Latest News
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Foreign Minister says China is ready to work with Russia to reduce tensions in the Middle East
In a Sunday phone call, Foreign Minister Wang Yi informed his Russian counterpart Sergei Lavrov that China was 'willing to continue cooperating with Russia at the U.N. Security Council' and to make efforts to "cool down" the Middle East situation. Wang stated that the best way to resolve navigational issues in the Strait of Hormuz was to achieve a cessation of fire as soon as possible. He added that China has always favored a political resolution of hot-spot?issues by dialogue and negotiation. The call was made ahead of next week's U.N. Security Council voting on a Bahraini Resolution to protect commercial shipping around and in the Strait of Hormuz. According to a ministry statement, Wang said that as permanent UNSC members, China and Russia should "adopt a balanced and objective approach" and work to gain greater support and understanding from the international community. In a statement from the Russian Foreign Ministry, it was stated that the ministers had discussed how to "achieve a rapid cessation of hostilities" and "launch a diplomatic-political dialogue." It said that "satisfaction" was expressed by the coincidence of Russia and China's 'approaches' on many global issues, including the'situation' around Iran, relating to the unprovoked attack by the U.S. China has repeatedly called on a ceasefire in the Gulf and Middle East region, calling for an end to fighting that has lasted for more than a month, and has largely closed the Strait of Hormuz - a vital shipping artery for gas and oil. Reporting by Shi Bu, Ryan Woo and Mark Porter; Editing Hugh Lawson.
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Phillies Taijuan Walk shoots for Rockies road sweep
The Philadelphia Phillies began their first road trip this season with two impressive victories over the Colorado Rockies. The Phillies will try to complete the sweep on Sunday when they finish the three-game series. Philadelphia, who won 2-1 on Saturday night, will match up Taijuan Walker (0-0, 11.57 ERA), against Colorado's Tomoyuki Sugano (00-0, 1.93 ERA), in a matchup of right-handers. Walker had a tough start for the Phillies in his first game of the year, giving up seven hits on ten in four and a half innings on Monday against Washington. He can improve against the Rockies. Walker is 5-1 in 10 career starts against Colorado with a 2.36 ERA. In 2025, he went 2-0 and had a 2.45 ERA over two appearances against the Rockies. Walker can build on the Phillies' first two starts this weekend. Aaron Nola, Jesus Luzardo and their combined teams struck out 20 batters in each of their respective appearances. Nola was able to benefit from a strong run support during a 10-1 victory on Friday, but Philadelphia only scored two runs Saturday night. The Phillies offense has struggled, except for the 10 runs they scored on Friday. Bryce Harper stated that seasons can sometimes be like this. Some guys have great first months, but then have a horrible rest of the season. They can have a bad month, but then win MVP. You play the entire season because you want to. You shouldn't place too much emphasis on the first few games. You play your own game. It's important to remember that the season is long and it's worth playing all of it. Philadelphia will face a pitcher that it has not faced before. Sugano made a good debut for Colorado on Monday, when the Rockies thrashed Toronto 14-5. Sugano allowed only one run on just two hits, but a high pitch count kept him from going beyond 4 2/3 innings. Colorado signed Sugano (?36) to shore up its rotation, which struggled in 2025. The Rockies' pitching has improved this year, but, like the Phillies, their offense has been a struggle. Colorado has scored 5 runs in its last 4 games. The Rockies scored 15 goals in their Friday home opener and another 13 on Saturday night. This has played a role in the Rockies' 1-4 start in games with one run. After the 2-1 defeat, Warren Schaeffer stated that the "big thing" with Saturday's strikeout was we missed too many pitch in the zone and early in the count. "You can't chase late and miss pitches early, it's a bad combination." Despite the strikeout problems, there have been some positives. Ezequiel Torvar, a rookie, has a.294 average after he went 1-for-4 on Saturday. Troy Johnston is batting.333 and has one of Colorado's first eight home runs. Field Level Media
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Kuwait Petroleum Corp. reports damage to units following Iran drone attacks
On?Sunday?, Iranian drone attacks hit multiple targets in Kuwait. State?energy company Kuwait Petroleum Corporation reported fires and "severe damage" to some units. KPC stated in a press release that teams are working to contain fires at National Petroleum Company and Petrochemical Industries Company affiliates. KPC said earlier that a drone had attacked the complex housing the KPC headquarters and oil ministry in Shuwaikh. Kuwaiti state media, citing Kuwait's finance ministry, reported that an Iranian drone had allegedly 'hit an office complex of government ministries, inflicting significant material damage, but no injuries. Kuwait's Ministry of Electricity and Water said that two power-generating units were taken out after Iranian drones attacked two desalination and power plants. The damage was significant. In all incidents, no injuries have been reported. The U.S. and Israeli 'war on Iran' is now in its sixth weeks, with Tehran attacking Israel and Gulf Arab states that host U.S. military bases. Iran's Revolutionary Guards have claimed responsibility for the attacks on Kuwaiti petrochemical facilities, as well as those in Bahrain and the United Arab Emirates.
