measures, and US agricultural and food products will most likely be listed, according to the source, who spoke on the condition of anonymity. “If the US insists on imposing unilateral…
US has suspended all military aid to Ukraine, White House official says, in wake of Trump-Zelenskyy row
The Trump administration has suspended delivery of all US military aid to Ukraine, a White House official has said, blocking billions in crucial shipments as the White House piles pressure on Ukraine to sue for peace with Vladimir Putin. The decision affects deliveries of ammunition, vehicles, and other equipment including shipments agreed to when Joe Biden was president. It comes after a dramatic blow-up in the White House on Friday during which Donald Trump told Volodymyr Zelenskyy that he was…
US manufacturers report fall in orders as growth expectations tumble
US manufacturers reported steep declines in new orders and employment in February, fuelling fears that the economy is losing momentum as growth expectations also fell sharply. The ISM Manufacturing purchasing managers’ index on Monday dropped to 50.3 in February from 50.9 the previous month, leaving it just above contraction territory, while secondary indices pointed to a sharp fall in new orders from 55.1 to 48.6. The Federal Reserve Bank of Atlanta’s running estimate of US GDP growth, also published on…
Trump’s ‘bald power grab’ could set US on path to dictatorship, critics fear
Unusually for him, Donald Trump made no great fuss as he signed one drily worded executive order last Tuesday. Public attention was distracted that day – by the headline-grabbing drama of Elon Musk bludgeoning his way through the federal bureaucracy, by immigrants deported to Guantánamo Bay, and by the torrent of other directives Trump has issued since his inauguration last month. But Trump’s 69th executive order of his second presidency, under the deceptive title of “Ensuring accountability for all agencies”,…
Chinese DeepSeek challenges US AI market
The following article is from a Russian news source, Tass, which is controlled by the Russian Government. China’s DeepSeek has transformed the global market of artificial intelligence (AI) and has put the leadership of the US in this sphere at jeopardy, the Foreign Affairs magazine said. According to its estimates, DeepSeek is paving the way for China to dominate in the global AI market. The technology of artificial intelligence may create an edge in the military sector, which further emphasizes…
Seized, settled, let: how Airbnb and Booking.com help Israelis make money from stolen Palestinian land
The villa is stunning. The private swimming pool; the lush, landscaped terrace with firepit; the long dining table with its expansive balcony view; the pingpong table; the piano. But the jewel in the crown, according to the Airbnb listing, is the experience of watching the sun rise over the nearby mountains from the luxury of the generous master bedroom. The villa with views of the Judean mountains is in a settlement located on land seized from Palestinians and considered illegal…
Hungary Seeking to Lift EU Sanctions From Russian Billionaires
Hungary wants to remove eight individuals from the European Union’s Russia sanctions list and receive fresh guarantees on Ukraine gas transit talks before agreeing to renew the restrictions, EU diplomats said.EU sanctions on Russia – imposed over Moscow’s war against Ukraine – must be renewed every six months by a unanimous vote and Budapest has often used these renewals as bargaining opportunities. On Monday, Hungarian Foreign Minister Peter Szijjarto wrote on Facebook that Budapest would “not consent to rushing ahead” with the…