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US President Donald Trump's announcement of sweeping tariffs this week is set to impact various sectors of the economy, from restaurant owners to industrial manufacturers. A new 10 percent tariff on most US trading partners, effective Saturday, adds to existing duties, particularly a staggering 54 percent on Chinese imports, which has alarmed manufacturers like Brett Gitter, who faces rising costs. Similarly, Oregon restaurateur Andrew Fortgang is concerned about a new 20 percent tariff on European wines, which constitutes a significant portion of his revenue. The US Wine Trade Alliance has criticized the tariffs as detrimental to small businesses, predicting higher prices for consumers. Meanwhile, craft brewer Bill Butcher faces uncertainty in his supply chain due to previous tariffs affecting materials. Business leaders express frustration over the lack of infrastructure for domestic production and call for diplomatic solutions to trade imbalances. 
Published: Apr 04 2025, 2 pmeznews.inLONDON: Stock markets surged and the dollar weakened on Thursday following President Donald Trump's unexpected decision to delay most new tariffs for 90 days, prompting the European Union to suspend its counter-tariffs. This announcement, which came after a significant drop in European markets, led to a rally on Wall Street and a rebound in global equities. However, Trump maintained a 10 percent baseline tariff and escalated tensions with China by increasing duties on certain goods to 125 percent. European markets saw gains of nearly six percent, with Paris and Frankfurt leading, while Tokyo's index rose by nine percent. Despite the optimism, analysts cautioned that the lack of long-term clarity could pose challenges ahead. Meanwhile, US Treasury yields fell after a successful note auction, and gold prices climbed nearly three percent, reflecting its safe-haven appeal amid ongoing trade uncertainties.
Published: Apr 10 2025, 6 pmeznews.inThe Trump administration has enacted a controversial policy mandating immigration officials to scrutinize social media accounts for antisemitic content, potentially leading to the denial of immigration benefits for applicants. Homeland Security Secretary Kristi Noem emphasized that individuals advocating for antisemitic violence are "not welcome" in the U.S. The policy targets immigrants seeking permanent residency, foreign students, and those linked to educational institutions associated with antisemitic activities. Content endorsing groups like Hamas or Hezbollah could negatively impact immigration applications. Critics, including free speech advocates and immigration attorneys, warn that the policy may infringe on political expression and lead to inconsistent enforcement, creating a chilling effect on free speech. The Nexus Project, a nonprofit combating antisemitism, argued that the approach misidentifies the problem and risks politicizing the issue. The policy is effective immediately, prompting concerns over its implications for civil liberties.
Published: Apr 10 2025, 6 pmeznews.inThe European Union has paused plans for retaliatory tariffs on US goods following President Donald Trump's unexpected suspension of higher tariffs on various nations, a move that has sparked a rally in global stock markets. Trump announced a 90-day halt on steep tariffs while maintaining a 10 percent baseline levy, but increased tariffs on China to 125 percent in response to its retaliatory measures. The EU welcomed this decision, suspending its own planned tariffs on €20 billion worth of US goods to allow for negotiations, although EU chief Ursula von der Leyen cautioned that countermeasures would be implemented if talks fail. Meanwhile, Canada and Vietnam expressed intentions to negotiate new economic agreements with the US. In contrast, China's commerce ministry criticized the US tariffs, while announcing a reduction in imported US films, emphasizing a desire for dialogue. Trump remains optimistic about reaching trade deals, asserting that the last week marked a significant moment in US trade negotiations.
Published: Apr 10 2025, 5 pmeznews.inChina's Film Administration announced on Thursday its decision to "moderately reduce" the import of US films amid escalating tensions between the US and China, the world's two largest economies. This move follows US President Donald Trump's recent hike in tariffs on Chinese goods to 125 percent, prompting China to retaliate with its own tariffs of 84 percent. The administration criticized the US government's "indiscriminate tariffs," suggesting they would diminish the positive perception of American films among Chinese audiences. While China already imposes strict quotas on foreign films, the potential reduction in US film imports could significantly impact Hollywood studios, which rely on the lucrative Chinese market. Recent data shows that films like Warner Bros' "A Minecraft Movie" have performed well, netting approximately $14.5 million at the Chinese box office last weekend, highlighting the importance of this market for US filmmakers.
Published: Apr 10 2025, 5 pmeznews.inRussia's FSB security service announced on Thursday that Arthur Petrov, a dual Russian-German national facing up to 20 years in a US prison for violating export controls, has been released in a prisoner swap for ballet dancer Ksenia Karelina. Karelina, a US citizen with Russian citizenship, was sentenced to 12 years for treason. The exchange, conducted at Abu Dhabi airport, is the second since Donald Trump took office and called for improved US-Russia relations. A video released by the FSB shows Petrov, who was arrested in Cyprus in 2023 for attempting to export American electronics for military use, expressing fatigue after his flight. The US Department of Justice noted that Petrov knowingly sought to procure restricted microcontrollers and integrated circuits. Meanwhile, the Kremlin has chosen not to comment on the exchange amid ongoing tensions stemming from Russia's military actions in Ukraine.
