Australia ships almost a third of its goods to China, and less than 5% of to the United States
FILE PHOTO: Australian Deputy Prime Minister and Defence Minister Richard Marles speaks during a tour of the Sheffield Forgemasters site, where steel used in defence programmes including a future fleet of nuclear-armed submarines is manufactured, in Sheffield, Britain, July 13, 2024. REUTERS/Temilade Adelaja/Pool/File Photo
International news via Reuters:
Australia on Thursday declined Beijing’s proposal to work together to counter U.S. tariffs, saying instead it would continue to diversify its trade and lower its reliance on China, its largest trading partner.
“We are not going to be holding hands with China in respect of any contest that is going on in the world,” Deputy Prime Minister Richard Marles told Sky News, referring to the Chinese ambassador’s proposal for countries to “join hands” on trade.
“We are not doing that. What we are doing is pursuing Australia’s national interests and diversifying our trade around the world.”
He said Australia would build its economic resilience by strengthening trade ties with the European Union, Indonesia, India, Britain and the Middle East.
In an opinion column in The Age newspaper, China’s ambassador to Australia Xiao Qian urged Canberra to collaborate with Beijing to defend the multilateral global trading system.
“Under the new circumstances, China stands ready to join hands with Australia and the international community to jointly respond to the changes of the world,” Xiao said.
U.S. President Donald Trump, in a stunning reversal, on Wednesday said he would temporarily lower hefty duties on dozens of countries but continue to target China, raising the tariff to 125% from 104%, further escalating a trade war between the world’s two largest economies.
That could pose a risk to Australia, which ships almost a third of its goods to China. Exports to the United States are less than 5% of Australia’s total goods exports.
Australia’s central bank has warned the ongoing uncertainty over tariffs and other trade restrictions between the U.S. and other major economies could have a chilling effect on business investment and household spending decisions in the country.
Trump has imposed a unilateral 10% tariff on Australia, the low end of his reciprocal tariffs for all imports into the United States.
Prime Minister Anthony Albanese has said that while the duty on Australia, a key U.S. security ally in the Indo-Pacific, has “no basis in logic”, his government would not retaliate.
Reporting by Renju Jose in Sydney; Editing by Stephen Coates
Kremlin calls European allegations of Russian sabotage unsubstantiated
A sign of the National Prosecutor’s Office is seen on their headquarters in Warsaw, Poland, March 27, 2025. REUTERS/Kacper Pempel
International news via Reuters:
Fake cosmetics, massage pillows and sex toys. Crude homemade explosives. A Russian known as Warrior. A code word: Mary.
These are among the key elements of a suspected Russian-run sabotage plot that led to three parcels being detonated at courier depots in Britain, Germany and Poland last summer, a person with knowledge of the Polish investigation told Reuters.
The pillows, packed into the parcels with the cosmetics and sex toys, contained hidden homemade incendiary devices made of a cocktail of chemicals including highly reactive magnesium, according to the person familiar with the case who provided the most granular account yet of the alleged plot.
The chemicals were ignited by pre-timed detonators adapted from cheap Chinese electronic gadgets used to track items like lost keys, with the effect enhanced by the tubes of what looked like cosmetics but in fact contained a gel made of flammable compounds including nitromethane, according to the source.
“The proceedings in this case concern criminal activities inspired by Russia’s GRU,” this person said, referring to Moscow’s foreign military intelligence agency.
A view of a sign of the National Prosecutor’s Office at their headquarters in Warsaw, Poland, March 27, 2025. REUTERS/Kacper Pempel
Reuters is reporting the details of the investigation for the first time, drawing on the account provided by the source close to the Polish case as well as interviews with more than a dozen European security officials. The findings provide a rare insight into how sabotage campaigns play out on the ground.
European security chiefs made the parcel fires public in October, describing them as part of a “hybrid war” being waged by Russia to destabilize the functioning of countries that support Ukraine, involving tactics like arson and cyberattacks.
They said the parcels – which caught alight in warehouses, causing fires but not hurting anyone – were a dry run for a future Russian plot to detonate similar packages in midair on cargo flights to the United States and Canada.
“With the war in Ukraine, these attacks have intensified, they became more frequent, more assertive,” said Nicu Popescu, Moldova’s deputy prime minister and foreign secretary until early last year and now distinguished policy fellow at the European Council on Foreign Relations think-tank.
“Of course, this poses a risk to people, to citizens across the European Union.”
The Kremlin rejected the accusation of Russia having a hand in the fires. “We know nothing about it,” spokesman Dmitry Peskov told Reuters. “We do not rule out that this is just more fake news or a manifestation of blind Russophobia.”
A view of the National Prosecutor’s Office headquarters in Warsaw, Poland, March 27, 2025. REUTERS/Kacper Pempel
The Kremlin said European allegations of a Russian sabotage or hybrid campaign were wholly unsubstantiated.
