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Trump Administration cancels $3 billion climate-friendly agriculture program
After a review, the U.S. Department of Agriculture announced that it has canceled a program worth $3 billion for climate-smart agriculture projects. The program did not match the priorities of President Trump's administration. Donald Trump has tried to cut back on other climate initiatives approved under the former administration of Joe Biden. This includes a $20 billion program that funds projects to reduce greenhouse gas emissions. According to the USDA's website, The Partnership for Climate Smart Commodities has allocated $3 billion for 135 projects across all 50 states that encourage soil health, carbon sequestration and reduced methane emission. Some of the funded projects included organizations like the National Fish & Wildlife Foundation, companies like Archer-Daniels-Midland, and trade groups for commodities like soybeans and rice. In a press release, the USDA stated that it determined the majority of projects allocated too little money to farmers while administrative costs were too high. The release stated that some projects could be allowed to continue or grantees could reapply for a reform version of the program, if they can prove that at least 65% of funds they receive will go to farmers, and if a payment had been made to a farmer before December 31, 2024.
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Trump's trade tariffs and threats
The global trade war sparked by U.S. president Donald Trump has intensified. He increased tariffs against China, while reversing sweeping duties on most trading partners. This stoked fears of a global recession, sent jitters through global financial markets, and drew condemnation from world leaders. Trump announced tariffs on imports of semiconductors, which could take effect this week. He also hinted that some companies within the sector might be exempted. The word "move" means to move. Exclusion of Smartphones and Computers The impact of his reciprocal tariffs against China will likely be short-lived. Trump announced on Wednesday that he would be announcing a new policy. Temporary reprieve Tariffs on Chinese Imports are now effectively 145%. The first initial is Tariffs starting at 10% On April 5, a ban on imports from numerous countries was imposed at U.S. ports, airports and Customs. While Trump's tariff threat has changed over time, other nations and businesses are unsure of what will happen next, and consumer and business confidence is shaken. Here's a summary of Trump’s threats and actions in relation to trade. BROAD TARIFFS Trump's vision is based on a gradual roll-out of tariffs that will apply to all U.S. imported goods. Trump's economics team was tasked with developing plans to impose reciprocal tariffs against every country that taxes U.S. Imports. They also had to address non-tariff barriers, such as vehicle safety regulations that exclude U.S. automobiles and value added taxes that raise their price. Trump said that the reciprocal tariffs were a response to the barriers placed on U.S. products. Administration officials, however, stated that the tariffs will create manufacturing jobs in the United States and open export markets abroad. In recent decades, tariffs have been reduced to a small fraction of U.S. taxes. Economists claim that Trump's policies are inflationary, as businesses who import goods and pay tariffs will pass on the additional costs to consumers. Specific COUNTRIES Trump's tariff proposal targets several key trading partners. MEXICO AND CANADA : Mexico and Canada were the two largest trading partners of the U.S. from 2024 to November. Trump's new tariffs of 25% on imports from Mexico, Canada and the European Union took effect on 4 March as a response to migration and fentanyl. Tariffs were imposed on energy imports from Canada and Mexico, as well as on the majority of goods imported. Canada exports mainly crude oil, other energy products and cars and auto components within the North American automotive manufacturing chain. Mexico exports a variety of goods to the U.S., including industrial and automotive products. Canada retaliated with a 25% tariff on C$30 billion (21,13 billion dollars) of U.S. imported goods, including oranges juice, peanuts butter, beer and coffee, as well as appliances, motorcycles, and appliances. The Canadian government said that it will impose additional duties on C$125billion of U.S. products if Trump's Tariffs are still in effect in 21 days. This could include vehicles, steel and aircraft, as well as beef and pork. U.S. commerce secretary Howard Lutnick stated that U.S. officials could still work out a partial solution with the two neighboring countries, and added that they need to do more in the fentanyl arena. Canada, which is the largest foreign supplier of aluminum and steel to the United States (C$29.8billion), announced on March 12 that it would impose retaliatory duties on U.S. imports worth C$29.8billion ($20billion) as a response to Trump’s steel and aluminium tariffs. The two countries are exempted from the "Liberation Day", announced on April 2 tariffs, but they face a separate 25% tariff on auto imports. Canada has asked the WTO to consult with the U.S. about its import duties on steel and aluminum products as well as levies placed on Canadian cars and parts. CHINA: Trump imposed 10% tariffs on all Chinese imports to the U.S. effective February 4, after repeatedly warning Beijing that it was not taking enough measures to stop the flow of illicit drug into the U.S. On March 4, he imposed another 10% tariff on Chinese products. China announced additional tariffs between 10% and 15% on some U.S. exports starting March 10, as well as a number of new restrictions for certain U.S. entities. It then complained to the WTO about the U.S. Tariffs. Trump increased the tariffs on China by 34% in April, making the total to 54%. China responded with a 34% duty on all U.S. products. Trump replied that the U.S. will impose a 50% additional tariff on China if Beijing doesn't withdraw its retaliatory duties on the U.S. and said, "all discussions with China regarding their requested meetings with the us will be terminated." Washington's new round of tariffs raised duties on China to 145%. Beijing then increased levies against U.S. products by 125% as a result. Trump has said that the EU, and other countries, have alarming trade surpluses against the U.S. He said that the products of the other countries will be subject to tariffs, or he would demand that they purchase more oil and natural gas from the U.S. Steel, aluminum and cars will be subject to import tariffs of 25%, while other goods will face tariffs of up to 20%, starting April 9. Pharmaceuticals are among the most vulnerable industries, since U.S. companies such as Johnson & Johnson, Pfizer, and others have large facilities in Ireland. Ireland is also a leading exporter of medical equipment. The European Union announced on April 7 that it had offered to offer a "zero for zero" tariff deal in order to avoid a trade conflict. EU ministers agreed to give priority to negotiations, while retaliating with targeted countermeasures the following week. In response to Trump's metals duties, the EU announced on March 12 that it would begin imposing counter-tariffs next month on goods worth 26 billion euros (28 billion dollars) from the United States. As a result of the U.S. auto and wider tariffs, the EU is expected to release a more comprehensive package of countermeasures at the end of April. Trump announced on March 13 that he would slap 200% tariffs on European wines and spirits as a response to EU plans to impose tariffs next month on American whiskey, among other products. PRODUCTS AUTOS: Trump announced a 25% tariff for imported cars and light truck on March 26. The 25% tax would be added to previous duties on imported finished vehicles beginning on April 3. Trump's directive includes temporary exemptions for auto components that comply with the U.S. Mexico Canada Agreement (USMCA), a trade agreement that Trump negotiated in his first term. The tariffs will apply to other major imports of automotive parts. These are identified by Trump as "engines, engine parts, transmissions, powertrain components, and electrical component" and they will be imposed on a specific date, which is to be announced in the Federal Register, but no later than "May 3, 2025." Metals: On March 12th, Trump raised tariffs for all imports of steel and aluminum to 25% and extended duties to hundreds downstream products ranging from nuts and bolts, to bulldozers blades, to soda cans. More than half of the U.S.'s aluminum and steel imports come from Canada, Mexico, and Brazil. Trump ordered on February 25, a new investigation into the possibility of new tariffs on imports of copper to rebuild U.S. manufacturing of this metal, which is critical for electric vehicles, military equipment, semiconductors, and a variety of consumer goods. Just over half of the refined copper that America consumes every year is produced domestically. SEMICONDUCTORS : Trump stated that tariffs would start at "25% or higher" and increase substantially over the course a year. He did not specify when they will be implemented. Taiwan Semiconductor Manufacturing Co., the largest contract chipmaker in the world, produces semiconductors for Nvidia and Apple, among other U.S. customers. In 2024, it will generate 70% of its revenues from North American clients. LUMBER: On March 1, Trump ordered a new investigation into trade that could add more tariffs to imported lumber. This would be in addition to the existing duties on Canadian Softwood Lumber and 25% tariffs for all Canadian and Mexican products. ALCOHOL: Trump threatened on March 13 to slap 200% tariffs on wine, cognac, and other alcohol imported from Europe in response to an EU plan to impose tariffs next month on American whiskey, and other products -- which is itself a retaliation for Trump's 25% tariffs that went into effect on steel and aluminium imports the day before. PHARMACEUTICALS - While Trump's "Liberation Day' announcement spared the pharmaceutical sector from reciprocal duties, the president said that duties were "under review." He warned that the tariffs could be "at a new level you haven't seen before." Trump You can also get a grant Smartphones, computers, and other electronics, largely imported from China, are exempt from high tariffs. This is a relief for major technology companies such as Apple, Dell Technologies, and other importers. This move exempts certain electronics from Trump's baseline 10% tariffs on most goods imported from countries other than China.
