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India will not raise retail petrol and diesel prices despite tax increases
Oil Minister Hardeep Singh Puri announced that India raised the excise tax on petrol and diesel on Monday without passing higher costs on to consumers. This would increase government tax collections amid falling oil prices worldwide. Puri, at a recent press conference, said that the increase in excise taxes would be absorbed and not passed on to consumers. He said that higher tax collections from state-owned fuel retailers and private fuel retailers could help New Delhi partially compensate state companies who suffered a revenue loss in 2024/25 of 413.80 trillion rupees (4.8 billion dollars) on sales of local cooking gas below market prices. From April 8, the government increased the excise tax on a litre each of petrol and diesel, bringing the effective tax up to 13 and 10 rupees. Oil secretary Pankaj Jain stated that Indian refiners sell 160 billion litres per year of petrol and diesel. This means the government will earn at least 320 million rupees. The global oil price fell by nearly 4% Monday, as escalating tensions in trade between the United States (US) and China stoked concerns about a possible recession which would lower demand for crude. Meanwhile, OPEC+ is preparing to increase supply. Brent and WTI benchmarks have both fallen to their lowest levels since April 2021. Puri said that, if the global oil price remains at the current level, "we'll have enough headroom to lower the prices of gasoline and diesel". India also increased the retail price of a 14,2 kilogram cooking gas container by 50 rupees. Jain said that the latest rise in the price of cooking gas will help companies recover current revenue losses. The oil ministry will also seek assistance from the finance department to offset the dues for last year. The state refiners, including Indian Oil Corp., Hindustan Petroleum Corp., and Bharat Petroleum (which own 66% and 90% respectively of India's 5,14 million barrels of refining capacity per day and 95,000 retail fuel outlets) have announced that they will not increase the prices of petrol or diesel. Reliance Industries Ltd. and Nayara Energy, private refiners, hold the rest. Prashant Vashisth is senior vice-president at rating agency ICRA. He said that despite the increase in excise duties, oil marketing companies' marketing margins are expected to be healthy due to the recent significant drop in crude oil prices.
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Metals and oil fall to four-year lows on fears of recession
The oil market fell around 3% Monday, its lowest level since 2021. Most commodity markets also declined including metals, coffee and coffee beans as concerns about the demand for raw materials grew due to the intensifying US-China trade war. The gold price, which reached a record high last week, fell as well amid the wider market decline. Wall Street banks warned of a high probability of recession as President Donald Trump did not show any signs of backing down from his tariff plans. "Commodities have been hit by these worries over growth and demand that are related to tariffs." Ole Hansen is the head of commodity strategy for Saxo Bank. "The positions in commodities are decreasing across the board." China responded to Trump's new tariffs by announcing that it would add an additional 34% levies on U.S. products. This confirms investor fears of a full-blown global trade war and the risk of recession. Brent and U.S. West Texas Intermediate Crude futures hit their lowest levels since April 2021 on Monday. Both benchmarks have fallen more than 10% in the last week. Oil prices have dropped more than equities after Trump revealed tariff details at the end of last week. The decline was exacerbated by OPEC+'s plans to increase output, said Satoru Yushida, a commodities analyst at Rakuten Securities. Goldman Sachs and Morgan Stanley have revised their oil price forecasts downwards on Monday. LSEG data shows that natural gas prices have also fallen on fears of recession. The benchmark Dutch front-month contract fell 1.45 euros, to 35 euros per Megawatt Hour or $11.26 for every million British Thermal Units. The contract hit its lowest intra-day level since September 2020 at 33.65 euros/MWh. COPPER GOLD Metals that are dependent on growth at the London Metal Exchange have also fallen. Copper, which is used in construction and power, fell 0.4% to $8,745 on Monday, after falling 6.3% the previous day, its largest daily decline since 2020 COVID pandemic. Early Monday morning trading was volatile, as the financial markets of China, which is the world's largest metals consumer, opened after a Friday public holiday. Copper reached $8,105 - a 17 month low - during this period of volatility before reducing losses. Gold spot fell 0.4% last week to $3,025 after some investors sold gold to