Politics
Markets plummet amid warning of ‘economic nuclear winter’ from tariffs – National TenX News
Global stock markets extended a severe plunge Monday, fuelled by fears that U.S. tariffs would lead to a global economic slowdown.
European and Asian shares saw dramatic losses, the leading U.S. index flirted with bear market territory in pre-market trading, and oil prices sagged.
The Dow Jones Industrial Average dropped 1,200 points as trading began on Monday morning, and the S&P 500 was on track to enter a bear market, which means falling 20 per cent from a recent high.
Even some of Trump’s allies are raising alarms about the economic damage, and financial forecasts suggest more pain on the horizon for U.S. businesses, consumers and investors.
Billionaire Trump supporter Bill Ackman warned on Sunday about an “economic nuclear winter,” while calling for a 90-day pause on tariffs.
“The President has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system,” Ackman said in a post on X, formerly known as Twitter.
“Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down. May cooler heads prevail.”
The massive sell-off in riskier assets at the start of the trading week follows President Donald Trump’s announcement of sharply higher U.S. import taxes and retaliation from China that saw markets fall sharply Thursday and Friday.
Tokyo’s Nikkei 225 index lost nearly eight per cent shortly after the market opened and futures trading for the benchmark was briefly suspended. It closed down 7.8 per cent at 31,136.58.
European shares followed Asian markets lower, led by Germany’s DAX index, which briefly fell more than 10 per cent at the open on the Frankfurt exchange, but recovered some ground to move down 5.8 per cent in morning trading.
In Paris, the CAC 40 shed 5.8 per cent, while Britain’s FTSE 100 lost 4.9 per cent in the European morning.
U.S. futures signaled further weakness ahead.
For the S&P 500, they lost 3.4 per cent, while for the Dow Jones Industrial Average, they shed 3.1 per cent. Futures for the Nasdaq lost 5.3 per cent. If the pre-market futures losses materialize when the U.S. market opens, the S&P 500 will enter bear market territory — defined as a fall of more than 20 per cent from the peak. The index was off 17.4 per cent as of the end of last week.
On Friday, the worst market crisis since the COVID-19 pandemic shifted into a higher gear as the S&P 500 plummeted six per cent and the Dow plunged 5.5 per cent.
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The Nasdaq composite dropped 3.8 per cent.
“There’s no sign yet that markets are finding a bottom and beginning to stabilize,” wrote Deutsche Bank analysts in a research note.
Trump suggests turmoil is ‘medicine’
Late Sunday, Trump reiterated his resolve on his decision to introduce tariffs of 10 per cent to 50 per cent on goods imported into the U.S., a move seen as massively disrupting world trade and supply chains across borders.
Speaking to reporters aboard Air Force One, he said he didn’t want global markets to fall, but also that he wasn’t concerned about the massive sell-offs, adding, “sometimes you have to take medicine to fix something.”
Heavy selling kicked in after China on Friday matched Trump’s tariff, upping the stakes in a trade war that many fear could end in a global recession.
Even a better-than-expected report on the U.S. job market, usually the economic highlight of each month, wasn’t enough to stop the slide.
“The idea that there’s so much uncertainty going forward about how these tariffs are going to play out, that’s what’s really driving this plummet in the stock prices,” said Rintaro Nishimura, an associate at the Asia Group.
Chinese markets often don’t follow global trends, but they also tumbled.
Hong Kong’s Hang Seng dropped 13.2 per cent to 19,828.30, while the Shanghai Composite index lost 7.3 per cent to 3,096.58. In Taiwan, the Taiex plummeted 9.7 per cent.
South Korea’s Kospi lost 5.6 per cent to 2,328.20, while Australia’s S&P/ASX 200 lost 4.2 per cent to 7,343.30, recovering from a loss of more than six per cent.
Asian economies are heavily exposed to Trump’s tariffs since they are dependent on exports, and a large share go to the United States.
“Beyond the market meltdown, the bigger concern is the impact and potential crises for small and trade-dependent economies, so it’s crucial to see whether Trump will reach deals with most countries soon, at least partially,” said Gary Ng of Nataxis.
Oil prices also sank further, with U.S. benchmark crude down $2.30 to $59.69 per barrel. Brent crude, the international standard, gave up $2.33 to $63.25 a barrel.
As with the larger sell-off, the drop was fueled by fears that the tariffs would slow economic growth.
That would hit demand for fuel, and the drop comes after moves to increase production by the OPEC+ producers’ alliance.
Exchange rates also gyrated. The U.S. dollar fell to 146.24 Japanese yen from 146.94 yen. The yen is often viewed as a safe haven in times of turmoil. The euro rose 0.3 per cent to $1.0992.
