trade

Trump hikes US global tariff rate to 15 percent

BY MICHAEL MATHES

  • The ruling was a stunning rebuke by the high court, which has largely sided with the president since he returned to office, and marked a major political setback in striking down Trump's signature economic policy that has roiled the global trade order.
  • President Donald Trump raised the global duty on imports into the United States to 15 percent on Saturday, doubling down on his promise to maintain his aggressive tariff policy a day after the Supreme Court ruled much of it illegal.
  • The ruling was a stunning rebuke by the high court, which has largely sided with the president since he returned to office, and marked a major political setback in striking down Trump's signature economic policy that has roiled the global trade order.
President Donald Trump raised the global duty on imports into the United States to 15 percent on Saturday, doubling down on his promise to maintain his aggressive tariff policy a day after the Supreme Court ruled much of it illegal.
Trump said on his Truth Social platform that after a thorough review of Friday's "extraordinarily anti-American decision" by the court to rein in his tariff program, the administration was hiking the import levies "to the fully allowed, and legally tested, 15% level."
Shortly after the court's 6-3 ruling that rejected the president's authority to impose tariffs under a 1977 economic emergency powers act, Trump had initially announced a new 10 percent global levy by invoking a different legal avenue.
At the same time, the Republican launched an extraordinary personal attack on the conservative justices who had sided with the majority, slamming their "disloyalty" and calling them "fools and lap dogs."
The ruling was a stunning rebuke by the high court, which has largely sided with the president since he returned to office, and marked a major political setback in striking down Trump's signature economic policy that has roiled the global trade order.
Saturday's announcement is sure to provoke further uncertainty as Trump carries on with a trade war that he has used to cajole and punish countries, both friend and foe.
It is the latest move in a process that has seen a multitude of tariff levels for countries sending goods into the United States set and then altered or revoked by Trump's team over the past year.
Several countries have said they are studying the Supreme Court ruling and Trump's subsequent tariff announcements.
Brazil's President Luiz Inacio Lula da Silva on Sunday urged Donald Trump to treat all countries equally.
"I want to tell the US President Donald Trump that we don't want a new Cold War. We don't want interference in any other country, we want all countries to be treated equally," Lula told reporters in New Delhi.
German Chancellor Friedrich Merz said Saturday he would hold talks with European allies to formulate "a very clear European position" and joint response to Washington before he travels to the US capital in early March.
On the domestic front, Pennsylvania Governor Josh Shapiro, a Democrat, said on X it was time for Trump to "listen to the Supreme Court, end chaotic tariffs, and stop wreaking havoc on our farmers, small business owners, and families."
The new duty by law is only temporary -- allowable for 150 days. According to a White House fact sheet, exemptions remain for sectors that are under separate probes, including pharma, and goods entering the US under the US-Mexico-Canada agreement.
On Friday, the White House said US trading partners that reached separate tariff deals with Trump's administration would also face the new global tariff. 

High court defeat

Friday's court ruling did not impact sector-specific duties Trump separately imposed on steel, aluminum and various other goods. Government probes still underway could lead to additional sectoral tariffs.
But it nevertheless marked Trump's biggest defeat at the Supreme Court since returning to the White House 13 months ago. The court has generally expanded his power. 
Trump heaped praise on the conservative justices who voted to uphold his authority to levy tariffs -- Clarence Thomas, Samuel Alito and Brett Kavanaugh, a Trump nominee -- thanking them "for their strength and wisdom, and love of our country."
The president alleged the majority of six justices, including two nominated during his first term, had been "swayed by foreign interests."
"I think that foreign interests are represented by people that I believe have undue influence," he said.
Shares on Wall Street -- a metric closely watched by Trump -- rose modestly Friday after the decision, which had been expected.
Business groups largely cheered the ruling, with the National Retail Federation saying this "provides much-needed certainty" for companies.
In court arguments, the Trump administration said companies would receive refunds if the tariffs were deemed unlawful. But the Supreme Court's ruling did not address the issue. 
Trump said he expected years of litigation on whether to provide refunds. Kavanaugh noted the refund process could be a "mess."
mlm-acb/ane/jfx

India

Brazil's Lula urges Trump to treat all countries equally

BY BHUVAN BAGGA WITH ABHAYA SRIVASTAVA

  • The conservative-majority Supreme Court ruled six to three on Friday that a 1977 law Trump has relied on to slap sudden levies on individual countries, upending global trade, "does not authorize the President to impose tariffs".
  • Brazil's President Luiz Inacio Lula da Silva urged Donald Trump on Sunday to treat all countries equally after the US leader imposed a 15 percent tariff on imports following an adverse Supreme Court ruling.
  • The conservative-majority Supreme Court ruled six to three on Friday that a 1977 law Trump has relied on to slap sudden levies on individual countries, upending global trade, "does not authorize the President to impose tariffs".
Brazil's President Luiz Inacio Lula da Silva urged Donald Trump on Sunday to treat all countries equally after the US leader imposed a 15 percent tariff on imports following an adverse Supreme Court ruling.
"I want to tell the US President Donald Trump that we don't want a new Cold War. We don't want interference in any other country, we want all countries to be treated equally," Lula told reporters in New Delhi.
The conservative-majority Supreme Court ruled six to three on Friday that a 1977 law Trump has relied on to slap sudden levies on individual countries, upending global trade, "does not authorize the President to impose tariffs".
Lula said he would not like to react to the Supreme Court decisions of another country, but hoped that Brazil's relations with the United States "will go back to normalcy" soon.
The veteran leftist leader is expected to travel to Washington next month for a meeting with Trump.
"I am convinced that Brazil-US relation will go back to normalcy after our conversation," Lula, 80, said, adding that Brazil only wanted to "live in peace, generate jobs, and improve the lives of our people".
Lula and Trump, 79, stand on polar opposite sides when it comes to issues such as multilateralism, international trade and the fight against climate change.
However, ties between Brazil and the United States appear to be on the mend after months of animosity between Washington and Brasilia.
As a result, Trump's administration has exempted key Brazilian exports from 40 percent tariffs that had been imposed on the South American country last year.

'Affinity'

"The world doesn't need more turbulence, it needs peace," said Lula, who arrived in India on Wednesday for a summit on artificial intelligence and a bilateral meeting with Prime Minister Narendra Modi.
Ties between Washington and Brasilia soured in recent months, with Trump angered over the trial and conviction of his ally, the far-right former Brazil president Jair Bolsonaro.
Trump imposed sanctions against several top officials, including a Supreme Court judge, to punish Brazil for what he termed a "witch hunt" against Bolsonaro.
Bolsonaro was sentenced to 27 years in prison for his role in a botched coup bid after his 2022 election loss to Lula.
Lula said that, as the two largest democracies in the Americas, he looked forward to a positive relationship with the United States. 
"We are two men of 80 years of age, so we cannot play around with democracy," he said. 
"We have to take this very seriously. We have to shake hands eye-to-eye, person-to-person, and to discuss what is best for the US and Brazil."
Lula also praised Modi after India and Brazil agreed to boost cooperation on critical minerals and rare earths and signed a raft of other deals on Saturday.
"I have a lot of affinity with Prime Minister Modi," he said.
Lula will travel to South Korea later on Sunday for meetings with President Lee Jae Myung and to attend a business forum.
bb-abh/pbt

