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Trump will travel to China in the next month to discuss US tariffs
The Supreme Court has overturned Trump's tariffs on imported goods. An official from the White House confirmed the trip Friday, just before the Supreme Court handed Trump a crushing defeat, by overturning'many' of the tariffs that he had used in his global trade war. This included some tariffs against China. Trump's discussions with Chinese President Xi Jinping during an extended trip to Beijing were expected to focus on extending a truce in trade that prevented both countries from increasing tariffs. RULING RAISES CONCERNS FOR U.S. - CHINA RELATIONS The Supreme Court's decision has raised new questions about the tense U.S. China relations, which had been stabilized recently after Trump reduced tariffs on Chinese products in exchange for Beijing taking measures, such as cracking down the illicit fentanyl traffic and easing export restrictions for critical minerals. The International Emergency Economic Powers Act (IEEPA) imposes tariffs of 20% on China's exports to the United States. A court ruled that Trump had exceeded the IEEPA. These tariffs were linked to national emergencies relating to fentanyl and trade imbalances. The other duties on Chinese products, such as those implemented under the legislated trade authority known as Section 301 or Section 232, are still in place. Trump did not reveal how many tariffs he would reinstate, but at a recent press conference he announced that he was going to impose a 10% tariff on all goods for 150 days. Trump's trip to China in 2017 was the last by an American president. Trump told foreign leaders in Washington, DC on Thursday that the China trip was going to be wild. "We must put on the largest display in China's history." The Chinese embassy in Washington has declined to comment about the dates of this trip. This information was first reported by. Beijing has not confirmed this trip. TRUMP SEES TRADE IMBALANCE A NATIONAL EMERGENCY The Trump?administration said that the global tariffs are necessary due to?national emergency related to trade imbalances which have weakened U.S. Manufacturing. Scott Kennedy, an expert in China economics at the Center for Strategic and International Studies, Washington, says that Trump was already "playing defence" in the trade conflict, due to the effectiveness of Beijing’s threat to cut-off rare earths. He said that the tariff defeat "confirms his weakness" in their eyes. Kennedy stated that Chinese officials are "pleased with the direction in which bilateral relations have moved, where the U.S. has been diminished." They also want to prevent a resurgence of tensions. Trump's trip will be their first face-to-face meeting since a South Korea meeting in October, when they reached a trade truce. Xi brought up U.S. weapons sales to Taiwan when the two leaders met this month. China considers democratically-governed Taiwan to be its territory. Taipei rejects this position. Taiwan's main arms supplier, the U.S. is bound by law to give Taiwan the means to defend themselves. It has diplomatic relations with China but also maintains informal ties. Washington approved its largest ever arms sale to Taiwan in December. The weapons included $11.1 billion worth of weapons that were ostensibly used as a defense against a Chinese invasion. Taiwan is expecting more of these?sales. Xi said he would also consider increasing soybean purchases during the call in February, according to Trump. Trump's major constituency is struggling U.S. Farmers, and China is a top soybean consumer. Analysts predicted on Friday that China might be less inclined to make another large purchase of U.S. soybeans. After the Supreme Court decision, soybeans are now available. Trump justified his hawkish policies from Canada to Greenland to Venezuela as necessary in order to defeat China. However, in recent months he has loosened policy toward Beijing on issues such as tariffs, advanced computer chips and drones. Trump's global trade war, which he started after his second term in office as president began in January 2025, has alienated many trading partners and allies. The critics argued that by imposing tariffs across the board, Beijing was protected from the tariff barrage. They also argued it reduced the incentives for supply chains to leave China. Martin Chorzempa is a senior fellow with the Peterson Institute of International Economics. He said that Friday's decision could indirectly increase the pressure on Beijing, if effective tariff rates for other countries, especially in Southeast Asia, drop more than the ones on China. Chorzempa stated that "compared to other countries, China has a much better-established and more durable legal mechanism" for the majority of tariffs. This makes them less affected by these tariffs than other countries. (Reporting Trevor Hunnicutt, Michael Martina, Additional Reporting Katharine Jackson, Editing Andrei Khalip Colleen Jenkins Rod Nickel Patricia Zengerle;
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Azul, a Brazilian airline, has exited Chapter 11 bankruptcy proceedings
In a filing with the Securities and Exchange Commission, Azul said that it had officially ended its bankruptcy proceedings in 'the United States' on Friday. The company has said that it has achieved its main goals with the restructuring process. This includes strengthening its capital structure and increasing liquidity. The carrier said it had cut its debt and lease obligations 'by approximately $2.5 billion' during the restructuring process. This included raising $1.4 billion in debt and $950 millions through equity investments. Azul filed Chapter 11 in May 2025 in the United States to restructure their debt. The airline was part of a wave Latin -American airlines seeking bankruptcy protection after the impact of COVID-19 on the sector. Since the start of 2020, Aeromexico and Colombia's?Avianca, as well as Azul's two biggest rivals, Gol, and?LATAM Airlines have also filed for bankruptcy. (Reporting and editing by Natalia Siniawski, Andre Romani)
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US official will tell Congress that closing El Paso Airport was not an error.
