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US Farmers Sue Trump Administration for Withheld IRA Funds
On Thursday, several U.S. nonprofits and farmers filed a suit against the Trump Administration, alleging that it illegally holds back Department of Agriculture grants financed by the Inflation Reduction Act. The USDA has frozen a wide range of grants while it conducts a review of agency spending, including money for farm programs and conservation funded by IRA. Five farmers who were involved in this lawsuit received grants for solar panel installation from the USDA Rural Energy for America Program. Grants were given to the three non-profits involved by the Forest Service. According to the complaint, farmers have contracted with solar installers for which they have incurred costs that may not be recoverable in the event the grants remain frozen. It says that the freeze has forced nonprofits to lay off or furlough staff, or reduce programs. This is not efficiency in government. This is a wasteful expenditure that causes unwarranted financial hardship to small farmers and groups trying to improve the communities in which they live. The USDA didn't immediately respond to our request for a comment. Agriculture Secretary Brooke Rollins said that the agency was beginning to release IRA grants to the farmers. However, the agency did not provide details on how much money had been released or the timetable.
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Canada files a dispute complaint with the WTO over US steel and aluminium tariffs
The trade body announced on Thursday that Canada had requested WTO consultations over the U.S.'s imposition of duties on certain Canadian steel and aluminum products. It said that the request was sent to members of the World Trade Organization on Thursday. The WTO stated that Canada claims the measures which ended Canada's exemptions from additional duties on certain steel and aluminum products and increased duties on aluminium items and took effect on March 23 are in conflict with U.S. commitments under the General Agreement on Tariffs and Trade 1994 (GATT). Donald Trump told reporters on Thursday in the Oval Office that he would not change his mind about tariffs. "We have been ripped of for years, and we won't be ripped-off anymore." "I'm not going bend anything, whether it be aluminium, steel or cars," said he. This move comes after Canada requested on 5 March that the United States consult with it following Trump's new 25% duties on imports from Canada, Mexico and China. Trump declared that the three largest U.S. trading partner failed to do enough in order to stop the flow of fentanyl, and its precursor chemicals, into the United States. (Reporting and additional reporting by Olivia Le Poidevin, editing by Thomas Seythal. Editing by Angus MacSwan).
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Mexico's Ebrard claims that the government is engaged in 'intensive' discussions with US before tariff deadline
Mexico's Economy minister Marcelo Ebrard announced on Thursday that his government is in intensive discussions with the United States about Washington's threat to impose tariffs against goods imported from Mexico. Mexico's Economy Minister Marcelo Ebrard said on Thursday that his government was in intensive talks with the United States over Washington's threats to impose tariffs on goods from its No. The United States has threatened, implemented, and paused tariffs against Mexico. This is expected to have an impact on both economies which have been tightly integrated over the past three decades through free trade agreements. As the uncertainty surrounding the future of their trade relations grows due to President Donald Trump's constant changes in tariff policy, economists are warning of an increased recession risk for the United States. Ebrard, speaking at his regular morning press conference said that he hoped Mexico could reach the date of April 2, in "better" conditions than other countries affected by U.S. Tariffs. Trump granted Mexico and Canada a reprieve on March 6 from the 25% tariffs that were imposed two days prior. He stated that all goods in compliance with the USMCA pact, which is a trade agreement between the three nations, would be exempted from tariffs until the end of April. Ebrard called the recent United States implementation of a global steel and aluminum tariff "a bad idea". He added that the Mexican government would be holding meetings with this sector in order to protect the economy against the trade barriers. Ebrard stated that "many measures are possible, but we won't take them lightly." The Mexican president Claudia Sheinbaum has maintained a calm attitude in the face of the tariffs that have been imposed by the United States. She has stated that her government will not announce any retaliatory actions until after the United States has made its decision on April 2. Ebrard stated, "We will consult with the appropriate authorities and prepare to use our instruments in accordance with the best interests of Mexico." He stressed the importance of keeping a cool mind, saying that it had been a strategy which has so far worked for Mexico. (Reporting Ana Isabel Martinez and Sarah Morland, Editing by Susan Fenton).
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Anglo American consults about job cuts amid business revamp
Anglo American began a consultation in South Africa and the United Kingdom to reduce jobs. This is part of a wider restructuring that aims to refocus its operations on iron ore and copper mining. The company will spin off Anglo American Platinum by the middle of this year as part of its strategic overhaul. The company also sold its nickel and coal assets, and intends to divest the De Beers diamond division. Bloomberg News reported earlier that Anglo planned to cut even more jobs from its corporate office. According to the report, people who have knowledge of the situation said that the company had sent out notices to all employees likely to be affected. In an email, a spokesperson for the company said: "These are clear significant changes in our global business which require adjustments to the resourcing in our corporate offices. We are therefore beginning consultation processes in South Africa and the UK to discuss proposed organizational changes." Anglo American employs about 55,000 people worldwide, according to the company's 2024 annual report. (Reporting and editing by Devika Syamnath, Dhanush Vignesh in Bengaluru, Additional reporting by Shanima A.