India

Brazil's Lula urges Trump to treat all countries equally

  • The conservative-majority Supreme Court on Friday ruled six to three that a 1977 law Trump has relied on to slap sudden levies on individual countries, upending global trade, "does not authorize the President to impose tariffs".
  • Brazil's President Luiz Inacio Lula da Silva on Sunday urged Donald Trump to treat all countries equally after the US leader imposed a 15 percent tariff on imports following an adverse Supreme Court ruling.
  • The conservative-majority Supreme Court on Friday ruled six to three that a 1977 law Trump has relied on to slap sudden levies on individual countries, upending global trade, "does not authorize the President to impose tariffs".
Brazil's President Luiz Inacio Lula da Silva on Sunday urged Donald Trump to treat all countries equally after the US leader imposed a 15 percent tariff on imports following an adverse Supreme Court ruling.
"I want to tell the US President Donald Trump that we don't want a new Cold War. We don't want interference in any other country, we want all countries to be treated equally," Lula told reporters in New Delhi.
The conservative-majority Supreme Court on Friday ruled six to three that a 1977 law Trump has relied on to slap sudden levies on individual countries, upending global trade, "does not authorize the President to impose tariffs".
Lula said he would not like to react to Supreme Court decisions of another country, but hoped that Brazil's relations with the United States "will go back to normalcy" soon.
The veteran leftist Brazilian leader is expected to travel to Washington next month for a meeting with Trump.
"I am convinced that Brazil-US relation will go back to normalcy after our conversation," Lula, 80, said, adding Brazil only wanted to "live in peace, generate jobs, and improve lives of our people".
Ties between Brazil and the United States appear to be on the mend after months of animosity between Washington and Brasilia.
As a result, Trump's administration has exempted key Brazilian exports from 40 percent tariffs that had been imposed on on the South American country last year.
"The world doesn't need more turbulence, it needs peace," said Lula who arrived in India on Wednesday to attend a summit on artificial intelligence.
On Saturday, India and Brazil agreed to boost cooperation on critical minerals and rare earths and signed a raft of other deals after a meeting between Lula and Prime Minister Narendra Modi. 
bb-abh/mtp

copper

Copper, a coveted metal boosting miners

BY POL-MALO LE BRIS

  • Canadian miner Teck Resources, in talks over a multi-billion-dollar merger with Anglo American to forge a copper giant, noted that its profits have been driven by "significantly higher copper prices".
  • BHP, Glencore and Teck Resources -- three mining giants whose annual results have revealed significantly increased profits thanks in large part to soaring copper prices. 
  • Canadian miner Teck Resources, in talks over a multi-billion-dollar merger with Anglo American to forge a copper giant, noted that its profits have been driven by "significantly higher copper prices".
BHP, Glencore and Teck Resources -- three mining giants whose annual results have revealed significantly increased profits thanks in large part to soaring copper prices. 
AFP explores the reasons behind the gains.

Profits boost

Australian resources group BHP saw net profit surge almost 28 percent to US$5.64 billion in the final six months of last year, the group's fiscal first half.
Alongside the recent earnings, BHP stated that it was the world's largest copper producer after raising output by about 30 percent in the past four years, including from its vast Escondida mine in Chile.
In the same week, Swiss miner Glencore announced a return to profit last year and plans to double its copper production within a decade.
Canadian miner Teck Resources, in talks over a multi-billion-dollar merger with Anglo American to forge a copper giant, noted that its profits have been driven by "significantly higher copper prices".
Resources groups that have not fared so well in 2025 -- iron ore behemoth Rio Tinto and Anglo American -- are ramping up production of copper to help offset sagging demand for steel and diamonds.

Why copper?

Copper demand has exploded in recent years, with the metal needed for solar panels, wind turbines and also military hardware.
The coveted metal is also used in electric vehicle batteries and data centres for artificial intelligence.
Surging demand caused the price of copper to soar 40 percent on the London Metal Exchange (LME) last year, and in January this year it reached a record high.
This was fuelled by supply disruptions at major copper mines in Chile, Indonesia and the Democratic Republic of Congo.
Demand has been boosted additionally "by Donald Trump's decisions", said Benjamin Louvet, head of commodities management at Ofi Invest AM.
Elaborating further to AFP, he pointed to the US president's tariff threats, which saw companies build copper stocks, and heightened tensions between the United States and China, the world's dominant player in metals markets.

Copper supply risks

Many copper experts agree that the industrial metal could reach a supply deficit this year.
"A structural deficit appears almost inevitable," Philippe Chalmin, a commodities professor at Paris-Dauphine University, told AFP. 
The poor anticipation of current needs is partly explained by the fact that "the energy transition happened quite quickly", he added. 
Developing a new mine takes time. 
According to a study by the International Energy Agency, an average of 16 years is required -- although the duration varies depending on the ore and location.
This timeframe and the enormous associated costs are deterring financiers, "who are turning to investments with much faster returns", said Louvet.
Against this backdrop, the sector is seeking to consolidate, although a bid by BHP to buy Anglo American, disrupting the latter's planned tie-up with Teck, recently collapsed.

Commodities versus stocks

Unlike shares in companies, which rise in anticipation of increased revenue, commodity prices are determined by the current supply versus demand.
The price of copper "does not factor in future scarcity", said Louvet.
This means new mining projects are launched only once there is a need for increased production.
Louvet explained that copper would have to reach $15,000 per tonne for miners to begin new projects as, despite soaring profits, the financial risk is too high.
Copper is trading at below $13,000 per tonne on the LME, compared with its all-time high of $14,527.50 last month.
Even the creation or expansion of strategic stockpiles by the United States and other countries will not "fundamentally change the situation", Louvet added.
burs-pml/bcp/rmb/rh/abs

demonstration

Indigenous protesters occupy Cargill port terminal in Brazil

  • "When they start dredging the river and causing pollution, the river will cease to be a common good for all humanity and will become the property of a single individual," demonstrator Thiago Guarani told AFP. Two weeks ago the government announced the suspension of dredging in the Tapajos River, a key Amazon River tributary, after Indigenous-led protests.
  • Indigenous protesters in Brazil occupied a shipping terminal operated by US agricultural giant Cargill on Saturday, demanding a ban on dredging Amazon waterways.
  • "When they start dredging the river and causing pollution, the river will cease to be a common good for all humanity and will become the property of a single individual," demonstrator Thiago Guarani told AFP. Two weeks ago the government announced the suspension of dredging in the Tapajos River, a key Amazon River tributary, after Indigenous-led protests.
Indigenous protesters in Brazil occupied a shipping terminal operated by US agricultural giant Cargill on Saturday, demanding a ban on dredging Amazon waterways.
The South American nation is the world's top exporter of soy and maize, and ongoing efforts to upgrade river ports aim to ease transportation.
Demonstrators had been gathering outside the terminal in Santarem, in northern Brazil's Para state, for a month before taking over company offices this weekend.
In a statement to AFP the company said operations were suspended, blaming an "ongoing dispute between government authorities and Indigenous communities."
Protesters are calling for the repeal of an order signed by President Luiz Inacio Lula da Silva in August that designated Amazonian rivers as priority areas for shipping and port development.
The Indigenous protesters are against an expansion of the ports and the dredging of the Amazon's rivers, which they consider vital to their way of life.
Alessandra Korap, a community leader from the Munduruku Indigenous group, said protesters "will only leave if Lula and the government overturn and revoke the decree."
Activists protested in front of Cargill's offices in Sao Paulo on Friday.
"When they start dredging the river and causing pollution, the river will cease to be a common good for all humanity and will become the property of a single individual," demonstrator Thiago Guarani told AFP.
Two weeks ago the government announced the suspension of dredging in the Tapajos River, a key Amazon River tributary, after Indigenous-led protests.
Cargill called on the government and demonstrators to engage in a "constructive dialogue."
The US-based multinational is a major shipper of soy and corn in Brazil.
lg/ega/nro/jfx

technology

AI agent invasion has people trying to pick winners

BY THOMAS URBAIN

  • Futurum chief strategist Shay Boloor sees the moment as an "inflection point" where millions of AI agents will soon be routinely handling tasks long tended to by people.
  • An onslaught of artificial intelligence agents that handle tasks from writing code to dispensing tax advice has the tech world and financial markets scrambling to pick winners and shed losers.
  • Futurum chief strategist Shay Boloor sees the moment as an "inflection point" where millions of AI agents will soon be routinely handling tasks long tended to by people.
An onslaught of artificial intelligence agents that handle tasks from writing code to dispensing tax advice has the tech world and financial markets scrambling to pick winners and shed losers.
Gone are the days of being satisfied with OpenAI's ChatGPT simply creating responses to text prompts.
Makers of leading AI models have embraced "agentic" capabilities that provide software assistants capable of independently tending to tasks, such as creating software applications, based on simple descriptions.
Futurum chief strategist Shay Boloor sees the moment as an "inflection point" where millions of AI agents will soon be routinely handling tasks long tended to by people.
"We've never had a tech disruption at this scale before," Boloor told AFP.
"It's extreme. The market is underwriting that future uncertainty in a doom-based scenario."
The turning point has been marked by rapid-fire releases of ever-improving AI models, including recent new versions from OpenAI and Anthropic.
Add to that the November debut of autonomous AI agent OpenClaw that some have equated to the fictional "Jarvis" AI assistant from the "Iron Man" superhero films.
The creator of OpenClaw was snapped up by ChatGPT-maker OpenAI, signaling that the San Francisco-based startup has even more ambitious agentic aspirations.

Future or fiction?