cover losses on other trades. The decline was limited by expectations of continued central bank demand, and bets that the U.S. Federal Reserve would cut interest rates early. The new U.S. Trade Barriers sent stock markets plummeting sharply during the second half week. "Some market observers claimed that this triggered margin calls for equity market positions and forced traders to liquidate their gold positions in order to cover them," Frank Watson, a market analyst at Kinesis Money, said. After a steep fall in the two previous sessions, silver gained 2.2% and reached $30.2 per ounce. Hansen, from Saxo Bank, said that traders will begin to search for relative values in items which have been sold too much. There is already some bottom fishing in silver. CORN AND COFFEE Chicago Board of Trade most active corn fell 0.4% at 1036 GMT to $4.58-1/4 per bushel. One European trader stated that "Corn prices are being pulled down as a result of the general market meltdown, while the tariff match-up continues." "Any economic slowdown will be painful to demand. The Chinese tariffs should stop U.S. exports to China." The cocoa and coffee market also faced pressure. Ivory Coast, the world's top cocoa exporter, faces a tariff of 21% on U.S. imports. Vietnam, the world's second largest coffee producer, faces a 46% tax. The coffee industry was hit the hardest. Robusta fell 3% to $4,972 metric tons, after hitting a low of $4.907 for two and a half months. Arabica dropped 0.6% to $3.6335 lb., after reaching a low of $3.5550. London cocoa futures fell 3.1% to 6,171 pounds per ton after hitting a two-week minimum of 6,104. Raw sugar SBc1> dropped 1.1% at 18,63 cents per lb. It had previously hit a month low of 18,62. Anna Hirtenstein reported from London. Additional reporting by Polina Deitt, Maytaal Angle and Susanna Twidale in London; Michael Hogan, in Hamburg; Naveen Thkral, in Singapore; Yuka Obayashi, in Tokyo. Kate Mayberry, Louise Heavens, and Mark Potter edited the article.
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Israeli soldiers describe clearing of the 'kill zone" on Gaza's border
According to a report published on Monday, Israeli soldiers destroyed farmland in Gaza and cleared entire residential areas to create a "kill-zone" around the enclave. The report quoted soldiers who testified about the harsh methods employed in the operation. Breaking the Silence - an Israeli rights group - cited soldiers from Gaza who were present during the creation and extension of the buffer zone. The zone was expanded to between 800-1500 metres within the enclave in December 2024, but has been further extended by Israeli forces. Israel claims the buffer zone around Gaza is necessary to prevent a repetition of the attack on October 7, 2023 by thousands of Hamas fighters and gunmen, who crossed the 300-metre-deep previous buffer zone in order to attack a string Israeli communities surrounding the Gaza Strip. This attack was one of Israel's worst security disasters, with 1,200 dead and 251 hostages taken. The report quotes an Armored Corps captain as saying, "The borderline, is a killing zone, a lower region, a lowland." "We see it from a commanding position, and so do they." The Israeli military didn't immediately respond to an inquiry for comment about the report. Soldiers who served in Gaza from the end of 2023 - shortly after Israeli troops entered Gaza - until the beginning of 2024 gave their testimony. The report did not include the recent military operations that have greatly expanded the area held by the military. Soldiers said that during the initial expansion of the zone troops used bulldozers, heavy excavators and thousands of explosives to destroy around 3,500 structures as well as agricultural areas and industrial zones which could have been crucial for postwar reconstruction. According to an Israeli rights group, Gisha, around 35% of farmland was destroyed in Gaza. The report quotes a reserve soldier in the Armored Corps saying, "Everything gets mowed, everything." "Every building, every structure." Another soldier commented that the area resembled Hiroshima. Breaking the Silence is a group of ex-Israeli soldiers whose goal it is to bring awareness to the experiences of soldiers serving in the West Bank and Gaza occupied. They said they had spoken with soldiers who were involved in the creation of the perimeter, and quoted them, without revealing their names. When his unit was sent to start its clearing operation, a soldier in a combat engineering group described the shock he experienced when he first saw the damage already caused by the initial bombardment on the northern area of Gaza Strip. It was surreal even before we destroyed houses when we entered. He said it was like being in a film. He said, "What I saw, as far I could judge, was more than I can justify." It's all about proportionality. 