Oil prices fall as Iran vows retaliation over U.S. sanctions
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concer...
The European Parliament’s trade chief has urged a temporary suspension of the EU–U.S. trade agreement approval, citing “tariff chaos” following President Donald Trump’s new 15% tariffs and a U.S. Supreme Court ruling invalidating his previous global tariff programme.
Bernd Lange, chair of the European Parliament’s Committee on International Trade, said on Sunday that he will propose formally pausing the ratification of the trade deal until clarity and legal certainty are provided by the U.S. He plans to submit the proposal on Monday, emphasising that further steps should be delayed until the U.S. makes clear commitments.
The European Commission had demanded earlier that the United States honour the terms of last year’s EU–U.S. trade agreement.
The Commission, which negotiates trade policy for the 27 EU member states, said Washington must provide “full clarity” on its next steps, stressing that “a deal is a deal” and warning that unpredictable tariffs undermine confidence in global markets.
On Friday (20 February), the Supreme Court ruled 6-3 that Trump had exceeded his authority in imposing sweeping tariffs under an economic emergency law.
Within hours, the president announced a temporary 10% tariff on nearly all imports, before raising it to 15% on Saturday, the maximum permitted under Section 122 of U.S. trade law without extended congressional approval.
Last year’s EU-U.S. agreement set a 15% U.S. tariff rate for most EU goods, with exemptions for certain sectors such as aircraft and spare parts, while the EU agreed to lift duties on many American products and suspend retaliatory measures.
The Commission said EU products must continue to benefit from the “most competitive treatment” under the agreed ceiling and confirmed that EU Trade Commissioner Maroš Šefčovič had discussed the issue with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick.
Despite the court ruling, Trump signalled he would continue pursuing alternative legal avenues to impose tariffs, saying he would use the 150-day window under Section 122 to develop other “legally permissible” trade measures.
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concerns over potential disruption to regional oil supplies.
Ukraine’s President Volodymyr Zelenskyy said on Monday that Kyiv wants peace but will not surrender to Russia, as foreign leaders joined Independence Day events marking 35 years since Ukraine’s independence.
Kyiv has recently received a small number of U.S.-made Patriot interceptors capable of downing Russian ballistic missiles, Ukrainian President Volodymyr Zelenskyy has said. It comes as Britain and France pledged stronger military support for Ukraine.
Only four commodity vessels crossed the Strait of Hormuz on Sunday, following 13 transits a day earlier, as disruptions continue to restrict traffic through the key energy chokepoint.
A newly created pro-government political party has secured a commanding victory in Kazakhstan's snap parliamentary election, according to exit polls, strengthening President Kassym-Jomart Tokayev's influence at a pivotal moment in the country's political transition.
Kyiv has recently received a small number of U.S.-made Patriot interceptors capable of downing Russian ballistic missiles, Ukrainian President Volodymyr Zelenskyy has said. It comes as Britain and France pledged stronger military support for Ukraine.
Canada has announced nearly $20 billion in retaliatory tariffs on U.S. goods and billions in support for workers and businesses, escalating its trade dispute with Washington after President Donald Trump's latest duties took effect.
Pakistani exporters are facing soaring shipping costs to the U.S., with freight rates more than tripling on some routes as the Iran-U.S. conflict drives up war-risk insurance and fuel costs.
The trial of a Libyan man accused of building the bomb that destroyed Pan Am Flight 103 over the Scottish town of Lockerbie in 1988, killing 270 people, has been postponed by a U.S. federal judge.
France and Saudi Arabia have agreed on plans for a $7 billion manga-themed amusement complex near Paris, inspired by the hugely popular Japanese franchise Dragon Ball Z.
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