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More than 50 countries have reached out to the White House to begin trade talks, a top economic adviser to US President Donald Trump said on Sunday as US officials sought to defend sweeping new tariffs that have unleashed global turmoil. During an interview on ABC News’ “This Week,” US National Economic Council Director Kevin Hassett denied that the tariffs were part of a strategy by Trump to crash financial markets to pressure the US Federal Reserve to cut interest rates. He said there were would be no “political coercion” of the central bank. In a Truth Social post on…

European Union countries will seek to present a united front in the coming days against US President Donald Trump’s tariffs, likely approving a first set of targeted countermeasures on up to $28 billion of US imports from dental floss to diamonds.Such a move would mean the EU joining China and Canada in imposing retaliatory tariffs on the United States in an early escalation of what some fear will become a global trade war, making goods more expensive for billions of consumers and pushing economies around the world into recession, Reuters said.The 27-nation bloc faces 25% import tariffs on steel and…

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) commended the additional voluntary oil production cuts implemented by eight member states, saying the move played a key role in supporting market stability. During its 59th meeting, held virtually on Saturday, the alliance opted to keep its current oil output policy unchanged, while underscoring the importance of full compliance with production quotas. A statement published on the official website of the Organization of the Petroleum Exporting Countries (OPEC) confirmed that OPEC+ members showed “a high level of commitment” to crude production targets during January and February 2025. The committee reviewed production figures for…

Egypt’s net foreign assets (NFAs) increased by $1.48 billion in February, marking the second monthly rise this year following consecutive declines in the final three months of 2024, according to data released by the Central Bank of Egypt (CBE). Based on official exchange rates provided by the CBE, calculations by Reuters showed that net foreign assets rose to the equivalent of $10.18 billion at the end of February, up from $8.70 billion in January.A banking source attributed the increase to growing foreign investor purchases of Egyptian treasury bills. January also saw an uptick in foreign assets after the government issued…

Bangladesh’s interim leader called an emergency meeting on Saturday after textile leaders in the world’s second-largest garment manufacturing nation said US tariffs were a “massive blow” to the key industry.Textile and garment production accounts for about 80 percent of exports in the South Asian country, and the industry has been rebuilding after it was hard hit in a revolution that toppled the government last year, said AFP. US President Donald Trump on Wednesday slapped punishing new tariffs of 37 percent on Bangladesh, hiking duties from the previous 16 percent on cotton and 32 percent on polyester products. Bangladesh exports $8.4…

China said on Saturday “the market has spoken” in rejecting US President Donald Trump’s tariffs, and called on Washington for “equal-footed consultation” after global markets plunged in reaction to the trade levies that drew Chinese retaliation. Several Chinese commerce associations in industries from healthcare and textiles to electronics also issued statements on Saturday calling for unity in exploring alternative markets and saying the tariffs would worsen inflation in the United States. Hong Kong Financial Secretary Paul Chan told public broadcaster RTHK, however, Hong Kong would not impose separate countermeasures, citing the need for the city to remain “free and open”.…

China said on Saturday “the market has spoken” in rejecting US President Donald Trump’s tariffs, and called on Washington for “equal-footed consultation” after global markets plunged in reaction to the trade levies that drew Chinese retaliation. Several Chinese commerce associations in industries from healthcare and textiles to electronics also issued statements on Saturday calling for unity in exploring alternative markets and saying the tariffs would worsen inflation in the United States. Hong Kong Financial Secretary Paul Chan told public broadcaster RTHK, however, Hong Kong would not impose separate countermeasures, citing the need for the city to remain “free and open”.…

US customs agents began collecting President Donald Trump’s unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.The initial 10% “baseline” tariff took effect at US seaports, airports and customs warehouses at 12:01 a.m. ET (0401 GMT), ushering in Trump’s full rejection of the post-World War Two system of mutually agreed tariff rates, Reuters reported.”This is the single biggest trade action of our lifetime,” said Kelly Ann Shaw, a trade lawyer at Hogan Lovells and former White House trade adviser during Trump’s first term.Shaw…

Nissan Motor is considering shifting some domestic production of US-bound vehicles to the US, the Nikkei reported on Saturday, as President Donald Trump ramps up trade tariffs on nations worldwide.As early as this summer, Nissan plans to reduce production at its Fukuoka factory in western Japan and shift some manufacturing of its Rogue SUV to the United States to mitigate the impact of Trump’s tariffs, the business newspaper said, without citing the source of its information.The Japanese automaker’s Rogue SUV, a key model in the US market, is now produced in Fukuoka and the United States, the report said, according…

Tesla, Chips, and Banks Tumble as China’s Retaliation Stokes Fears of Widening Trade War US chip companies, banks and oil majors fell sharply on Friday after China retaliated to Trump’s tariffs with steep duties, in an intensifying trade war between the world’s two largest economies that cast a shadow on global growth. China slapped additional duties of 34% on US goods, set to go into effect April 10. It also announced curbs on exports of some rare-earths and added several US firms to its export control list and the “unreliable entities” list, which allows Beijing to take punitive action. The…