Next week, the U.S. Department of Transportation will brief Congress about the?the?. Sudden shutdown Sean Duffy, Secretary of Transportation, said on Friday that the decision to close Texas' El Paso Airport earlier this month was not a mistake. The Federal Aviation Administration (FAA) halted all traffic at the airport in February. Initially, the shutdown was to last for 10 days. However, the FAA reversed course and lifted the order within eight hours. Last week,?and others outlets reported that the FAA had closed the airspace due to?concerns about a military anti-drone laser system being tested nearby at Fort?Bliss. Duffy, the FAA's director, stated on social media last week that the shutdown was prompted by an incursion of a Mexican drug cartel using drones. However, a drone sighting near an airport typically leads to a short pause in traffic and not an extended shutdown. Duffy, when asked if the social media post he made about the incident was incorrect, said during a press briefing: "I use all the information I can get." The lawmakers said that the incident was a result of a lack of coordination among government agencies. Duffy rejected this idea and said he had a good working relationship with Pentagon chief Pete Hegseth as well as Homeland Security Secretary Kristi Noem, Secretary of State Marco Rubio, and Homeland Security Secretary Kristi Noem. The FAA's sudden closure of the nation's 71st most busy airport overnight stranded passengers and caused medical evacuation flights to be disrupted. Last week, government officials and airline officials informed the FAA that the airspace was closed due to fears the counter-drone systems could cause dangers to air traffic. Sources say that the agencies were supposed to meet on February 20 to discuss the issue, but the Army and Homeland Security Department decided to move forward without FAA approval. This prompted the FAA halting flights.
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Brazil's competitiveness is restored by the US Supreme Court tariff ruling, according to Vice President Alckmin
Geraldo Alckmin, Brazil's Vice President, said on Friday that the U.S. Supreme Court's ruling to overturn President Donald Trump's tariffs was a significant one for the country. It removed levies targeted at Brazil and allowed it to compete in the U.S. Alckmin, Brazil's minister for?development, trade, and industry, spoke at a press event and called on the nation to be cautious in the future if the ruling is upheld. He also said that the country would continue to?negotiate trade and non-trade matters with Washington. Trump imposed tariffs of 40% on certain?Brazilian products in August, citing what he termed a "witch-hunt" against Brazil's ex-right-wing president Jair Bolsonaro. However, he has now removed some items as U.S. prices have risen and after talks with Luiz Inacio Lula Da Silva. In this article, Latest such move In November, Trump eliminated additional tariffs on Brazilian food products including beef and coffee. "Brazil has an additional 40% tariff that no other country has." This was the problem. Alckmin, speaking to journalists in Brasilia said that the ruling would strengthen "United States and Brazil ties". Vice-President said that Trump's Friday vow to impose tariffs on imports was a violation of the Constitution. Get 10% off your entire purchase This time, the ban on imports would not affect Brazil's competitiveness as it would apply to all goods.
