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White House clarifies Trump's statement about 65% EPA Staff Cuts
The White House announced on Thursday that it was retracting President Donald Trump's claim made the day before, claiming the Environmental Protection Agency planned to reduce its workforce by 65%. Instead, the agency plans to reduce its expenditures by 65%. Trump surprised EPA workers on Wednesday by announcing at his first Cabinet meeting that EPA administrator Lee Zeldin had told him that the agency would "cut 65 or so per cent of people from environmental". Taylor Rogers, White House spokesperson, clarified Trump's Thursday statement by saying that further workforce reductions will continue along with spending cuts. Nearly 400 probationary staff have been terminated and nearly 200 others who work on environmental justice issues in the agency are on leave. Rogers stated in a press release that "President Trump and DOGE are committed to cutting fraud and waste across all agencies." "After identifying $20 billion of fraudulent spending, Administrator Zeldin is committed to eliminating 65% wasteful expenditures at the EPA." Trump clarified on Thursday in a Truth Social post that his proposed tariffs of 25% on Mexican and Canadian products will take effect on March 4. This follows some confusion Wednesday, when Trump said the tariffs would go into effect on April 2. Zeldin announced on social media that he had "discovered" that the Biden Administration fraudulently distributed $20 billion to green groups. He is now trying to recover these funds from a bank holding them. Democratic lawmakers have reacted to what they consider Zeldin's illegal actions, claiming that funding was appropriated by the 2022 Inflation Reduction Act to organizations in the U.S. for the purpose of awarding grants to local communities to develop clean energy projects. Elon Musk, the tech billionaire, has announced plans to reduce the number of civilian employees by 2.3 million. The Department of Government Efficiency, which is headed by Musk, will target career employees who represent the majority of this workforce. (Reporting and editing by Louise Heavens, Daniel Wallis, and Doina Chiacu)
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Trump announces tariffs on March 4, 2019 for Mexico and Canada; China will face an additional 10%
U.S. president Donald Trump announced on Thursday that the 25% tariffs he proposed on Mexican and Canadian products will be implemented on March 4, as planned, because drugs continue to pour into the U.S. Trump said that he would also impose an extra 10% duty on Chinese products on the same day. It would seem that this is in addition to the 10% tariff he imposed on Chinese imports on February 4. Trump said that drugs are still entering the U.S. in "very high levels and unacceptable levels," a majority of which is the deadly opioid fentanyl. "We can't allow this scourge continue to harm the USA and, therefore, until the TARIFFS proposed to take effect on MARCH 4TH go into effect as scheduled," Trump stated in a posting on his Truth Social site. "China will also be charged an extra 10% tariff on that date." The statement clarified some confusion about the deadlines for the harsh tariffs that Trump threatened on Canadian and Mexican products over the fentanyl epidemic and U.S. Border Security. Trump's remarks on the subject during his first Cabinet meeting on Wednesday appeared to indicate that he might push back the deadline by about a month, until April 4. Trump administration officials stated that the deadline for April was to match Trump's "reciprocal duties" with import duty rates from other countries, and offset their other restrictions. His trade advisors believe that the value added tax (VAT) of European countries is similar to a tariff. Kevin Hassett told CNBC that Trump will decide on new tariffs once a study has been completed by April 1st. He said that a study would be released on April 1 and that afterward, the president would decide what to do with tariff policies for countries around the world. Mexico and Canada were specifically mentioned. Talks on Border Talks, Tariffs On Thursday and Friday, Canadian and Mexican officials will meet their counterparts from the Trump administration in Washington to try and prevent tariffs that could be a major blow to an integrated North American economy. On Thursday, the newly-confirmed U.S. Trade Rep Jamieson Greer and Commerce Secretary Howard Lutnick will meet with Mexican Economy Minister Marcelo Ebrard. David McGuinty, Canada's Minister of Public Safety, said that on Thursday the Trump administration should be satisfied with Canada's progress in tightening border security and fighting drug smuggling. McGuinty told reporters via televised remarks in Washington, ahead of two days' talks with U.S. officials: "The evidence is undeniable - progress is being achieved." He said that he believed Canada had passed any test imposed on it in regards to showing progress and meeting border standards. Canada Border Services Agency announced in a press release that they were launching an initiative to intercept illegal contraband entering and leaving Canada, with a particular focus on synthetic narcotics and fentanyl. In a letter sent to U.S. trade representative Jamieson Greer by China, the country said that China and the United States must engage in equal dialogue and consultation in order to address their concerns on economic and commercial issues. (Reporting and writing by Doina Chiacu, Joseph Ax and David Lawder; editing by Chizu Nomiyama & Alistair Bell).
