Connect with us

Politics

Stock markets fall around the world as Trump’s global tariffs hit – National TenX News

Published

on


World shares slumped on Wednesday after U.S. President Donald Trump’s latest tariff hikes took effect, and he threatened to add still more.

Uncertainty is running high about what Trump will do next in his trade war. In a speech Tuesday night he said plans tariffs on pharmaceuticals so that more medications would be made in the U.S.

European markets extended their losses. Germany’s DAX slipped 2.5 per cent to 19,762.13. In Paris, the CAC 40 declined 2.6 per cent to 6,917.13. Britain’s FTSE 100 gave up 2.6 per cent to 7,704.82.

Although Trump’s latest tariffs include a massive 104 per cent levy on U.S. imports of Chinese products, markets in China reversed early losses, gaining ground on Wednesday.

Massive share buybacks by big state-run investment funds and other state companies that often are instructed to support the market in times of crisis helped boost stock prices. Investors also are expecting the government to step up spending and other measures to help counter the impact of the tariffs, which will hit hardest the small manufacturers and traders that create the most jobs.

Story continues below advertisement

Beijing issued a policy paper Wednesday reiterating China’s right to protect its businesses with unspecified countermeasures, while it emphasized it preferred to resolve trade issues through dialogue.

The paper also argued that taking into account trade in services and U.S. companies’ operations in China, economic exchange between the two countries is “roughly in balance.”

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Hong Kong’s Hang Seng rose 0.7 per cent, while the Shanghai Composite index closed 1.3 per cent higher.


Thailand’s benchmark also rose, apparently due to speculation that Beijing might be preparing to hold talks with the Trump administration. The unconfirmed rumors helped push the future for the S&P 500 up 0.3 per cent, while that for the Dow was unchanged.

Elsewhere, markets remained gloomy. Japan’s Nikkei 225 closed 3.9 per cent lower, at 31,714.03 and Prime Minister Shigeru Ishiba convened a meeting of top financial ministers to reiterate his call for them to do what they can to mitigate the damage from tariffs to Japanese automakers and other manufacturers.

Taiwan led the losses in Asia, as its Taiex plunged 5.8 per cent. Big tech industries were among the biggest decliners. Computer chip giant TSMC Corp. dropped 3.8 per cent while iPhone maker Hon Hai Precision Industry plunged 10 per cent.

In India, the Sensex declined 0.5 per cent as the central bank cut its benchmark interest rate, while Bangkok’s SET shed 0.8 per cent.

Story continues below advertisement

South Korea’s Kospi lost 1.7 per cent to 2,293.70, and the government said it would provide help for its beleaguered automakers. The S&P/ASX 200 in Australia declined 1.8 per cent to 7,375.00. Shares in New Zealand also fell.

On Tuesday, the S&P 500 dropped 1.6 per cent after wiping out an early gain of 4.1 per cent. That took it nearly 19 per cent below its record set in February. The Dow Jones Industrial Average dropped 0.8 per cent, while the Nasdaq composite lost 2.1 per cent.

Stocks had rallied globally on Tuesday, with indexes up 6 per cent in Tokyo, 2.5 per cent in Paris and 1.6 per cent in Shanghai. Any optimism or buying enthusiasm appeared to have dissipated by the time the sharply higher tariffs became reality.

Analysts say the markets will have more swings up and down given uncertainty over how long Trump will keep the stiff tariffs on imports, which will raise prices for U.S. shoppers and slow the economy. If they persist, economists and investors expect them to cause a recession. If Trump lowers them through negotiations relatively quickly, the worst-case scenario might be avoided.

Hope still remains on Wall Street that negotiations may be possible, which helped drive the morning’s rally. Trump said Tuesday that a conversation with South Korea’s acting president helped them reach the “confines and probability of a great DEAL for both countries.”

Story continues below advertisement

Trump’s trade war is an attack on the globalization that’s shaped the world’s economy and helped bring down prices for products on store shelves but also caused manufacturing jobs to leave for other countries. Trump has said he wants to narrow trade deficits, which measure how much more the United States imports from other countries than it sends to them as exports.