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Trucks form 39-km line to deliver soybeans to Brazil's Miritituba river terminals
According to traffic data provided by the oilseed lobby Abiove, trucks loaded with soybeans had to wait in a line of 39 kilometers to deliver their?products to grain terminals located at the Amazonian port of?Miritituba?in Para state. Terminals are operated by Cargill, Bunge and Brazilian Amaggi, as well as the logistics company Hidrovias do Brasil. The Miritituba River Terminals are usually busy at this time of year, when they receive soybeans and oilseeds from the Center-West. They then load them onto?barges to be shipped via the ports of the North of Brazil. Abiove estimates that Miritituba, on the 'Tapajos River', handles 12 million tons of grains like soy and corn each year. Daniel Amaral said in an interview with Abiove's director of economy and regulatory affairs on Friday that long truck lines form outside of Miritituba every year. The problem is exacerbated by heavy rains and the fact that the final stretch of road connecting farms in Mato Grosso with the port facilities has not been paved. These problems continue, despite the fact that the port's?access is still not constructed," said?Amaral. Analysts and the Brazilian government claim that soybean farmers will harvest a record-large crop this year, of almost 180 million metric tonnes. Most of the production is shipped to China. The company Via Brasil BR-163, which administers a highway spanning?1,009 km (627 miles), connecting Mato Grosso with the?Miritituba facility, has announced that work is underway to complete the final 5.7 km stretch of road by November this year. (Reporting and editing by Anil D’Silva; Ana Mano)
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Businesses celebrate victory over Trump tariffs but refunds may take some time
The U.S. Supreme Court's decision to overturn emergency tariffs imposed by the White House was a victory for thousands of businesses, but the process of getting refunds is only just beginning. The court's decision could have a long-lasting impact on the global economy. It ruled that President Donald Trump was not allowed to impose broad tariffs against imports under the 1977 International Emergency Economic Powers Act. The corporate world spent months adapting to Trump's constantly changing trade policy, and his use of tariffs to further his agenda. Not only to address trade issues, but also to attack other governments policies and actions. In a furious news conference after the ruling, Trump vowed to use his additional powers to challenge them. Tariffs to be increased This includes a temporary 10% tax on all imports. Many businesses and industry groups reacted cautiously, hoping for a more predictable trade policy. Penn-Wharton Budget?Model economists stated on Friday that thousands of companies, not only those who sued the administration, will decide whether or not to pursue refunds. This means that more than $175 Billion in U.S. Tariffs collected could now be refunded. Rick Woldenberg is the CEO of Learning Resources, a toymaker, and one of the First Businesses The lawsuit was filed in April last year. "I'm excited. This is something that everyone should feel they have won. It's "a win for all." UNCERTAINTY REMAIN The stocks of the affected companies initially rose on the news, but then fell due to uncertainty over trade policy. In afternoon trading, shares of Tapestry, the parent company of Target and Coach, were slightly up. John Denton, Secretary General of the International Chamber of Commerce, stated that the U.S. Court of International Trade is likely to handle the logistics of refunds, making the claims administratively complex. Since April, more than 1,800 cases relating to tariffs have been filed at the U.S. Court of International Trade (which has jurisdiction in tariffs and customs issues). This compares with fewer than 20 such cases throughout 2024. Many lawyers and business associations that were interviewed before Trump's press conference predicted his Friday pledge to introduce additional tariffs. Many said that Trump's decision and his?subsequent actions - will create more uncertainty in the coming months. "The chances that tariffs will reappear under a revised format remain significant." "The odds that tariffs will reappear in a revised form remain meaningful," Olu Sonola said, Fitch Ratings' head of U.S. Economics. A RANGE OF SECTORS ARE AFFECTED Many sectors are affected, including consumer goods, automotive and manufacturing, as well as apparel, which rely on low-cost production from China, Vietnam and India. Trump's tariffs increase the cost of imported finished goods and parts, which squeezes margins and disrupts finely-tuned global supply chains. The plaintiffs are mainly subsidiaries of Japan's Toyota Group and U.S. large-box retailer Costco. They also include tire manufacturer Goodyear Tire & Rubber as well as aluminum company Alcoa. Kawasaki Motors, a Japanese motorcycle manufacturer, is also a prominent plaintiff. Tariffs increased prices for consumers who were already stung by years of post COVID inflation. The Federal Reserve Bank of New York estimated last week that 90 percent of Trump's tariffs will be paid by American companies and consumers. The White House has argued without much evidence that foreigners are paying the tariffs. According to the Yale Budget Lab, as of November, the U.S. effective tariff rate was 11,7%. This compares with an average 2.7% between 2022-2024. The automotive industry will also continue to be subjected to significant tariffs, which were not imposed under IEEPA. Last year, import tariffs of 25 percent were levied on vehicles coming across the border, from Mexico or Canada. This was based on national security grounds. Attorneys say thousands of auto parts imported into the U.S. by countries that are subject to Trump’s reciprocal tariffs will be?hit, increasing costs for carmakers and parts suppliers. Many lawyers believe that many more companies will join the lawsuits, as they waited for the ruling in order to avoid unwanted attention from White House. The companies will join the queue of other companies that could wait for months or even years to recover billions in import duties. Wade Kawasaki is the CEO of The Wheel Group in California, a manufacturer of automotive wheels. He said that his company had to pay an additional 20% due to the IEEPA tariffs. He plans to do so. To seek refunds will require?his staff to sort through thousands of transactions in order to "figure how much we are owed back to," he stated. Some U.S. firms have sold their rights to recover refunds to investors outside the country. The companies will accept a small upfront payment - about 25-30 cents per dollar - and agree to give the rest to investors if the tariffs are overturned. DHL, a German logistics firm, said it would use its technology to make sure that customers receive refunds "accurately" and "efficiently" if they have been authorized. Bruce Smith, the owner, chairman, and CEO of Voltava in Michigan, said that he supported Trump’s efforts to balance trade. However, he hopes that now the president and elected officials will work towards trade policies that benefit the U.S. as well as its trading partners. He said, "We can be strategic and tough without being unpredictable."
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Hungary blocks 90 billion Euro loan to Ukraine over Russian Oil Row
Hungary's foreign minister announced on Friday that it will not approve a 90 billion-euro (106?billion dollars) EU loan to Ukraine unless the country resumes oil deliveries via?the Druzhba Pipeline. Budapest had previously said that it would use strategic reserves to address a shortage. Hungary and Slovakia have been working to ensure supply of Russian oil since January 27, when flows were stopped following what Ukraine claimed was a Russian drone strike that damaged pipeline infrastructure. Both countries blame Ukraine for the delay in resuming flows due to political reasons. On Thursday, we requested the comments of the Ukrainian Foreign Ministry and the State Oil and Gas Company. By blocking oil transit through the Druzhba Pipeline to Hungary, Ukraine is violating the EU-Ukraine Association Agreement and its commitments towards the European Union. Peter Szijjarto, Foreign Minister of Hungary, said on X that we?will never give in to blackmail. DEEP DIPPING INTO OIL RESOURCES In a late-night decree, the Hungarian government announced that it would release 1.8 million barrels from its strategic oil reserves to cover shortfalls. The Croatian JANAF pipeline operator said, however, that Budapest was not required to do this after Hungary's MOL oil company said JANAF had to allow transit of Russian seaborne oil during the Druzhba power outage. JANAF released a statement saying that "at this moment, an important quantity of non Russian crude oil is being shipped via JANAF’s pipeline to MOL Group. Three additional tankers, carrying non Russian oil for MOL, are also on their way towards the Omisalj Terminal." There was no need to tap (their) reserve?as oil is transported via the JANAF pipe towards MOL's refining facilities continuously and without delay." Scrabble for CRUDE Supplies The Hungarian Government decree stated that MOL has priority access to crude oil reserves. It will have access to these reserves until April 15, and must return them no later than August 24. According to the website