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CSN believes that Brazil can negotiate steel quotas in the US with CSN
A Brazilian executive told reporters on Thursday that the Brazilian steelmaker CSN believes there is room to negotiate with the United States a quota system in the months ahead, following the tariffs imposed by U.S. president Donald Trump on imports of steel and aluminum. Brazil, the world's largest steel importer, has announced that it will no longer be importing U.S. seek dialogue Trump's administration, and not immediately retaliate to what it termed "unjustifiable tariffs". Trump imposes 25% tariffs on steel and aluminum imports took effect On Wednesday, the U.S. stepped up its campaign to reorder trade globally in favor of America. Canada and Europe retaliated swiftly. "From what I've heard, I think that it is possible in the next two month for a similar negotiation to the one we had last year to be opened. CSN's Luis Fernando Martinez, the commercial head of CSN, told analysts during an earnings call that a possible quota system could be implemented. Trump, who was sworn in as president in January 2018 for a second term, initially targeted steel and aluminium for tariffs, but then granted exemptions to several countries and struck duty-free deals with Brazil based upon pre-tariff volume. South America had suggested previously Quotes As a "smart device." Martinez pointed out that the U.S. is still a net exporter of steel products such as plates and sheets. Earnings Blocked CSN, Brazil's largest miner and steelmaker, reported a net loss for the fourth quarter of 85 million reais (14.66 millions) due to "still high financial costs," but core earnings exceeded market expectations. According to an LSEG survey, the company reported adjusted earnings before taxes, interest, depreciation, and amortization of 3.33 billion reais. This is down 8% from last year, but still beats analysts' expectations, which were 2.87 billion reais. Analysts had predicted 11.8 billion reais. Shares of the company traded in Sao Paulo rose more than 7.5%. The mining division CSN Mineracao also jumped around 10%. Both companies were among the top gainers in Brazil's Bovespa index, which grew 1.3%. JPMorgan analysts said that CSN Mineracao and CSN exceeded their expectations for the quarter due to better than expected costs. They expressed a positive outlook. They said that "an upward revision of the consensus estimates is anticipated."
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Brazil's Conab increases soy crop forecast; exports will increase
According to Conab's forecasts, Brazilian soybean farmers are expected to harvest a larger crop than they had previously anticipated in 2024/25, due to the increased demand from China, which is likely to be a result of deepening trade conflicts. Brazil's soybean harvest, which is currently underway, will likely total 167.37 millions tons. This is 1.3 million tonnes more than the Conab forecast for February and well above the previous record of 155.7million tons set in 2022/23. Conab data shows that more than 100 million tons will be exported. This is an increase of 7% over the previous season. Brazil, the largest producer and exporter in the world of oilseeds, competes on the global market with Argentina and the United States. It sells the majority of its soybeans, mainly to China for processing into oil and feed for livestock. After Beijing, the Chinese demand for Brazilian products is expected to increase. Import duties are imposed Tariffs were imposed on U.S. agricultural products and foods, including soybeans, earlier this month in response to the Trump administration's tariff increases on Chinese goods. Soy prices in Chicago have been pushed up by the expectation of large soy supplies. Conab reported a 10.2% increase in national soy yields and a 2.8% rise in the total area of oilseeds cultivated, which in this season totaled to 47.45 millions hectares (117.251 million acres). Conab estimates that the state of Rio Grande do Sul, where a severe drought has reduced yields and production, will produce 17 million tons of soy, which is 2.6 million tonnes less than last season. Conab's estimate of the state in the south is higher than that of the state's crop agency, which put it at 15,07 million tons. Conab predicts that Brazil's corn production total will rise 6.1%, to 122.76 millions, due to favorable weather conditions for the first corn. Brazil grows three types of corn. The second corn is the biggest, and accounts for 75% of its national production in any given year. (Reporting and editing by Tomasz Janovski, Louise Heavens, Joe Bavier.)