'JUST A PILE of Rubble' Soldiers have described destroying farmland including olive trees, fields of eggplant, and cauliflower. They also destroyed industrial zones that included a Coca Cola plant as well as pharmaceutical companies. One soldier said, "a huge area of industrial areas, huge factories and then it's just rubble, piles broken concrete." According to Palestinian authorities who do not differentiate between civilians or armed fighters, the Israeli operation has killed over 50,000 Palestinians. According to the Israeli military, it is estimated that around 20,000 fighters have been killed. Bomb-damaged tents, temporary shelters, or damaged buildings are home to hundreds of thousands in the coastal enclave. A report stated that the military had deemed many of the demolished buildings to have been used as Hamas bases. It also quoted a soldier who said some of these buildings contained hostage's belongings. Many others, however, were destroyed without any connection. The report stated that Palestinians were not permitted to enter the area and would be fired upon if they did. However, the soldiers quoted in the report said the rules of engagement are loose and highly dependent on the commanders present. It all depends on the company commanders. "There is no accountability system in general," said the captain of the Armored Corps. Another soldier said that adult males in the buffer zone are generally killed, but warning shots are fired when women or children are seen. Most of the time the people who breach perimeters are men. The soldier stated that no children or women entered this area. (Reporting and editing by James Mackenzie, Aiden Lewis)
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The market is displaying a number of stress indicators
The signs of financial stress have begun to shine brightly as a global rout on the equity markets intensified Monday amid tariff tensions. Van Luu is the global head of FX strategy and fixed income at Russell Investments. The asset manager’s gauge of risk aversion for investors, which includes pricing trends and sentiment indicator, is approaching levels seen last in September-October of 2022 when global central banks began an unprecedented rate hike cycle. Take a look at some of the key indicators that investors are keeping an eye on. VIX JUMPS The VIX volatility index - Wall Street's fear gauge - jumped to its highest level ever on Monday, reaching 60 – the highest since August, when global markets began to fall. The VIX volatility index closed above 45 for the first since the 2020 COVID-19 crises, and it was the biggest jump in a single-day since then. In Europe, an indicator similar to the Euro STOXX Volatility Index was poised for its largest one-day increase in absolute terms since the depths the global financial crisis, October 2008. DOLLAR DEMAND The demand for dollars from non-U.S. participants has risen, which is a sign that the market needs cash. The rate of three-month euro cross-currency swaps A derivative that reflects the demand for dollars, has traded at around -7.5%, down from 12.5% one week earlier. This is its lowest level since late 2023. A more negative number indicates higher demand for dollars. JUNK IT The spreads on junk bonds, which represent the premium that investors receive for holding riskier corporate debt compared with government bonds, are at multi-month highs. The iTRAXX Crossover Index, an index of European junk bonds with a five-year maturity, jumped above 420 basis point on Monday. It was the largest rise in one day since March 2023, and it reached its highest level since November, that same year. It is also nearly 80 basis point higher than a week earlier. The ICE BofA U.S. High Yield Index, which measures the performance of high-yield bonds in the United States, ended the week with its lowest level since September and its biggest weekly decline since September 2022. BANKS SLIDE Share prices of global banks, which are key to the growth and functioning of the world economy, continue to fall steeply. In the last three trading days, European and Japanese banks have lost roughly 20% each of their value. Japanese banks closed Monday 10% lower, while U.S. bank stocks dropped 15% in the past week. SWAP SPREADs Swap spreads are a sign that the pressure is building on the U.S. government bond market. It is the largest in the world with $28 trillion of outstanding debt. The swap spreads capture the premium of the fixed-rate side of an interest rate swap that investors use to hedge rates risk relative bond yields. U.S. Two-Year Swap Spreads, the difference between the two-year Treasury rate and two-year exchange rates, briefly fell to almost -46% basis points before pulling back at around -24bps. This is near the tightest level since November.
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Russell: Imports from Asia in Q1 were lower than expected, indicating a slump in demand for crude oil.