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JP Morgan lowers oil price forecasts due to weak demand and higher output
JP Morgan lowered Monday its oil price predictions for 2025 as well as next year. They cited higher production by OPEC+, and weaker demand. The bank lowered its forecast for 2025 Brent prices to $62 per barrel, down from $73, and its target price for 2026 to $58 per barrel, up from $61. The bank lowered its 2025 WTI forecast to $62 from $69 per barrel and its 2026 outlook to $53 from $71. Brent crude futures traded around $65 and U.S. West Texas Intermediate Crude futures around $61. JP Morgan expects the global oil demand to rise by 0.8 millions barrels per daily (mbd), but only a growth of 0.3 mbd on average in the third quarter. The bank stated in a report that "higher production volumes by the OPEC+ Alliance indicate a change in reaction function. This, combined with weaker demands, will push the balances to a large excess and drive Brent below $60 at the end of the year." Analysts at JP Morgan said that the oil market is still under pressure due to an "80% chance of a mild economic recession, coupled with an increase of 1 mbd in production" by the Organization of Petroleum Exporting Countries. JP Morgan stated that while OPEC+ will gain market share by 2025, to stabilize the market at $60 Brent for 2026, the alliance would need to not only reverse the current production increases but also implement further reductions. This month has been a busy one for us. Goldman Sachs has reduced its Brent and WTI Oil Forecasts for 2025-2026 will be based on an expectation of increased OPEC+ oil supply, and the possibility of escalating trade conflicts. This will cause a global recession and dent demand.
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Shapiro is the target of a suspect in Pennsylvania Governor's Mansion Fire
The suspect who carried out a weekend arson on Pennsylvania Governor Josh Shapiro’s official residence claimed he “harbored hate” against the Democrat, and that he would have beaten the governor with a hammer if he encountered him inside the mansion. Cody Balmer (38), the suspect who turned himself in to the state police on Sunday, claimed that he had used homemade Molotov cocktail to ignite the mansion. According to the summary of an interview conducted by police with the governor, the attack occurred while he and his family were sleeping at their residence in Harrisburg. This was the latest instance of political violence against a U.S. official. It also resembled the home invasion in October 2022 at the San Francisco residence of Nancy Pelosi. She was then the Democratic Speaker of the U.S. House of Representatives. A man beat her husband Paul Pelosi with a hammer in that incident. Balmer is accused of attempted murder, burglary, arson and terrorism to coerce the "conduct of a Government," among other felonies. Shapiro is Jewish and said that his family celebrated the first night Passover with guests in the dining area of the mansion. A trooper from the state of New York knocked on Shapiro's door at 2 am on Sunday to awaken him, his family, and his pets. Balmer told police that he filled beer bottles from a lawnmower with gasoline before walking for about an hour to get to the Governor's Mansion. Police said that he climbed a fence to reach the mansion, then smashed a window in the piano room, and threw Molotov cocktails inside. The video was recorded by surveillance cameras. According to police, he then broke his way into the mansion and lit the dining room on fire before fleeing. The state government distributed photos taken after the fires had been extinguished. They showed a room that was completely blackened, littered with debris and a chandelier that was charred. A grand piano, which had been blistered, also appeared to have stuffing leaking out from sooty upholstery. Balmer, a self-described certified master mechanic who has a Facebook page, was still in custody Monday. It wasn't clear if he had an