In other dealings early Wednesday, U.S. benchmark crude oil fell US$2.43 to US$57.15 per barrel. Brent crude, the international standard, shed US$2.47 to US$60.35 per barrel.

The U.S. dollar fell to 145.22 Japanese yen from 146.29 yen. The euro rose to US$1.1036 from US$1.0995.

The price of gold rose US$72 to US$3,062 an ounce.

&copy 2025 The Canadian Press



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Politics

Pope demands end to the ‘pandemic of arms’ as he prays for victims of Minnesota school shooting – National TenX News

Published

on


Pope Leo XIV on Sunday called for an end to the “pandemic of arms, large and small,” as he prayed publicly for the victims of a shooting during a Catholic school Mass in the United States.

History’s first U.S. pope spoke in English as he denounced the attack and the “logic of weapons” fueling wars around the world, during his Sunday noon blessing from his studio overlooking St. Peter’s Square.

“Our prayers for the victims of the tragic shooting during a school Mass in the American state of Minnesota,” said the Chicago-born Leo. “We hold in our prayers the countless children killed and injured every day around the world. Let us plead God to stop the pandemic of arms, large and small, which infects our world.”

Two children were killed Wednesday and 20 people were injured during the shooting attack at the Church of Annunciation in Minneapolis, as hundreds of students from the nearby Annunciation Catholic School and others gathered for a Mass.

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

The shooter fired 116 rifle rounds through the church’s stained-glass windows, and later died by suicide.

The attack once again reignited the debate over guns in America. Those who support stricter background checks on gun purchases and other laws, often Democrats, say that Republican politicians who appeal to “thoughts and prayers” after school shootings are trying to distract from their own inaction on gun restrictions.

Story continues below advertisement

In the immediate aftermath of the shooting, Leo had refrained from any political commentary about guns in America, sending a telegram of condolence that focused exclusively on the spiritual.

He said he was saddened by the “terrible tragedy” and sent his “heartfelt condolences and the assurance of spiritual closeness to all those affected.”

Leo’s predecessor, Pope Francis, had long railed against the weapons industry and proliferation of arms fueling wars, denouncing gun manufacturers as “merchants of death.”

During his historic 2015 speech to the U.S. Congress, the Argentine pope asked the lawmakers why weapons were being sold purely to kill.

“Sadly, the answer, as we all know, is simply for money: money that is drenched in blood, often innocent blood,” Francis said then. “In the face of this shameful and culpable silence, it is our duty to confront the problem and to stop the arms trade.”

Leo had opened his appeal Sunday by demanding an immediate ceasefire in Ukraine and a “serious commitment to dialogue” from the warring sides.

“It’s time that those responsible renounce the logic of weapons and take the path of negotiations and peace, with the support of the international community,” he said. “The voice of weapons must be silenced, while the voice of fraternity and justice must rise.”


&copy 2025 The Canadian Press



Continue Reading

Politics

Israel kills Hamas spokesperson as hospitals report dozens killed in Gaza City – National TenX News

Published

on


Israeli Defense Minister Israel Katz announced Sunday that a spokesperson for Hamas’ armed wing, Abu Obeida, was killed in Gaza over the weekend.

Obeida’s last statement was on Friday as Israel began the initial stages of a new military offensive in Gaza City, declaring the area a combat zone. Hamas has not commented on Israel’s claim.

Prime Minister Benjamin Netanyahu earlier said Israel had attacked Obeida, the longtime spokesperson for Hamas’ Qassam Brigades, but did not know whether he had been killed.

“I do notice there is no one addressing this question on the Hamas side,” Netanyahu told ministers at a weekly cabinet meeting.

Obeida is the latest Hamas representative targeted and killed by Israel as it attempts to dismantle the group’s military capacity and prevent an attack like Oct. 7, 2023, when militants abducted 251 people and killed around 1,200 people, mostly civilians.

Story continues below advertisement

Israel has assassinated many of Hamas’ top military and political leadership.

A ‘death trap’

At least 43 Palestinians were killed since Saturday, most of them in Gaza City, according to local hospitals. Shifa Hospital — the territory’s largest — said 29 bodies had been brought to its morgue, including 10 people killed while seeking aid and others struck across the city.

