Trump signs order to gut Voice of America, other agencies
U.S. President Donald Trump signed an order cutting funding to Voice of America’s parent agency, forcing staff out.
Wall Street futures slipped and the dollar strengthened on Monday after President Donald Trump reaffirmed plans for 25% tariffs on steel and aluminium, fueling concerns over trade tensions and inflation.
Speaking aboard Air Force One, Trump confirmed that tariffs on all steel and aluminium imports would be announced on Monday, with additional trade measures following on Tuesday or Wednesday. The comments heightened concerns over a potential trade war, especially after German Chancellor Olaf Scholz warned that the European Union would respond "within an hour" if U.S. tariffs targeted European goods.
China is also set to enforce retaliatory tariffs on U.S. exports, with no breakthrough in negotiations between Beijing and Washington. Analysts predict that currencies of targeted nations will weaken against the dollar, allowing them to offset the impact of new tariffs and remain competitive in trade.
Markets are also factoring in the inflationary risks of new tariffs, which could limit the Federal Reserve’s ability to cut interest rates. Investors had already lowered their expectations for Fed rate cuts this year, following strong U.S. employment data.
Dollar Gains as Yields Rise
The dollar index rose 0.3% to 108.38, with the euro slipping to $1.0295 and the Australian dollar falling 0.5% to $0.6245. The yen remained steady at 151.32, as speculation grows over a potential Bank of Japan rate hike in the coming months.
Stock market futures turned negative, with S&P 500 futures slipping 0.2%, Nasdaq futures down 0.3%, and Nikkei futures falling to 38,415 from Friday’s close of 38,787.
Tariff Impact on Corporate Earnings
Concerns over trade policy uncertainty weighed on investor sentiment. Analysts at Goldman Sachs warned that the effective U.S. tariff rate could rise by five percentage points, reducing earnings per share by 1% to 2% in 2025.
Gold Prices Hold Near Record Highs
Despite a stronger dollar and rising bond yields, gold prices remained firm at $2,860 per ounce, after hitting a record $2,886. Reports suggest increased demand for physical gold shipments to the U.S. amid speculation that Trump could impose tariffs on the metal.
As markets brace for new trade measures, investors remain focused on inflation risks, Fed policy moves, and the impact of escalating tariff disputes on global trade flows.
XPeng Motors plans to mass-produce flying cars by 2026, becoming the first company globally to do so. CEO He Xiaopeng also highlighted advancements in autonomous driving and humanoid robotics as part of the company’s future tech initiatives.
World leaders welcomed the 30-day ceasefire proposal that Ukraine has agreed to, calling it a step toward ending the conflict with Russia.
In Tuesday’s closely watched parliamentary election, Greenland’s pro-business opposition Demokraatit party took a commanding lead after over 90% of the ballots were counted.
Regarding the Armenia-Azerbaijan process, we cannot forget the years of occupation, and we will not forget them, President Ilham Aliyev said in his speech at the opening ceremony of the 12th Global Baku Forum.
BioNTech forecasts a revenue decline for 2025, expecting between 1.7 billion and 2.2 billion euros, down from 2.75 billion euros last year. This drop is due to Pfizer write-downs and stable vaccination rates. BioNTech also plans significant job cuts and new hires.
Germany's election-winning conservative CDU/CSU bloc, led by Friedrich Merz, and the Social Democrats (SPD) have reached an agreement in principle with the Greens on a significant increase in state borrowing ahead of next week’s parliamentary vote.
BMW expects a €1 billion loss for 2025 due to the US-EU tariff dispute, including a 25% duty on certain vehicles and tariffs on its China-made electric cars. The company hopes not all tariffs will remain for the full year.
Uzbekistan has signed an agreement with French and Japanese companies to initiate uranium production in the Navoi region by the end of 2025.
The United States imposed sanctions on Thursday on Iran's Oil Minister Mohsen Paknejad and some Hong Kong-flagged vessels that are part of a shadow fleet that helps disguise Iranian oil shipments, the Treasury Department said.
Türkiye’s state-owned Turkish Petroleum Corporation signed a joint venture agreement with U.S. oil giants Continental Resources and TransAtlantic Petroleum, Turkish Energy Minister Alparslan Bayraktar announced.
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