of the Hungarian Hydrocarbon Stockpiling Association, at?the end January, Hungary's crude oil and petroleum products reserves were enough to last 96 days. MOL, which is a joint venture between the two countries, ordered tankers to deliver oil from Saudi Arabia, Norway, Kazakhstan, Libya and Russia to its Hungarian, Slovak and Slovak refineries. It also halted deliveries of diesel to Ukraine this week. MOL stated that the first shipments are expected to arrive in Croatia's port of Omisalj at the beginning of March. After that, the crude oil will need to travel for another 5-12 days before it reaches its refineries. Slovnaft, Slovakia's refinery owned by MOL, has requested 1.825 millions barrels of crude oil. The Slovak Government has also declared a situation of oil emergency. $1 = 0.8484 euro) (Reporting and editing by Anil D’Silva, Emelia Sithole Matarise and Anita Komuves)
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US sanctions on Serbian NIS Oil Company until March 20, 2019
Energy Minister Dubravka Djedovic Handanovic announced on Friday that the U.S. Treasury Department had 'extended' a sanctions waiver for Serbian-owned NIS until March 20. This gives?the Balkan nation?another?month?to import crude oils. In October, the U.S. Office of Foreign Assets Control imposed sanctions against NIS as part of wider measures targeting Russia's energy sector in response to Moscow's conflict in Ukraine. Djedovic handanovic, in a press release, said that "NIS is now able to import crude oils... and continue to supply the market with crude oil products." In December last year, the OFAC granted?NIS a deadline of late March for the negotiations to divest the?majority shares held by Russia's Gazprom Neft & Gazprom. MOL, the Hungarian oil company, announced on January 19 that it had entered into a binding agreement to purchase NIS's stake, which runs Serbia's sole oil refinery, located in Pancevo (just outside Belgrade). Djedovic handanovic plans to visit the U.S. in the next week, to find?solutions to sanctions against NIS. "The talks are ongoing between Gazprom?Neft?and?MOL?, which include us. She said that next week, we would have "intensive" talks to improve our situation. MOL stated that the UAE's ADNOC will be a minor stakeholder in NIS. Gazprom and Gazprom Neft own 11.3%?and a 44.9% stake in?NIS. The Serbian Government owns 29.9% of the company, with the rest owned by small shareholders and employees. (Reporting and editing by PhilippaFletcher; AleksandarVasovic)
MOL: Croatia must allow Russian oil to flow into Hungary and Slovakia
MOL Group, a refiner, said that Croatian pipeline operator JANAF should allow the transit of Russian seaborne crude oil to Hungary and Slovakia. Both countries are exempt from EU sanctions for such imports.
Hungary and Slovakia are scrambling to find oil since the Druzhba pipeline?from Russia through Ukraine was shut down on January 27.
MOL has contracted additional oil tankers to transport crude from different countries, including Russia. Both countries want to tap their emergency reserves.
Croatia expressed its willingness but balked at allowing Russian crude oil to pass through its JANAF pipe.
In a joint press release, MOL and Slovnaft, its Slovak subsidiary, said that "JANAF should allow the shipments pass."
They said that old disputes need to be forgotten when it comes the security of supply for Central and Eastern Europe.
A Croatian Minister was quoted by the media late Thursday night as saying that Croatia is ready to supply more oil to both countries but only if it's not Russian.
The Croatian Economy Ministry did not respond immediately to a comment request.
Hungary and Slovakia were the last EU nations to use Russian oil pipelines, but they have continued to do so due to its lower cost. Both countries have maintained their relations with Russia, despite the conflict in Ukraine.
Ukraine says the Druzhba has been halted after infrastructure was damaged by a Russian drone strike.
Hungary and Slovakia are not interested in using the JANAF pipe, or Adria as it is also called, because it charges higher fees than Druzhba. They are also uncertain if it can transport enough oil for Hungary and Slovakia to meet their needs.
Croatia insists that the capacity is sufficient.
MOL announced?on? Friday that Hungary and Slovakia have agreed to test the capacity of its system under international supervision.
MOL said that "after this, we will be able to clearly?see what the Croatian segment?of the Adria pipe is capable of," in a statement. At this time, it is not worth stating figures that are not backed up by tests. (Reporting from Jan Lopatka, Prague; additional reporting from Ivana Skularac, Belgrade; editing and production by Jason Neely).
(source: Reuters)