Crude oil prices have fallen in response to President Donald Trump's disruption of global trade. The shock of Trump's new tariffs masks a weakness that existed in demand, which was reflected in soft imports during the first quarter of the year in Asia, where crude oil is the most popularly purchased region in the world. According to LSEG Oil Research, Asia imported 26.44 millions barrels of crude per day in the first quarter. This is down from 27.08million bpd in 2024. The drop in imports is in contrast to the forecasts of groups like the Organization of the Petroleum Exporting Countries and the International Energy Agency, which predict that Asia will be the leading region for global oil demand in 2025. There is one silver lining to Asia's first-quarter imports. They did show signs that they were recovering in March. According to LSEG, the region imported 27,39 million bpd during March. This is up from 25,44 million bpd for February, and in line with 27.33 millions bpd of March last year. China, the largest crude importer in the world, led the recovery with seaborne arrivals at 10,14 million bpd. This was the highest level for three months. The addition of pipeline imports brings China's total crude oil arrivals to 11,04 million bpd in March, which is higher than the 10.42 millions bpd during the first two months, but below the 11.6million bpd registered for March 2024. Why did China and the rest of Asia import more crude oil in March 2025 than they did in the first two month of 2025? Refiners are restocking their inventories following planned maintenance, and before the seasonal increase in demand that occurs as the Northern Hemisphere's winter ends. Price is the key The most important factor, however, was probably the price. Most of the cargoes arriving in March were arranged during a period when crude oil prices worldwide were on a downward trend. Brent crude futures, the global benchmark, reached a six-month peak of $82.63 per barrel on January 15 before beginning a decline to a low price of $68.33 on March 5. The trend in lower prices was likely to have prompted refiners, particularly since Chinese refiners may have built up some stocks during the first two months. According to calculations based off official data, China's refiners have processed about 30,000 barrels of crude per day more than was available in January and February. China does not reveal the volume of crude oil flowing in or out of its strategic and commercial stockspiles. However, an estimate can still be made by subtracting the amount processed from the total crude oil available from both imports and domestic production. The dynamics of drawing down inventories will likely reverse in March, as lower crude encourages more purchasing. Oil markets are wondering if the higher imports seen in Asia in March will continue, given that crude oil prices have rallied since their low point in early March until April 2, when Trump announced his global tariff war. Brent reached $75.47 per barrel on April 2. However, even if Asian buyers were reducing their purchases, the impact will be seen in imports only in May and/or June. Will the drop in oil prices since last week lead to higher imports from Asia starting in June? Brent fell to $63.01 per barrel during early Asian trade on Monday. This is the lowest price in over four years. It has also lost 16.5% from its high, before Trump announced blanket tariffs against virtually all countries, except Russia. The sharp fall in oil prices was also a result of the OPEC+ exporters' decision to increase production by a greater than expected 411,000 bpd during May. The main concern is the impact that tariffs will have on the global economy and, therefore, fuel consumption. Even a sharply reduced price may not be sufficient to increase Asian demand for crude oil in the coming months. These are the views of the columnist, an author for.
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EU Commission chief discusses U.S. Tariff response with automakers, steel and pharmaceutical leaders
Ursula von der Leyen, President of the European Commission, held a conference call on Monday with representatives from the metals sector. She then spoke to the automotive industry to discuss ways to respond to U.S. Tariffs. The calls were to gather data to inform future countermeasures, beyond Brussels' response to Washington's tariffs on steel. This will be voted upon later this week. On Tuesday, a call will be held with the European Pharmaceuticals Industry. On Monday, European and Asian stocks and oil prices plunged on fears that U.S. president Donald Trump's tariffs could increase prices, weaken the demand and even trigger global recession. Von der Leyen said in his invitation that the EU will propose this year "a trade measure to replace the steel safeguards by 1 July 2026", as a way to protect itself against "negative trade effects caused due global overcapacity". Sources who attended the metals meeting said that the group requested measures to deal directly with the "indirect effects" of the tariffs and to take urgent action in order to keep scrap aluminium and steel in the EU. Last month, the Commission announced that it would be considering export duties on EU scrap sales. The EU also tightened existing laws. Safeguards On April 1, the steel imports will be reduced by 15%. "Constructive meeting ... Source: "The sense of urgency and clarity of purpose are much higher than a few month ago," said the source. According to ACEA in Brussels, the industry association, the call with the automotive industry was scheduled at 3:30 p.m. A spokesperson said that the group has requested a solution to be negotiated. The EU has been urged to reduce its tariffs for U.S. auto imports by carmakers. BMW urged in January for a reduction