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PMI data shows that Saudi Arabia's non oil business activity shrank in March amid conflict.
A 'business survey' revealed that Saudi Arabian non-oil sector activity fell in March for the first time since August 20. The war in the Middle East had slowed down supply chains. S&P Global's?seasonally-adjusted Riyad Bank Saudi Arabia Purchasing managers' Index (PMI) fell to 48.8 from 56.1 in Feb. The readings below 50 indicate contraction. Naif Al Ghaith is the chief economist at Riyad Bank. He said that the drop into contraction was largely due to short-term uncertainties linked with the geopolitical tensions of the region. "The soft reading was mainly?driven by a pause in the new orders, as clients adopted more caution." Export orders experienced a notable drop, and some firms reported a temporary slowdown of cross-border activities. This led to a moderated output, Al-Ghaith explained. For the first time, both output and new orders have declined since August 2020, when the COVID-19 epidemic brought economies to a grinding halt. New orders dropped to 45.2 in March, down from 61.8 in February. Export demand was weakening sharply. New export orders posted their steepest drop?in nearly six years. Exports were 'completely stopped' by some firms, while others experienced greater logistical problems. The conflict has slowed the flow of water through the Strait of Hormuz, but the supply strains have increased. This situation may continue as long as the Strait of Hormuz remains effectively blocked. Business expectations for the coming 12 months remain 'positive' despite a 'weakening of their lowest level since June 2020. Some firms are still confident about government spending, the development of infrastructure and the improvement in demand on the long term. (Reporting and Editing by Hugh Lawson).
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South Korea asks Gulf Nations for a steady supply of energy and safety of Korean vessels
The South Korean Ministry of Finance announced that Koo 'Yun-cheol, Minister of Finance, met with envoys of Gulf countries on Sunday to discuss energy security and the safety of 'Korean vessels near the Strait of Hormuz. This is due to the escalating Iran conflict disrupting shipping. The ministry said that during the Friday meeting, Koo requested the ambassadors of the Gulf Cooperation Council to ensure a constant supply of oil, liquefied gas, naphtha and urea as well as other critical resources. He also asked them to ensure the safety and security for Korean vessels and crews near this vital strait. The statement stated that the envoys referred to South Korea as a nation of "top priority". They also pledged to work closely with Seoul in order to maintain a stable supply. Like many Asian economies, South Korea relies heavily upon energy imports. This includes through the Strait of Hormuz. The Strait of Hormuz was the conduit for 20% of 'world oil' before Israel and the U.S. launched their war on the 28th of February. Since then, Iran has effectively closed the waterway. This has pushed up energy prices and raised fears of a global recession. Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait and Oman are the six GCC member states. Reporting by Cynthia Kim, Editing by William Mallard
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Egypt increases electricity prices for households and businesses that use more energy amid energy crisis
The electricity ministry announced on Saturday that Egypt will raise electricity prices for residential and commercial consumers who use more electricity. This increase is due to a global energy crisis caused by the Gulf War. The government has taken a number of measures to reduce energy consumption and curb fiscal pressures as rising import costs put pressure on the finances of the most populous Arab country. The ministry stated that the increase would only affect households with higher consumption and commercial users. This was done to ensure the supply of electricity across residential, industrial and commercial sectors. The report said that electricity rates for residential bands up to 2,000 kilowatt hours per month would remain the same, but tariffs for higher residential brackets will increase by an average 16%. It added that commercial electricity prices in all brackets will increase on average by about 20%. In March, Prime Minister Mostafa. Madbouly stated that Egypt's energy import bills had more than doubled in the last few years since the start of the conflict involving the United States and Israel. This forced the government to increase fuel prices, raise fares for public transportation, and slow down some state projects, to relieve pressure on the public finances. Egypt implemented measures to rationalise its energy consumption in March, including a move towards earlier closing times for commercial venues. This was due to the rise of global oil prices during the conflict. Inflation has been in double digits since September 2023, when it peaked at 38%. The country is already struggling with heavy debts. Reporting by Momen Atallah and Enas Alashray