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Get daily National news

Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

On Sunday morning, hospital officials reported 11 more fatalities from strikes and gunfire. Al-Awda Hospital said seven of them were civilians trying to reach aid.


Witnesses said Israeli troops opened fire on crowds in the Netzarim Corridor, an Israeli military zone that bisects Gaza.

“We were trying to get food, but we were met with the occupation’s bullets,” said Ragheb Abu Lebda, from Nuseirat, who saw at least three people bleeding from gunshot wounds. “It’s a death trap.”

The corridor has become increasingly perilous, with civilians killed while approaching U.N. convoys overwhelmed by looters and desperate crowds, or shot on their way to sites run by the Gaza Humanitarian Foundation, an Israeli-backed U.S. contractor. Neither the foundation nor the Israeli military responded to questions about Sunday’s casualties.

Malnutrition and displacement

Israel has for weeks been operating on the outskirts of Gaza City as well as the Jabaliya refugee camp to prepare for the initial stages of its offensive, which it announced on Friday. Its military has since intensified its air attacks in coastal areas of the city, including Rimal.

Story continues below advertisement

Its Arabic-language army spokersperson has urged the hundreds of thousands of Palestinians still in Gaza City to flee south, but only tens of thousands have done so. Many say they are too exhausted after repeated displacements or unconvinced that anywhere is safer.

The United Nations says roughly 65,000 Palestinians have fled their homes since Aug. 1, including 23,199 in the past week. Many are living in temporary shelters after multiple displacements. More than 90 percent of the 2.1 million Palestinians in Gaza have been displaced at least once during the war, and many multiple times, according to the U.N.

Israel has announced new infrastructure projects in southern Gaza and signaled that aid to Gaza City could be cut — steps Palestinians say amount to forced displacement.

Israel has for weeks been operating on the outskirts of Gaza City as well as the Jabaliya refugee camp. It also intensified its air attacks in the coastal areas of the city.

Seven Palestinian adults died of causes related to malnutrition and starvation in the Gaza Strip over the last 24 hours, the territory’s health ministry reported Sunday.

That has brought the death toll from malnutrition-related causes to 215 since late June when the ministry started to count fatalities among this age category, it said.

Another 124 children died of malnutrition-related causes since the start of the war in October 2023, the ministry said.

Story continues below advertisement

At least 63,371 Palestinians have died in Gaza during the war, said the ministry, which does not say how many are fighters or civilians but says around half have been women and children.

The ministry is part of the Hamas-run government and staffed by medical professionals. The U.N. and independent experts consider it the most reliable source on war casualties. Israel disputes the figures but has not provided its own.

&copy 2025 The Canadian Press



Continue Reading

Politics

UK refuses to invite Israeli government officials to London arms fair over the war in Gaza – National TenX News

Published

on


The U.K. has barred Israeli government officials from attending the country’s biggest arms fair over growing concern about the humanitarian crisis in Gaza.

The decision does not cover representatives of Israeli defense contractors, who will be allowed to attend the DSEI UK exhibition, scheduled for Sept. 9-12 in London. The event was formerly known as Defense and Security Equipment International.

“The Israeli Government’s decision to further escalate its military operation in Gaza is wrong,” the British government said in a statement. “As a result, we can confirm that no Israeli government delegation will be invited to attend DSEI UK 2025.”

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Get daily National news

Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

The decision comes after Prime Minister Keir Starmer in July announced plans to recognize a Palestinian state unless Israel takes steps to end the crisis in Gaza, agrees to a ceasefire with Hamas and commits to a long-term peace agreement. Britain previously barred sales to Israel of any arms that could be used in the nearly 23-month war in Gaza.

Story continues below advertisement

Israel’s Defense Ministry said the decision was based on politics and “serves extremists.”

“These restrictions amount to a deliberate and regrettable act of discrimination against Israel’s representatives,” the ministry said.

The Israeli ministry said it would withdraw from the exhibition and will not establish a national pavilion.

Pro-Palestinian and anti-war groups have announced plans to for protests during DSEI, which will take place at the Excel center in east London.


&copy 2025 The Canadian Press



Continue Reading

TRENDING

Copyright © 2022 TenX News Network