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Trump threatens Rosie O'Donnell's U.S. Citizenship
The U.S. president Donald Trump said on Saturday that he may revoke the citizenship of talk show host Rosie O'Donnell after she criticised his administration's handling weather forecasting agencies following the Texas floods. This is the latest salvo of a long-running feud between the two over social media. Trump said on his Truth Social page that he was seriously considering removing Rosie O'Donnell's citizenship because she is not serving the interests of America. He cited a rationale for deportation the administration used to try to remove foreign born protesters from the United States. "She is a threat to humanity and should stay in the wonderful Country of Ireland if they wish her. "GOD BLESS THE USA!," he said. According to U.S. laws, a president can't revoke citizenship from an American who was born in the United States. O'Donnell was a New York State native. O'Donnell moved to Ireland with her son, 12, after Trump's second-term began. She had been a target of Trump's insults for years. In a TikTok clip from March, she said that she would move back to the U.S. when it was safe for Americans to enjoy equal rights. O'Donnell replied to Trump's threats in two posts posted on her Instagram page, saying the U.S. President opposes her "because she stands in direct opposition to all that he represents." Trump's dislike for O'Donnell goes back to 2006. At the time, O'Donnell was a comedian on The View and mocked Trump's handling of a scandal involving a Miss USA winner, which Trump owned. Trump's latest jab against O'Donnell was in response to a TikTok clip she posted in this month, in which she mourned the 119 people who died in the Texas floods on July 4, and blamed Trump's cuts to agencies that forecast major natural disasters. O'Donnell stated in the video, "What a nightmare in Texas." "And, you know, if the president guts the early warning system and the weather forecasting abilities of the federal government, this is what we're going to start seeing on a regular basis." Trump's administration as well as state and local officials have faced increasing questions about whether they could have done more to protect and warn the residents of Texas before the flooding that struck in pre-dawn U.S. hours. At least 120 people, including children, were killed during the Independence Day holiday of July 4. Trump visited Texas on Friday and defended his government's response, saying that they "did an amazing job under the circumstances." (Reporting and editing by Joey Roulette, Don Durfee, Alistair Bell).
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India relaxes the sulphur emissions rules for coal-fired power plants, reversing a decade-old mandate
A government order stated that India reversed its ten-year-old mandate for the installation of $30 billion in clean-air equipment and lowered sulphur emissions rules at most coal-fired plants. In December, it was reported that the government is reviewing 2015 standards that require nearly 540 coal based power plants to install flue gas desulphurisation systems (FGD), which removes sulphur in the exhaust gases of the plants in phases beginning in 2027. The Federal Environment Ministry issued a gazette notice late Friday that exempted from the 2015 mandate 79% of coal-fired plants outside of a 10-km radius (6 miles) of populated and pollution-prone cities. In the notification, it was stated that the decision to install FGD in another 11% plants located near cities would be made on a case-by-case basis. According to the new directive, the remaining 10% of coal-fired plants located closer to New Delhi or other cities with more than a million people will have to install desulphurisation equipment before December 2027. About 50% of units have either ordered desulphurisation equipment or are installing it. The notification of Friday did not mention any impact on competitiveness or cost recovery by these power plants. The Central Pollution Control Board had conducted a detailed study of the increased "carbon dioxide emissions into the atmosphere as a result of control measures being implemented." (Reporting and editing by Sarita Chandanti Singh)
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Workers at Thyssenkrupp Steel agree to site closures and reduced working hours
