President Donald Trump stepped back—slightly. On Tuesday, he signed a new order softening his auto tariffs just days before fresh 25% duties were set to hit imported car parts.
The move offers temporary relief. U.S. carmakers will be able to claim credits worth up to 15% of the value of vehicles assembled domestically, using them to offset import costs. It’s a narrow path to stability in an industry still caught in a whirlwind.
The White House framed it as a measure of support. “We didn’t want to penalise them,” Trump said before heading to Michigan, home of the U.S. auto legacy. But behind the words lies a deeper tension—between protectionist ambition and economic disruption.
Auto firms had been lobbying hard. The tariffs threatened a production model that spans borders—integrating U.S., Mexican, and Canadian supply chains. General Motors, facing the uncertainty head-on, withdrew its annual forecast and delayed its investor call.
Others followed. UPS announced 20,000 job cuts. Electrolux and Kraft Heinz warned that chaotic trade policies are making long-term planning almost impossible. In total, more than 40 companies have adjusted their earnings guidance in just two weeks.
Markets, for now, responded with optimism. A vague signal from Commerce Secretary Howard Lutnick—claiming a deal with a foreign partner, pending local approval—helped lift stocks. The S&P 500 closed higher for a sixth straight session.
But the fundamentals are softening. U.S. GDP is expected to have grown by just 0.3% in the first quarter, dragged down by import surges and consumer stockpiling. Trump’s 90-day pause on broader tariffs has done little to calm broader fears.
His administration hopes to finalise 90 trade deals in the same 90 days. But for most businesses, the clock is ticking louder than the promises.
“Every single prediction has been proved wrong,” said Electrolux CEO Yannick Fierling. At this point, markets aren’t asking for precision—they’re asking for clarity.
The world is likely to experience record-breaking temperatures through 2029, with the Arctic expected to warm at more than three times the global average, the UN weather agency warned in a new report.
UK’s largest water firm Thames Water has been hit with a record £122.7 million fine by Ofwat after the regulator concluded its most extensive investigation ever into the company's environmental violations and dividend practices.
Following high-level talks in Astana, President of Kazakhstan Kassym-Jomart Tokayev and President of Rwanda Paul Kagame adopted a joint statement and oversaw the exchange of nine cooperation documents between their countries.
U.S. President Donald Trump said he is reluctant to impose new sanctions on Russia, warning that such measures could jeopardize efforts to reach a ceasefire in Ukraine.
Top U.S. banks are quietly preparing to enter the crypto market through cautious pilot programs and partnerships, as regulators offer clearer signals. While enthusiasm grows, most lenders remain hesitant, seeking more clarity on rules before committing heavily.
A massive glacier collapse has destroyed most of the Swiss village of Blatten, leaving one person missing and nearly the entire town buried under debris.
Germany has dismissed Russian accusations of warmongering, defending its support for Ukraine’s missile development as a stand for international law.
The Czech government has summoned China’s ambassador over a cyberattack it says targeted the foreign ministry’s communications during its 2022 EU presidency.
Italy's Prime Minister Giorgia Meloni will host French President Emmanuel Macron for talks in Rome on June 3, Meloni's office said on Wednesday.
Under the stars in Rome, Dior unveiled its cruise and haute couture 2026 collections with a dreamy runway show inspired by Italian cinema and theatre.
AnewZ takes to the streets of Yerevan and Baku to ask a simple yet deeply complex question: How do you see peace between Armenia and Azerbaijan? In the first part of our special report, we hear the hopes, doubts, and scars still shaping people’s perspectives on both sides.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
On May 28, the inauguration ceremony of Lachin International Airport was held.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Kyiv faced a large-scale Russian drone and missile assault overnight, with explosions and gunfire echoing throughout the city, forcing residents to shelter in subway stations.
A massive glacier collapse has destroyed most of the Swiss village of Blatten, leaving one person missing and nearly the entire town buried under debris.
Germany has dismissed Russian accusations of warmongering, defending its support for Ukraine’s missile development as a stand for international law.
The Czech government has summoned China’s ambassador over a cyberattack it says targeted the foreign ministry’s communications during its 2022 EU presidency.
Italy's Prime Minister Giorgia Meloni will host French President Emmanuel Macron for talks in Rome on June 3, Meloni's office said on Wednesday.
The International Labour Organization (ILO), headquartered in Geneva, has announced the loss of around 225 jobs due to significant funding cuts, mainly caused by the reduction of voluntary contributions from the United States under President Donald Trump.
A massive glacier collapse has destroyed most of the Swiss village of Blatten, leaving one person missing and nearly the entire town buried under debris.
Germany has dismissed Russian accusations of warmongering, defending its support for Ukraine’s missile development as a stand for international law.
The Czech government has summoned China’s ambassador over a cyberattack it says targeted the foreign ministry’s communications during its 2022 EU presidency.
Italy's Prime Minister Giorgia Meloni will host French President Emmanuel Macron for talks in Rome on June 3, Meloni's office said on Wednesday.
Under the stars in Rome, Dior unveiled its cruise and haute couture 2026 collections with a dreamy runway show inspired by Italian cinema and theatre.
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