Investors quickly saw AI agents as a threat to software publishers, particularly those serving businesses.
Monday.com, which specializes in workplace collaboration, along with Salesforce and Thomson Reuters with its tax, accounting and trade software arms saw their stock value plummet 30 percent or more on Wall Street in a matter of days.
Georgetown University management professor Jason Schloetzer recounted a recent chat with a chief executive who remarked about no longer needing consultants since there was "one in my pocket" thanks to AI.
"There's paranoia around AI in every industry," said Wedbush analyst Dan Ives.
"I believe it's way overdone."
He viewed the concept of AI models replacing enterprise software and cybersecurity firms as "a fictional tale."

Too much?

As AI agents begin shaking up work, creators of large language models powering them continue to pour hundreds of billions of dollars into a battle for supremacy.
Claude-maker Anthropic has OpenAI, Google's Gemini and even Grok from xAI nipping at its heels in the market for professional AI.
Even though massive spending on AI infrastructure has some investors worried, Boloor contends "the risk is not overinvesting, but underinvesting" in the transformative technology.
Schloetzer reasons that the economic impact of AI may not be clear for several years, the same way it took time for the internet itself to become a vital part of daily life.
"Suddenly, entirely new businesses that had no economic attractiveness without the internet started to exist, like Netflix," Schloetzer said.
"I'm waiting to see these new companies or industries that are created (by AI)."
AI angst is spreading way beyond the tech industry.
A recent blog post by US entrepreneur Matt Shumer titled "Something Big Is Happening" includes a prediction that AI will be tackling jobs in law, finance, accounting, consulting, medicine and other fields.
The experience that tech workers had of seeing AI go from a "helpful tool" to something that "does my job better than I do" will ripple through the service sector, Shumer predicted.
Some observers have criticized Shumer's post. In an opinion piece at the Mind Matters website, technology consultant Jeffrey Funk called it "hype" driven by fear.
"The markets are a rational mechanism," analyst Ives said of company shares being punished by AI worries.
"We're going to get to a crossroads here pretty soon where things will settle down."
tu-gc/acb

renewables

'Solar sheep' help rural Australia go green, one panel at a time

BY GREGORY PLESSE

  • "The solar farm income is greater than I would ever get off agriculture in this area -- regardless of whether I have sheep running under the panels or not," he said.
  • Australian farmer Tom Warren's solar panels look like any other -- until you spot the dozens of sheep grazing and napping, helping the country transition to green energy and earning him a decent income while doing it.
  • "The solar farm income is greater than I would ever get off agriculture in this area -- regardless of whether I have sheep running under the panels or not," he said.
Australian farmer Tom Warren's solar panels look like any other -- until you spot the dozens of sheep grazing and napping, helping the country transition to green energy and earning him a decent income while doing it.
More than 30,000 solar panels are deployed across approximately 50 hectares at Warren's farm on the outskirts of Dubbo, around 400 kilometres (250 miles) west of Sydney.
The farmer and landowner has been working with renewables firm Neoen for more than a decade and said he was initially worried the panels would restrict his sheep's grazing.
It quickly became clear those fears were unfounded.
"Normally they would seek out trees and camp under the trees, but you can see that the sheep are seeking out the shade of the panels," he told AFP at the farm in Dubbo.
"So, it's a much better environment for them as well."
The farm produces about 20 megawatts of power, he said -- a "substantial amount" of the energy needs of the local area.
While he can't disclose how much he earns from the panels, he said he's taking in much more than he would from just farming.
"The solar farm income is greater than I would ever get off agriculture in this area -- regardless of whether I have sheep running under the panels or not," he said.

Grass is greener

The panels have had another surprising side effect: because the grass is shielded from the elements, it's of more consistent quality.
That, in turn, has improved the wool produced by the sheep.
"The wool is actually better and cleaner," Warren said.
"All over, we've had about a 15 percent increase in the gross revenue coming from the sheep running under the solar farm."
Fellow farmer Tony Inder, based around 50 kilometres south in the town of Wellington, agrees.
His flock is much larger -- 6,000 sheep grazing on two plots of land covering 4,000 hectares.
"If you want to grow wool, you just need one constant diet and then the wool will grow evenly," he said.
"Under the panels, because it's constant shade and it's constant green, we're supplying a more constant feed, which in turn gives it a better quality wool."
Unlike Warren, Inder doesn't own the land where the solar panels are installed, but the landowners let him use it for free.
In exchange, "they don't have to mow as often", to ensure the panels function properly, but also, and more importantly, to comply with bushfire prevention regulations.

Renewables boom

Sheep, and in particular wool, were a mainstay of the Australian economy for much of the past 150 years, feeding into the notion by the 1950s that Australia "rode on the sheep's back".
The Dubbo farm, however, was a pioneer in the field of agrivoltaics and many others are following its example.
"All of our solar farms in New South Wales now have sheep grazing on them," said Emily Walker, the company's director for the state.
"The industry is moving very quickly into a world where it's not really possible anymore to decouple the historical-agricultural land use from the solar."
Australia remains heavily dependent on its fossil fuel economy for growth despite heavy investment in the renewable sector.
Canberra has pledged to slash planet-warming greenhouse gas emissions by up to 70 percent from 2005 levels over the next decade.
It has also poured billions into solar power, wind turbines and green manufacturing and pledged to make Australia a renewable energy superpower.
Karin Stark, director of the consulting firm Farm Renewables, told AFP that more funding to incentivise this combined use of farmland was needed.
She said the benefits were clear.
"As more farmers are starting to adopt renewable or host large-scale renewable on their land and continuing to farm... the more visible it is in the community," she said.
"Farmers can see that you can continue to farm and be productive."
str-oho/pbt

diplomacy

Brazil, India ink critical minerals deal as leaders meet

BY ABHAYA SRIVASTAVA

  • "President Lula gave a very detailed presentation on Brazil's substantial critical minerals and rare earth reserves," P. Kumaran told reporters at a media briefing.
  • India and Brazil agreed to boost cooperation on critical minerals and rare earths on Saturday, Prime Minister Narendra Modi said after talks in New Delhi with Brazilian President Luiz Inacio Lula da Silva.
  • "President Lula gave a very detailed presentation on Brazil's substantial critical minerals and rare earth reserves," P. Kumaran told reporters at a media briefing.
India and Brazil agreed to boost cooperation on critical minerals and rare earths on Saturday, Prime Minister Narendra Modi said after talks in New Delhi with Brazilian President Luiz Inacio Lula da Silva.
"The agreement on critical minerals and rare earths is a major step towards building resilient supply chains," Modi said.
Brazil has the world's second-largest reserves of critical minerals, which are used in everything from electric vehicles, solar panels and smartphones to jet engines and guided missiles.
India, seeking to cut its dependence on top exporter China, has been expanding domestic production and recycling while scouting for new suppliers.
"Increasing investments and cooperation in matters of renewable energies and critical minerals is at the core of the pioneering agreement that we have signed today," Lula said.
The details of the deal were not immediately available but a senior Indian foreign ministry official said official discussions were underway.
"President Lula gave a very detailed presentation on Brazil's substantial critical minerals and rare earth reserves," P. Kumaran told reporters at a media briefing.
"He said only 30 percent of their reserves have been explored and that there is substantial scope for exploration, processing minerals and also using them."

'Reflection of trust'

Nine other agreements and memoranda of understanding were finalised on Saturday, covering digital cooperation, health, entrepreneurship and other fields.
"Brazil is India's largest trade partner in Latin America. We are committed to taking our bilateral trade beyond $20 billion in the coming five years," Modi said.
"Our trade is not just a figure, but a reflection of trust."
Lula, who arrived in New Delhi on Wednesday for a summit on artificial intelligence, is accompanied by a delegation of more than a dozen ministers as well as business leaders.
On Saturday, he was given a ceremonial welcome and paid tribute to India's independence hero Mahatma Gandhi, before holding the meeting with Modi.
With China holding a near-monopoly on rare earths production, some countries are seeking alternative sources.
Rishabh Jain, an expert with the Delhi-based Council on Energy, Environment and Water think tank, said India's growing cooperation with Brazil on critical minerals complements recent supply chain engagements with the United States, France and the European Union.
While these partnerships grant India access to advanced technologies, finance and high-end processing capabilities, "Global South alliances are critical for securing diversified, on-ground resource access and shaping emerging rules of global trade", Jain told AFP.