Thyssenkrupp, the largest German steelmaker, and the trade union IG Metall announced on Saturday that they had reached an agreement on reduced work hours, lower bonuses and site closures. The agreement with steelworkers marks a significant step in Thyssenkrupp’s restructuring. Under this plan, the former German industrial giant plans to become a holding company. It comes after tensions between management and labor representatives were renewed. The implementation of the new collective agreement, which will run until September 30, 2030 at Thyssenkrupp’s steel unit TKSE, is subject to approval by IG Metall's members and a future agreement regarding the financing of the division, according to the company. Thyssenkrupp announced that it would have to cut up to 11,000 positions at its steel unit, TKSE. It also said that the annual production capacity of 11.5 million tonnes to 8,7-9,0 million tons. Tekin Nasikkol is the head of Thyssenkrupp’s work council and a member of the supervisory board. Nasikkol stated in a press release that "we have created the conditions to allow the company itself to come out of the difficult situation." Thyssenkrupp wanted to conclude a restructuring agreement by the summer. Both sides are aiming to finalise their current agreement by September 30. The wage agreement is seen as a major hurdle that must be overcome before Thyssenkrupp sells an additional 30% of TKSE shares to Czech billionaire Daniel Kretinsky as planned. The investor owns 20% of TKSE via a holding firm. (Reporting and editing by Sharon Singleton, Tomaszjanowski and Christoph Steitz)
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Shell Secures Drilling Permit off South Africa's West Coast
Shell has been granted environmental authorisation to drill up to five deep-water wells off South Africa's west coast, the company said on Friday.The oil major applied for authorisation last year and plans to drill exploration or appraisal wells in the Northern Cape Ultra Deep Block in the Orange Basin, at water depths ranging between 2,500 metres (8,200 ft) and 3,200 metres (10,500 ft).Oil companies, including TotalEnergies, are aiming to drill off South Africa's west coast, where the prolific Orange Basin extends southwards into the country's waters, with hopes of replicating significant discoveries made in neighbouring Namibia."Should viable resources be found offshore, this could significantly contribute to South Africa’s energy security and the government’s economic development programmes," Shell said in a statement without providing any timelines.Shell's previous exploration programme along South Africa's east coast has been disrupted by court litigation over concerns about lack of public consultation and that seismic surveys may harm the marine environment.The long-running case is expected to be heard in South Africa's highest court later this year and could either help usher in a new exploration boom or dampen expectations.Mounting environmental pressures, including a bevy of court actions to halt drilling, and cumbersome bureaucracy have stifled South Africa's ambitions to develop its oil and gas potential.Africa's most industrialised economy has lost around half of its refinery capacity over the last few years and depends even more now on imports of refined petroleum products to meet rising demand.(Reuters - Reporting by Wendell Roelf. Editing by Sfundo Parakozov and Mark Potter)
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After cannabis raid, one California worker is killed and hundreds are arrested
According to a farmworker advocate group, a California farmworker was killed on Friday after suffering injuries a day before when U.S. Immigration agents raided and arrested hundreds workers at a cannabis plantation. On Thursday, dozens of migrant rights activists clashed with federal agents on the rural Southern California coast. This was the latest in President Donald Trump's mass deportation campaign of illegal immigrants living in the U.S. According to estimates, the Trump administration has given contradictory statements on whether it will target farm workers, of whom about half are not authorized to work in the U.S. In a press release, the U.S. Department of Homeland Security stated that 200 people who were in the country illegally had been arrested during the raid. The raid targeted two locations of Glass House Farms. The statement also stated that agents found ten migrant children at the farm. Customs and Border Protection commissioner Rodney Scott said in a X post that the facility was under investigation for violations of child labor. The company didn't immediately respond to our request for a comment. According to pictures and videos, the scene on the farm was chaotic on Thursday, as federal agents in helmets and masks used tear gas and smoke cannisters against angry protesters. Elizabeth Strater said that several farmworkers suffered injuries and one of them died after falling 30 feet from a building in the raid. Strater stated that U.S. citizens had been detained and some were still missing. UFW President Teresa Romero said that some citizen workers detained in custody were only released after they deleted photos and videos from their phones. Romero stated that "These violent, cruel, and criminal federal actions terrorize American Communities, disrupt the American Food Supply Chain, threaten lives, and separate families." The DHS didn't immediately respond to an inquiry for comment about the group’s statements. Farm groups have warned against the mass deportation farmworkers, saying that it would cripple Canada's food supply. Brooke Rollins, the Agriculture secretary, said in her latest comments that there will be "no amnesty" Farmworkers are protected from deportation. Trump has, however, said that migrant workers Should be allowed Stay on the farm. Reporting by Leah Douglas, Washington; editing by David Gregorio
