International
Trump hints at softening China tariffs and says no plan to sack Fed boss
US President Donald Trump has appeared to soften his recent comments on China and the head of the US Federal Reserve after recent clashes as he pursues his economic agenda.
He said he has “no intention of firing” Jerome Powell after repeatedly criticising the head of the central bank, but he added that he would like Powell to be “a little more active” on cutting interest rates.
Speaking in the Oval Office on Tuesday, Trump also said he was optimistic about improving trade relations with China.
He said the level of tariffs – or import taxes – that he had imposed on Chinese imports would “come down substantially, but it won’t be zero”.
The president’s tariffs are an effort to encourage factories and jobs to return to the US. This is a pillar of his economic agenda – as is a cut in interest rates, aimed at reducing the cost of borrowing for Americans.
Trump has ratcheted the rate on Chinese goods up to 145% – sparking reciprocal measures from Beijing and warnings from economists about the global impact of a trade war.
In his comments to reporters on Tuesday, Trump said he would be “very nice” in negotiations with Beijing – in the hope of securing a trade deal.
Earlier, US Treasury Secretary Scott Bessent reportedly said he expected a de-escalation of the trade war, which he said was unsustainable. Responding to comments from China, he said the current situation was “not a joke”.
The trade war has led to turbulence in financial markets around the world – to which Trump’s comments on Powell have also contributed.
The Fed has not cut rates so far this year, after lowering them by a percentage point late last year, a stance Trump has heavily criticised.
Last week, the president intensified his attacks on the Fed chief, calling him “a major loser”.
The comments sparked a selloff of stocks, bonds and the US dollar – though markets have since been recovering from those losses.
National Economic Council Director Kevin Hassett said on Friday that Trump was looking into whether it would be possible to sack Powell – who he first nominated to lead the central bank in 2017.
Powell was then renewed in 2021 by Joe Biden.It is unclear whether Trump has the authority to fire the Fed chair. No other US president has tried to do so.
Most major Asian stock markets were higher on Wednesday as investors appeared to welcome the latest remarks.
Japan’s Nikkei 225 index rose about 1.9%, the Hang Seng in Hong Kong climbed by around 2.2%, while mainland China’s Shanghai Composite was down less than 0.1%.
That came after US shares made gains on Tuesday, with the S&P 500 ending Tuesday’s session up 2.5% and the Nasdaq rose 2.7%.
US futures were also trading higher overnight. Futures markets give an indication of how financial markets will perform when they open for trading.
Investors feared that pressure on Powell to lower interest rates could cause prices to rise at a time when trade tariffs are already seen boosting inflation.
Trade tensions between the world’s biggest economies, as well as US tariffs on other countries around the world, have triggered uncertainty about the global economy. Those concerns triggered turmoil in financial markets in recent weeks.
On Tuesday, the forecast for US economic growth for this year was given the biggest downgrade among advanced economies by the International Monetary Fund (IMF) due to uncertainty caused by tariffs.
The sharp increase in tariffs and uncertainty will lead to a “significant slowdown” in global growth, the Fund predicted.
Trump has imposed taxes of up to 145% on imports from China. Other countries are now facing a blanket US tariff of 10% until July.
His administration said last week that when the new tariffs are added on to existing ones, the levies on some Chinese goods could reach 245%.
China has hit back with a 125% tax on products from the US and vowed to “fight to the end”.
The Chinese government has not yet officially responded to the latest statements from the Trump administration.
However, an article in the state-controlled Global Times on Wednesday quoted commentators who said the remarks showed that the US is beginning to realise the tariffs do more harm than good to America’s economy.
BBC
International
What is the Strait of Hormuz and why is it so important for oil?
OPEC members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, mainly to Asia.
(BBC) – Iran’s top security body must make the final decision on whether to close the Strait of Hormuz, Iranian TV said on Sunday, after parliament reportedly backed the measure in response to U.S. strikes on several of Tehran’s nuclear sites.Iran has in the past threatened to close the strait but has never followed through on the move, which would restrict trade and impact global oil prices.