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Tariff fears set inflation back as stocks fall and inflation yields increase
Investors worried about global tensions due to trade tensions on Thursday, as U.S. president Donald Trump threatened 200% tariffs on European beverage imports in the event that the EU did not remove U.S. surcharges on whiskey. Investors also kept an eye on the wrangling about a partial shutdown of the U.S. federal government. The Bureau of Labor Statistics of the Labor Department released data on Thursday that showed U.S. Producer prices (PPI), which are a measure of producer prices, were unpredictably unchanged in February. After Wednesday's data, which showed that U.S. consumer price (CPI), rose slower than expected. Investors worried that cooling trend wouldn't be sustainable, as tariffs on imported goods will raise prices in the coming months. Bill Adams, Comerica Bank's Chief Economist, said in a research report that "the February CPI and PPI were both better than anticipated and showed that the spike in inflation at the beginning of the year was likely noise, not a signal." He wrote, however, that the outlook for inflation depends more on government policy such as tariffs and deportations or Department of Government Efficiency (DOGE), than "the data released at this time." Trump's increased duties on all U.S. imports of steel and aluminum took effect Wednesday. Canada and the European Union retaliated quickly. Peter Andersen is the founder of Andersen Capital Management. He said, "The White House's guidance is so unpredictable that investors can't incorporate every new flash into their investing strategies." At 10:52 am on Wall Street the Dow Jones Industrial Average dropped 135.84 points or 0.33% to 41,212.42. The S&P 500 also fell 22.11 or 0.41% to 5,576.26. And the Nasdaq Composite was down 135.68 or 0.78% to 17,510.56. The MSCI index of global stocks fell by 3.58 points or 0.43% to 827.27. The STOXX 600 Index fell by 0.01%, after rising by 0.81% the day before. The U.S. S&P 500 is down over 5% this year. However, European stocks have done better thanks to government plans for defense spending and a possible peace agreement with Ukraine. The STOXX Index is up over 6% for the year, despite recent drops. U.S. Treasury Yields rose on Friday, amid concerns that tariffs could lead to higher inflation despite lower than expected inflation. The yield on the benchmark U.S. 10 year notes increased 1.2 basis points from late Wednesday to 4,328%. The 30-year bond rate rose 1.2 basis point to 4.6433%, from 4.631% at the end of Wednesday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve fell by 0.2 basis points, to 3.993% from 3.995% at late Wednesday. The U.S. Dollar was a mixed bag in terms of currencies. The dollar fell 0.22% against the Japanese yen to 147.91. The dollar gained 0.25% against the Swiss Franc to reach 0.884. Oil prices fell on Thursday after rallying on Tuesday on the back of a bigger-than-expected withdrawal in U.S. gasoil stocks. Traders weighed macroeconomic worries and demand versus expectation. U.S. crude dropped 0.55%, to $67.31 per barrel. Brent was down to $70.59 a barrel on the same day. Gold prices rose on Thursday and are now near their highest levels ever, as bets placed on Federal Reserve policy eased and elevated tariff uncertainties kept bullion in high demand. Spot gold increased 1.26% to 2,968.99 dollars an ounce. U.S. Gold Futures increased 0.94% to an ounce of $2,966.60.
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Data shows that UAE aluminium exports jump ahead of Trump's tariffs.
The United Arab Emirates exported aluminium to the United States in the first eleven days of March. This was due to buyers stocking up on shipments before U.S. Tariffs went into effect on Wednesday. The UAE has exported 68.560.29 tons of aluminum to the U.S. so far in March before tariffs were imposed, compared with 16,124.88 tons for the whole of March 2024. Exports are at their highest level in nearly two years on a monthly scale. The President Donald Trump has imposed 25% tariffs for all U.S. imports of steel and aluminum with the aim of strengthening domestic production. Canada will supply about 70% of the primary and alloyed aluminum consumed in the U.S. by 2024. The UAE, on the other hand, was the second largest exporter, accounting for about 8% of the total U.S. consumption. Canada, which is the largest foreign supplier of aluminum and steel to the U.S. has announced 25% retaliatory duties on these metals as well as computers, sporting equipment, and other products. Yulia Bucneva, Director at Fitch Ratings said that U.S. Importers will likely look for alternatives to Canada due to the tensions in trade with Canada, and the threat of further tariffs being imposed on Canadian imports. Buchneva cited figures from a consulting firm to say that "on average, business costs for UAE producers are lower than those of Canadian producers, and Emirates Global Aluminium is a low-cost producer worldwide." She said that even with tariffs, the UAE could still profitably export metal to the U.S. EGA, a world-leading aluminium producer, stated on Wednesday that volatility in the aluminium price is expected to continue into 2025, due to tensions within global trade. It also added that alumina prices are expected to stabilize as more capacity will be coming online in this year. Analysts have stated that U.S. consumers depend on aluminum producers in Canada, such as Alcoa or Rio Tinto. They will seek alternative supplies. The benchmark aluminium price on the London Metal Exchange has increased 5% to $2,675 a metric ton this year, but is down from a peak of $2736 per metric tonne reached in February, which was an eight-month high. (Reporting and editing by Rod Nickel; Additional reporting by Eric Onstad, London)
Sri Lanka revokes power purchase handle Adani Group, AFP reports
Sri Lanka has withdrawed a power purchase agreement with Indian corporation Adani Group following accusations of corruption, according to an AFP report that was published by the Economic Times paper on Friday.
The AFP reported that Sri Lanka opened probes into Adani Group's local tasks after U.S. authorities, in November, prosecuted billionaire Gautam Adani and other group executives on accusations they paid bribes to secure Indian power supply agreements.
The Adani Group has actually denied the charges, calling them baseless.
Sri Lanka had actually gone into a 20-year power purchase contract with Adani Green Energy in May 2024 for two wind power stations established by the company.
Sri Lankan President Anura Kumara Dissanayake's cabinet decided earlier this month not to continue with the deal, the AFP stated, pointing out an energy ministry authorities.
While the government has actually revoked the contract, the task is not cancelled and a committee has been appointed to evaluate the whole project, the AFP reported.
Sri Lanka's Power and Energy Ministry declined to comment. The Adani Group did not immediately react to an ask for remark.
Adani Green Energy shares were trading 1% lower in Mumbai.
(source: Reuters)