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Slovak PM: EU should lift sanctions on Russian oil, gas and other energy sources to improve energy security
Robert Fico, the Slovakian Prime Minister, said that the European Union must end sanctions on Russian oil and gas imports and take steps to restore Druzhba pipeline flows, as well as end the conflict in Ukraine, in order to tackle the energy crisis stemming from the war with Iran. Fico stated in a press release after a phone call with Hungarian Premier Viktor Orban, that the EU should re-establish dialogue with Russia to ensure member states get gas and oil from all sources including Russia. Hungary and Slovakia are the only two EU countries that maintain relations with Moscow. Oil prices have risen?since U.S.-Israeli strikes against Iran began on February 28, causing a disruption to oil supplies in the Gulf and causing what the International Energy Agency calls the largest oil supply interruption in history. Central European nations have taken steps to reduce the impact of high fuel prices on consumers and businesses. By the end of 2025, only a fraction of EU oil imports came from Russia. This was after a steep decline in imports following Moscow's invasion of Ukraine. By January 27, Kyiv reported that a Russian drone attack had hit Ukrainian pipeline equipment, disrupting Russian oil?shipments. Budapest and Bratislava accuse Ukraine of intentionally delaying repairs in order to resume oil flow through the Druzhba pipe. This has triggered a political dispute which?has seen Hungary blocking an EU loan for Kyiv. Ukraine claims it is repairing it as fast as possible. Fico stated that it is not enough to address the energy crisis at the national or only local level. Five other European Union countries are also calling for a windfall profit tax on energy companies in response to rising fuel prices. This was revealed by a letter sent to the EU Commission on Saturday. The energy chief of the bloc said on Tuesday that it was considering reinstating energy crisis measures from 2022. This included proposals to reduce grid tariffs and electricity taxes.
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Taiwan has received assurances from a'major country' about LNG supplies
Taiwan's economy minister announced on Saturday that the energy minister of a "major country" producing liquefied gas had given Taiwan assurances about supply. He was speaking in relation to the?impact of the Iran War on Middle East energy imports. Taiwan, which is a major producer of semiconductors, relied on Qatar to supply around a third its LNG prior to the conflict. It has now said that it has secured alternative supplies from countries such as Australia and the United States for the months ahead. Kung Ming Hsin, Taiwan's Economy Minister, told reporters in Taipei that Taiwan enjoys good relations with its?crude gas and natural oil suppliers. Therefore, adjusting the origin of shipments or purchasing additional spot -cargoes will not be a problem. Kung stated that the energy minister from a "major energy producing country" had contacted him about two weeks prior. The person "explained that they would fully support our natural gas needs. He added that if we had any requests, we could let them know. Kung added: "Another nation even stated that certain countries had released strategic petroleum reserves and could help coordinate the matter if Taiwan needed assistance." He said, "This shows Taiwan has earned considerable international goodwill through the long-term confidence it has built." He refused to identify the countries involved. Angela Lin, spokesperson of state-owned refiner CPC said that at the same?newsconference, crude oil inventories are being maintained at levels prior to conflict and that overall petrochemical supply has remained stable. CPC Chairman Fang Jeng Zen said that a new agreement with the U.S. would see 1.2 millions metric tons of LNG delivered?annually. He added that Taiwan does not intend to import crude oil or LNG from Russia. (Reporting and editing by Ben Blanchard, Roger Tung and Joe Bavier).