'New momentum'

India, the world's most populous nation, is the 10th largest market for Brazilian exports, with bilateral trade topping $15 billion in 2025.
Key Brazilian exports to India include sugar, crude oil, vegetable oils, cotton and iron ore.
Demand for iron ore has been driven by rapid infrastructure expansion and industrial growth in India, which is on track to become the world's fourth largest economy.
Modi said that "our cooperation in the defence sector is also continuously growing," hailing a "win-win partnership".
"When India and Brazil work together, the voice of Global South becomes stronger and more confident."
Speaking at a business forum later in the day, Lula said Brazil was ready to cooperate in one of the world's largest global defence markets.
"We do not want only to sell," he said. "We want to buy, invest, and consolidate our presence in India, with technology transfer and training of personnel."
Brazilian firms have been expanding in the South Asian nation, with Embraer and Adani Group announcing plans last month to build aircraft in India.
On Sunday, Lula will travel on to South Korea for meetings with President Lee Jae Myung and to attend a business forum.
asv-abh/ceg

Global Edition

Global summit calls for 'secure, trustworthy and robust AI'

BY KATIE FORSTER

  • The UN General Assembly has confirmed 40 members for a group called the Independent International Scientific Panel on Artificial Intelligence.
  • Dozens of nations including the United States and China called for "secure, trustworthy and robust" artificial intelligence, in a summit declaration on Saturday criticised for being too generic to protect the public.
  • The UN General Assembly has confirmed 40 members for a group called the Independent International Scientific Panel on Artificial Intelligence.
Dozens of nations including the United States and China called for "secure, trustworthy and robust" artificial intelligence, in a summit declaration on Saturday criticised for being too generic to protect the public.
The statement signed by 86 countries did not include concrete commitments to regulate the fast-developing technology, instead highlighting several voluntary, non-binding initiatives.
"AI's promise is best realised only when its benefits are shared by humanity," said the statement, released after the five-day AI Impact Summit.
It called the advent of generative AI "an inflection point in the trajectory of technological evolution".
"Advancing secure, trustworthy and robust AI is foundational to building trust and maximising societal and economic benefits," it said.
The summit -- attended by tens of thousands including top tech CEOs -- was the fourth annual global meeting to discuss the promises and pitfalls of AI, and the first hosted by a developing country.
Hot topics discussed included AI's potential societal benefits, such as drug discovery and translation tools, but also the threat of job losses, online abuse and the heavy power consumption of data centres.
Analysts had said earlier that the summit's broad focus, and vague promises made at the previous meetings in France, South Korea and Britain, would make strong pledges or immediate action unlikely.

US signs on

The United States, home to industry-leading companies such as Google and ChatGPT maker OpenAI, did not sign last year's summit statement, warning that regulation could be a drag on innovation.
"We totally reject global governance of AI," US delegation head Michael Kratsios said at the summit on Friday.
The United States signed a bilateral declaration on AI with India on Friday, pledging to "pursue a global approach to AI that is unapologetically friendly to entrepreneurship and innovation".
But it also put its name to the main statement, the release of which was originally expected on Friday but was delayed by one day to maximise the number of signatories, India's government said.
Amba Kak, co-executive director of the AI Now Institute, criticised the lack of a meaningful declaration, saying it was just "another round of generic voluntary promises". 
"The fact that this declaration drew such wide endorsement, especially from the US, which held out in Paris, tells you what kind of agenda it is: one that is AI-industry approved, not one that meaningfully protects the public," she told AFP.
Saturday's summit declaration struck a cautious tone on AI safety risks, from misinformation and surveillance to fears of the creation of devastating new pathogens.
"Deepening our understanding of the potential security aspects remains important," it said.
"We recognize the importance of security in AI systems, industry-led voluntary measures, and the adoption of technical solutions, and appropriate policy frameworks that enable innovation."
On jobs, it emphasised reskilling initiatives to "support participants in preparation for a future AI driven economy".
And "we underscore the importance of developing energy-efficient AI systems" given the technology's growing demands on natural resources, it said.

'Unacceptable risk'

Computing expert and AI safety campaigner Stuart Russell told AFP that Saturday's commitments were "not completely inconsequential".
"The most important thing is that there are any commitments at all," he said.
Countries should "build on these voluntary agreements to develop binding legal commitments to protect their peoples so that AI development and deployment can proceed without imposing unacceptable risks", Russell said.
Some visitors had complained of poor organisation, including chaotic entry and exit points, at the vast summit and expo site in Delhi.
The event was also the source of several viral moments, including the awkward refusal of rival US tech CEOs -- OpenAI's Sam Altman and Dario Amodei of Anthropic -- to hold hands on stage.
The next AI summit will take place in Geneva in 2027. In the meantime, a UN panel on AI will start work towards "science-led governance", the global body's chief Antonio Guterres said Friday.
The UN General Assembly has confirmed 40 members for a group called the Independent International Scientific Panel on Artificial Intelligence.
India has used the summit to push its ambition to catch up with the United States and China in the AI field, including through large-scale data centre construction powered by new nuclear plants.
Delhi expects more than $200 billion in investments over the next two years, and US tech giants unveiled a raft of new deals and infrastructure projects in the country during the summit.
kaf/abh/pbt

tariff

Trump imposes 10% global tariff after stinging court rebuke

BY BEIYI SEOW AND SHAUN TANDON

  • Earlier Friday, the conservative-majority high court ruled six to three that a 1977 law Trump has relied on to slap sudden rates on individual countries, upending global trade, "does not authorize the President to impose tariffs."
  • President Donald Trump imposed Friday an additional 10 percent tariff on imports into the United States after the Supreme Court struck down many of his sweeping and often arbitrary duties, delivering a stinging rebuke on his signature economic policy.
  • Earlier Friday, the conservative-majority high court ruled six to three that a 1977 law Trump has relied on to slap sudden rates on individual countries, upending global trade, "does not authorize the President to impose tariffs."
President Donald Trump imposed Friday an additional 10 percent tariff on imports into the United States after the Supreme Court struck down many of his sweeping and often arbitrary duties, delivering a stinging rebuke on his signature economic policy.
Trump signed the tariff order in the Oval Office -- saying on social media it was "effective almost immediately" -- after spending the past year imposing various rates to cajole and punish countries, both friend and foe.
The new duty is slated to take effect February 24 for 150 days, with exemptions remaining for sectors that are under separate probes, including pharma, and goods entering the US under the US-Mexico-Canada agreement, according to a White House factsheet.
US trading partners that reached tariff deals with Trump's administration will now also face a 10 percent duty, despite higher levels they may have agreed on previously, the White House said.
But a White House official told AFP that the Trump administration would seek ways to "implement more appropriate or pre-negotiated tariff rates" down the line.
Earlier Friday, the conservative-majority high court ruled six to three that a 1977 law Trump has relied on to slap sudden rates on individual countries, upending global trade, "does not authorize the President to impose tariffs."
Trump, who had nominated two of the justices who repudiated him, responded furiously, alleging without evidence that the court was influenced by foreign interests.
"I'm ashamed of certain members of the court, absolutely ashamed, for not having the courage to do what's right for our country," Trump told reporters.
"In order to protect our country, a president can actually charge more tariffs than I was charging in the past," Trump said, insisting that the ruling left him "more powerful."
Treasury Secretary Scott Bessent, addressing the Economic Club of Dallas, said the alternative method "will result in virtually unchanged tariff revenue in 2026."

Major setback

The ruling did not impact sector-specific duties Trump separately imposed on steel, aluminum and various other goods. Government probes still underway could lead to additional sectoral tariffs.
Still, it marked Trump's biggest defeat at the Supreme Court since returning to the White House 13 months ago. The court has generally expanded his power. 
The justices ruled Friday that "had Congress intended to convey the distinct and extraordinary power to impose tariffs" through the 1977 law, the International Emergency Economic Powers Act, "it would have done so expressly, as it consistently has in other tariff statutes."
"IEEPA contains no reference to tariffs or duties," Chief Justice John Roberts said in his opinion.
Wall Street saw share prices rise modestly after the decision, which had been expected.
Business groups largely cheered the ruling, with the National Retail Federation saying this "provides much-needed certainty" for companies.

