The ongoing trade war, fueled by sweeping tariffs imposed by U.S. President Donald Trump, continues to disrupt global markets.
As tensions escalate, the Japanese yen and Swiss franc have seen increased demand from investors seeking safe-haven assets, reflecting growing concerns about the potential for a global recession. The U.S. dollar has weakened against both the yen and the euro, as markets brace for a prolonged conflict between the world’s two largest economies.
Canada and Mexico, as top trading partners of the U.S., are particularly vulnerable to the impact of tariffs due to their heavy reliance on U.S. exports. On the other hand, while China and the EU have valuable exports, a smaller percentage of their goods are directed to the U.S., providing them with a slightly more diversified trade base.
China has made it clear that it will retaliate if President Trump escalates tariffs further, including the possibility of a 104% increase in duties. In response to Trump’s announcement of reciprocal tariffs, Beijing has imposed a 34% tariff on American goods. China’s Commerce Ministry has expressed "resolute opposition" to U.S. tariff threats and pledged to safeguard its interests through countermeasures.
Despite the ongoing trade tensions, European markets have shown significant resilience, recording gains after a four-day losing streak. On Tuesday, major stock markets surged, recovering from heavy losses, with U.S. Treasury yields rising for the second consecutive day. Wall Street’s main indexes also partially rebounded, driven by optimism that the U.S. may be open to negotiating its tariff policies. Technology and financial stocks led the recovery.
In Europe, the pan-European Stoxx 600 index climbed 1.1%, recovering some of the steep losses incurred over concerns of a potential global recession. Despite this positive movement, investor sentiment remains fragile as sector-specific tariffs, particularly on steel, aluminum, and automobiles, continue to affect industries, especially within the European Union. Ongoing talks with President Trump regarding a "zero-for-zero tariffs" deal have added an element of uncertainty to the situation.
As the trade war unfolds, the global financial system is on edge. Investors are closely monitoring developments in the U.S.-China dispute, hoping for signs of negotiation but bracing for further escalation. With both countries locked in a battle of tariffs and countermeasures, the global economy faces an uncertain future.
A magnitude-6.3 earthquake jolted Ecuador’s Pacific coast near Esmeraldas early Friday, sending residents into the streets but causing no immediate damage or tsunami alert, according to the European-Mediterranean Seismological Centre.
In an expansive interview marking his first 100 days back in office, President Donald Trump sketched out an agenda that touches everything from punitive tariffs and China policy to cease-fire hopes in Ukraine and an overhaul of domestic programmes. Below are the highlights.
U.S. President Donald Trump told *Time* on Friday that he and China’s Xi Jinping are negotiating a tariff deal and have spoken by phone—an account Beijing continues to challenge.
A top envoy from President Donald Trump’s administration arrived in Moscow for talks with President Vladimir Putin on Thursday, just hours after a high-ranking Russian general was assassinated in a rare car bomb attack in the capital.
Russia and Iran have signaled their commitment to deepen energy cooperation by working on new overland gas corridors, according to a statement from the Russian Cabinet.
Estonia has passed a €2.8 billion defense funding bill, raising military spending to over 5% of GDP amid growing security concerns over Russia.
George Santos, a former U.S. congressman, has been sentenced to over seven years in prison after being convicted of fraud and identity theft.
The World Food Programme has warned that its food supplies in Gaza have run out, leaving hundreds of thousands at risk as charity kitchens face imminent shutdown.
Ukrainian President Zelenskiyy said Kyiv cannot reclaim Crimea by force, as tensions grow over Trump’s peace plan proposal.
A Wisconsin judge has been charged with obstruction after allegedly helping an undocumented immigrant evade arrest in her courthouse.
China has rolled out the world’s first 10-gigabit (10G) fixed broadband network in Xiong'an New Area, promising ultra-fast speeds and low latency through cutting-edge optical infrastructure.
The Holy Fire ceremony stands as one of Christianity's most enduring and mysterious rituals, drawing thousands of pilgrims to Jerusalem each year.
Pope Francis's relationship with Azerbaijan has evolved significantly over the years, characterized by diplomatic exchanges, promotion of religious tolerance, and peace advocacy in the Caucasus region.
Russia launched a major missile and drone assault on Kyiv overnight on April 24, killing at least twelve people and injuring 90, including children and a pregnant woman, according to Mayor Vitali Klitschko.
China’s pivot away from U.S. liquefied petroleum gas under new tariffs is shaking global energy flows, slashing demand, and fuelling a scramble for alternatives across Asia, with Middle Eastern suppliers and rival buyers seizing the moment.
Estonia has passed a €2.8 billion defense funding bill, raising military spending to over 5% of GDP amid growing security concerns over Russia.
George Santos, a former U.S. congressman, has been sentenced to over seven years in prison after being convicted of fraud and identity theft.
The World Food Programme has warned that its food supplies in Gaza have run out, leaving hundreds of thousands at risk as charity kitchens face imminent shutdown.
Ukrainian President Zelenskiyy said Kyiv cannot reclaim Crimea by force, as tensions grow over Trump’s peace plan proposal.
A Wisconsin judge has been charged with obstruction after allegedly helping an undocumented immigrant evade arrest in her courthouse.
Estonia has passed a €2.8 billion defense funding bill, raising military spending to over 5% of GDP amid growing security concerns over Russia.
George Santos, a former U.S. congressman, has been sentenced to over seven years in prison after being convicted of fraud and identity theft.
The World Food Programme has warned that its food supplies in Gaza have run out, leaving hundreds of thousands at risk as charity kitchens face imminent shutdown.
Ukrainian President Zelenskiyy said Kyiv cannot reclaim Crimea by force, as tensions grow over Trump’s peace plan proposal.
A Wisconsin judge has been charged with obstruction after allegedly helping an undocumented immigrant evade arrest in her courthouse.
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