Nathan Thooft, chief investment officer and senior portfolio manager at Manulife Investment Management, said more countries are likely to respond to the U.S. with retaliatory tariffs.
Given the large number of countries involved, “it will take a considerable amount of time in our view to work through the various negotiations that are likely to happen.”
“Ultimately, our take is market uncertainly and volatility are likely to persist for some time,” he said.
The Federal Reserve could cushion the blow of tariffs on the U.S. economy by cutting interest rates.
That can encourage companies and households to borrow and spend.
But Fed Chair Jerome Powell said Friday that the higher tariffs could drive up expectations for inflation and lower rates could fuel still more price increases.
Much will depend on how long Trump’s tariffs stick and how other countries react. Some investors are holding onto hope he will lower the tariffs after negotiating “wins” from other countries.
Stuart Kaiser, head of U.S. equity strategy at Citi, wrote in a note to clients that earnings estimates and stock values still don’t reflect the full potential impact of the trade war.
“There is ample space to the downside despite the large pullback,” he said.
Kurtenbach reported from Bangkok. Associated Press writers Ayaka McGill, Paul Harloff and Jiang Junzhe contributed.
with files from Associated Press reporters Chris Megerian and Josh Boak
Politics
UK refuses to invite Israeli government officials to London arms fair over the war in Gaza – National TenX News
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.”
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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.
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.
© 2025 The Canadian Press
Politics
Israel soon will halt or slow aid to northern Gaza as military offensive grows – National TenX News
Israel will soon halt or slow humanitarian aid into parts of northern Gaza as it expands its military offensive against Hamas, an official said Saturday, a day after Gaza City was declared a combat zone.
The decision was likely to bring more condemnation of Israel’s government as frustration grows in the country and abroad over dire conditions for both Palestinians and remaining hostages in Gaza after nearly 23 months of war.
The official, who spoke on condition of anonymity because they were not authorized to speak to the media, told The Associated Press that Israel will stop airdrops over Gaza City in the coming days and reduce the number of aid trucks arriving in the north as it prepares to evacuate hundreds of thousands of people south.
Israel on Friday ended recently imposed daytime pauses in fighting to allow aid delivery, describing Gaza City as a Hamas stronghold and alleging that a tunnel network remains in use, despite previous large-scale raids. The United Nations and partners have said the pauses, airdrops and other measures fell far short of the 600 trucks of aid needed daily in Gaza.
A ‘massive population movement’ coming
AP video footage showed several large explosions across Gaza overnight. Israel’s military Saturday evening said it had struck a key Hamas member in the area of Gaza City, with no details.
In recent days, Israel’s military has increased strikes on the outskirts of Gaza City, where famine was recently documented and declared by global food security experts.
By Saturday there had been no airdrops for several days across Gaza, a break from almost daily ones. Israel’s army didn’t respond to a request for comment or say how it would provide aid to Palestinians during another major shift in Gaza’s population of over 2 million people.
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“Such an evacuation would trigger a massive population movement that no area in the Gaza Strip can absorb, given the widespread destruction of civilian infrastructure and the extreme shortages of food, water, shelter and medical care,” Mirjana Spoljaric, president of the International Committee of the Red Cross, said in a statement.
It’s impossible that a mass evacuation of Gaza City can be done in a safe and dignified way, she said.
Hundreds of residents have begun leaving Gaza City, piling their remaining possessions onto pickup trucks or donkey carts. Many have been forced to leave their homes more than once.
Killed while seeking food
Israeli gunfire killed four people trying to get aid in central Gaza, according to health officials at Al-Awda Hospital, were the bodies were taken.
An Israeli strike on a bakery in Gaza City’s Nasr neighborhood killed 12 people including six women and three children, the Shifa Hospital director told the AP, and a strike on the Rimal neighborhood killed seven.
Gaza’s Health Ministry said another 10 people died as a result of starvation and malnutrition over the past 24 hours, including three children. It said at least 332 Palestinians have died from malnutrition-related causes during the war, including 124 children.
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 its figures but has not provided its own.
“There is no food and even water is not available. When it is available, it is not safe to drink,” said Amer Zayed, as he waited for food from a charity kitchen in Deir al-Balah on Friday.
“The suffering gets worse when there are more displaced people,” he added.
Israelis rally again to demand a ceasefire deal
Israelis waited to hear the identity of the remains of a hostage that Israel on Friday said had been recovered in Gaza. It also said it recovered the remains of hostage Ilan Weiss.
Forty-eight hostages now remain in Gaza of the over 250 seized in the Hamas-led attack on Oct. 7, 2023, that sparked the war. Israel had believed 20 are still alive.