The GRU didn’t respond to a request for comment.
The package detonations took place on July 19, 20 and 21 in the British city Birmingham, Leipzig in Germany and near the Polish capital Warsaw.
Two EU security officials with knowledge of alleged attacks, who requested anonymity to discuss sensitive information, said the Polish cell was typical of Russian intelligence’s methods. Russian handlers often recruit local criminals to carry out their plans, the officials added, giving them basic instructions via Telegram and paying each operative up to a few thousand euros per job.
The ingredients and igniters detailed in the case are widely available in stores selling products like fertiliser inputs and pyrotechnics, said Jaroslaw Stelmach, a former bomb-disposal specialist who runs the Safety Project, a consultancy that advises on the security of public buildings among other things.
While the small, crude devices might only be able to cause a small fire, they could be difficult to detect, he told Reuters. “This is an extremely cheap, very effective, highly anonymous method of producing explosive devices,” he added.
Silhouettes of people walking are seen in front of the communist-era Palace of Culture and Science in the centre in Warsaw, April 2, 2025. REUTERS/Kacper Pempel
WARRIOR, MARY AND A FOURTH PARCEL
The Polish prosecution case is based on testimony from at least five suspected members of the alleged sabotage cell as well as the classified findings of security services, according to the person with knowledge of the investigation.
The national prosecutor’s office told Reuters that investigators had also seized a fourth parcel that failed to explode at a Warsaw depot, allowing them to examine the contents intact.
Polish investigators allege a Ukrainian named Vladyslav D who lived in southern Poland played a key role in the European dry run, acting on instructions he received on Telegram from a GRU handler whom he knew only as “Warrior”, the source said.
Polish law doesn’t allow the public disclosure of the surnames of people facing criminal charges.
However, the suspect’s full name – Vladyslav Derkavets – was publicly disclosed in a related court case in Bosnia, where there are no identification restrictions, in which another suspected member of the alleged parcels plot faced extradition to Poland.
On July 18, Vladyslav drove an Opel Astra from his home in Katowice across the border to the Lithuanian city of Kaunas where he collected more than a dozen items from the trunk of a parked car, according to the person close to the Polish prosecution case.
The 27-year-old drove on to Lithuania’s capital Vilnius where he boxed up four packages, each with a pillow plus a few of the cosmetics tubes and sex toys.
Before sealing them, he pressed two buttons to activate pre-timed detonation mechanisms, according to the source who said the gadgets were of a type that allowed users to set trigger times from a few seconds to months ahead.
On July 19, he handed the parcels over to a man in a park in Vilnius who used the code word “Mary”, the person said. The packages were posted on the same day from the city, they added.
Vladyslav was arrested in Poland in early August and charged with performing terrorist acts on behalf of Russian intelligence. In January, a Warsaw court extended his detention near the capital until May while the investigation continues.
A view of the National Prosecutor’s Office headquarters in Warsaw, Poland, March 27, 2025. REUTERS/Kacper Pempel
Reuters was unable to contact Vladyslav in detention and his court-appointed lawyer said he couldn’t comment given his lack of knowledge of the details of the investigation, which is at a pre-trial stage.
The national prosecutor’s office told Reuters that the suspect denied both the charges levelled at him including working for a foreign intelligence agency, and provided “extensive explanations” for his actions which the office said it was unable to disclose because of investigation confidentiality.
When questioned after his arrest, Vladyslav told investigators he had been introduced to Warrior by a friend and that they only communicated over Telegram, the source familiar with the investigation said.
Polish prosecutors accuse another man, 44-year-old Alexander B, of being part of the same Polish cell as Vladyslav.
His task, they say, involved preparing the way for targeting the North American-bound cargo planes by organising for packages of sneakers and clothes to be sent from Warsaw to Washington and Ottawa to gather information about parcel-processing methods and timing.
Alexander was the suspect Polish authorities sought to extradite from Bosnia, where he was publicly named in full as Alexander Bezrukavyi, a Russian national from Rostov-on-Don.
He told a hearing in Bosnian capital Sarajevo in January that he had no part or knowledge of any plot to target depots or cargo planes.
Bezrukavyi lost his extradition battle and was extradited to Poland in February. Reuters was unable to contact him in detention or reach a lawyer acting for him.
He has denied the charges levelled against him including working for a foreign intelligence agency, according to the person familiar with the Polish investigation.
(\Reporting by Anna Koper and Marek Strzelecki in Warsaw, Filipp Lebedev in London and Andrius Sytas in Vilnius; Additional reporting by Daria Sito-Susic in Sarajevo, Sabine Siebold in Berlin, Jan Lopatka in Prague, Mike Holden and Sam Tobin in London, Lili Bayer in Brussels, David Ljunggren in Ottawa and Erin Banco in New York; Editing by Mike Collett-White and Pravin Char
Formal allegations have yet to been made against Procter & Gamble
Tide detergent, a brand owned by Procter & Gamble, is seen for sale in a store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly/File Photo
International news via Reuters:
Tide detergent maker Procter & Gamble has been identified as the subject of an EU antitrust regulators’ investigation initiated last month that had also targeted Coca-Cola bottlers, Bloomberg reported on Thursday citing people familiar with the matter.