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As Trump announces tariffs against imports from Canada, stocks and the Canadian dollar fall
The major stock indexes fell slightly on Friday, as U.S. president Donald Trump's announcement that tariffs would be imposed on Canadian imports sparked concerns about trade tensions. Meanwhile, the Canadian dollar was down against the US dollar. Investors also awaited an announcement by Trump regarding tariffs against the European Union. This move will likely trigger a tit for tat response from Europe and create new market uncertainty. Trump announced late Thursday that the U.S. will impose a tariff of 35% on Canadian imports in one month. He also said he planned to impose tariffs blankets of 15% or 20 % on most other trading partner. The reaction to tariff news has been more muted than it was in April when Trump started his trade war. Jake Dollarhide of Longbow Asset Management, Tulsa in Oklahoma, stated that this may change if there is no progress on tariffs. "I don’t think the market is able to take Trump's tariffs forever and on repeat." He said that the market's resilience in the face the tariffs, all the changes to the rules and rates, the delays, the extensions, the surprises and pauses was remarkable. If we don't see more results, the market could have another tariff meltdown similar to April. He said that the second-quarter results could still benefit stocks. Dollarhide stated that "that could be a salvation for the markets, if they started paying attention to earnings once again." JPMorgan Chase will release its results on Tuesday. This marks the beginning of the reporting period. The Dow Jones Industrial Average dropped 279.13 points or 0.63% to 44,371.51, while the S&P 500 fell 20.71 points or 0.33% to 6,259.75, and the Nasdaq Composite lost 45.14 points or 0.22% to 20,585.53. The three major U.S. indexes of stocks were all down this week. Nvidia shares rose by 0.5%, reaching a new high. The stock market value of Nvidia now stands at $4.02 trillion. AeroVironment, a drone manufacturer, rose by 11% following an order from U.S. Secretary of Defense Pete Hegseth to increase drone production and deployment. The MSCI index of global stocks fell by 3.85 points or 0.42% to 922.37. The pan-European STOXX 600 ended the day down by 1.01%. "Today you are seeing a slight pullback due to the tariffs announced overnight." Three consecutive days have passed since the announcement of tariffs. They seem to come at random, so it's hard to predict what's going to happen," said Wasif latif, chief executive officer of Sarmaya Partners. The Canadian dollar fell 0.25% against the greenback, to C$1.37. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.33%, reaching 97.91. The euro fell 0.15% to $1.1682. Bitcoin reached another record high and was last up by 3.84%, to $117,946.74. Crypto investors believe that the expected policy changes for the industry next week could attract new investment into the asset class. Trump had earlier in the week pushed back to August 1, his deadline for tariffs for many trading partners, to give more time for negotiation. But he also expanded his trade war by setting new tariffs for several countries, including Japan and South Korea. He also imposed a 50% copper tariff. The London Metal Exchange reported a 0.4% decline in the price of three-month copper, which is $9,664 per ton. Gold spot rose 1%, to $3,355.89 per ounce as investors sought safe-haven assets in the face of trade tensions. Investors focused on the consumer price index report due next week, which may show that prices increased in June. As it awaits the impact of tariffs, the Federal Reserve will likely keep interest rates at current levels. The yield of the benchmark 10-year U.S. notes rose 7.7 basis points to 4.423%. The yield on interest rate-sensitive 2-year notes climbed 4.4 basis to 3.912%. The International Energy Agency said that the market is tighter than it appears. Brent crude futures gained $1.72 or 2.5% to settle at $70.36 per barrel. U.S. West Texas Intermediate Crude gained $1.88 or 2.8% to settle at $68,45.