Trump's trade tariffs and threats
On Monday, the United States and China will meet
The two sides have agreed to reduce reciprocal tariffs temporarily
As the two largest economies in the world try to end their damaging trade war that has increased fears of a possible recession, and caused a U.S. economy contraction during the first quarter.
The U.S. is reducing the extra tariffs that it imposed in April of this year on Chinese imports to 30%, from 145%. Chinese duties on U.S. imported goods will also fall to 10%, from 125%. The new measures will be in effect for 90 days following a meeting held between the two countries in Geneva.
After a series of meetings between U.S. officials and trading partners, after Trump's April 2 tariffs of 10% on most countries were suspended for 90 days as well as the suspension of higher tariffs on many other trading partners.
On July 8, the duties will now be imposed.
The U.S. China deal comes just days after Donald Trump and Keir starmer, the British Prime Minister, announced a limited trade agreement. This leaves Trump's 10% tariffs for British exports in place.
As part of the agreement, Britain agreed to reduce its tariffs from 5.1% to 1.8% and to provide greater access to U.S. products.
In recent months, Trump has imposed tariffs of 25% on steel, aluminium and autos. He also levied 25% on imports coming from Canada and Mexico.
Trump's second move was to impose a tariff of 100% on films produced outside the United States that are sent into the country.
Here's a summary of Trump’s trade-related actions and threats to date.
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 economic 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 as well as value added taxes that raise their price.
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 25% tariffs against US imports worth C$30 billion (21,13 billion dollars), including orange juice and peanut butter. Other products include beer, coffee, motorcycles, appliances, and motorbikes.
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.
In response to Trump's tariffs on steel and aluminum, Canada announced that it would impose retaliatory duties of C$29.8 Billion ($20 Billion) on U.S. imports.
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 doing enough to stop the flow of illegal drugs 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 on exports 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 an extra 50% 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.
In Geneva, both countries agreed on Monday to temporarily reduce reciprocal tariffs. The U.S. is lowering tariffs placed on China in April from 145% to 30% and Chinese duties will drop from 125% to 10%. The new measures will be in effect for 90 days.
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 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 prioritise negotiations and to strike back 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 impose a tariff of 200% on European wines and spirits as a response to EU plans to levy tariffs on American whisky and other products in the next month.
BRITAIN: In May, Trump and British Prime Minster Starmer announced a limited trade agreement. The agreement leaves the 10% tariffs Trump imposed on British exports in place and expands access to agricultural products for both countries. It also lowers U.S. import duties that were prohibitive on British auto exports.
Trump imposed reciprocal tariffs of up to 50% in April on goods from 57 trading partner countries, including the European Union. He then paused them a few days later to give time for negotiations to July 9.
The UK and U.S. have said that this agreement lowers the average British tariff on U.S. products to 1.8%, from 5.1%. However, it keeps the 10% tariff in place on British goods.
An official from the UK noted that Washington's demands for a restructuring of Britain's Digital Services Tax, which is levied as 2% of UK revenues for online marketplaces, were not included in the deal.
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.
On April 29, he issued a couple of orders that aimed to reduce the impact of his auto tariffs by combining credits with relief from other materials levies.
The Republican President has given automakers two years to increase the percentage of domestic components used in U.S.-built vehicles.
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 is consumed in the U.S. each year is produced domestically.
SEMICONDUCTORS : Trump stated that tariffs would start at "25% or higher" and would increase substantially over a period of one year. He did not, however, specify the date when they would 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 American whiskey and other products. This is itself a retaliation for Trump's 25% tariffs which took 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."
ELECTRONICS - Trump exempted smartphones, computers, and other electronics, mostly from China, from the steep tariffs. This was a relief to 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.
(source: Reuters)