Estonia approves €2.8 billion defense boost to meet NATO targets
Estonia has passed a €2.8 billion defense funding bill, raising military spending to over 5% of GDP amid growing security concerns over Russia.
Greek central bank governor Yannis Stournaras warned in an interview with the Financial Times on Monday that US President Donald Trump’s new tariff measures could slow euro area economic growth by between 0.5 and 1 percentage point.
His comments come as EU nations consider targeted countermeasures on up to $28 billion of US imports - from items like dental floss to diamonds.
The 27-member bloc currently faces a 25% tariff on steel, aluminum, and cars, along with “reciprocal” tariffs of 20% on nearly all other goods, effective from Wednesday. Stournaras cautioned that the emerging global trade war might trigger a significant “negative demand shock” in the eurozone, potentially weakening economic activity and pushing inflation below central bank targets.
He explained, “A notable adverse impact on growth could lead to activity being much weaker than expected, dragging inflation below our targets.” The European Central Bank has estimated that a blanket 25% US tariff on European imports would reduce eurozone growth by 0.3 percentage points in the first year, a figure that could rise to half a percentage point if the EU enacts its own counter-tariffs.
Stournaras described the tariffs as deflationary measures and noted that some of the US actions have been “worse than expected,” contributing to an “unprecedented” degree of global policy uncertainty. With the next ECB rate decision set for April 17 and eurozone inflation easing to 2.2% in March from 2.3% in February, there is growing speculation about further interest rate cuts.
Trade between the US and the EU remains robust, with 2024 figures showing US imports from the EU at 334 billion euros, compared to 532 billion euros in EU exports to the United States. On April 2, Trump announced a 10% baseline tariff on all US imports along with higher duties on goods from roughly 60 countries, intensifying the trade dispute.
China has rolled out the world’s first 10-gigabit (10G) fixed broadband network in Xiong'an New Area, promising ultra-fast speeds and low latency through cutting-edge optical infrastructure.
The Holy Fire ceremony stands as one of Christianity's most enduring and mysterious rituals, drawing thousands of pilgrims to Jerusalem each year.
Pope Francis's relationship with Azerbaijan has evolved significantly over the years, characterized by diplomatic exchanges, promotion of religious tolerance, and peace advocacy in the Caucasus region.
Russia launched a major missile and drone assault on Kyiv overnight on April 24, killing at least twelve people and injuring 90, including children and a pregnant woman, according to Mayor Vitali Klitschko.
China’s pivot away from U.S. liquefied petroleum gas under new tariffs is shaking global energy flows, slashing demand, and fuelling a scramble for alternatives across Asia, with Middle Eastern suppliers and rival buyers seizing the moment.
President Donald Trump on Thursday signed an executive order aimed at boosting the deep-sea mining industry, marking his latest attempt to boost U.S. access to nickel, copper and other critical minerals used widely across the economy.
Uzbekistan and Iran have agreed to establish a Joint Business Council aimed at fostering development of business ties and facilitating the resolution of issues between entrepreneurs from both countries.
Brussels has fined Apple and Meta over €700 million combined, launching its first crackdown under the Digital Markets Act aimed at curbing big tech’s power and boosting competition in the digital economy.
The Trump administration is considering reducing tariffs on Chinese imports, aiming to ease tensions with Beijing as trade negotiations continue, a source familiar with the matter said on Wednesday.
Iran informed China on Wednesday about ongoing nuclear negotiations with the US, expressing a commitment to diplomacy despite past setbacks and urging stronger bilateral cooperation under their 25-year strategic agreement.
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