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TSX to lose as trade tensions cloud bank results
The main Canadian stock index was unable to find direction Thursday, as global trade tensions escalated and fueled a risk-averse market. Strong bank earnings failed to lift the market sentiment. After three consecutive sessions in which the index had gained, it was down 0.08% to 25,309.9. Michael Sprung, President of Sprung Investment Management, said that the markets will be in a very uncertain state for some time. "The main confusion comes from the tariffs. This is especially true for Canada and Mexico. But now, the threat of tariffs against the European Union has also caused concern." U.S. president Donald Trump proposed an extension of a month on the new tariffs that could take effect April 2 for imports from Mexico and Canada. He also proposed a "reciprocal tariff" of 25% on European cars and other goods. The TSX fell 1.3% due to a decline in gold prices of more than 1%, to the lowest level for over a week. This was due to a stronger dollar. Three major Canadian banks had strong results in the quarter, but the heavily-weighted sector of finance fell by 0.5%. After beating quarterly profit expectations on Thursday, shares of Royal Bank of Canada fell 3.2%, TD Bank lost 0.5%, and CIBC gained 0.8 %. The technology sector fell 0.5% and gave up its gains from the previous session. Energy stocks grew more than 1%, capping losses overall, as oil prices rose 1.5%, after Trump canceled Chevron’s Venezuela operations licence, causing supply concerns. Superior Plus, a utilities provider that exceeded revenue forecasts for the quarter, topped benchmark index by 10%. Veren shares rose by 9% after better-than expected quarterly results. (Reporting by Ragini Mathur in Bengaluru; Editing by Shreya Biswas)
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USDA: US corn and soybean plantings to increase in 2025
The U.S. Department of Agriculture announced on Thursday that farmers in the United States will plant more corn acres and less soybeans by 2025 compared to a year ago. The USDA predicted corn seedings to increase from 90,6 million acres in 2024 to 94,000 acres and soybean seedings to 84,000 acres, a decrease from 87.1 millions acres last year. The USDA expects to plant 47.0 million acres of wheat, an increase from 46.1 in 2024. The USDA released a report at the beginning of its two-day annual outlook forum that stated, "Among the main crops, corn is projected to grow the most. Prices are favorable compared to other crops like soybeans, cotton and sorghum." The global corn supply was tightened during the 2024/25 year of marketing, which helped to raise the price for feed grain. The United States is the largest corn exporter in the world and the second biggest soybean supplier behind Brazil. The USDA's estimate for soybean plantings fell short of the analyst average of 84.4 millions acres. The government has said that the large supply of soybeans from South America and Brazil is putting pressure on the prices. This should limit the amount of oilseed planted in the United States. The USDA predicted that, assuming normal weather conditions, the U.S. corn crop in 2025 would reach a record of 15,585 billion bushels. And the soybean harvest, at 4,370 billion bushels, would be the 4th largest ever. The USDA predicted that the U.S. would have 1.965 million bushels of corn at the end 2025/26 of the marketing year, on August 31st 2026. This is up from 1.540 million bushels one year ago. The projected decline in soybean stocks to 320,000,000 bushels by the end 2025/26 was from 380,000,000 bushels at 2024/25. USDA forecasts soybean exports in 2025/26 at 1.865 billion bushels. This is an increase of 40 million bushels over 2024/25. The USDA warned that U.S. soybean exports will remain below 30% compared to 40% 10 years ago due to competition from South American suppliers. The U.S. Wheat inventories are expected to increase to 826 millions bushels at the end of 2025/26, up from 794million a year ago, despite a projected drop in production. The USDA forecasts that wheat exports will be 850 million bushels in 2025/26, the same as for the current marketing season, but higher than a 52-year-low set in 2023/24 when high U.S. price curbed global demand for U.S. Wheat. In 2025/26, the competition from other global wheat producers, including Russia is expected to continue. Seth Meyer, USDA Chief Economist, said that "we will continue to face some export challenges" in a Thursday speech.
