🔵 Trade War Escalates

Author

Citizen Frank
March 12, 2025

Good morning. It’s Wednesday, March 12.

 

The EU and Canada retaliated against US President Donald Trump’s 25 per cent tariffs on steel and aluminium within hours of them taking effect, escalating a trade war that has rattled financial markets and threatened the global economy.

The European Commission said its measures would affect up to €26bn ($28bn) of American goods, matching the US tariffs on European exports, and would take effect in April, leaving some time to negotiate with Washington.

Commission president Ursula von der Leyen said the EU regretted Trump’s decision and that tariffs were “bad for business, and even worse for consumers”.

President Donald Trump said he expects to speak with Russian President Vladimir Putin this week now that Ukraine has accepted a potential ceasefire deal negotiated by the United States, which is contingent on Russia also agreeing to it.

Trump spoke to reporters about Ukraine’s agreement to the potential ceasefire soon after news of it broke while the president was checking out Teslas with Elon Musk at the White House.

“Very importantly, and I said it, Ukraine: ceasefire…, just agreed to a little while ago. Now we have to go to Russia, and hopefully, President Putin will agree to that also, and we can get this show on the road.” Trump said, flanked by Musk and his son, X.

Senate Minority Leader Chuck Schumer announced Wednesday that most Democrats in the upper chamber will not support a House Republican-passed bill to fund the federal government through the end of September, all but ensuring a partial shutdown beginning at 11:59 p.m. Friday.

“Funding the government should be a bipartisan effort, but Republicans chose a partisan path, drafting their [continuing resolution] without any input — any input — from congressional Democrats,” Schumer (D-NY) said on the Senate floor Wednesday.

“Because of that, Republicans do not have the votes in the Senate to invoke cloture on the House CR. Our caucus is unified on a clean [CR through April 11] that will keep the government open and give Congress time to negotiate bipartisan legislation that can pass.”

A new four-lane highway cutting through tens of thousands of acres of protected Amazon rainforest is being built for the COP30 climate summit in the Brazilian city of Belém.

It aims to ease traffic to the city, which will host more than 50,000 people – including world leaders – at the conference in November.

The state government touts the highway’s “sustainable” credentials, but some locals and conservationists are outraged at the environmental impact.

California Democrat Gov. Gavin Newsom is hosting ex-Trump White House chief strategist Steve Bannon on Wednesday on his new podcast, marking the second time this month that he has had a MAGA-type guest.

“I’m launching a new podcast,” he recently said on social media, amid speculation the effort is part of a strategy toward running for president in 2028.

“We need to change the conversation. I’m talking directly with people I disagree with, people I look up to, and you — the listeners. Egg prices? Tariffs? DOGE? We’re tackling all your big questions.”

The center-right Demokraatit Party won the most votes in Greenland’s parliamentary elections, a surprise result as the territory went to the polls in the shadow of President Donald Trump’s stated goal of taking control of the island one way or another.

Both Demokraatit — the Democrats — and the second place party, Naleraq — “Point of Orientation” — favor independence from Denmark, but they have differences on the pace of change.

Demokraatit’s upset victory over parties that have governed the territory for years indicates that many in Greenland care just as much about healthcare, education, cultural heritage and other social policies.

Former Barclays boss Jes Staley had sex with a member of serial pedophile Jeffrey Epstein’s staff, the banker told a court on the third day of his evidence as he appeals against a proposed financial services ban.

Britain’s Financial Conduct Authority said in 2023 that it would ban Staley and fine him 1.8 million pounds ($2.3 million) for allegedly misleading the watchdog over his relationship with Epstein. He is giving evidence at London’s Upper Tribunal this week.

The 68-year-old, who said on Tuesday that he had no idea about the late financier Epstein’s “monstrous activities,” was asked by the FCA’s lawyer about evidence Staley had given in a lawsuit against him by his previous employer JPMorgan.

An Australian man lived for 100 days with an artificial titanium heart while he awaited a donor transplant, the longest period to date of someone with the technology.

The patient, a man in his 40s who declined to be identified, received the implant during surgery at St. Vincent’s Hospital Sydney last November.

In February, he became the first person worldwide to leave hospital with the device, which kept him alive until a heart donor became available earlier this month.

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