Published: Apr 10 2025, 5 pmeznews.inThe head of the Cannes Film Festival, Iris Knobloch, announced on Wednesday that the festival will examine the findings of a parliamentary inquiry into abuses in the entertainment sector, emphasizing that women are being "heard." Speaking at a press conference in Paris, Knobloch expressed her commitment to addressing the recommendations from the inquiry, which highlighted that mistreatment of performers is "endemic." She noted that women are no longer merely seeking their place in the industry but are asserting their presence, and the festival aims to amplify their voices and showcase diverse talent. Sandrine Rousseau, chairwoman of the inquiry and a prominent feminist lawmaker, urged Cannes to lead the charge against sexual abuse and violence within the industry, declaring it a critical moment for change. The festival's opening day will coincide with the verdict in the high-profile sexual assault trial of French actor Gerard Depardieu.
Published: Apr 10 2025, 3 pmeznews.inPakistan has distanced itself from Tahawwur Hussain Rana, the Pakistani-Canadian terrorist extradited from the US for his involvement in the 26/11 Mumbai terror attacks that killed 166 people. The Pakistani Ministry of Foreign Affairs clarified that Rana has not renewed his Pakistani citizenship for over two decades and is now considered a Canadian national. Rana, who has links to Pakistan's military and the banned terror group Lashkar-e-Taiba, is expected to arrive in Delhi late Thursday, where he will be arrested by India's National Investigation Agency (NIA). He faces serious charges, including criminal conspiracy and murder, linked to his role in aiding the planning of the attacks. This extradition marks a significant milestone in India's pursuit of justice, attributed to extensive diplomatic efforts, although the Congress party noted the process began under its administration in 2009.
Published: Apr 10 2025, 4 pmeznews.inMoody's Analytics has revised India's growth forecast for 2025 down by 30 basis points to 6.1%, following the recent imposition of US tariffs. The downgrade comes despite President Trump's temporary freeze on most tariffs, which were initially set at 26%. Moody's indicated that industries such as gems and jewellery, medical devices, and textiles are likely to face significant challenges, although the overall impact on India's economy may be limited due to external demand constituting a small portion of its GDP. In response to the economic uncertainties, the Reserve Bank of India has lowered its key repo rate for the second consecutive time, adopting an "accommodative" stance to stimulate growth. Moody's anticipates further cuts, projecting the repo rate to drop to 5.75% by the end of 2025, which, alongside earlier tax incentives, may help mitigate the effects of the tariffs on the domestic economy.
Published: Apr 10 2025, 4 pmeznews.inCanadian Prime Minister Mark Carney has welcomed US President Donald Trump's announcement of a 90-day pause on global tariffs, describing it as a "welcome reprieve" for the global economy. Following this development, Carney stated that Canada and the United States would initiate negotiations for a new economic and security relationship immediately after the Federal election on April 28. The relationship between the two nations, traditionally close allies and major trading partners, has been strained by trade tensions, with Canada previously facing tariffs on steel, aluminum, and automobiles. In retaliation, Canada imposed a 25 percent tariff on certain US auto exports. Carney cautioned that Trump's approach to trade could lead to a "fundamental restructuring of the global trading system," emphasizing the need for Canada to strengthen ties with like-minded trading partners who value free trade. The Liberal Party, which Carney leads, is expected to perform well in the upcoming elections.
Published: Apr 10 2025, 4 pmeznews.inChina has reiterated its commitment to peace efforts in Ukraine, responding to Ukrainian President Volodymyr Zelenskiy's claims that 155 Chinese citizens are fighting for Russia. Following the capture of two Chinese nationals in eastern Ukraine, Zelenskiy accused Russia of recruiting Chinese individuals via social media and suggested that Chinese officials were aware of this. In a statement, Chinese foreign ministry spokesperson Lin Jian emphasized that China is neither a party to the conflict nor its initiator, urging relevant parties to avoid "irresponsible remarks." While China maintains a close partnership with Russia, it has refrained from criticizing Moscow's invasion of Ukraine. Lin also reiterated that the Chinese government advises its citizens against participating in armed conflicts. Zelenskiy condemned the involvement of Chinese nationals as Russia's "second mistake" in the war, following allegations of North Korean troop deployments, which Russia has not publicly acknowledged.
Published: Apr 10 2025, 4 pm
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