attorney. He was scheduled to appear in court for the first time at the Dauphin County Prison Monday. However, this was postponed after the state police reported that they had taken him into a hospital to treat an unspecified health issue not related to his arrest or the attack on Sunday. Political Violence Balmer posted a photo of himself on Facebook in March 2021 with the caption, "Biden owes 2 Grand." He posted an image of an embroidery in June 2022 that looked like a Molotov Cocktail - a bottle with flames coming out and the words "Be the Light you Want to See in the World." According to a report from the Penbrook Borough Police Department, Balmer was arrested in January 2023 and charged with three counts for allegedly hitting his stepsons aged 10 and 13 and his wife. He also reportedly bit her during an altercation. In that case, he pleaded guilty. Balmer, according to a police officer who responded to this incident, told him that he "took a bottle of pills to try to kill himself." Pennsylvania was the site of a failed assassination attempt on Donald Trump last year during his successful presidential campaign. A man shot at the Republican candidate with a rifle in July. He grazed his ear during a rally held in Butler, approximately 200 miles west of Harrisburg. Shapiro is seen as a possible candidate for the nomination of his party to the presidency in 2028. He said that FBI Director Kash patel spoke with him and had promised "all resources of the federal governments" in the investigation. The house was burned down hours after Shapiro had posted a photo of his family's Seder table. He described it as a celebration that "moved from slavery to freedom." He said, "I refuse the bonds that someone tries to bind me with by attacking us like they did last night," on Sunday. Shapiro, when asked if the attack was motivated by antisemitism or not, said that he would rely on the findings of federal authorities and Pennsylvania law enforcers. On Monday, Pennsylvania Attorney General Dave Sunday said to CNN that the authorities are still investigating whether or not there is an antisemitic motivation. "If this is the case, then it's reprehensible," said Sunday. It's scary when political violence occurs. The impact of the violence is much greater than just one individual. It chills the public discourse and puts people in a fearful position."
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Trump warns Iran to give up its nuclear weapons dream or face harsh response
Donald Trump stated on Monday that he believes Iran intentionally delays a deal on a nuke with the United States. He also said Iran must give up any efforts to develop a nuclear weapon, or else face a possible strike on Tehran's nuclear facilities. Trump said to reporters that he believes the Iranians are using us as pawns. He made this statement after U.S. Special Envoy Steve Witkoff had met with a senior Iranian government official in Oman, on Saturday. Iran and the United States both said that they had "positive" and constructive" talks in Oman. The second round of talks is set for Saturday. A source familiar with the planning has said that the meeting will likely be held in Rome. Source, who spoke on condition of anonymity said that the discussions were aimed at exploring the possibilities, including a general framework of how a possible deal might look. "Iran must get rid of nuclear weapons as a concept." Trump stated that they cannot possess a nuclear device. When asked if the U.S. has options to respond, Trump replied: "Of Course it does." Trump said that the Iranians must move quickly to avoid a harsh reaction because "they are fairly close" to developing nuclear weapons. The U.S. held indirect talks with Iran during the tenure of former president Joe Biden, but there was little progress. The last direct talks between the two countries were held under Barack Obama. He was the president at the time and spearheaded the international nuclear agreement of 2015 that Trump has since abandoned.
