GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested  Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday. The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements. The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping throug...
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TRUMP HINTS AT CUTTING CHINA TARIFFS TO 80%.(PHOTO).

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 Trump hints at cutting China tariffs to 80%


9th May 2025



US President Donald Trump signalled on Friday that he could lower tariffs on Chinese imports, as the rival superpowers prepare for trade talks over the weekend.


“80% Tariff on China seems right!” Trump wrote on his Truth Social platform, which would bring them down from 145 per cent, with cumulative duties on some goods reaching a staggering 245 per cent.


He added that it was “Up to Scott B.”, referring to US Treasury Secretary Scott Bessent, who will confer with China’s Vice Premier He Lifeng this weekend in Geneva to try to cool the conflict roiling international markets.


In his post, Trump did not say if he thought 80 per cent should be the final, definitive level for tariffs on Chinese goods if and when the trade war ends, or an interim status.


In another post, this time all in capital letters, Trump said, “China should open up its market to USA – would be so good for them!!! Closed markets don’t work anymore!!!”


Trump’s comments came a day after he unveiled what he called a historic trade agreement with Britain, the first deal with any country since he unleashed a blitz of sweeping global tariffs last month.


Trump said the British deal would be the first of many and that he hoped difficult talks with the EU — as well as China — could soon produce results too.


Several countries have lined up to hold talks with Washington to avert the worst of Trump’s duties, which range from 10 per cent for many countries to the sky high ones on China — Trump’s main target.

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