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After cannabis raid, one California worker is killed and hundreds are arrested
According to a farmworker advocate group, a California farmworker was killed on Friday after suffering injuries sustained the day before when U.S. Immigration agents raided and arrested hundreds workers at a cannabis plantation. On Thursday, dozens of migrant rights activists fought with federal agents on the rural Southern California coast. This was the latest in President Donald Trump's campaign of deporting all illegal immigrants living in the U.S. In a press release, the U.S. Department of Homeland Security stated that 200 people who were in the country illegally had been arrested during the raid. The raid targeted two locations of Glass House Farms. The statement also stated that agents found ten migrant children at the farm. Customs and Border Protection commissioner Rodney Scott said in a post to X that the facility was under investigation for violations of child labor. The company didn't immediately respond to our request for comment. Elizabeth Strater said that several farmworkers suffered injuries and one of them died after falling 30 feet from a building in the raid. Strater stated that U.S. citizens had been detained and some were still missing. UFW President Teresa Romero said that some citizen workers detained in custody were only released after they deleted photos and videos from their phones. The DHS didn't immediately respond to an inquiry for comment about the group’s statements. (Reporting and editing by David Gregorio in Washington, Leah Douglas reported from Washington)
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The European Commission has proposed a cap on Russian oil prices at 15% less than global prices
EU diplomats reported that the European Commission on Friday proposed a price cap for Russian crude oil at 15% less than the average price on the market in the three previous months. Since the beginning of the year, the European Union and Britain has been pressing the Group of Seven to lower its cap. This is because the oil futures market fell so much that the $60 per barrel price became largely insignificant. Brent crude prices have since recovered and Friday settled at $70.36 a barrel. The G7 price ceiling, which was intended to curb Russia's capacity to finance the Ukraine war, was initially agreed in December 2022. One diplomat added that the new floating cap will be adjusted according to the average monthly price. Although the EU diplomats who spoke to the media were not authorized, they said that technical details about the proposal needed to be clarified, the idea appeared to calm the fears of Malta, Greece, and Cyprus, the EU's maritime state. The U.S. government has refused to lower the cap despite repeated requests from European leaders. This led the Europeans, who have been pushing for this reduction, to act on their own. On Friday, the price of Urals oil in Russia remained 2 dollars per barrel under the limit of $60 per barrel. The cap prohibits the trade of Russian crude oil transported on tankers at a price above $60 per barrel. It also prevents shipping, reinsurance and insurance companies from handling cargoes containing Russian crude throughout the world, unless they are sold below the cap. In June, the Commission proposed to lower this cap from $60 per barrel to $45 per barrel as part its 18th package sanctions against Russia. The Kremlin stated on Friday that it has a lot of experience in dealing with challenges, such as the introduction by the European Union of a Russian oil price cap which is based on float. EU sanctions can only be adopted if all member states agree.
Trump's trade tariffs and threats
Since returning to office in January, Donald Trump has issued numerous tariff threats. These range from a duty on all imports to tariffs targeted at specific countries or sectors.
Trump's threats changed over time. This left other nations and business unclear as to what was next. It also created uncertainty for consumers and triggered a recent stock-market sell-off.
Here's a summary of Trump’s threats and actions in relation to trade.
BROAD TARIFFS
Trump's vision is based on a gradual rollout of tariffs that will apply to all U.S. imported goods.
Last month, Trump asked his team of economists to devise plans for reciprocal duties on all countries that tax U.S. imports. They also had to come up with ways to combat non-tariff barriers, such as vehicle safety regulations that exclude U.S. automobiles and value added taxes that raise their costs.
In the past, tariffs were the primary source of tax revenue in the United States. However, they have been reduced to a small fraction over the last few decades. Economists claim that Trump's policies are inflationary, as businesses who import goods and pay tariffs will pass on the costs to consumers.
