Trump defiant as tariffs send world markets into panic

Trump defiant as tariffs send world markets into panic
US President Donald Trump and his son Eric Trump drive in a golf cart after arriving in Marine One on the ninth hole at Trump National Doral Miami on April 03, 2025 in Doral, Florida. (Getty Images via AFP)
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Updated 04 April 2025

Trump defiant as tariffs send world markets into panic

Trump defiant as tariffs send world markets into panic
  • Trump dismissed the turmoil, insisting, “It’s going to be a booming economy. It’s going to be amazing”
  • “Let Donald Trump run the global economy. He knows what he’s doing,” says commerce chief amid howls of protest even from some Republicans

WASHINGTON: Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump’s trade war, while the White House insisted the US economy will emerge victorious.
The S&P 500 dropped 4.8 percent in its biggest loss since 2020. The tech-rich Nasdaq plummeted 6.0 percent and the Dow Jones 4.0 percent.
Shock waves also tore through markets in Asia and Europe in the wake of Trump’s Wednesday announcement, while foreign leaders signaled readiness to negotiate but also threatened counter-tariffs.
Trump slapped 10 percent import duties on all nations and far higher levies on imports from dozens of specific countries — including top trade partners China and the European Union.
Separate tariffs of 25 percent on all foreign-made cars also went into effect and Canada swiftly responded with a similar levy on US imports.
Stellantis — the owner of Jeep, Chrysler and Fiat — paused production at some Canadian and Mexican assembly plants.
Trump dismissed the turmoil, insisting to reporters as he left for a weekend at his Florida golf resorts, that stocks will “boom.”

The 78-year-old president says he wants to make the United States free from reliance on foreign manufacturers, in a massive economic reshaping that he likened to a medical procedure.
“It’s what is expected,” he said of the market reaction. “The patient was very sick. The economy had a lot of problems.”
“It went through an operation. It’s going to be a booming economy. It’s going to be amazing.”

Trump ‘knows what he’s doing’

Amid howls of protest abroad and from even some of Trump’s Republicans, Commerce Secretary Howard Lutnick urged patience.
“Let Donald Trump run the global economy. He knows what he’s doing,” he said on CNN. “You’ve got to trust Donald Trump in the White House.”




Commerce Secretary Howard Lutnick leaves after doing a television interview outside the White House on April 2, 2025, in Washington. (AP)

But China demanded that the tariffs be immediately canceled and vowed countermeasures, while France and Germany warned that the EU could hit back at US tech firms.
French President Emmanuel Macron called for suspending investment in the United States until what he called the “brutal” new tariffs had been “clarified.”
The 27-nation EU and other countries also sought to negotiate as they refrained from immediate retaliation.
Italy’s Prime Minister Giorgia Meloni called for “frank discussion on the substance with the Americans.”
Beijing said it was “maintaining communication” with Washington over trade issues, and EU trade chief Maros Sefcovic planned to speak with US counterparts on Friday.
However, Brazil’s president vowed to take “all appropriate measures.”
Gold — a safe-haven investment — hit a new record price, oil fell and the dollar slumped against other major currencies.
The head of the World Trade Organization, which helps manage global trading, warned the upheaval may lead to contraction of “one percent in global merchandise trade volumes this year.”

’You can’t fight the US’

Trump is brushing off warnings about triggering a global economic slowdown and politically damaging price rises at home.
Republican Senator Mitch McConnell broke ranks with Trump, slamming tariffs as “bad policy.”
“Preserving the long-term prosperity of American industry and workers requires working with our allies, not against them,” he said.
It remains unclear to what extent Trump is using the tariffs shock to engage in negotiations on trade deals — or whether he really intends to try to force all competitors to play by US rules.
He said he would negotiate “as long as they are giving something that is good.”
But earlier, White House spokeswoman Karoline Leavitt told CNN that the president made it clear that “this is not a negotiation.”
And Lutnick also struck a hard line, saying, “You can’t really fight with the United States.”
“You’re going to lose. We are the sumo wrestler of this world.”