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Ghana orders foreigners out of gold market by 30 April
Ghana has ordered that foreigners leave its gold market by the end the month. A new government agency announced this on Monday. The West African nation is looking to streamline the gold purchasing from small-scale mines, increase earnings, and reduce smuggling. Africa's largest gold producer is moving away from a model where local and foreign companies that have export licenses could buy and export gold produced by artisanal and small-scale mining. In the new system, only the newly formed GoldBod, also known as the Gold Board, is allowed to purchase, sell, assay, and export artisanal artisanal, according to a statement released on Monday. Older licenses are no longer valid. The statement stated that foreigners must leave the local market for gold trading by April 30, although they may apply to "buy or remove gold directly from GoldBod". In January, Finance Minister Cassiel Ato-Forson stated that GoldBod will allow Ghana to gain more profit from gold sales and maintain the stability of the national currency. Ghana's gold imports increased by 53.2% to $11.64 Billion in 2024, with nearly $5 Billion coming from small-scale legal miners. The gold price soared to $3,200 per ounce for the first ever time on Friday. The trade war between China and the United States has roiled global markets, and investors have rushed to gold as a hedge. Gold is seen as a traditional way of protecting against economic and geopolitical uncertainty. (Reporting and writing by Christian Akorlie, Anait Miridzhanian, editing by Robbie Corey Boulet and Tomasz Januaryowski)
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Fears for US Southeast forests arose after Trump's logging order
Trump orders national logging increases Residents worry about flooding and recreation access Climate change and wildfires: Critics warn By Carey L Biron This makes them feel especially protective, since Donald Trump ordered last month a major boost in U.S. Timber Production. He wanted to remove regulations and accelerate approval. Nergart, along with hundreds of others, gathered within hours of receiving the orders at the entrance of the Pisgah National Forest. He added that he was concerned about what might happen to the local economies due to concerns over the impact on recreation, conservation and flooding. Nergart stated that the economy as a whole has been built around this. Trump's orders declare that reliance on imported timber is a threat to the national security, and mandate an increased U.S. log production. They claim past federal policies have hindered job creation, increased wildfire risks, and raised construction costs. The U.S. Department of Agriculture declared "emergency" conditions in 112 million acres of National Forests and instructed the U.S. Forest Service that they should increase timber production by 25 percent. In an email, a spokesperson for the agency said that The Forest Service would "streamline forest-management efforts, reduce burdensome regulation, and grow partnerships in support of economic growth and sustainable development." The administration has focused on tariffs and indicated that it will seek to increase levies on Canadian lumber to over 34%. Residents in Western North Carolina are concerned that this new development will upset the existing system and favor speed. Josh Kelly, Regional Forests Program Director with MountainTrue in Asheville North Carolina, said: "Imagine a world without regulations or with fewer of them. I can only see a degraded quality of water, a degraded wildlife habitat, and damage to the recreational infrastructure." MountainTrue, which was founded in the 1980s in response to local opposition against expanded logging of public lands on private lands and Kelly predicts a similar shift in public opinion. He said that some rural counties might want to increase production. "But if they do this quickly, there will be a backlash," the expert added. In this region, public land is the most popular thing. MAJOR PRODUCER David Wear, senior fellow of Resources for the Future think tank, says that the majority of federally-owned land in the United States lies in the West, where the government controls two-thirds or more of the forest lands of some states. The U.S. Timber production peaked in the 1960s and continued to rise until the early 1990s. After that, it began to decline due to environmental regulations. This change led to a large amount of logging moving to private land in the Southeast. Wear noted that despite the decline in logging, the U.S. is still the largest producer and consumer of wood in the world. He added that many sawmills, as well as other infrastructure, required to support the increased production, have been closed. Rebuilding would take several years. The executive orders have been welcomed by industry groups. The American Forest Resource Council said it was an important step towards economic revitalization in the face of "a federal forest fire and health crisis" as well as job losses. Danna Smith is the executive director of Dogwood Alliance a nonprofit organization that works on forest issues. She said the economic impact between logging and conserving forests was questionable. According to the White House report, wood provides 750,000 U.S. jobs, as opposed to 5 million in outdoor recreational activities. Smith added that forests have a much broader purpose. She said that "any time you increase logging you will increase carbon emissions, and further degrade eco services such as climate resilience, water control or flood control. She said that logging in North Carolina is the third leading cause of greenhouse gases emissions. In Oregon it is the leading cause. FIRE AND FLOODS Executive orders and implementation place a strong emphasis on the reduction of wildfires, and protecting communities at risk. Chad Hanson is a wildfire scientist and director of nonprofit John Muir Project. He said that this view goes against years of scientific findings. He said: "Claiming to remove millions of trees will somehow curb wildfires, and communities won't need to worry is an unconscionably unsafe approach... based upon the evidence that we have." He said that thinning forests can actually dry them out and make it easier for the wind to spread fires. Many communities are also concerned about the effects of logging on flooding. Leo Woodberry is a South Carolina pastor and the head of New Alpha Community Development Corp. a nonprofit organization that promotes environmental health. He said that the risk is especially high for Black and poor communities, which are often in low-lying regions.