The potential counter-tariffs imposed by global trading partners on U.S. agricultural and energy exports, as well as machinery and equipment, could escalate into a world trade war and create uncertainty for investors and businesses.
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 the majority of goods imported from Mexico and Canada. A 10% tax was also imposed on Canadian energy imports. 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 25% tariffs against US imports worth C$30 billion (US$20.7 billion), including orange juice and peanut butter. Other products include beer, coffee, motorcycles, appliances, and motorbikes.
The Canadian government said that it would add additional tariffs to C$125 billion worth of U.S. products if Trump's Tariffs remained in effect in 21 days. This could include vehicles, steel and aircraft, as well as beef and pork.
In his address to Congress on March 4, Trump said that further tariffs will be implemented by April 2, including "reciprocal duties" and non-tariff measures to address trade imbalances.
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.
Trump retracted his planned tariffs of 50% on Canadian steel and aluminum after a Canadian official backed down from plans to impose a 25% surcharge for electricity exported to the United States.
Canada, which is the largest foreign supplier of aluminum and steel to the United States (C$29.8 Billion), announced on March 12 that it would impose retaliatory duties on U.S. imports worth C$29.8 Billion ($20 Billion) as a response to Trump’s steel and aluminium tariffs.
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 illegal drugs into the United States.
Trump then added another 10% tariff on Chinese products, which took effect on March 4. This is on top of the 25% tariffs that were imposed during Trump's initial term on Chinese imports.
China announced additional tariffs between 10% and 15% on some U.S. Imports starting March 10, as well as a number of new export restrictions for certain U.S. Entities. It then complained to the World Trade Organization about the U.S. Tariffs.
China announced on March 12, that it will take all measures necessary to protect its rights and interest, following the increase in tariffs by U.S. president Donald Trump on U.S. imports of steel and aluminum.
Trump has said that the EU, and other countries, have alarming trade surpluses against the United States. He said that the products of the other countries will be subject to tariffs, or he would demand they purchase more oil and natural gas from the U.S. despite the fact that U.S. export capacity for gas is close to its limit.
In a statement released on 14 February, the European Commission stated that the "reciprocal trade policy" was a step backwards.
Trump has threatened to impose a "reciprocal rate" of 25% on European goods. Pharmaceuticals are among the industries that could be affected, 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.
In response to the U.S. blanket tariffs on aluminum and steel, the European Union announced on March 12 that it would begin imposing counter-tariffs next month on goods worth 26 billion euros.
Trump announced on March 13 that he would impose a tariff of 200% on European wines and spirits as a response to the EU's plan to levy tariffs on American whisky and other products in April.
PRODUCTS
AUTOMOBILES: Trump announced on March 5, that he would exempt certain automakers, such as the Detroit Three - Ford, General Motors, and Jeep owner Stellantis - from his 25% tariffs against Canada and Mexico if they comply with a free trade agreement.
According to these rules, vehicles must contain 75% North American components to be eligible for duty-free entry into the U.S.
Some foreign automakers, such as Honda and Toyota with large U.S. manufacturing footprints would also benefit from the exemption, while others who don't comply will have to pay 25% of tariffs.
Trump also floated the idea that tariffs of up to 100% would be imposed on other vehicles including EVs. In 2024, the automobile industry will account for more than $200 billion in imports from Canada and Mexico.
METALS: Trump announced on February 9 that he would impose tariffs on all imports of steel and aluminum used by automakers and aerospace companies as well as in construction and infrastructure.
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 more, and increase substantially over a period of one year. However, 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 in response to the European Union's plan to impose tariffs next month on American whiskey, and other products. This is itself a retaliation for Trump's 25% tariffs that went into effect on steel and aluminium imports. Reporting by Anjana Anil in Bengaluru, Seher Dareen in London, Puyaan, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol, An Mol, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol, Anmo, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol, Anmol
(source: Reuters)