live Iran, U.S. make competing claims over control of Strait of Hormuz
Iran says the Strait of Hormuz remains under its control, rejecting U.S. President Donald Trump’s claim of “total control” over t...
U.S. President Donald Trump is warning that the 25% tariffs on British steel imports may remain unless the UK provides specific assurances about the Indian-owned Tata Steel plant at Port Talbot, amid ongoing trade negotiations following a partial G7 agreement.
Despite a recent trade deal between the U.S. and UK that reduces tariffs on British car exports and aerospace products, steel tariffs remain a contentious issue. Trump has made clear that he may maintain a 25% tariff on UK steel unless the UK government offers guarantees concerning the Port Talbot steelworks in south Wales.
The trade agreement, agreed between Trump and UK Prime Minister Keir Starmer during the G7 summit, cuts tariffs on up to 100,000 British cars from 27.5% to 10% and eliminates tariffs on aerospace goods. However, it did not include the removal of steel tariffs.
UK officials continue negotiations on steel and aluminium tariffs, with concerns in Washington about Tata Steel’s import of raw materials, following the closure of blast furnaces at Port Talbot last year. Tata now imports materials mainly from its other sites in the Netherlands and India until it opens a new electric arc furnace in 2027.
U.S. trade rules require steel to be “melted and poured” in the exporting country to qualify for tariff exemptions. While the U.S. is considering granting an exemption for Tata, it is seeking detailed guarantees about the timeline for switching to the new furnace and transparency on the supply chain’s origin and tracking.
Starmer acknowledged ongoing work on steel tariffs but remains optimistic about progress. The UK government is hopeful that Tata’s lack of raw steel imports from China will aid in persuading the US to include all British steel exports in the deal.
Disruption in the Strait of Hormuz has increased the strategic importance of Bab al-Mandab, raising fears that instability in both waterways could trigger a wider global energy and trade crisis.
Flights at Catania airport in Sicily will remain suspended until early Friday as ash from Mount Etna continues to disrupt air travel, following hundreds of cancellations and diversions over the past week.
Iran says the Strait of Hormuz remains under its control, rejecting U.S. President Donald Trump’s claim of “total control” over the strategic waterway and insisting it will not reopen until Washington fulfils its commitments under an interim deal.
Iran and the United States remain at loggerheads over efforts to agree a permanent end to the war in the Gulf, according to a senior Iranian source who said there had been no progress in talks to revive the interim deal agreed in June and define a timeframe to implement it.
Russia has accused Ukraine of threatening global grain supplies after recent strikes on Black Sea agricultural infrastructure, while Moscow carried out a new overnight attack on Ukraine’s major Danube port of Izmail.
Online fast-fashion platform Shein lost a London copyright lawsuit against rival Temu on Thursday over photographs used to promote some products.
Norway’s $2.3 trillion sovereign wealth fund has revealed a 0.05 per cent stake in SpaceX worth $1.22 billion, marking its first reported holding in Elon Musk’s space company.
U.S. data analytics firm Palantir Technologies has reported a 93 per cent year-on-year jump in second-quarter revenue, even as the company faces continued criticism over its work with Israel's military and allegations linking its technology to the war in Gaza.a.
Rising trade across the Caspian Sea is strengthening Georgia’s role as a logistics hub and could help the country develop higher-value industries, according to the Asian Development Bank (ADB).
Ford raised its full-year earnings forecast after reporting stronger-than-expected second-quarter adjusted profit, as resilient demand for its vehicles and operational improvements helped offset tariff-related costs.
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