Below are details about the strait:
WHAT IS THE STRAIT OF HORMUZ?The strait lies between Oman and Iran and links the Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond.It is 21 miles (33 km) wide at its narrowest point, with the shipping lane just 2 miles (3 km) wide in either direction.
WHY DOES IT MATTER?
About a fifth of the world’s total oil consumption passes through the strait. Between the start of 2022 and last month, somewhere between 17.8 million and 20.8 million barrels of crude, condensate and fuels flowed through the strait daily, data from analytics firm Vortexa showed.
OPEC members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, mainly to Asia.
The UAE and Saudi Arabia have sought to find other routes to bypass the strait.
About 2.6 million barrels per day (bpd) of unused capacity from existing UAE and Saudi pipelines could be available to bypass Hormuz, the U.S. Energy Information Administration said in June last year.
Qatar, among the world’s biggest liquefied natural gas exporters, sends almost all of its LNG through the strait.
The U.S. Fifth Fleet, based in Bahrain, is tasked with protecting commercial shipping in the area.
HISTORY OF TENSIONS
In 1973, Arab producers led by Saudi Arabia slapped an oil embargo on Western supporters of Israel in its war with Egypt.
While Western countries were the main buyers of crude produced by the Arab countries at the time, nowadays Asia is the main buyer of OPEC’s crude.
Donald Trump, the United States President yesterday announced the bombing of three Iranian nuclear sites, marking a dramatic military escalation that effectively signaled Washington’s entry into Israel’s war against Iran.
Trump said: “We have completed our very successful attack on the three Nuclear sites in Iran, including Fordow, Natanz, and Esfahan.
All planes are now outside of Iran air space,” Trump posted on his Truth Social platform.
In a televised address, he described the strikes as a “spectacular military success.
”The U.S. intervention has heightened fears of a broader regional conflict, reviving memories of the devastation in Iraq following the 2003 invasion.
Israel’s initial strikes on June 13 targeted Iran’s key nuclear infrastructure and top military commanders, killing over 400 people.
Tehran’s retaliatory attacks have so far left at least 24 dead in Israel.
While Iran’s nuclear programme appears significantly degraded, global attention now shifts back to the nations that already possess nuclear weapons — countries whose arsenals shape the world’s balance of power.
As of this year 2025, nine countries officially or unofficially possess nuclear weapons, each with distinct strategic aims and geopolitical influence.
Here are Nine countries that own the most nuclear weapons globally:
1. Russia (~5,889)
2. United States (~5,244)
3. China (~500+)
4. France (~290)
5. United Kingdom (~225)
6. Pakistan (~170)
7. India (~164)
8. Israel (~90)
9. North Korea (~30–50)
International
US asks China to stop Iran from closing Strait of Hormuz
China in particular is the world’s largest buyer of Iranian oil and has a close relationship with Tehran.
Getty Image: US Secretary of State Marco Rubio.
US Secretary of State Marco Rubio has called on China to prevent Iran from closing the Strait of Hormuz, one of the world’s most important shipping routes.
His comments came after Iran’s state-run Press TV reported that their parliament had approved a plan to close the Strait but added that the final decision lies with the Supreme National Security Council.
Any disruption to the supply of oil would have profound consequences for the global economy.
China in particular is the world’s largest buyer of Iranian oil and has a close relationship with Tehran.
Oil prices have surged following the US’ attack, with the price of the benchmark Brent crude reaching its highest level in five months.
“I encourage the Chinese government in Beijing to call them (Iran) about that, because they heavily depend on the Straits of Hormuz for their oil,” Marco Rubio had said in an interview with Fox News on Sunday.
“If they [close the Straits]… it will be economic suicide for them.
And we retain options to deal with that, but other countries should be looking at that as well. It would hurt other countries’ economies a lot worse than ours.
“Around 20% of the world’s oil passes through the Strait of Hormuz, with major oil and gas producers in the Middle East using the waterway to transport energy from the region.”
What is the Strait of Hormuz and why is it so important for oil?
See the 9 countries with the most nuclear weapons
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