Doubts on refunds

The Trump administration in court arguments said companies would receive refunds if the tariffs were deemed unlawful. But the ruling did not address the issue. 
Trump said he expected years of litigation on whether to provide refunds. Justice Brett Kavanaugh, the one Trump nominee to side with him, noted the refund process could be a "mess."
The University of Pennsylvania's Penn Wharton Budget Model projected that the court decision on tariffs would generate up to $175 billion in refunds.
California Governor Gavin Newsom, who is widely expected to seek the Democratic presidential nomination in 2028, said Americans deserved refunds from the "illegal cash grab."
"Every dollar unlawfully taken must be refunded immediately — with interest. Cough up!"
But Elizabeth Warren, the top Democrat on the Senate Banking Committee, cautioned that there remained "no legal mechanism for consumers and many small businesses to recoup the money they have already paid."
The Budget Lab at Yale University estimates consumers face an average effective tariff rate of 9.1 percent with Friday's decision, down from 16.9 percent. 
The rate "remains the highest since 1946," excluding 2025, it said.
Close US trading partners including the European Union and Britain said they were studying the decision.
Canada, which has faced repeated tariff threats as Trump questioned the sovereignty of the northern neighbor, said the Supreme Court showed the levies were "unjustified," but the country braced for more turbulence.
French President Emmanuel Macron on Saturday hailed "the existence of checks and balances in democracies" after the Supreme Court's decision, adding that "a conciliatory approach" was necessary. 
"We want to continue to export and do so under the fairest rules possible and not be subject to unilateral decisions," the head of state told reporters at an agricultural trade fair in Paris.
bur-bys-sct/ksb/sla/sbk/gv

diplomacy

Brazil, India eye critical minerals deal as leaders meet

BY ABHAYA SRIVASTAVA

  • With China holding a near-monopoly on rare earths production, some countries are seeking alternative sources.
  • India's Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva were holding talks in New Delhi on Saturday, seeking to boost cooperation on critical minerals and rare earths.
  • With China holding a near-monopoly on rare earths production, some countries are seeking alternative sources.
India's Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva were holding talks in New Delhi on Saturday, seeking to boost cooperation on critical minerals and rare earths.
Brazil has the world's second-largest reserves of these elements, which are used in everything from electric vehicles, solar panels and smartphones to jet engines and guided missiles.
India, seeking to cut its dependence on top exporter China, has been expanding domestic production and recycling while scouting for new suppliers.
Lula, heading a delegation of more than a dozen ministers as well as business leaders, arrived in New Delhi on Wednesday for a global summit.
On Saturday, he was given a ceremonial welcome and paid his tributes to India's independence hero Mahatma Gandhi, before going into the meeting with Modi.
Officials have said the two leaders are expected to sign a memorandum on critical minerals and discuss efforts to increase trade links.
The world's most populous nation is already the 10th largest market for Brazilian exports, with bilateral trade topping $15 billion in 2025.
The two countries have set a trade target of $20 billion to be achieved by 2030.
With China holding a near-monopoly on rare earths production, some countries are seeking alternative sources.
Rishabh Jain, an expert with the Delhi-based Council on Energy, Environment and Water think tank, said India's growing cooperation with Brazil on critical minerals complements recent supply chain engagements with the United States, France and the European Union.
While these partnerships grant India access to advanced technologies, finance and high-end processing capabilities, "Global South alliances are critical for securing diversified, on-ground resource access and shaping emerging rules of global trade", Jain told AFP.

'New momentum'

Modi and Lula are also expected to discuss global economic headwinds and strains on multilateral trade systems after both of their countries were hit by US tariffs in 2025, prompting the two leaders to call for stronger cooperation.
Washington has since pledged to roll back duties on Indian goods under a trade deal announced earlier this month.
"Lula and Modi will have the opportunity to exchange views on... the challenges to multilateralism and international trade," said Brazilian diplomat Susan Kleebank, the secretary for Asia and the Pacific.
Brazil is India's biggest partner in Latin America.
Key Brazilian exports to India include sugar, crude oil, vegetable oils, cotton and iron ore.
Demand for iron ore has been driven by rapid infrastructure expansion and industrial growth in India, which is on track to become the world's fourth largest economy.
India's Foreign Minister Subrahmanyam Jaishankar said he was confident that Lula's talks with Modi "will impart a new momentum to our ties".
"Deeply appreciate his warm sentiments and guidance on advancing our strategic partnership," he said in a post on X on Saturday.
Brazilian firms are also expanding in the country, with Embraer and Adani Group announcing plans last month to build aircraft in India.
Lula addressed the AI Impact summit in Delhi on Thursday, calling for a multilateral and inclusive global governance framework for artificial intelligence.
He will travel on to South Korea for meetings with President Lee Jae Myung and to attend a business forum.
abh/ami

economy

Battered by Gaza war, Israel's tech sector in recovery mode

BY DELPHINE MATTHIEUSSENT

  • Until then, the ministry had primarily sourced from Israel's large defence firms, said Menahem Landau, head of Caveret Ventures, a defence tech investment company.
  • Israel's vital tech sector, dragged down by the war in Gaza, is showing early signs of recovery, buoyed by a surge in defence innovation and fresh investment momentum.
  • Until then, the ministry had primarily sourced from Israel's large defence firms, said Menahem Landau, head of Caveret Ventures, a defence tech investment company.
Israel's vital tech sector, dragged down by the war in Gaza, is showing early signs of recovery, buoyed by a surge in defence innovation and fresh investment momentum.
Cutting-edge technologies represent 17 percent of the country's GDP, 11.5 percent of jobs and 57 percent of exports, according to the latest available data from the Israel Innovation Authority (IIA), published in September 2025.
But like the rest of the economy, the sector was not spared the knock-on effects of the war, which began in October 2023 and led to staffing shortages and skittishness from would-be backers.
Now, with a ceasefire largely holding in Gaza since October, Israel's appeal is gradually returning, as illustrated in mid-December, when US chip giant Nvidia announced it would create a massive research and development centre in the north that could host up to 10,000 employees.
"Investors are coming to Israel nonstop," Prime Minister Benjamin Netanyahu said at the time.
After the war, the recovery can't come soon enough.
"High-tech companies had to overcome massive staffing cuts, because 15 to 20 percent of employees, and sometimes more, were called up" to the front as reservists, IIA director Dror Bin told AFP.
To make matters worse, in late 2023 and 2024, "air traffic, a crucial element of this globalised sector, was suspended, and foreign investors froze everything while waiting to see what would happen", he added.
The war also sparked a brain drain in Israel.
Between October 2023 and July 2024, about 8,300 employees in advanced technologies left the country for a year or more, according to an IIA report published in April 2025.
The figure represents around 2.1 percent of the sector's workforce.
The report did not specify how many employees left Israel to work for foreign companies versus Israeli firms based abroad, or how many have since returned to Israel.

Rise in defence startups

In 2023, the tech sector far outpaced GDP growth, increasing by 13.7 percent compared to 1.8 percent for GDP. 
But the sector's output stagnated in 2024 and 2025, according to IIA figures.
Industry professionals now believe the industry is turning a corner.
Israeli high-tech companies raised $15.6 billion in private funding in 2025, up from $12.2 billion in 2024, according to preliminary figures published in December by Startup Nation Central (SNC), a non-profit organisation that promotes Israeli innovation.
Deep tech -- innovation based on major scientific or engineering advances such as artificial intelligence, biotech and quantum computing -- returned in 2025 to its pre-2021 levels, according to the IIA. 
The year 2021 is considered a historic peak for Israeli tech.
The past two years have also seen a surge in Israeli defence technologies, with the military engaged on several fronts from Lebanon and Syria to Iran, Yemen, Gaza and the occupied West Bank.
Between July 2024 and April 2025, the number of startups in the defence sector nearly doubled, from 160 to 312, according to SNC.
Of the more than 300 emerging companies collaborating with the research and development department of Israel's defence ministry, "over 130 joined our operations during the war", Director General Amir Baram said in December.
Until then, the ministry had primarily sourced from Israel's large defence firms, said Menahem Landau, head of Caveret Ventures, a defence tech investment company.
But he said the war pushed the ministry "to accept products that were not necessarily fully finished and tested, coming from startups".
"Defence-related technologies have replaced cybersecurity as the most in-demand high-tech sector," the reserve lieutenant colonel explained.
"Not only in Israel but worldwide, due to the war between Russia and Ukraine and tensions with China".
dms/tgg/mj/acc/jd/smw

