Global markets are rattled after U.S. President Donald Trump threatened new tariffs on eight European countries over Greenland, sending the euro to a seven-week low and raising concerns about renewed transatlantic trade tensions.
Trump announced that a 10% import tariff would hit goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain from 1 February, rising to 25% from 1 June unless the U.S. is allowed to buy Greenland.
Major European Union states condemned the threats as blackmail. France is pushing to activate the bloc’s Anti-Coercion Instrument, which could limit U.S. access to public tenders, investments, or trade in services.
As Asian markets opened, the euro fell 0.2% to $1.1572, its lowest since November, while sterling dipped and the yen strengthened against the dollar.
"Hopes that the tariff situation has calmed down for this year have been dashed," said Berenberg chief economist Holger Schmieding.
Capital Economics estimates a 10% tariff could reduce UK and German GDP by 0.1%, while a 25% tariff might shave 0.2–0.3% off output. European stocks remain near record highs, with defence shares up nearly 15% this month amid rising geopolitical tensions.
Safe-haven gold stayed near record highs, while bitcoin remained stable at around $95,330. Analysts warned that escalation could pressure the dollar and global tech valuations if investors repatriate capital to Europe.
"This is more a weaponization of capital than trade flows, and it could be highly disruptive," said Deutsche Bank FX chief George Saravelos.
Trump’s move comes as the EU signs a free trade deal with Mercosur and as other global hot spots, including Iran and U.S. Fed tensions, add uncertainty to markets.
Amid fragile calm, António Guterres urged constructive U.S.- Iran talks, while Pope Leo XIV warned violence is spreading. Lebanon's Pres...
Afghanistan’s foreign ministry says the Asian Development Bank (ADB) has pledged continued cooperation after...
Iran’s Supreme Leader Ayatollah Seyed Mojtaba Khamenei has declared a “decisive victory” over the U.S. and Israel, signalling a &...
A charity co-founded by Prince Harry in honour of his late mother, Princess Diana, is suing him for libel at the High Court in London, according to...
Uzbekistan is advancing plans to reduce the state’s role in the economy while introducing a VAT refund system for foreign visitors, as part o...
Hungary votes on Sunday in a parliamentary election that could loosen Viktor Orbán’s 16-year hold on power. His ruling Fidesz faces a strong challenge from Péter Magyar’s Tisza party, which has led some polls, though many voters remain undecided.
Chinese President Xi Jinping has told Taiwan opposition leader Cheng Li-wun that “people on both sides of the Taiwan Strait are Chinese” and that the future of cross-strait ties should be decided by “the Chinese people themselves”.
Israeli Prime Minister Benjamin Netanyahu says he has given an instruction for Israel to begin peace talks with Lebanon that would also include the disarming of Hezbollah.
More than a million Sudanese refugees now face drastic cuts to life-saving aid, including food and water, after major funding shortfalls have left humanitarian agencies struggling to cope.
Israeli Prime Minister Benjamin Netanyahu says he has given an instruction for Israel to begin peace talks with Lebanon that would also include the disarming of Hezbollah.
Afghanistan and Pakistan have agreed to continue dialogue and avoid steps that could worsen tensions after China-hosted talks in Urumqi, with Kabul and Beijing saying the meetings focused on easing differences and improving relations.
Amid fragile calm, António Guterres urged constructive U.S.- Iran talks, while Pope Leo XIV warned violence is spreading. Lebanon's President said an Israeli strike killed 13 security personnel in Nabatieh.
Memorial events were held in Tehran’s main squares on Wednesday (8 April) to mark the 40th day since the killing of former Supreme Leader Ayatollah Ali Khamenei, who died during U.S.-Israeli attacks on 28 February.
Dubai has restricted foreign airlines to one daily flight to its airports until 31 May due to the Iran crisis, raising fears of significant revenue losses for Indian carriers, industry letters show.
A French fashion label is placing China at the heart of its global ambitions, choosing Shanghai for its worldwide debut in a move that shows growing confidence in the country’s consumer market and cultural influence.
Walt Disney is planning to cut up to 1,000 jobs in the coming weeks, with many of the reductions expected to affect its marketing division, The Wall Street Journal reported on Wednesday, citing sources familiar with the plans.
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
The U.S. national average retail price of petrol rose above $4 a gallon for the first time in over three years on Monday (30 March), according to GasBuddy data, as the U.S.–Israeli war with Iran continued to roil global energy markets.
Japan and Indonesia will deepen coordination on energy security, Tokyo said, as the U.S.-Israeli war on Iran disrupts vital oil and gas flows to Asia.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment