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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)
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A federal watchdog criticizes the FAA's oversight of United Airlines maintenance procedures
A federal watchdog warned on Friday that the 'Federal Aviation Administration,' which oversees United Airlines' maintenance practices, is hindered due to low staffing, ineffective training of its workforce, and obstacles to accessing data from air carriers. United Airlines' FAA supervision will be audited by the Office of Inspector General of the U.S. Transportation Department in early 2024, after the FAA increased its oversight of United following a number of safety incidents. OIG stated Friday that the FAA’s oversight is "insufficient" to monitor safety risks. The agency has also conducted virtual inspections, as opposed to postponing them, because of a shortage of inspectors. United declined to make a comment. According to the report, there were vacancies in 33% of the positions at United Airlines' FAA office. The report stated that "failure to fill vacancies in a timely manner and plan for retirements is leaving the FAA United office understaffed and unequipped to perform its surveillance duties." FAA BOEING 737 INSPECTIONS UNDERMINED - STAFFING CRUSH The FAA sent questions regarding the findings of the report to a letter that it sent to OIG. In the letter to the OIG, the FAA informed them that it would "implement a more systematic approach to strengthening inspector capacity and take other measures to make sure staffing levels are sufficient to meet the surveillance requirements." In October 2024, the FAA?said that it had found no safety issues during a review by United Airlines. It then ended its enhanced supervision and approval process to allow United Airlines to add aircraft and services. Since the FAA only has four inspectors, it has to use those assigned to other aircraft in order to 'oversee' the 521 Boeing 737s (including the MAX 8 or 9), which make up more than half of United Airlines total fleet. The FAA, on the other hand, has only three inspectors assigned to Boeing's fleet of 767s, which is just 53 planes. The OIG stated that "the resources are insufficient to perform all the required surveillance on the fleet of Boeing 737s". OIG had previously criticized the FAA for its oversight of other airlines. Meanwhile, the National Transportation Safety Board found in January that systemic FAA failures led to the mid-air collision of an American Airlines regional plane and a U.S. Army chopper on January 20, 2025. This crash resulted in the deaths 67 people.
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Airbus CEO: We can develop a fighter plane alone. FCAS dispute intensifies
The head of Airbus expressed his hope that Europe can continue to develop a 'new fighter jet. But he added that the company is ready for all scenarios, including two separate French-led and German-led programs to replace FCAS. Guillaume Faury, the CEO of BFM TV in France, said that dividing the project into two aircraft was one option. However he raised questions about the extent of cooperation with broader systems. The Future Combat Air System is a 100 billion-euro ($118-billion) effort to create a fighter plane supported by armed robots and secure connections. The Future Combat Air?System is threatened by the rivalry between France’s Dassault Aviation, and Airbus representing Germany and Spain. Future options range from family of planes to full divorce On Thursday, 'Faury' acknowledged publicly for the first time that the core project of the FCAS, or SCAF in French, could be divided into two fighters working under the same umbrella. Speaking to Business Channel, he outlined options that ranged from a core plane family resembling Airbus’ civil portfolio supported by shared technologies, to a?full divorce', where France and Germany would go their separate ways. "The A350-900 (civil) and A350-1100 are two planes that have a high degree of commonality... then you've got fighters in Europe with no part in common. "I'd say this is a range of possible outcomes," he said. He said Airbus could make a fighter on its own if necessary, although most analysts said it would be "a challenge". Faury denies that the relationship between Dassault, which makes Rafale aircraft, and FCAS has broken down. However, he appears to have turned the page on FCAS as it currently exists. "I hope that we can find solutions which are not the same as what we imagined a year earlier, but would allow us to develop a European program for this complex system that is so vital for the defense of Europe," said he. Dassault has declined to comment. Reporting by Tim Hepher, Gianluca Nostro and Joe Bavier. Editing by Mark Potter & Joe Bavier.
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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).
Mexican authorities strike back against illegal fuel trade with the discovery of a secret tunnel
Mexican authorities raided this week a tunnel that was used to steal fuel from a state-owned pipe, giving a rare glimpse into the long-running fight against a black market trade often dominated?by organized crime.
The 22-meter (72-foot) long tunnel was discovered outside a house in rural Hidalgo state near the town of Tepetitlan.
In a Tuesday statement, the Hidalgo State Attorney said that it led to two taps of an underground pipeline. Security forces also confiscated drugs at this location.
The Hidalgo State attorney declined to provide any further details on the announcement. Unidentified person who was familiar with the operation said that there had been no arrests in relation to?the tunnel.
The authorities didn't name the pipeline but matched its coordinates with an energy ministry map of hydrocarbon infrastructure. They identified it as the conduit that belongs to state energy company Pemex, which connects the Tula refinery, in Hidalgo,?to Salamanca refinery, in Guanajuato.
On 'Wednesday,' when journalists visited the site near the rural settlement of Sayula, Army personnel and National Guard members were on guard. A banner with the words "property confiscated" was also posted.
Huachicol (the theft and sale fuel in Mexico) was once the domain of local criminal groups. However, it has evolved into a violent multi-billion dollar business that is dominated by powerful cartels. This can include gasoline, diesel, and other refined products in addition to crude oil.
Pemex has not responded to our request for a comment. In 2024, it reported that 11,774 illegal taps were found on its pipelines.
In a U.S. filing last year, the company stated that its efforts to combat black-market trading "have not resulted in sustained improvements in recent years."
The thieves dig long tunnels to reach pipelines. Fuel stolen from petrol stations is sold in glass bottles or plastic canisters for a significant discount.
The tunnels that are used to tap into the pipelines have often been?elaborately engineered so that fuel can be sucked out without causing the pressure in pipelines to fall enough to alert Pemex.
Fuels are highly flammable, and accidents happen. One such accident was an explosion that occurred in 2019 caused by suspected fuel theft. At least 137 people were killed. (Reporting and editing by Daina Beth Solon and Cynthia Osterman; Stefanie Eschenbacher)
(source: Reuters)