technology

Xbox boss Phil Spencer retires as Microsoft shakes up gaming unit

  • Spencer headed the Xbox unit for 12 of his 38 years at Microsoft, nearly tripling the size of the business as video games evolved from packaged software for consoles to subscription services and digital downloads on an array of devices.
  • Microsoft on Friday put out word that Xbox stalwart Phil Spencer is retiring, in a shakeup of leadership at the tech titan's video game unit.
  • Spencer headed the Xbox unit for 12 of his 38 years at Microsoft, nearly tripling the size of the business as video games evolved from packaged software for consoles to subscription services and digital downloads on an array of devices.
Microsoft on Friday put out word that Xbox stalwart Phil Spencer is retiring, in a shakeup of leadership at the tech titan's video game unit.
Former Instacart chief operating officer Asha Sharma will take over as head of Microsoft Gaming, with Matt Booty becoming executive vice president and chief content officer.
"As we celebrate Xbox's 25th year, the opportunity and innovation agenda in front of us is expansive," Microsoft chief executive Satya Nadella said in a message to employees.
"I am long on gaming and its role at the center of our consumer ambition."
Changes to the gaming team include Sarah Bond leaving her job as Xbox president "to begin a new chapter" away from Microsoft, according to the company.
The shakeup comes as cloud computing and artificial intelligence have become priorities at Microsoft, driving revenue growth but also massive spending on infrastructure to power the technology.
"When I walked through Microsoft's doors as an intern in June of 1988, I could never have imagined the products I'd help build, the players and customers we'd serve or the extraordinary teams I'd be lucky enough to join," Spencer said in a message to colleagues.
"It's been an epic ride and truly the privilege of a lifetime."
Spencer headed the Xbox unit for 12 of his 38 years at Microsoft, nearly tripling the size of the business as video games evolved from packaged software for consoles to subscription services and digital downloads on an array of devices.
Spencer also guided the Xbox team through acquisitions of Activision Blizzard, ZeniMax, and Minecraft.
Xbox boasts more than 500 million monthly users and a vast stable of game studios, along with a subscription gaming service.
"We are witnessing the reinvention of play," Sharma said in a blog post announcing the leadership changes.
"To meet the moment, we will invent new business models and new ways to play by leaning into what we already have: iconic teams, characters and worlds that people love."
gc/nro

court

What's next after US Supreme Court tariff ruling?

BY BEIYI SEOW

  • There will be "more uncertainty, more volatility for businesses to navigate, and more fraught trade deals for countries to negotiate," Lipsky added.
  • The Supreme Court's striking down of President Donald Trump's global tariffs, while a relief to many, heralds more months of uncertainty as US businesses brace for new levies and a fight for refunds plays out.
  • There will be "more uncertainty, more volatility for businesses to navigate, and more fraught trade deals for countries to negotiate," Lipsky added.
The Supreme Court's striking down of President Donald Trump's global tariffs, while a relief to many, heralds more months of uncertainty as US businesses brace for new levies and a fight for refunds plays out.
What comes next after the conservative-majority court's decision?

Long road to refunds

The ruling sets up a long fight for tariff refunds, as the duties, now deemed illegal, generated some $133.5 billion from January 2025 to mid-December.
The top court did not address the refunds issue, and analysts say this will be decided by lower courts in the coming months.
The US Court of International Trade is expected to manage this process, said ING analysts Carsten Brzeski and Julian Geib.
"Refunds won't come automatically, as any importer that wants its money back must sue individually," they said.
"This process has already kicked off, with over 1,000 corporate entities now involved in a legal fight."
Trump told reporters Friday: "We'll end up being in court for the next five years."

More volatility

Hours after the court decision, Trump vowed to impose a new 10-percent tariff on imports under an alternative authority.
This is widely seen as a temporary move to pave the way for more durable tariffs, but is set to trigger other challenges and upheaval in the meantime.
The law Trump is tapping for this tariff -- Section 122 of the Trade Act of 1974 -- only allows for a duty of 150 days unless Congress extends it.
Trump has said there will be new investigations of unfair trade practices under Section 301, a path towards more lasting duties.
Josh Lipsky, chair of international economics at the Atlantic Council, said Friday's ruling merely "opens a new chapter" in Trump's tariff policy.
There will be "more uncertainty, more volatility for businesses to navigate, and more fraught trade deals for countries to negotiate," Lipsky added.

Losing speed

But for now, the court's decision "removes one of Trump's fastest tools for imposing broad tariffs," said ING.
US Treasury Secretary Scott Bessent told Fox News on Friday that tariffs based on the International Emergency Economic Powers Act (IEEPA) "were custom made for President Trump to assert leverage" against other countries.
"We were able to bring them to the table very quickly," he said.
"We will get back to the same tariff level for the countries," Bessent vowed. "It will just be in a less direct and slightly more convoluted manner."

Trade deal uncertainty?

With tariffs imposed via emergency economic powers forming the basis of recent trade talks, analysts warned that some partners may try to rethink their commitments.
Lipsky expects economies that have already made deals to keep them rather than "risk unraveling an agreement which at least has provided some stability."
But those still finalizing deals may have more leverage now.
Asia Society Policy Institute senior vice president Wendy Cutler expects that walking away from announced deals "does not seem to be in the cards for our partners."
"They know all too well that such a step could end up leaving them in a worse position with the White House," she said.

Lower tariffs?

With the Supreme Court ruling, consumers "face an overall average effective tariff rate of 9.1 percent, which remains the highest since 1946 excluding 2025," according to The Budget Lab at Yale University.
This is down from 16.9 percent.
Despite Trump's plan to move towards more lasting duties, Navy Federal Credit Union chief economist Heather Long expects Friday's ruling "will force a reset in tariff policy."
She anticipates this is "likely to lead to lower overall tariff rates and a more orderly imposition of future tariffs." 
bys/nro

court

Trump unleashes personal assault on 'disloyal' Supreme Court justices

BY CHRIS LEFKOW

  • "It's my opinion that the court has been swayed by foreign interests," he said.
  • US President Donald Trump launched an extraordinary personal attack Friday on the Supreme Court justices who struck down his global tariffs, including two of his own appointees, and claimed they were being "swayed by foreign interests."
  • "It's my opinion that the court has been swayed by foreign interests," he said.
US President Donald Trump launched an extraordinary personal attack Friday on the Supreme Court justices who struck down his global tariffs, including two of his own appointees, and claimed they were being "swayed by foreign interests."
"I'm ashamed of certain members of the court, absolutely ashamed, for not having the courage to do what's right for our country," Trump told reporters at a White House press conference.
"They're very unpatriotic and disloyal to our Constitution," he said, deriding them at one point as "fools and lap dogs."
The Supreme Court has overwhelmingly sided with Trump since he took office in January of last year, and the tariffs ruling was the first major setback for the Republican president before the conservative-dominated court.
Asked if he regretted nominating justices Amy Coney Barrett and Neil Gorsuch -- who both voted against him -- to the top court, Trump said he did not "want to say whether or not I regret."
"I think their decision was terrible," he said. "I think it's an embarrassment to their families if you want to know the truth, the two of them."
Chief Justice John Roberts, Coney Barrett and Gorsuch, all conservatives, joined with the court's three liberals in the 6-3 ruling that Trump's sweeping global tariffs were illegal.
Trump heaped praise on the conservative justices who voted to uphold his authority to levy tariffs -- Clarence Thomas, Samuel Alito and Brett Kavanaugh, a Trump appointee.
He thanked the three "for their strength and wisdom, and love of our country."
Trump in particular singled out Kavanaugh, who wrote a 63-page dissent to the tariffs ruling, calling him a "genius" and saying he was "so proud of him."

