U.S. President Donald Trump announced plans for new tariffs on steel and semiconductor imports, aiming to boost domestic manufacturing while offering initial exemptions for companies investing in the U.S.
"I'll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump told reporters aboard Air Force One as he headed to a meeting with Russian President Vladimir Putin in Alaska.
Trump explained that the new tariffs would start at a lower rate to give companies time to expand U.S. manufacturing, before increasing sharply later, following a similar approach he has used for pharmaceutical tariffs.
Trump’s trade policies have already disrupted global commerce, with steep tariffs on many countries’ exports and specific sectors like automotive.
Earlier this year, he raised steel and aluminum tariffs to 25% in February, then signaled a possible rise to 50% in May to support U.S. manufacturers.
While it’s unclear if further increases on metals are planned, Trump recently announced a 100% tariff on semiconductor imports, with exemptions for companies committing to U.S. production.
His announcement coincided with Apple revealing an additional $100 billion investment in its U.S. operations.
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From McDonald’s and Coca-Cola to Apple and Amazon, some of America’s biggest brands are facing boycott calls in India after Washington imposed steep 50% tariffs on Indian goods.
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
India and Russia reaffirmed their strategic partnership just a day after the U.S. imposed steep tariffs on Indian goods over its continued oil trade with Moscow.
More tariffs, more tension — President Donald Trump has triggered a sweeping new round of import duties, hitting 69 countries and pressurising major economies. The move comes as he celebrated his excitement on Truth Social late Wednesday about the billions of dollars expected to flow into the U.S.
British paratroopers and military medics have been deployed to Tristan da Cunha after a suspected hantavirus case was confirmed, as first evacuation flights carrying passengers from the stricken MV Hondius cruise ship left Tenerife for Madrid and Paris.
Indonesian rescue teams have located two Singaporeans who went missing after Mount Dukono erupted on Friday (8 May) on the island of Halmahera, though authorities say it remains unclear whether they are alive.
A memorandum of understanding has been signed between Baku State University (BSU) and the international television channel AnewZ, marking a new stage of cooperation in journalism education and media development.
British Prime Minister Keir Starmer vowed to carry on as leader on Friday (8 May) after his ruling Labour Party suffered heavy losses in local elections. Labour lost hundreds of councillors across the country, as some figures in the party said he should stand down.
China’s leading chipmakers are funnelling unprecedented sums into research and development as Beijing accelerates efforts to reduce reliance on foreign technology amid intensifying U.S. export restrictions.
Australia confirmed it will repatriate citizens from the MV Hondius cruise ship hit by a deadly hantavirus outbreak, with quarantine on arrival. Spain, France are evacuating nationals as three deaths are confirmed. In the U.S., two passengers have been isolated after testing positive for the virus.
China’s leading chipmakers are funnelling unprecedented sums into research and development as Beijing accelerates efforts to reduce reliance on foreign technology amid intensifying U.S. export restrictions.
Centre-right leader Péter Magyar was sworn in as Hungary’s prime minister on Saturday, propelled into office on promises of change after years of economic stagnation and strained ties with key allies under his predecessor Viktor Orbán.
The United Nations Committee on the Elimination of Racial Discrimination (CERD) has warned that France risks undermining the self-determination rights of the Kanak Indigenous People in New Caledonia amid proposed political and constitutional reforms.
Somalia is facing a severe malnutrition crisis and urgently needs additional humanitarian funding to prevent conditions deteriorating further, the World Food Programme has warned.
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