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Rebels claim 11 killed in blasts at rally in east Congo
The leader of the rebel coalition said that explosions caused the deaths of 11 people and the injuries of 65 others at a rally organized by M23 rebels on Thursday in the eastern Congo City of Bukavu. He blamed the violence on President Felix Tshisekedi. The Congolese presidency, which claims that Rwanda, a neighbouring country, is supporting the insurgents in a post, claimed on X that "several deaths" had occurred in a posting on X, and blamed a "foreign army illegally on Congolese territory". Both sides claimed to have evidence, but neither side did so. Corneille Nangaa said that the grenades were of the same type used by Burundi’s army in Congo at a recent press conference. This information is not independent. The spokesperson for the Burundian Army Brigadier-General Gaspard Baratuza said there were no Burundian troops in Bukavu, but did not respond to the accusations over the grenades. Since the beginning of this year, the rebels have advanced through the eastern Democratic Republic of Congo, capturing Bukavu as well as the largest city in the region Goma. Video footage shows people running in the streets with some bleeding, and others carrying limp bodies. According to a medical source, 65 patients were also being treated at Bukavu General Hospital for injuries. Nangaa claimed that he had not been injured and that other senior rebel members were also safe. Rwanda has denied the accusations made by Congo, U.N., and Western powers that it is supporting Nangaa M23 rebels. The rapid advance of the rebels has sparked fears that a regional conflict could involve Congo's neighbors. Rwanda says it is protecting itself from the Hutu militia that it claims is fighting alongside the Congolese army. Reporting by Congo Newsroom and Sonia Rolley, Paris; Writing and editing by Robbie Corey Boulet and Portia Crowe; Alexandra Hudson and Andrew Heavens
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Apple sued for claiming watches are carbon neutral
Apple was sued by consumers who claimed that its claims that the three Apple Watches versions are "carbon neutral" or environmentally friendly were false and misleading. Seven purchasers of Apple Watch Series 9 SE and Ultra 2 with green tags filed a lawsuit on Wednesday at the San Jose federal court in California. They said that if they had known the truth, they would either not have purchased their watches, or they would have paid less. Apple, known for its iPhone, announced the launch of the watches in 2023. They claimed that they would be carbon-neutral through a combination lower emissions and the purchase of carbon offsets. The plaintiffs, from California, Florida, and Washington, D.C., said that two carbon offset projects, on which Apple relied in order to meet its corporate emission target, did not result in "genuine reductions" of carbon. The project's land was already heavily covered with trees before it began. The complaint stated that "in both cases, carbon reductions would not have happened without Apple's involvement in the projects or their existence," Apple's claims of carbon neutrality are misleading and false because they are based on the effectiveness and legitimacy these projects. According to the plaintiffs, 70% of U.S. consumers and Canadians consider environmental sustainability a crucial factor when purchasing products. This is according to a National Retail Federation study and IBM. Apple didn't immediately respond to comments on Thursday. Cupertino-based Apple has set a goal to become carbon neutral in 2030, and this includes its supply chain. The lawsuit filed on Wednesday seeks unspecified compensation and an injunction to prevent Apple from marketing three watches as carbon-neutral. Dib et al v Apple Inc., U.S. District Court for the Northern District of California No. 25-02043. Reporting by Jonathan Stempel, New York; Editing and proofreading by Hugh Lawson
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White House retracts Trump's statement about 65% EPA Staff Cuts