'You're going to find out'

The president also alleged there was foreign influence behind the ruling.
"It's my opinion that the court has been swayed by foreign interests," he said. "I think that foreign interests are represented by people that I believe have undue influence.
"They have a lot of influence over the Supreme Court, whether it's through fear or respect or friendships, I don't know," he said.
Asked by a reporter if he had evidence of foreign influence on the court, Trump replied: "You're going to find out."
Vice President JD Vance added his voice to the condemnation of the tariffs ruling, calling it "lawlessness from the court, plain and simple."
Tensions between the White House and the Supreme Court are not new -- a frustrated president Franklin D Roosevelt once proposed expanding the court to pack it with Democratic loyalists.
But Steven Schwinn, a constitutional law professor at the University of Illinois Chicago, said Trump's "gratuitous and ad homineum attacks" on individual justices reveal "his fundamental misunderstanding of the separation of powers."
"He seems to believe that any good-faith disagreement with his own interpretation of the law is, by definition, illegitimate," Schwinn told AFP.
"At the same time, he lacks any serious interpretation of the law of his own, except to say that the law is what he wants it to be. This is not how a democracy works."
Trump was also asked whether the six justices who voted against him would be welcome at next week's State of the Union speech before Congress.
"Three are happily invited," the president said.
The others are "invited, barely," he said, before adding "I couldn't care less if they come."
cl/ksb

Global Edition

Stocks rise after court ruling against US tariffs

  • The market is not "surprised by what it heard from the Supreme Court and at the same time, it's not surprised that the Trump administration is already touting its ability to make up for the lost revenue that would come from revoking the tariffs," said Briefing.com analyst Patrick O'Hare.
  • Wall Street stocks advanced Friday as markets digested a US Supreme Court decision striking down some of the White House's sweeping tariffs and President Donald Trump's response vowing new levies.
  • The market is not "surprised by what it heard from the Supreme Court and at the same time, it's not surprised that the Trump administration is already touting its ability to make up for the lost revenue that would come from revoking the tariffs," said Briefing.com analyst Patrick O'Hare.
Wall Street stocks advanced Friday as markets digested a US Supreme Court decision striking down some of the White House's sweeping tariffs and President Donald Trump's response vowing new levies.
The conservative-majority top court ruled six-three that a 1977 law known as the International Emergency Economic Powers Act Trump has relied on "does not authorize the president to impose tariffs." 
A furious Trump, who nominated two of the justices who repudiated him, said he was "absolutely ashamed" of some justices "for not having the courage to do what's right for our country" and vowed to impose a uniform tariff of 10 percent under a separate authority.
Wall Street stocks, which had opened lower following disappointing US economic data, pushed into positive territory and also ended higher following a choppy session. The S&P 500 ended up 0.7 percent.
Some analysts said they expect the ruling to lead to lower inflation, but others described the situation as fundamentally uncertain.
The market is not "surprised by what it heard from the Supreme Court and at the same time, it's not surprised that the Trump administration is already touting its ability to make up for the lost revenue that would come from revoking the tariffs," said Briefing.com analyst Patrick O'Hare.
Mark Malek, chief investment officer at Siebert Financial, described the ruling as throwing a "pretty large wrench into the policy machine," predicting that policy uncertainty would remain "elevated."
Jeff Buchbinder, chief equity strategist for LPL Financial, predicted Trump would likely pivot to a different legal strategy.
"However, if lower tariffs help cool inflation, it could firm up expectations for Fed rate cuts later this year," Buchbinder said in a note.
In Europe, a closely watched survey on Friday showed that business activity in the eurozone accelerated in February, indicating that the region's economy is on a more stable footing. 
British firms also boosted output in February, according to the purchasing managers' index published by S&P Global.
London's FTSE 100 stock index hit a fresh record high, as did the CAC 40 in Paris.
In Asia, Hong Kong fell as it reopened from a three-day break for the Lunar New Year, and Tokyo was also down. 
Oil prices, which surged to multi-month highs this week on US suggestions of military action against Iran, moved sideways as markets kept an eye on geopolitics.
Trump had suggested on Thursday that "bad things" would happen if Tehran did not strike a deal within 10 days, which he subsequently extended to 15.
Asked by a reporter on Friday whether he was contemplating a limited military strike, Trump answered: "The most I can say -- I am considering it."
Also Friday, data showed the US economy expanded at a 1.4 percent annual rate in the October to December period, significantly below the 2.5 percent pace that analysts had forecasted for the quarter.
The period included a lengthy US government shutdown amid a budget fight between Trump and Congress.
"At first glance the first reading of fourth quarter GDP was very disappointing," said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
"However, the government was shut down for almost half the quarter," he added.

Key figures at around 2110 GMT

New York - Dow: UP 0.5 percent at 49,625.97 (close)
New York - S&P: UP 0.7 percent at 6,909.51 (close)
New York - Nasdaq: UP 0.9 percent at 22,886.07 (close)
London - FTSE 100: UP 0.6 percent at 10,686.89 (close)
Paris - CAC 40: UP 1.4 percent at 8,515.49 (close)
Frankfurt - DAX: UP 0.9 percent at 25,260.69 (close)
Tokyo - Nikkei 225: DOWN 1.1 percent at 56,825.70 (close)
Hong Kong - Hang Seng Index: DOWN 1.1 percent at 26,413.35 (close)
Shanghai - Composite: Closed for holiday
Euro/dollar: UP at $1.1788 from $1.1773 on Thursday
Pound/dollar: UP at $1.3487 from $1.3465
Euro/pound: DOWN at 87.37 pence from 87.43 pence
Dollar/yen: DOWN at 155.02 yen from 155.01 yen
Brent North Sea Crude: UP 0.1 percent at $71.76 per barrel
West Texas Intermediate: DOWN 0.1 percent at $66.39 per barrel
burs-jmb/sla

tariff

'Not the end': Small US firms wary but hopeful on tariff upheaval

BY BEIYI SEOW

  • He was forced to radically scale back his Pennsylvania-based business last year after Trump imposed new tariffs on virtually all trading partners.
  • Small American businesses warned Friday that a tougher trade landscape was here to stay, as the Supreme Court's rejection of sweeping tariffs was quickly followed by President Donald Trump's pledge to impose new duties.
  • He was forced to radically scale back his Pennsylvania-based business last year after Trump imposed new tariffs on virtually all trading partners.
Small American businesses warned Friday that a tougher trade landscape was here to stay, as the Supreme Court's rejection of sweeping tariffs was quickly followed by President Donald Trump's pledge to impose new duties.
"It's certainly not the end of the difficult trade environment that we're trying to deal with," said Ben Knepler, co-founder of outdoor chair maker True Places.
He was forced to radically scale back his Pennsylvania-based business last year after Trump imposed new tariffs on virtually all trading partners.
The high court's decision on Friday that these country-specific tariffs were illegal brought limited comfort.
"Even with this ruling, there's too much uncertainty for us to be able to restart production for the US," he told AFP.
Knepler had shifted his supply chain out of China to Cambodia at heavy cost after Trump's trade war with Beijing during his first presidency.
But Trump's new 19-percent tariff on Cambodia imports last year forced him to halt manufacturing. He is now working on selling the remainder of his inventory rather than continuing production while he plans his next steps.
But he said: "It does give us a little bit of hope that at least there's some kind of check on what was previously unlimited power outside of Congress."

'Surgical approach'

Josh Staph, chief executive of Ohio-based Duncan Toys Company, urged a "more surgical approach to tariffs" after Trump announced his plan to impose new and sweeping 10-percent duties on imports.
Duncan Toys has been producing yo-yos, flying discs and model gliders in China, and Washington's escalating tariffs with Beijing last year similarly forced him to pause imports.
He was "cautiously optimistic" over the Supreme Court ruling.
But he said he "knows the administration is committed to imposing these tariffs, despite their impact on US toy companies and consumers."
Boyd Stephenson, who runs retailer Game Kastle in Maryland, told AFP he was "very excited to hear that the tariffs have been struck down."
He believes the legal limits can do "wonderful things for the gaming and toy industry over the next year," but conceded "the devil's always in the details."
"It's very much a wait to see how the removal of the tariffs percolates through the supply chain," he added.
Meanwhile, the effects of Trump's incoming duties remain uncertain.

'A setback'

Drew Greenblatt, president of Baltimore-based metal product manufacturer Marlin Steel, worries however that Friday's court ruling was "a setback" for the United States.
Greenblatt has been supportive of Trump's steel levies, which alongside other sector-specific tariffs were not impacted by the high court's decision.
But he expressed concern that the outcome would hamper Trump's ability to navigate and negotiate trade deals with an aim of boosting US manufacturing.
"Do you think if we get into an adversarial relationship with one of these trading entities, they're going to supply us ships?" he asked. "Do you think they're going to supply us critical materials?"
"The wider concern is we need a robust manufacturing industry," he told AFP.
bys/ksb

indicator

US GDP growth misses expectations as Trump blames shutdown

BY BEIYI SEOW

  • - Fed divisions - A separate government report Friday showed that the Federal Reserve's preferred measure of inflation picked up a touch more than analysts expected as well.
  • US economic growth cooled much more than expected in the final months of 2025, government estimates showed Friday, capping the first year of Donald Trump's return to the presidency.
  • - Fed divisions - A separate government report Friday showed that the Federal Reserve's preferred measure of inflation picked up a touch more than analysts expected as well.
US economic growth cooled much more than expected in the final months of 2025, government estimates showed Friday, capping the first year of Donald Trump's return to the presidency.
The Republican leader was quick to blame a lengthy government shutdown last year for the deceleration, pinning responsibility on Democratic lawmakers in a social media post before the latest data was released.
The world's biggest economy expanded at a 1.4 percent annual rate in the October to December period, the Department of Commerce said.
This was significantly below the 2.5 percent pace that analysts had forecasted for the quarter.
Full-year GDP growth came in at 2.2 percent in 2025, lower than the 2.8 percent figure for the prior year.
"The Democrat Shutdown cost the U.S.A. at least two points in GDP," Trump wrote in a Truth Social post, about a half-hour before the official results were published.
He also pointed the finger again at the Federal Reserve, bashing outgoing Chairman Jerome Powell and calling for "LOWER INTEREST RATES."
In an unusual move, Trump ushered reporters out from a working breakfast with governors after the GDP report was released.
Analysts generally expect any hit to economic growth from the record-long shutdown, which lasted from October to mid-November, to be temporary. But some warn of repercussions from prolonged stoppages.
"At first glance the first reading of fourth quarter GDP was very disappointing," said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
"However, the government was shut down for almost half the quarter," he added.
Some analysts estimate that if the shutdown hadn't occurred, fourth quarter GDP growth would have been closer to 2.4 percent, Zaccarelli said, but conceded this is hard to predict accurately.

