Tag: tariffs
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Gold prices slip from record highs on profit taking; Powell’s hawkish tone weighs
Gold prices slipped from record highs in Asian trading on Thursday as investors locked in profits at peak levels, while sentiment was also dented by hawkish comments from U.S. Federal Reserve Chair Jerome Powell. As of 03:40 ET (07:40 GMT), Spot Gold fell 0.7% to $3,320.56 per ounce, while Gold Futures expiring in June lost 0.4% to $3,334.61 an…
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China sets GDP target at 5% and raises budget deficit level as trade war intensifies
China sets its GDP growth target at 5% for 2025, unchanged from last year, despite rising risks of trade tariffs. China set the economic growth target at 5% for 2025 at its annual government meeting, while unleashing more stimulus measures to bolster the economy as trade tensions with the United States escalate. Increasing deficit level…
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Russia Skirts Sanctions Using Bitcoin
Efforts by the West to punish Russia using an array of sanctions are being undermined as Russian companies increasingly use Bitcoin to evade penalties. In December, Finance Minister Anton Siluanov acknowledged Russian firms were already using Bitcoin and other cryptocurrencies for international trade following a bill signed into law by President Vladimir Putin. The law,…
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Trump’s oil tariffs a boost for European and Asian refiners
U.S. President Donald Trump’s trade tariffs on Canadian and Mexican oil imports will offer European and Asian refineries a competitive advantage against their U.S. rivals, analysts and market participants told Reuters. Trump on Saturday ordered 25% tariffs on Canadian and Mexican imports and 10% on goods from China starting on Tuesday to address a national emergency over fentanyl…
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Russian gas era in Europe ends as Ukraine stops transit
Russian gas exports via Soviet-era pipelines running through Ukraine came to a halt on New Year’s Day, marking the end of decades of Moscow’s dominance over Europe’s energy markets. The gas had kept flowing despite nearly three years of war, but Russia’s gas firm Gazprom said it had stopped at 0500 GMT after Ukraine refused…