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After a dry spell, conditions for French crops improve slightly
The conditions of French soft wheat have improved in the week ending March 31. According to FranceAgriMer, the farm office said that the recent dry weather has helped the crops in many areas of the country. Heavy rains in France have delayed planting and stunted early growth. This has raised fears that the harvest will be smaller than last year, when heavy rains caused the crop to be hit by the worst rains since the 1980s. The ratings of soft wheat showed that by March 31 in France, which is the largest producer of soft grain in the European Union (76% were in excellent or good condition, up from 74% one week earlier, and higher than the four-year low of 65% at the same point last year. FranceAgriMer said that 71% of the winter barley was in excellent or good condition. This is up from 70% one week ago, but down from 66% during the same week in 2024. Durum wheat was in very good to good condition 81%, up from 80% one week ago. FranceAgriMer's first estimate of spring barley showed 86% in excellent or good condition, compared to 61% the year before. Reporting by Anna Peverieri in Gdansk, and Alban Kach in Paris. Editing by Jan Harvey & David Goodman.
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Vietnam will impose temporary antidumping tariffs on steel imported from China and South Korea
A statement from the trade ministry dated April 1 revealed that Vietnam would impose a temporary antidumping levy up to 37,13 % on certain galvanised products from China and up to 15,67 % for some South Korean products. Statement: The tariffs are effective from 16 April and will be in effect for 120 days. The rate of 37.13% will apply to all Chinese steel producers, including the industry leader Baoshan Iron & Steel. According to a statement, however, Yieh Phui and Boxing Hengrui New Material will be exempted. The statement stated that South Korea's Hyundai Steel would face a tariff of 13.7%. Other South Korean steel producers will be charged a 15.67% tax, except for POSCO, KG Dongbu Steel and Dongkuk Coated Metal. This follows the late-February push for tariffs by Vietnam's Steel Association, which cited pressure on domestic steel industries from imports of galvanised steel from China and South Korea. Vietnam imposed temporary anti-dumping duties ranging between 19,38% and 27,83% in February on certain hot-rolled steel from China. These duties are effective as of March 7. The U.S. announced on Wednesday a tariff of 46% on imports coming from Vietnam. The U.S. decision is unclear as to how it will affect Vietnam's iron and steel industry. The U.S. has imposed 25% tariffs since March 4, and previously, it imposed antidumping duties of up to 25% on many Vietnamese steel products and producers. (Reporting and editing by John Mair, Christopher Cushing and Phuong Nguyen)
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Asia Gold demand rises in China due to trade war fears driving safe-haven purchases
The demand for gold increased in China this week, as the trade war fears prompted safe-haven purchases. However, customers in India resisted making any purchases because they expected a drop in price. Dealers in the top consumer China charged premiums between $6 and $13 per ounce above global benchmark spot price, compared to a discount of 4 dollars and a premium 1 dollar last week. Independent analyst Ross Norman stated, "I believe this reflects the fact that we're in a two-way market. On the one hand, pervasive uncertainties are attracting new investors and on the other are others who are heading for the exit in order to capture record prices." We hear that freshly-minted bars are doing brisk business. Central banks are expected continue to buy gold in 2018 due to the risks posed by Donald Trump's policies. Trump announced his long-awaited plan for tariffs on Wednesday. The plan included a minimum 10% tariff on the majority of goods imported to the United States as well as significantly higher duties on products from dozens countries. This week, Indian dealers offered a discount Up to $20 per ounce discount over official domestic prices. This includes 6% import taxes and 3% sales tax. Last week, the discount was up to $33. The constant price fluctuations are putting buyers off. "They're holding back and waiting for things settle down," said an Indian bullion dealer working with a private banking. On Friday, the domestic gold price was trading at around 89.700 rupees for 10 grams, after reaching a record high 91.696 rupees in the previous session. Prices have risen by nearly 15% in 2025. "Discounts have been shrinking in recent months due to lower imports." "On Friday, the discounts were just $2 after a dramatic overnight price correction," stated another Mumbai-based gold dealer. In Hong Kong, gold In Singapore, the price was $2 higher than par. Dealers charged a premium that ranged from $2 to par. In Japan, bullion The price was flat at a premium of $0.5 A Tokyo-based trader said: "We saw some sellers selling to make profits, but when prices dropped, some buyers came in."