Trump reserved some of the heaviest blows for what he called “nations that treat us badly.”
That included an additional 34 percent on goods from China — bringing the new added tariff rate there to 54 percent.
The figure for the European Union was 20 percent, and 24 percent on Japan.
For the rest, Trump said he would impose a “baseline” tariff of 10 percent, including on another key ally, Britain, which will come into effect on Saturday while the higher duties will kick in on April 9.


Myanmar’s acting President Myint Swe dies after a long illness

Myanmar’s acting President Myint Swe dies after a long illness
Updated 6 sec ago

Myanmar’s acting President Myint Swe dies after a long illness

Myanmar’s acting President Myint Swe dies after a long illness
  • Myint Swe, who became Myanmar’s acting president under controversial circumstances after the military seized power from the elected government of Aung San Suu Kyi, died on Thursday
BANGKOK: Myint Swe, who became Myanmar’s acting president under controversial circumstances after the military seized power from the elected government of Aung San Suu Kyi more than four years ago, died on Thursday, the military said. He was 74.
He died at a military hospital in the capital, Naypyitaw, on Thursday morning, according to a statement from Myanmar’s military information office.
Myint Swe’s death came more than a year after he stopped actively carrying out his presidential duties after he was publicly reported to be ailing.
State media reported on Tuesday that he had been in critical condition and receiving intensive care since July 24 at a military hospital in Naypyitaw.
State media announced in July last year that Myint Swe was suffering from neurological disorders and peripheral neuropathy disease, which left him unable to carry out normal daily activities, including eating. A few days later, he authorized Senior Gen. Min Aung Hlaing, the head of the military government, to assume his presidential duties while he was on medical leave, the reports said.
Myint Swe became acting president on Feb. 1, 2021, after the military arrested former President Win Myint along with Myanmar’s top leader, Aung San Suu Kyi, when the army seized power.
Myint Swe, a member of a pro-military party, took over the presidency under the constitution because he held the post of first vice president. Legal experts questioned the legitimacy of the move because Win Myint neither stepped down from his post nor was incapacitated.
As acting president, Myint Swe chaired the National Defense and Security Council, which is nominally a constitutional government body, but in practice is controlled by the military. The council operates as the country’s top decision-making body related to national security, with the authority to declare a state of emergency and oversee military and defense affairs.
Myint Swe’s appointment and acquiescence to the army’s demands allowed the council to be convened to declare a state of emergency and hand over power to Min Aung Hlaing, who led the army’s takeover.
During his time in office, Myint Swe could only perform the pro forma duties of his job, such as issuing decrees to renew the state of emergency, because Min Aung Hlaing controlled all government functions.
Myint Swe, a former general, was a close ally of Than Shwe, who led a previous military government but stepped down to allow the transition to a quasi-civilian government beginning in 2011.
Myint Swe was chief minister of Yangon, Myanmar’s biggest city, under the quasi-civilian government between 2011 and 2016, and headed its regional military command for years under the previous military government, which stepped down in 2011. During Buddhist monk-led popular protests in 2007 known internationally as the Saffron Revolution, he took charge of restoring order after weeks of unrest in the city, overseeing a crackdown that killed dozens of people. Hundreds of others were arrested.
Though he did not have a prominent international profile, Myint Swe played a key role in the military and politics. In 2002, he participated in the arrest of family members of former dictator Ne Win, according to accounts in Myanmar media.
He also arrested former Gen. Khin Nyunt at Yangon Airport during a 2004 purge of the former prime minister and his supporters that involved a power struggle inside the military. Soon afterward, Myint Swe took command of the sprawling military intelligence apparatus that had been Khin Nyunt’s power base.
Myint Swe was among military leaders sanctioned by the US Treasury Department following the military takeover and arrest of de facto leader Aung San Suu Kyi and other senior politicians in February 2021.
He was survived by his wife and two children.

