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Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldInvestors are underestimating Donald Trump’s resolve to restore the steep tariffs that upended markets last month, bond giant Pimco has warned, as its investment chief said recession risks were now the highest in years. “Believe Trump. He believes in tariffs,” Dan Ivascyn, chief investment officer at Pimco, said in an interview with the Financial Times alongside chief executive Emmanuel Roman. Trump imposed “reciprocal” levies on many major trading partners at his “liberation day” event on April 2, a move that…
Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThree years ago the ports on the US west coast, their container terminals and rail lines hopelessly congested by the supposed post-Covid dislocation of value networks, were held to be the locus of a deep and abiding weakness in globalisation. These days it’s the opposite — ports emptying out as Donald Trump’s tariffs punch holes in the sailing schedules of cargo ships from China. Honestly, there’s no pleasing some people. The first of those actually reflected a rapid post-lockdown recovery…
Water ice is likely to exist at the moon’s south pole, but it would be fragmented, scattered and buried deep beneath the surface, posing significant challenges for detection and extraction, according to a new study by Chinese researchers.Using powerful Earth-based instruments, including the world’s largest radio telescope and one of the most advanced radar systems, the team estimated that ice made up no more than 6 per cent of the material within the top 10 metres (33 feet) of lunar soil in the region.The ice was thought to exist as metre-sized chunks buried 5-7 metres underground in the moon’s most…
Donald Trump continues to issue a blizzard of controversial statements and executive orders. His political opponents often seem confused, even stunned. So how should the Democratic party take on the US president? Gideon talks to Senator Andy Kim, a new Democrat from New Jersey, on the merits of different approaches to opposition and what is needed to win back voters.Clips: KTVU FoxThis is Gavin NewsomFollow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachmanMore on this topic:Take no comfort from America’s Trump backlash‘Nadir for the party’: US Democrats edge towards civil warLessons from Russia, Turkey and India for Trump’s AmericaTraders made $100mn…
The U.S. Stars and Stripes flag hangs on Whitehall with the figure of Lord Nelson on the top of his column in Trafalgar Square, on 3rd June 2019, in London England. Richard Baker | In Pictures | Getty ImagesBritain is reportedly set to sign a trade deal with the U.S., making it the first country to do so after the world’s largest economy announced stiff “reciprocal” tariffs against friends and foes alike in April.The New York Times reported the development after U.S. President Donald Trump said on Wednesday night stateside that there will be a briefing about a trade deal next…
ISLAMABAD: The government on Wednesday announced the launch of its first Green Sukuk to raise more than Rs50 billion in two phases to meet financing needs of a few hydropower projects under the Sustainable Investment Sukuk Framework (SISW) approved by the federal cabinet last month. Pakistan’s first Green Sukuk worth Rs6.5bn was launched by the Water and Power Development Authority (Wapda) four years ago to fund an additional hydropower unit at Tarbela dam. “The inaugural issuance, ranging between Rs20bn and Rs30bn, will be conducted through an auction process, with the Pakistan Stock Exchange (PSX) playing a central role in listing…
KARACHI: Amid heightened tensions with India, the State Bank of Pakistan has asked banks to closely monitor dollar outflows, as the escalating conflict could rapidly increase demand for the greenback. However, currency dealers in both the inter-bank and open markets said there was no panic buying of dollars, nor had demand escalated. According to a currency dealer, over 90 per cent of remittances to Pakistan come through Indian exchange companies, particularly from the Middle East — a channel that may face disruptions if the conflict between the two countries prolongs. “…In the case of a full-fledged war, these companies could…
SHARES of Chinese defence-manufacturing companies rallied on Wednesday, as the escalation in border tensions between India and Pakistan boosted the outlook for mainland exporters, Bloomberg reported. Pakistan, which has imported a bulk of the defence equipment including J-10C fighter jets, claimed to have shot down five Indian planes, including a French Rafale jet. This led to speculation that Chinese defence platforms may have been deployed in the conflict, given Pakistan’s recent heavy reliance on such arms imports. An index of Chinese defense companies in mainland China jumped 1.6 per cent to a two-week high. The J-10C fighter jet maker Avic…
ISLAMABAD: Against high hopes, the government has sought revision in the base electricity tariff for next fiscal year, proposing only 30 paise to a maximum of Rs2.25 per unit reduction in consumer rates under seven different scenarios. Only in one unlikely case of normal circumstances and stable exchange rate at Rs280, the average base tariff would reduce by Rs2.25 per unit in fiscal year 2025-26 to Rs24.75 from prevailing rate of about Rs27 per unit. In case of local currency depreciation to Rs300, the base tariff reduction would be around 30 paise per unit. The reduction mainly stems from lower…
ISLAMABAD: Pakistan has enacted a 60-day ban on importing and exporting precious metals, jewellery, and gemstones to stabilise its foreign exchange reserves. The temporary ban was imposed by a Commerce Ministry Order suspending SRO760 of 2013, which governs the trade of precious metals. The restriction is linked to the recent impasse with India as a potential strategy to limit the flow of metals. Gold is still used as a traditional store of value and is an important part of Pakistan’s cultural, financial, and manufacturing sectors. Pakistan predominantly imports gold from the UAE, Switzerland and other gold-trading hubs. An official source…