The White House on Friday retracted President Donald Trump's claim from the previous day that the Environmental Protection Agency planned to reduce its workforce by 65%, saying the environmental regulator had plans to cut spending by 65%. Trump surprised EPA workers on Wednesday by announcing at his first Cabinet meeting that EPA Director Lee Zeldin had told him the agency would "cut 65 or so per cent of people in environmental." Taylor Rogers, White House spokesperson, clarified Trump's Thursday statement. Rogers stated in a press release that "President Trump and DOGE are committed to cutting fraud and waste across all agencies." After identifying $20 billion in fraudulent spending, Zeldin has committed to eliminating 65% wasteful expenditures at the EPA. Trump also created confusion on Wednesday during the cabinet meeting, when he replied to a question about the start date of tariffs against Canada and Mexico by saying that they would begin April 2. White House officials said that Trump's March 4 deadline to impose 25% tariffs on Mexican or Canadian goods was still in effect. Zeldin announced on social media that he had "discovered" that the Biden Administration fraudulently distributed $20 billion to green groups. He is now trying to recover these funds from a bank holding them. Democratic lawmakers have reacted to what they consider Zeldin's illegal actions, claiming that funding was appropriated by the 2022 Inflation Reduction Act to organizations in the U.S. for the purpose of awarding grants to local communities to develop clean energy projects. Elon Musk, the tech billionaire, has announced that his Department of Government Efficiency will be making more sweeping cuts to career employees. These employees make up the majority of the 2.3-million strong civilian government workforce.
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G20 Finance Meeting fails to agree on a joint communique
The South African host of a meeting of central bankers and finance ministers from the Group of 20 failed to produce a communique. Instead, he issued a "chair summary" reiterating his commitment to resisting protectionism. The G20 summit in Cape Town this week was overshadowed due to the absence of key finance chiefs, and the cuts made by major economies such as the United States and Britain. The meeting was held in the backdrop of increasing geopolitical tensions, including the Ukraine conflict, trade and climate change. In the summary, it was stated that members "reiterated their commitment to resist protectionism" and "supported an open, rules-based multilateral trading system, which is non-discriminatory and fair. It's also inclusive, equitable, sustainable, and transparent." Enoch Godongwana, South Africa's finance minister, said that he "was not happy" about the G20 meeting being unable to issue a communique. The summary of the chair has become a common feature in multilateral meetings where participants have not reached a formal agreement. The report noted that growth patterns vary across countries and discussed various risks and trends. The summary stated that "Inflation is declining, thanks to well-calibrated policies, and the dissipation of supply shocks. However, progress has been uneven across countries."
Petrobras shares fall after unexpected capital expenditure surge
Petrobras, Brazil's state oil company, saw its shares fall 4% at the opening of Sao Paulo B3's exchange on Thursday after analysts were surprised by capital expenditures spending 15% over guidance for 2024.
The Brazilian oil giant announced on Wednesday that it spent $16.6 billion in capex last year, $2.1 billion more than the company's original guidance. This was reduced from $18.5 billion to $16.6 billion.
Petrobras has always spent less in previous quarters than it had planned. However, the company revised its forecast for the year downwards to better reflect reality.
Magda Chabriard, the CEO of Petrobras, has stated in recent speeches that her company is "stepping up the gas." Petrobras has been under pressure from Brazil's president Luiz Inacio Lula Da Silva to invest more in order to boost the economy and create local jobs.
Higher investment is a sign of a higher return.
Lower than expected results
Analysts expected higher dividends, but the company is set to pay out 9.1 billion reais (1.57 billion dollars) to shareholders for the fourth quarter.
The firm stated that the investments were based on anticipated expenditures. It also said it would maintain its 2025 guidance, with a 10% variation possible.
Petrobras has not updated its spending plan for 2025-2029.
$111 billion
. (Reporting and editing by Christina Fincher, David Alire Garcia and Fabio Teixeira)
(source: Reuters)