Italy approves $15.5 billion project to build world’s longest suspension bridge from mainland to Sicily

Italy approves $15.5 billion project to build world’s longest suspension bridge from mainland to Sicily
Updated 07 August 2025

Italy approves $15.5 billion project to build world’s longest suspension bridge from mainland to Sicily

Italy approves $15.5 billion project to build world’s longest suspension bridge from mainland to Sicily
  • Strait of Messina Bridge to measure 3.7 km, with the suspended span reaching 3.3 km, surpassing Turkiye’s Canakkale Bridge
  • Project to create 120,000 jobs a year and accelerate growth in economically lagging southern Italy, says transport minister

MILAN: Italy cleared the way Wednesday to build the world’s largest suspension bridge linking the Italian mainland with Sicily in a massive 13.5 billion euro ($15.5 billion) infrastructure project that has been long delayed by debates over its scale, earthquake threats, environmental impact and the specter of mafia interference.
The Strait of Messina Bridge will be “the biggest infrastructure project in the West,” Transport Minister Matteo Salvini told a news conference in Rome, after an interministerial committee with oversight of strategic public investments approved the project.
Premier Giorgia Meloni said that the bridge “will be an engineering symbol of global significance.”
Salvini cited studies showing the project will create 120,000 jobs a year and accelerate growth in economically lagging southern Italy, as billions more in investments are made in roads and other infrastructure projects accompanying the bridge.
Preliminary work could begin between late September and early October, once Italy’s court of audit signs off, with construction expected to start next year. Despite bureaucratic delays, the bridge is expected to be completed between 2032-2033, Salvini said.
Bridge could count toward NATO spending target
The Strait of Messina Bridge has been approved and canceled multiple times since the Italian government first solicited proposals in 1969. Premier Giorgia Meloni’s administration revived the project in 2023, and this marks the furthest stage the ambitious project— first envisioned by the Romans — has ever reached.
“From a technical standpoint, it’s an absolutely fascinating engineering project,’’ Salvini said.
The Strait of Messina Bridge would measure nearly 3.7 kilometers (2.2 miles), with the suspended span reaching 3.3 kilometers (more than 2 miles), surpassing Turkiye’s Canakkale Bridge, currently the longest, by 1,277 meters (4,189 feet).
With three car lanes in each direction flanked by a double-track railway, the bridge would have the capacity to carry 6,000 cars an hour and 200 trains a day — reducing the time to cross the strait by ferry from up to 100 minutes to 10 minutes by car. Trains will save 2/12 hours in transit time, Salvini said.
The project could provide a boost to Italy’s commitment to raise defense spending to 5 percent of GDP targeted by NATO, as the government has indicated it would classify the bridge as defense-related, helping it to meet a 1.5 percent security component. Italy argues that the bridge would form a strategic corridor for rapid troop movements and equipment deployment to NATO’s southern flanks, qualifying it as a “security-enhancing infrastructure.”
Salvini confirmed the intention to classify the project as dual use, but said that was up to Italy’s defense and economic ministers.

Infographic courtesy of WeBuild, leader of the consortium that was awarded to build the Strait of Messina Bridge.

A group of more than 600 professors and researchers signed a letter earlier this summer opposing the military classification, noting that such a move would require additional assessments to see if it could withstand military use. Opponents also say the designation would potentially make the bridge a target.
Concerns over organized crime
Environmental groups have lodged complaints with the EU, citing concerns that the project will impact migratory birds, noting that environmental studies had not demonstrated that the project is a public imperative and that any environmental damage would be offset.
The original government decree reactivating the bridge project included language giving the Interior Ministry control over anti-mafia measures. But Italy’s president insisted that the project remain subject to anti-mafia legislation that applies to all large-scale infrastructure projects in Italy out of concerns that the ad-hoc arrangement would weaken controls.
Salvini pledged that keeping organized crime out of the project was top priority, saying it would adhere to the same protocols used for the Expo 2015 World’s Fair and the upcoming Milan-Cortina 2026 Winter Olympic Games. “We need to pay attention so that the entire supply chain is impermeable to bad actors,’’ he said.
The project has been awarded to a consortium led by Webuild, an Italian infrastructure group that initially won the bid to build the bridge in 2006 before it was later canceled. The Canakkale Bridge, which opened in 2022, was built using an engineering design similar to the one devised for the Messina bridge, including a wing profile and a deck shape that resembles a fighter jet fuselage with openings to allow wind to pass through the structure, according to Webuild.
Addressing concerns about building the bridge over the Messina fault, which triggered a deadly quake in 1908, Webuild has emphasized that suspension bridges are structurally less vulnerable to seismic forces. It noted that such bridges have been built in seismically active areas, including Japan. Turkiye and California.
Webuild CEO Pietro Salini said in a statement that the Strait of Messina Bridge “will be transformative for the whole country.”


