UN chief calls for immediate ceasefire amid Gaza humanitarian crisis
UN Secretary-General António Guterres on Thursday warned that the humanitarian situation in the Gaza Strip has reached a critical level and called fo...
High tariffs are expected to remain a core feature of Donald Trump's trade policy even after new trade agreements are reached, according to several current and former advisers who spoke with Reuters.
Despite internal differences over the theory behind tariffs, most advisers agree the U.S. will emerge from ongoing trade negotiations with elevated duties on imports.
Trump’s recent imposition of tariffs last month has roiled global markets, angered trade partners, and contributed to a slowdown in the world economy. The U.S. economy contracted in the first quarter of 2025—the first time since 2022—as trade weighed heavily on growth. Opinion polls show growing voter concern over Trump’s tariff strategy and overall economic management.
Stephen Miran, chair of the Council of Economic Advisers, told Reuters that Trump is redefining U.S. trade strategy and argued that volatility in markets and data is temporary. He supported the idea of an “optimal tariff rate” that could boost both tax revenue and economic performance. While Miran previously published a paper suggesting a 20% tariff rate could benefit the U.S., he clarified the paper predated his current role and does not represent administration policy.
Peter Navarro, Trump’s senior counselor for trade and manufacturing, also backed the concept of an optimal tariff. He argued tariffs could correct trade imbalances and bring back jobs, calling current efforts “the last chance” to reverse decades of unfair trade.
On Friday, Trump signaled further escalation, saying tariffs of 80% on Chinese goods “seems right,” just ahead of planned trade talks with Beijing. A limited bilateral deal with the UK announced Thursday kept a 10% tariff on British exports, while easing restrictions on cars and agriculture.
However, economists remain deeply divided. Nouriel Roubini, known for predicting the 2008 financial crisis, said under a baseline scenario with average tariffs at 10%—and 60% on China—inflation could rise to 4%, potentially triggering a recession by year’s end. He warned that higher tariffs could result in a deeper global downturn.
Former Treasury official Lawrence Summers also cautioned that broad-based tariffs could lead to a recession, noting there may be limited cases for targeted tariffs but not for sweeping restrictions.
Trump’s aggressive trade stance—long a feature of his political identity—has become more potent in his second term. According to former Commerce Secretary Wilbur Ross, the administration has discovered extensive executive powers to impose tariffs unilaterally. Trump now wields greater control over Congress and the Republican Party, giving him freer rein to link tariffs to issues such as national security and fentanyl trafficking.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
At least seven people remain missing following a massive explosion at a fireworks warehouse in the town of Esparto, Northern California, according to a report by NBC News citing local officials.
A delegation from Azerbaijan, led by MP Qaya Məmmədov, took part in the annual session of the Organisation for Security and Cooperation in Europe Parliamentary Assembly (OSCE PA), held from 28 June to 3 July in Porto, Portugal.
Chinese scientists have unveiled PlantGPT, the first large language model-based artificial intelligence designed specifically for plant functional genomics.
UN Secretary-General António Guterres on Thursday warned that the humanitarian situation in the Gaza Strip has reached a critical level and called for an immediate and lasting ceasefire. He emphasised that vital infrastructure is on the verge of collapse due to a severe fuel shortage.
The US House of Representatives approved a significant tax-cut and spending bill on Thursday, passing it by a narrow margin of 218 to 214. The legislation has now been sent to President Donald Trump for his signature.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment