Tag Archives: Economics

Trump threatens tariffs on EU goods and Apple iPhones

Trump threatens tariffs on EU goods and Apple iPhones

US President Donald Trump has said he is “recommending” a 50% tariff on all goods from the European Union being imported to the United States. “Our discussions with them are going nowhere!”, he said in a post on social media on Friday. He said the new tariffs kick in on 1 June. The announcement marks an escalation of Trump’s trade war with the EU. He initially proposed a 20% tariff on most EU goods, but halved it to 10% until 8 July to allow time for talks. The president also threatened to impose a 25% import tax on iPhones not manufactured in America. “I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured

Oil still runs the world, but its role in geopolitics is changing

Oil still runs the world, but its role in geopolitics is changing

China and the rest of the world remain thirsty for oil. That means the commodity’s central and volatile role in geopolitics continues, with decades-old realities driving economics, trade, alliances and conflicts for the countries dependent on fossil fuels. Yet, change lies ahead. Last month’s short-lived rally underscores oil’s mercurial clout. Brent crude hit a four-month high of US$82 a barrel after the United States expanded sanctions on Russia and Iran. Oil-supply news shocks continue to have an immediate and enormous impact on the global economy; other policy shifts such as tariff increases matter too. Meanwhile, after years of production cuts, Opec+ members refuse to ramp up supplies before April, if even then. US President Donald Trump wants America to “drill, baby, drill” , thereby forcing prices down to the detriment