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
Tag Archives: Economics
06
Feb
Feb
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