Their loved ones fear the expanding military offensive will put them in even more danger, and they were rallying again Saturday to demand a ceasefire deal to bring everyone home.
“Netanyahu, if another living hostage comes back in a bag, it will not only be the hostages and their families who pay the price. You will bear responsibility for premeditated murder,” Zahiro Shahar Mor, nephew of hostage Avraham Munder, said in Tel Aviv.
© 2025 The Canadian Press
The Trump administration said Friday it was denying and revoking U.S. visas from members of the Palestinian Authority and the Palestine Liberation Organization.
That comes ahead of next month’s United Nations General Assembly, where Canada and several other countries have said they intend to officially recognize a Palestinian state.
The U.S. State Department cited the groups’ efforts to secure statehood recognition at the UN, along with their appeals to the International Criminal Court and International Court of Justice to investigate alleged Israeli crimes in Gaza, as reasons for the decision by U.S. Secretary of State Marco Rubio.
“Both steps materially contributed to Hamas’s refusal to release its hostages, and to the breakdown of the Gaza ceasefire talks,” the department said in a statement.
“The Trump Administration has been clear: it is in our national security interests to hold the PLO and PA accountable for not complying with their commitments, and for undermining the prospects for peace.”
The statement did not name the officials being denied entry. It was not immediately clear if the list included Palestinian Authority President Mahmoud Abbas, who was expected to travel to New York for the UN gathering.
The Palestinians’ ambassador to the UN, Riyad Mansour, told reporters at the UN headquarters that they were checking exactly what the U.S. move means “and how it applies to any of our delegation, and we will respond accordingly.”
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Representatives assigned to the Palestinian Authority mission at the UN, led by Mansour, will be granted waivers so they can continue their New York-based operations, the U.S. statement said.
Mansour said Abbas still intends to lead the delegation to the high-level meetings and is expected to address the General Assembly — as he has done for many years — and to attend a meeting on the afternoon of Sept. 22 on a two-state solution co-chaired by France and Saudi Arabia.
U.S. President Donald Trump will travel to New York and address the general assembly on Sept. 23, the White House said on Thursday.
Canada, Britain, Australia and France in recent weeks have announced or signalled their intention to recognize a Palestinian state during the meeting.
The countries have said their recognition is conditional on the Palestinian Authority — which has limited self-rule over parts of the occupied West Bank and has for years been positioning itself as a legitimate government alternative to Hamas in Gaza — undergoing reforms and new elections.
Abbas has signalled he will co-operate with the Western nations’ demands.
The Palestinian Liberation Organization is an internationally recognized coalition that represents Palestinian people in its occupied territories and abroad.
The Trump administration has staunchly backed Israel’s military offensive in Gaza. The U.S. has also refused to condemn expanded Israeli settlements in the West Bank, which Canada and other allies have said undermine two-state solution efforts.
Rubio hosted Israeli Foreign Minister Gideon Saar in Washington on Wednesday “to reaffirm our two nations’ close cooperation,” the U.S. secretary said in a post on X.
Saar, asked after the meeting what the plan was for a Palestinian state, said there would not be any.
The Israeli minister on Friday thanked Rubio for holding the PA and PLO “accountable for rewarding terrorism, incitement and efforts to use legal warfare against Israel” in a social media statement.
Officials with the Palestinian Authority reject that they’ve undermined peace prospects.
Under the 1947 UN “headquarters agreement,” the U.S. is generally required to allow access for foreign diplomats to the UN in New York. But Washington has said it can deny visas for security, terrorism and foreign policy reasons.
Hamas earlier this month said it had accepted a U.S.-backed proposal on a ceasefire in Gaza that would see the release of some hostages in exchange for talks with Israel that would end the conflict and see the return of all remaining hostages.
But Israel has said it will only accept the full return of all the hostages and has pressed ahead with a plan to occupy Gaza City, which international monitors like the UN have warned could worsen a famine already afflicting the Palestinian territory.
Rubio last week announced sanctions against multiple International Criminal Court judges and prosecutors involved in the court’s investigation into Israel’s actions in Gaza and the issuing of arrest warrants against Israeli Prime Minister Benjamin Netanyahu and former defence minister Yoav Gallant.
—With files from Reuters
© 2025 Global News, a division of Corus Entertainment Inc.
UK refuses to invite Israeli government officials to London arms fair over the war in Gaza – National TenX News
Israel soon will halt or slow aid to northern Gaza as military offensive grows – National TenX News
U.S. scraps Palestinian officials’ visas ahead of UN General Assembly – National TenX News
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