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London copper suffers its biggest weekly loss for nearly five months due to US tariff issues
After U.S. president Donald Trump announced an extensive set of tariffs that dampened the outlook for global metal demand, copper prices in London dropped on Friday. The London Metal Exchange's three-month copper contract fell 1.57%, to $9.219 per ton at 0708 GMT. The contract has seen its largest weekly decline since early November. It is down 5.93%. ANZ analysts wrote in a report that the prospect of a trade war around the world and a weaker economy should continue to put downward pressure on commodities markets. ANZ warned that these concerns would worsen if the countries impacted retaliated with their own tariffs, resulting in a global war of trade. Trump announced a set of tariffs which were particularly harsh on China and other major trading partners. Beijing announced on Thursday that it would take countermeasures against the new tariff of 34%. This will bring the total to 54%. The White House did not include copper. For this metal, the U.S. Administration is conducting a separate investigation into possible new tariffs. The reciprocal tariffs will not apply to certain minerals not available in the U.S. The exclusions included zinc and tin. ING analysts said that despite the fact that base metals are exempt from the new tariffs, the concern about how the latest levies will affect the demand for raw materials has weighed on the sentiment. Other metals include LME aluminium, which fell 0.8%, to $2,428.5 per ton. Lead was down by 0.74%, to $1,941, while zinc fell 1.33% to $2,677.5. Tin was down 0.63% to $37,100, and nickel was up 0.24% to $15,695 per ton. China's financial market is closed for the public holiday on Friday. Trading will resume Monday, April 7. Click or to see the top news stories about metals, and other topics (Reporting and editing by Eileen Soreng & Christopher Cushing).
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Japan's ruling coalition agrees to reduce gasoline prices starting in June
A DPP legislator said that the ruling coalition in Japan and the opposition Democratic Party for the People have agreed to lower gasoline prices. This will help consumers avoid the wider economic impact of U.S. Tariffs. After a meeting, Kazuya Shiimba, DPP, told reporters that the secretary-generals from Prime Minister Shigeru Shiba's Liberal Democratic Party, junior coalition partner Komeito and DPP had agreed to implement these measures by June. Shimba didn't specify what steps the government would be taking. According to Japanese media, Hiroshi Muriyama, the secretary-general of LDP, said separately that these steps would be implemented until March next year. They could also be funded without a supplementary funding budget. Shigeru Shiba, the Japanese prime minister, has pledged to assist domestic industry in dealing with the fallout of President Donald Trump's new tariffs. These include a 25% tax on auto imports as well as a 24% reciprocal tariff on Japanese goods. Ishiba, who spoke to the parliament on Friday, said: "This situation could be described as a national emergency." "I think it's important to respond and consider it non-partisanly, not just the government, but the ruling parties and the opposition as well."
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VEGOILS - Palm slips due to weak Chicago crude oil and soyoil, Trump tariff woes
Malaysian palm futures declined on Friday as a result of lower Chicago soyoil prices and crude oil, while President Donald Trump’s reciprocal tariffs fueled uncertainty about global trade. This fueled fears about inflation and slowing growth. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for June delivery fell 126 ringgit or 2.81% to 4,363 Ringgit ($988.00), a metric tonne. This week, the contract has fallen by 1.27%. A Kuala Lumpur based trader stated that crude palm oil futures fell due to the uncertainty surrounding global trade after Trump's tariff announcement. The trader reported that palm oil prices dropped due to a drop in crude oil as well as soybean oil. "Liquidations have been heavy since last night, and they continue to be so today at midday. The physical market is still strong but futures are on a lower note. Prices of soyoil on the Chicago Board of Trade have fallen by 0.4%. Dalian Commodity Exchange will be closed on Friday for Qingming Festival. It will reopen Monday. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price changes of competing edible oils. The price of oil fell further in the early Asian trading and was on track for its worst week in several months due to new U.S. Tariffs. This further fueled concerns about a possible global trade war which could impact demand. Palm oil is less appealing as a biodiesel feedstock due to the weaker crude oil futures. As Trump's tariffs caused fears about steep price increases in the largest consumer market, several countries have vowed to escalate a trade conflict with the U.S. The palm ringgit's currency has strengthened by 0.54% compared to the U.S. Dollar, increasing the price of the commodity for buyers who hold foreign currencies. Technical analyst Wang Tao stated that palm oil could retest its support level of 4,347 ringgits per metric ton. A break below this price would trigger a drop into the range 4,266-43,303 ringgits.