to 2.5%, from 10%. Callers included CEOs and chairmen from BMW, Volkswagen Stellantis Scania Daimler Truck Bosch and BMW as well as lobby groups. Three industry sources claim that the Commission invited initially the CEOs of EU-based pharma companies to a meeting. Four sources said that the Commission invited Swiss firms like Novartis or Roche. This was not confirmed immediately. A Roche spokesperson confirmed that the company is a member of EFPIA, but declined to elaborate. Both the European Biotech Group Europabio and the European Big Pharma Trade Lobby EFPIA confirmed that their respective directors general would be attending. The meeting was set for Tuesday at 10:30 am (0830 GMT). The duties announced by Trump last week did not apply to pharmaceuticals, but Trump says that they will be subject to separate tariffs. A source at the meeting on Tuesday said that the industry would push for the Commission to explain how it intends to allow pharma and biotech companies to manufacture more in Europe. The company said this could include streamlining the regulatory processes which have recently discouraged certain companies from conducting clinical trials. Trials In Europe. Reporting by Julia Payne, Maggie Fick and Kevin Liffey; editing by Kevin Liffey
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Why one Eastern European nation won't give up its Russian oil addiction: Vladimirov
By Martin Vladimirov Czechia, on April 7, has the infrastructure, reserves and access to other suppliers that it needs to stop importing Russian oil. Three years after Russia's invasion of Ukraine on a large scale, the Czech Republic still delays this strategic change, despite having viable alternatives. According to a Center for the Study of Democracy analysis, Czechia will import 2.7 million tonnes of Russian oil in 2024. This is estimated at 1.5 billion euros. This is a 30 percent decrease in volume from 2023. However, this was not the result of a proactive policy aimed at phasing out Russian crude oil. Instead, it was primarily the result three major disruptions on the Druzhba Pipeline. By the end of 2024, the completion of the Trans-Alpine pipeline expansion should have allowed Czechia to replace Russian crude. The state-owned MERO CR pipeline operator and Orlen Unipetrol, the dominant refiner, have not yet fully utilized this new resource. More than 100 millions of euros are still flowing to the Kremlin every month. This is not a technical problem. MERO CR had confirmed, even before the final certification of TAL-plus was granted, that the spare capacity in pipelines would be sufficient to meet Czechia’s entire annual crude oil demand. The country's strategic reserve of 3.6 millions tonnes could also cover almost half its annual consumption. The volume of Russian oil imported in 2024's final quarter increased by 30% compared to the previous year, and reached 970,000 tonnes. This was the highest quarterly level since the European Union oil embargo came into effect in 2022. In 2025, Czechia purchased an additional 220,000 tons of Russian crude. Orlen Unipetrol claims that Rosneft's long-term contract obligations, which expire in mid-2025 prevent a sudden withdrawal from Russian supplies. It is not certain that this is the case. Take-or-pay provisions - which are often used as a justification – are uncommon in the global oil trade where flexibility of supply is the norm. Orlen appears to be reluctant primarily due to financial concerns. In 2023 and 2024, Russian crude was on average 20% cheaper than Azeri oil. Retail fuel prices were stable, averaging 1,500 euros for gasoline and 1,360 euro per tonne of diesel. Orlen Unipetrol, which relied heavily on Russian crude oil during its peak years, was able to take advantage of the cost difference and report EBITDA in excess of 600 million euros per year. The discount on Russian crude could increase in the future, as tariffs imposed recently by the U.S. government may dampen demand for oil globally, forcing Russia lower its prices. REPERCUSSIONS This passive attitude has had important geopolitical consequences. Since the beginning of the war, Czechia has contributed almost 3 billion euros to the Russian government in the form of tax revenue. Czechia spent 8.4 billion euro on Russian gas and oil since February 2022. This is more than six-times the amount of money it gave to Ukraine in aid. Czechia also continues to import refined petroleum products from Slovakia, Hungary and other EU-exempt countries, whose refineries process Russian crude oil. This exemption is extended until June 2025. Slovakia exported 710,000 tons of fuel worth 520 millions euros to Czechia in 2024 despite alternatives being available. Germany, for example, only charges a 6-7% higher price than Slovak suppliers on gasoline and diesel. Czechia also follows a similar pattern in its natural gas imports. Czechia's Russian gas purchases increased by almost 400% in 2024 in anticipation of Ukraine terminating its Russian transit in January 2025. Imports of Russian gas in the last quarter of 2024 were 62% more than average. The Czech government can unilaterally ban Russian crude imports. It can also stop purchases of fuels refined using Russian oil in Slovakia or Hungary. And it can make full use both of the TAL pipeline as well as its own reserves. Bulgaria has shown that a complete phase-out of Russian oil is possible. Sofia ended its exemption early in 2024 by invoking the force majeure clause, and cut off Russian crude over night. The result was neither an increase in fuel prices nor a threat to the security of oil supplies, despite Bulgaria relying on Russian crude for 90% of its crude imports. Czechia may find it increasingly difficult to justify its refusal to align with European energy security imperatives.