Consumers, AI investment

"Solid consumption and the AI boom kept the economy growing," said Navy Federal Credit Union chief economist Heather Long.
But she added in a note that 2025 was also a year of jobless growth "where hiring was anemic during the expansion and that left many Americans frustrated and uneasy."
The Commerce Department said slower fourth quarter growth "reflected downturns in government spending and exports and a deceleration in consumer spending."
This was partially offset by a pick-up in investments.
The fourth quarter figure was a marked slowdown too from the 4.4 percent growth in the third quarter.
Yet, the economy saw a boost from consumer spending and investment in the year overall.
The US economy expanded at a decent clip last year despite warnings that Trump's economic policies -- ranging from sweeping global tariffs to deportations -- could weigh on growth.
This has not immediately taken place. 
Consumption has driven growth as households kept spending despite the squeeze from stubborn inflation and a weaker jobs market.
But many Americans, particularly from middle- and lower-income families, have become more conscious of prices, turning increasingly to warehouse stores as they tighten their budgets.
Bernard Yaros of Oxford Economics told AFP that fourth quarter GDP was helped by business investment.
The artificial intelligence capital expenditure cycle "is a major driver of the strength on the investment side of the economy," he said.
Yet, while AI investments and spending by well-off families have powered the economy, it remains unclear if households feel uplifted.

Fed divisions

A separate government report Friday showed that the Federal Reserve's preferred measure of inflation picked up a touch more than analysts expected as well.
The personal consumption expenditures (PCE) price index was up 2.9 percent from a year ago in December, higher than the 2.8 percent economists anticipated and also above November's figure.
This underscores the Trump administration's challenges as he tries to convince Americans of his economic successes.
Analysts say this could bring complications to the central bank too.
Zaccarelli expects the GDP report will "prolong the disagreement" between Fed officials who want to keep interest rates higher to fight inflation, and those who want to slash rates sooner to help an economy that may be more fragile than expected.
bys/md

diplomacy

Germany's Merz to visit China next week

  • Merz leaves Berlin Tuesday and is scheduled to be welcomed with military honours on Wednesday in Beijing by Prime Minister Li Qiang before later meeting Xi for talks and a dinner, Hille said.
  • German Chancellor Friedrich Merz will visit China next week for talks with President Xi Jinping centred on trade between the top EU economy and the Asian giant, Berlin said.
  • Merz leaves Berlin Tuesday and is scheduled to be welcomed with military honours on Wednesday in Beijing by Prime Minister Li Qiang before later meeting Xi for talks and a dinner, Hille said.
German Chancellor Friedrich Merz will visit China next week for talks with President Xi Jinping centred on trade between the top EU economy and the Asian giant, Berlin said.
The visit, the conservative leader's first to China since taking office last May, will be just after Lunar New Year festivities, his spokesman Sebastian Hille pointed out Friday, calling this "a good omen".
China's top diplomat Wang Yi told Merz at the Munich Security Conference last week that Beijing hoped to bring ties "to a new level" and wanted Germany to be a "stabilising anchor for strategic relations".
Merz leaves Berlin Tuesday and is scheduled to be welcomed with military honours on Wednesday in Beijing by Prime Minister Li Qiang before later meeting Xi for talks and a dinner, Hille said.
During the two-day visit, Merz will also visit Beijing's Forbidden City and German car company Mercedes-Benz. He then travels to Hangzhou to visit Chinese robotics firm Unitree and German turbine-maker Siemens Energy.
Hille said Merz would travel with a delegation of business leaders, but without yet naming the companies.
The talks between the leaders of China, the world's number two economy, and Germany, the third-biggest, come at a critical time for Germany, whose car makers and other companies are increasingly reeling from intense Chinese competition.
The countries' traditionally deep economic ties have frayed in recent years over issues ranging from claims of unfair trade practices to protectionism and the supply of critical minerals.

'No illusions'

The visit comes as US President Donald Trump, with his unpredictable foreign- and trade-policy manoeuvres, has upset traditional allies and threatened to upend the international order.
Merz said Friday he was going to China in part because export-dependent Germany needs "economic relations all over the world".
"But we should be under no illusions," he added, pointing out that the one-party state has its own global ambitions and political beliefs.
"China today sees itself in stark contrast to the US and claims the right to define a new multilateral order according to its own rules," Merz told a congress of his CDU party.
He said that when it comes to freedom of opinion, religion and the press, Beijing considers human-rights advocacy "as interference in its internal affairs".
Hille, asked earlier if sensitive rights questions would be up for discussion, said it could be assumed Merz would "of course discuss the whole spectrum of issues".
Another point of contention will be the Ukraine war, where Germany has been a strong backer of Kyiv since the start of Russia's full-scale invasion four years ago next week.
China and Russia are close partners, and while Beijing has said it takes a neutral stance on the Ukraine war, it has never condemned the invasion.
Germany's foreign minister Johann Wadephul visited Beijing in December, pressing Chinese officials including Wang to use their influence to help end Russia's war in Ukraine.
bur-vbw/fz/jhb

tech

X appeals EU's 120-mn-euro fine over digital content violations

  • X said it filed an appeal at the General Court of the EU challenging the fine by the commission, which acts as the EU's digital watchdog.
  • Elon Musk's X social media platform said Friday that it had filed an appeal with the European Union's top court against a 120-million-euro ($142 million) fine for breaking its digital content rules.
  • X said it filed an appeal at the General Court of the EU challenging the fine by the commission, which acts as the EU's digital watchdog.
Elon Musk's X social media platform said Friday that it had filed an appeal with the European Union's top court against a 120-million-euro ($142 million) fine for breaking its digital content rules.
The European Commission imposed the penalty in December for violations including breaching its transparency obligation, triggering an angry reaction in the United States.
X said it filed an appeal at the General Court of the EU challenging the fine by the commission, which acts as the EU's digital watchdog.
The fine was the first ever under the bloc's landmark Digital Services Act (DSA), which has come under fierce attack in the United States, including claims that it allows censorship.
X on Friday denounced what it called the EU's "incomplete and superficial investigation".
Its global government affairs team said on the platform that the EU's probe included "grave procedural errors, a tortured interpretation of the obligations under the DSA, and systematic breaches of rights of defence and basic due process requirements suggesting prosecutorial bias".
"This landmark case is the first judicial challenge to a DSA fine," it added.
An EU spokesman told AFP the commission was aware of the appeal, and "is ready to defend its decision in court".

Wider probe

The EU said last year that X was guilty of breaching the DSA's transparency obligation as part of an investigation that began in December 2023.
The commission also said that X's breaches included the deceptive design of its "blue checkmark" for supposedly verified accounts, and its failure to provide access to public data for researchers.
Musk at the time hit back by saying the EU should be "abolished".
A few weeks later, the US State Department announced sanctions on five individuals including former EU commissioner Thierry Breton.
A former top tech regulator at the commission, Breton often clashed with tech tycoons including Musk over their obligations to follow EU rules.
X has frequently been in the EU's crosshairs.
Under the same DSA probe, EU regulators are still investigating how X tackles the spread of illegal content and information manipulation. 
The first part of the probe had appeared to stall since 2024.
Then in January 2026, the EU opened another investigation under the DSA law over its AI chatbot Grok's generation of sexualised deepfake images of women and minors after an international backlash.
raz/del/js