BRICS leaders meeting in Rio de Janeiro from Sunday are expected to decry US President Donald Trump's "indiscriminate" trade tariffs, saying they are illegal and risk hurting the global economy. It warns that such measures "threaten to further reduce global trade" and are "affecting the prospects for global economic development."
The World Trade Organization chief said Wednesday the US-China tariff war could reduce trade in goods between the two economic giants by 80 percent, pulling down the rest of the world economy. President Donald Trump raised tariffs on China to 125 percent on Wednesday as the world's two largest economies fought over retaliatory levies.
Argentina is bracing for fresh austerity protests Wednesday, with a 24-hour general strike slated to start at midnight against President Javier Milei, who remains focused on Washington and a new IMF loan. Thursday's labor action will be the third general strike in budget-slashing Milei's 16-month-old presidency, and was called by unions to protest his brand of "chainsaw" austerity.
German auto giant Volkswagen said Wednesday that tariffs on car imports into the United States ordered by President Donald Trump had dragged down its first quarter operating profit. Trump last month announced a 25-percent tariff on autos imported to the United States, which is the number one destination for German car exports.
Heritage Bank’s operating license was revoked in June 2024, and the Nigeria Deposit Insurance Corporation took over its assets to liquidate and settle depositors.
The arrests were made in a South-eastern state in Nigeria, after the commission received a tip-off about the unauthorised buying of NIN from the public.
US President Donald Trump brushed off global market panic Wednesday after China and the European Union announced retaliatory tariffs, telling Americans to stay "cool" despite his spiraling trade war.
Delta Air Lines withdrew its full-year profit forecast Wednesday and shelved some planned capacity hikes, pointing to a weakening demand outlook amid recession worries and worsening trade wars. In March, Delta had trimmed its first quarter forecast on the weakening outlook.
Recently published data show that the US import from Nigeria in January and February 2025 amounted to about $643 million amid 25 banned items from the US.
US Treasury Secretary Scott Bessent warned countries Wednesday against aligning with China on trade, as he defended President Donald Trump's move to remake the world's biggest economy through sweeping tariffs that have stoked market turmoil.
Economy
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