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Volunteers fighting Trump's purge of data are on the 'right side' of history
Volunteers create new tools to improve public access Limited resources stifle efforts Tools map climate change, health risks Adam Smith After President Donald Trump's administration deleted data on "gender ideologism extremism" (and environmental policies), scores of activists have been working to protect and then make public the data they had archived as safe-keeping. Gilmour is a member of Public Environmental Data Partners (PEDP), a coalition comprised of environmental, justice, and policy organizations committed to "public accessibility to federal environmental data". The volunteers are also working with archivists like the Internet Archive and data consultants Fulton Ring to create new tools for public access using the data that was purged. Since taking office in January, Trump has reorganized several federal agencies. He has fired tens and thousands of employees. Trump is adamant that data on health, climate change and LGBTQ+ issues are incompatible with his views. The Centers for Disease Control and Prevention have compiled statistics such as the Social Vulnerability Index and Environmental Justice Index - which are used to measure the health risks that different Americans face. Former government employees and staff that were placed on leave by Trump are among those who work to restore the deleted information. A Environmental Protection Agency (EPA), employee on leave, helped create a map showing improvements to air pollution monitoring systems as well as upgrades of aging sewers systems that were made through environmental justice grants. The employee who spoke freely and requested anonymity said: "It is miraculous what we've been able do. We've taken these tools...and protected them from this official vandalism." The people who are leading the efforts to restore the access to missing data claim that they are understaffed and underfunded. They continue to work despite the risk of retaliation by the Trump administration, which has targeted attorneys it deemed hostile. Gilmour stated that there was a fear of retribution by the administration. However, he felt strongly that they were on the right side. The White House didn't respond to an earlier request for a comment. DATA FOR ALL Reports about government censorship motivated Rajan Desai, Jeremy Herzog and the founders of Fulton Ring to become volunteers. "This is similar to (George Orwell’s dystopian novel '1984,' Desai, in a video from New York, said that it made the dystopian novel "1984" very real. The two created a new version the Future Risk Index of the U.S. government, which shows the costs of climate change for U.S. localities. In January, the administration retracted the original version managed by Federal Emergency Management Agency. FEMA failed to respond before publication to a comment request. The new version fixes some bugs and processes data faster on smartphones. It is a goal to provide the American public with valuable information currently held by private individuals. Insurance and financial institutions use a lot of these disaster data. Desai stated that the only person who does not seem to be able to see this data is a consumer who may use it to purchase a home. He hopes to make citizens more informed by transforming these obscure datasets into open-source tools. Preserving Data Restoring the data online is just the first step. Gilmour added that the data must be protected against further takedowns. The coalition backs up its tools on a variety of platforms including the Canadian repository Borealis, Harvard University's Dataverse and Figshare. A network that is diverse can provide protection from a government who may want to limit information within their borders. The repository contains data from academics, research institutes and other sources. It includes everything from small Excel sheets to biomedical or astronomical data thousands of terabytes in size, like a file large enough to fill four iPhone 16 Pro smartphones. A second challenge is to keep the records current, as data that has been stagnant for a long time loses its relevance. Gilmour stated that "(gathering new data) can be a laborious task when you do not have the resources or power to ask the states for data." The volunteer network of the company is raising money to pay its workers. However, they are aware that some information may be lost. NASA Satellites are used to provide geospatial information in "tools". Gilmour stated that if NASA stopped providing this information, they would not be launching their own satellites. The EPA employee warned that work in progress and internal tools not intended for public use could be irretrievable if Trump's administration violates federal laws regarding record retention. A spokesperson for the EPA said that they were working on implementing Trump's executive order. The spokesperson stated via email that "President Trump has advanced conservation and environmental stewardship during his first term and will continue his mission to protect the environment and human health in his second tenure." Gilmour stated that despite the challenges, the volunteers will continue to work on their mission of saving the data of the people.
Greece is expecting EU response to US tariffs. The economy can handle challenges, says PM.
KyriakosMitsotakis, the Greek Prime Minister, said that the economy could withstand new challenges posed by U.S. Tariffs. The country is awaiting a united European Union position on this issue.
The financial markets were shook by Donald Trump's tariff plans after he warned that foreign governments would need to pay "a great deal of money" in order to remove the taxes he called "medicine".
From Wednesday, the 27-nation EU will face import tariffs of 25% on steel, aluminium and automobiles and 20% unilateral tariffs for nearly all other goods. The EU is weighing up whether to approve a set of targeted countermeasures.
Mitsotakis, in a speech televised before a meeting of ministers on economic policy, said that Greece insists on an unified response to be effective at the EU-27 level.
He promised that the details of the measures will be revealed within weeks.
He said that the government would ensure, under these difficult conditions, that the economy was ready to face these new challenges.
The United States accounts for about 4% (or a little more) of Greece's exports. Mitsotakis stated that U.S. tariffs on products like olives, olive oils and authentic Greek feta cheese which cannot be made in the United States were "not very reasonable". (Reporting and editing by Peter Graff. Lefteris papadimas)
(source: Reuters)