Trump wields influence over GOP and keeps potential successors vying for his favor

Trump wields influence over GOP and keeps potential successors vying for his favor
Updated 07 August 2025

Trump wields influence over GOP and keeps potential successors vying for his favor

Trump wields influence over GOP and keeps potential successors vying for his favor
  • Trump has not hesitated to give Vice President JD Vance high-visibility assignment, while not definitively anointing Vance to succeed him
  • That will keep those hoping to succeed Trump vying for his favor, both inside his administration and in the wider Republican field of possible contenders

WASHINGTON: Although President Donald Trump has not directly said he thinks JD Vance should be the heir to his “Make America Great Again” base of support, he acknowledged this week that his vice president is probably the favorite to succeed him “at this point.”
But even as he promoted Vance, Trump also made sure to mention Secretary of State Marco Rubio, telling reporters at the White House on Tuesday that his administration’s top diplomat is “somebody that maybe would get together with JD in some form” on a future political ticket.
The remarks reflect the massive influence the Republican president currently has over his party. They also serve to promote two of Trump’s top advisers without telegraphing the president’s singular preference for a successor. Not definitively anointing Vance, or any other Republican, keeps those hoping to succeed Trump vying for his favor, both inside his administration and in the wider Republican field of possible contenders.
It’s early for the 2028 presidential field to begin forming, and other contenders will ultimately emerge. A challenge for anyone wading into the race, even with strong Trump connections, will be staying in the president’s good graces for the duration.
Speaking with reporters following an executive order signing at the White House, Trump was asked if Vance were the “heir apparent to MAGA.”
“I think most likely, in all fairness, he’s the vice president,” Trump said. “I think Marco is also somebody that maybe would get together with JD in some form. ... It’s too early obviously, to talk about it, but certainly he’s doing a great job and he would be, probably favored at this point.”
When Trump selected the then-39-year-old Vance over other more established Republicans — including Rubio — as his running mate last year, many theorized that Trump was planning for the future of his political movement, angling for a vice president who could carry MAGA forward.
Vance has embraced the role at every turn, doing the president’s bidding on everything from his relationship with Ukraine to the fight over records related to the Jeffrey Epstein sex trafficking scandal.
Trump, meanwhile, has not hesitated to give Vance high-visibility assignments. As the White House promotes mid-decade redistricting efforts in Texas — and acknowledges it would like the notion to expand to other states — Vance is expected Thursday to discuss redrawing district lines with Gov. Mike Braun during a trip to Indiana. While there, Vance will also headline a fundraiser for the Republican National Committee, which he serves as treasurer.
In June he traveled to Los Angeles to tour a multiagency Federal Joint Operations Center and a mobile command center amid clashes between protesters and police and outbreaks of vandalism and looting following immigration raids across Southern California.
And earlier this year, Vance was in swing congressional districts in his role as lead cheerleader for Trump’s signature tax cut and spending law, an assortment of conservative priorities that Republicans dubbed the “One Big, Beautiful Bill.” He also lobbied senators on Capitol Hill, working to swing GOP holdouts to support the legislation, and in July cast a tie-breaking vote to get the measure passed in the Senate.
He’s also taken on a robust role related to foreign policy, holding meetings of his own with world leaders, including Indian Prime Minister Narendra Modi during a trip to New Delhi, and Israeli Prime Minister Benjamin Netanyahu at the White House.
Rubio, who has described Vance as among his closest friends in politics, said on Fox News Channel on Sunday that he felt Vance “would be a great nominee if he decides he wants to do that.”
Other Republicans mentioned as possible 2028 contenders are already making the rounds of early-voting states. Virginia Gov. Glenn Youngkin speaks at a GOP fundraiser in South Carolina this weekend, and Arkansas Gov. Sarah Huckabee Sanders headlines an event in that state later this month. Both have taken pains to curry the president’s favor.
Not every Republican contender has gone that route. Kentucky Sen. Rand Paul, who lost the 2016 nomination to Trump, has been visiting early-voting states, too, but he voted against the president’s signature legislative measure. And Georgia Gov. Brian Kemp — who has long harbored ambitions to run for president but has a complicated history with Trump — recently said he was sitting out of a Senate race in his state, a decision telegraphed by some as an indication Kemp might be eyeing the 2028 White House race.
 


Helicopter crash in Ghana kills ministers of defense and environment and 6 others

Helicopter crash in Ghana kills ministers of defense and environment and 6 others
Updated 07 August 2025

Helicopter crash in Ghana kills ministers of defense and environment and 6 others

Helicopter crash in Ghana kills ministers of defense and environment and 6 others

ACCRA, Ghana: A military helicopter crashed in Ghana on Wednesday, killing all eight people on board, including the West African country’s defense and environment ministers and two other top officials, the government said.
The crash was one of Ghana’s worst air disasters in more than a decade.
The Ghanaian military said the helicopter took off in the morning from the capital, Accra, and was heading northwest into the interior toward the gold-mining area of Obuasi in the Ashanti region when it went off the radar. The wreckage was later found in the Adansi area of Ashanti.
The cause of the crash was not immediately known, and the military said an investigation was underway.
Defense Minister Edward Omane Boamah and Environment Minister Ibrahim Murtala Muhammed were killed, as well as Samuel Sarpong, vice-chair of the National Democratic Congress ruling party, Muniru Mohammed, a top national security adviser, and the four crew members.

Defense Minister Edward Omane Boamah. (Ghana News Agency photo)

Mourners gathered at the Boamah’s residence as well as at the party’s headquarters, and Ghana’s government described the crash as a “national tragedy.”
State media reported that the aircraft was a Z-9 helicopter that is often used for transport and medical evacuation.
An online video of the crash site shows debris on fire in a forest as some people circle around to help.
In May 2014, a service helicopter crashed off Ghana’s coast, killing at least three people. In 2012, a cargo plane overran the runway in Accra, the capital, and crashed into a bus full of passengers, killing at least 10 people.
Everyone onboard was killed in the accident, authorities said.

Environment Minister Ibrahim Murtala Muhammed. (Facebook photo)

 


Apple to invest additional $100bn in US

Apple to invest additional $100bn in US
Updated 07 August 2025

Apple to invest additional $100bn in US

Apple to invest additional $100bn in US
  • It builds on plans announced in 2021, when the company founded by Steve Jobs said it would invest $430 billion in the country and add 20,000 jobs over the next five years

WASHINGTON: Apple will invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four years, US President Donald Trump said Wednesday.
Trump announced the increased commitment at the White House alongside the tech giant’s CEO Tim Cook, calling it “the largest investment Apple has made in America.”
“Apple will massively increase spending on its domestic supply chain,” Trump added, highlighting a new production facility for the glass used to make iPhone screens in Kentucky.
In February, Apple said it would spend more than $500 billion in the United States and hire 20,000 people, with Trump quickly taking credit for the decision.
It builds on plans announced in 2021, when the company founded by Steve Jobs said it would invest $430 billion in the country and add 20,000 jobs over the next five years.
“This year alone, American manufacturers are on track to make 19 billion chips for Apple in 24 factories across 12 different states,” Cook said in the Oval Office.
Trump, who has pushed US companies to shift manufacturing home by slapping tariffs on trading partners, claimed that his administration was to thank for the investment.
“This is a significant step toward the ultimate goal of... ensuring that iPhones sold in the United States of America also are made in America,” Trump said.
Cook later clarified that, while many iPhone components will be manufactured in the United States, the complete assembly of iPhones will still be conducted overseas.
“If you look at the bulk of it, we’re doing a lot of the semiconductors here, we’re doing the glass here, we’re doing the Face ID module here... and we’re doing these for products sold elsewhere in the world,” Cook said.
Apple reported a quarterly profit of $23.4 billion in late July, topping forecasts despite facing higher costs due to Trump’s sweeping levies.
The tariffs are essentially a tax paid by companies importing goods to the United States. This means Apple is on the hook for tariffs on iPhones and other products or components it brings into the country from abroad.