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Oil to have worst week for months due to Trump's tariffs
Oil prices dropped over 1% Friday and are on track to have the worst week for months due to U.S. president Donald Trump's tariffs. This has stoked fears that a trade war around the world could harm oil demand. Brent futures dropped 76 cents a barrel to $69.38 by 0532 GMT. U.S. West Texas intermediate crude futures declined 78 cents or 0.5% to $66.13. Brent is on track to suffer its largest weekly percentage loss since the week ending October 14 and WTI since January 21. The impact of Trump's highly anticipated announcement on tariffs was felt more in other markets. As the news shocked the global financial markets, investors rushed to gold, bonds and the Japanese yen for safety. The dollar index (which measures the U.S. money against six other currencies) fell to 102.98. This is its lowest level since mid-October. Weakness appears in futures contracts with longer dates. The spreads for both the six-month and 12-month periods have shrunk dramatically," BMI analysts said in a Friday note. The tariffs are most damaging to key Asian emerging economies, which represent a major market for the growth of oil consumption. The Organisation of Petroleum Exporting Countries (OPEC+), which is a group of oil-producing countries and their allies, has decided to move forward with their plan to increase the amount of oil produced. They now aim to return 411, 000 barrels per day in May instead of the 135,000 bpd originally planned. This brings forward the surplus we expect to see on the oil market in this year. Analysts at ING stated on Friday that more OPEC+ production should lead to a greater medium sour crude and a larger Brent-Dubai differential. This spread has been at a discount unusual for most of the year. The new tariffs on imports of oil and gas, and refined products, were not applied to these imports. However, the policy could increase inflation, slow down economic growth, and intensify trade conflicts, which would impact oil prices. (Reporting and editing by Gerry Doyle, Shri Navaratnam and Sudarshan Varadhan)
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Wall Street Journal, April 4, 2019
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The European Commission's Ursula von der Leyen said that Donald Trump's tariffs on all goods and services were a serious blow to the global economy. She also stated that the European Union would be ready to take countermeasures in the event of a failure to reach an agreement with Washington. Deloitte has cut the number of U.S. employees in its consulting division after the federal government asked it to find ways to reduce the costs of the government projects on which it works. Hershey has agreed to pay a total of 750 million dollars for the brand LesserEvil. Puma announced that Chief Executive Arne Friendt was leaving the company due to differences of opinion with the company's Supervisory Board on execution strategy. Former Adidas executive Arthur Hoeld has been named as his successor. Kirkland & Ellis is the largest U.S. Law Firm by Revenue. The firm is currently in discussions with the White House about avoiding an executive order that would be similar to the ones imposed on several of its competitors. Activist investor Elliott Investment Management has revealed the names of four of its nominees for the board of Phillips 66 in the midst a proxy battle with the oil refiner. (Compiled from Bengaluru Newsroom)
Lesotho's economy will be destroyed by Trump's tariffs, says economist
An economic analyst in Lesotho said that a reciprocal 50% trade tariff, the largest levy among the long list of U.S. president Donald Trump's target economies, would kill the small Southern African country Trump mocked last month.
Lesotho is among the poorest countries in the world with a Gross Domestic Product of just under $2 billion.
The United States has a large surplus of trade with Canada, mainly made up by diamonds and textiles including Levi's Jeans.
Exports to the United States in 2024 will total $237 million and represent more than 10%.
Trump imposed new tariffs against global trading partners on Wednesday, upsetting decades of rules-based commerce and threatening to increase costs for consumers.
He said that the "reciprocal tariffs" were a reaction to duties and non-tariff barriers placed on U.S. products. According to the U.S. Administration, Lesotho charges tariffs of 99% on American products.
Experts in trade said that the AGOA trade agreement, which was meant to develop African economies through preferential access, had ended.
The pain was also compounded after Trump demolished USAID, a government agency that had been a major aid provider to the continent.
Thabo Qhesi is an independent economist based in Maseru. He said that the 50% reciprocal tariff imposed by the U.S. will kill the textile and clothing sector in Lesotho.
Oxford Economics reported that the textile industry, which employs around 40,000 people, is Lesotho’s largest private employer. It accounts for about 90% of manufacturing employment as well as exports.
Then there are the retailers that sell food. Then there are the residential property owners that rent out houses to workers. This means that if factories close, the industry will die and there are multiplier effects," Qhesi explained.
"So Lesotho is dead, as they say."
Lesotho is a mountainous country of 2 million people surrounded by South Africa. The government had no comment regarding the trade tariffs Thursday.
Last month, the foreign minister said that the health sector, which is heavily reliant on aid, had already felt the impact. The country has one of highest HIV/AIDS rates in the entire world.
The formula for calculating the U.S. Tariffs used the U.S. Trade Deficit in Goods with each Country as a proxy of alleged unfair practice, and then divided that by the amount imported into the United States.
Lesotho, Madagascar and Nicaragua, which import small quantities of U.S. products, were hit with higher tariffs. These countries are much wealthier than Lesotho. According to Oxford Economics, this is also true for Vietnam, Nicaragua, and Cambodia, whose exports to the United States represent more than 25% GDP.
Sekhoane Masokela is a corn seller in Maseru who saw Trump's announcement to be a reason for him to look for new markets.
"Trump is not the only one who has a country. He is giving us a chance to break ties with him, and find other countries." Masokela stated that it was clear that Trump no longer wanted to work with the country. (additional reporting from Sisipho Scweyiya in Johannesburg, writing by Silvia Aloisi and editing by Hugh Lawson).
(source: Reuters)