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Chinese gold ETFs April inflows surpass first quarter total, WGC says
World Gold Council data shows that investment flows into Chinese gold ETFs have outpaced those of the entire first quarter, and even surpassed the inflows recorded by U.S. listed funds. John Reade senior market strategist of the WGC said in social media Monday that gold ETFs in China increased 29.1 tons in the first 11 days of April. This compares to the 23.5 tons of inflows registered from January-March. He said that the second quarter could have a different theme. "The first quarter was dominated by U.S. Tariff-related gold flows, and Western ETF purchases," he explained. According to data, while U.S.-listed funds led the activity in the first three months, they are lagging behind China with inflows so far in April of 27,8 tons. Gold, which is seen by many as a hedge to geopolitical risks and economic uncertainties, has risen 22% this year. It reached a record-high of $3,245.42 an ounce on Sunday, fueled by the uncertainty caused by President Donald Trump's tariff policy. Last week, yuan-to-dollar tariffs between China and the U.S. pushed the currency to its lowest level since 2007. Since Trump's announcement of reciprocal tariffs on April 2, the Chinese currency has fallen by about 0.6%. The largest quarterly inflows in three years were recorded in the Global Gold ETFs that store bullion on behalf of investors from January to March. Last week, the gold premium in China was 1% higher than London's benchmark, compared with 0.2% one week before. Dealers charged premiums between $24 and $50 per ounce. Unnamed gold traders said that global bullion bankers were "unusually" active in China, last week. They imported significant amounts of gold because of the high premium. Reporting by Polina Devtt and Rajendra Jhadhav; Editing and production by Pratima Dasai and Barbara Lewis
Taiwan's Formosa refinery runs at 68% of normal rate after planned maintenance
KY Lin, a spokesperson for Taiwan's Formosa Petrochemical Corp, said that the company is running its refinery at only 68% of its capacity, or 370,000 barrels per a day, this month, down from 70% last March, due to planned maintenance in one of its units.
Formosa, a major exporter in Asia, operates a refinery complex capable of producing 540,000 barrels per day at Mailiao. Lin reported that the company started an 84-day program of maintenance on its residue liquid catalytic cracked unit (RFCC).
He said that due to maintenance, he planned to keep the operating rate at a lower level.
Formosa currently runs two of its three crackers at 60% combined, while its No. Lin stated that the No. 2 cracker was offline for over a year because of weak demand.
According to sources in the trade, To supplement feedstock requirements, the company bought liquefied petrol gas cargoes during the second half of the month. Formosa's Flexi-Feed Crackers can replace up to 30% of the naphtha in their feedstock with LPG depending on price differentials.
Lin stated that "we have purchased the cargoes because we plan to switch over to LPG in May. However, we will not be increasing operating rates due to lower demand."
(source: Reuters)