The European Commission had conducted inspections at the premises of companies active in the non-alcoholic drinks sector and had also quizzed an unidentified personal care company in March over concerns of possible curbs on the trade of goods across Europe and carving up markets.
Companies risk fines of as much as 10% of their global annual revenues if found guilty of breaching EU antitrust rules against cartels and abuse of market power.
EU officials have sent over a questionnaire to P&G and are collecting evidence from competitors and customers, the Bloomberg report said. No formal allegations have been made against Procter & Gamble.
The European Commission and Procter & Gamble did not immediately respond to Reuters request for comment.
Reuters had identified Coca-Cola bottlers as the target of EU antitrust regulators, citing a person with direct knowledge of the matter.
Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Tasim Zahid
Refurbished space reopens during National Library Week, highlighting its role as a safe and inclusive community hub
Images supplied by the Government of Bermuda
The Youth Library has officially reopened following months of renovations.
The Minister for Cabinet Office and Digital Innovation, Diallo Rabain, welcomed young readers to the transformed space at a ribbon-cutting ceremony yesterday.
He stated: “Today, we unveil a refreshed and revitalised library—one that not only honours its history but is now better able to serve future generations.”
The works include new ceiling and carpet tiles, fresh flooring, energy-efficient LED lighting, a repainted interior and exterior, and modern shelving units.
“The result is a brighter, safer, and more welcoming environment for all,” said Minister Rabain.
New ground-level bathrooms are to be completed soon, eliminating the need for young visitors to leave the building to use the facilities.
Unexpected roof repairs and weather-related delays were part and parcel of the challenges that come with any major project, the Minister advised.
The opening coincides with National Library Week, highlighting the space’s importance in the community.
“The Youth Library has long served as a cornerstone of our community, providing a safe, inclusive space where young people can explore, learn, and grow,” said Minister Rabain.
“As old as I am, as a young boy under 10 years old, I can remember spending hours on a Saturday afternoon here reading books like the Hardy Boys mystery novels or the detective adventures of Encyclopedia Brown.”
Previous programmes offered by the Youth Library are set to resume the week of 14 April, and the team is also “preparing to roll out new initiatives that will strengthen literacy skills and spark a lifelong love of reading,” announced Minister Rabain.
Meanwhile, a “Golden Ticket” challenge was launched, which will see lucky readers who find hidden tickets in books entered into a prize draw at the end of the challenge.
Minister Rabain said the reopening is the result of “months of planning, hard work, and collaboration”.
He added: “I want to extend my heartfelt thanks to everyone involved in this project, from the property owner, Gibbons Management Services Limited, and dedicated contractors to our incredible library team: Mrs. Marla Smith, Mr. Kieron Hall, Ms. Kristina Bean, and Ms. Lorie Fox. You have worked tirelessly throughout this journey, and your commitment and effort have brought us to this proud moment.
Minister Rabain also shared that his family are “passionate supporters of the library’s mission”, with his daughter a member of TAB, the Youth Library’s Teen Advisory Board.
He encouraged high school students seeking community service hours to consider joining TAB, stating, “It’s a meaningful way to give back to the community, develop leadership skills, and make a positive impact.”
Over 50 years have passed since Branwen Smith-King won Bermuda’s first gold medal in the Carifta Games. Since then, Bermuda has gone on to win the prestigious Austin Sealy Award for the most outstanding athlete twice as well as multiple track and field medals. BNAA President, Dr Freddie Evans, says this year’s team of 16 athletes competing in 8 disciplines, will be looking to expand on our past accomplishments when the 2025 edition of the regional youth track meet kicks off on Good Friday in Port of Spain in Trinidad.
The 16-strong team has now been finalised. Saturday’s Last Chance Meet, gave several athletes one final opportunity to make the Carifta standard or to impress the committee. And as Dr Evans explains, while there was some joy and there was also some disappointment.
The 2025 Carifta Games will be held in Trinidad April 18th to the 21st.
The hotel was shuttered in March 2020 in the face of the COVID-19 pandemic
Photo: Elbow Beach Hotel (file)
The Loren Group has formally announced their acquisition of Elbow Beach Hotel.
The hotel was shuttered in March 2020 in the face of the COVID-19 pandemic, and in the following July announced its formal closure until 2021, although the resort was never reopened.
In 2022, the hotel was put up for sale. In 2023, the resort went into liquidation, and it was put back on the market in 2024.
The acquisition by the Loren Group marks the company’s second investment in Bermuda, following The Loren at Pink Beach, which opened in 2017.
The Loren Hotel Group Press Release:
The Loren Group is delighted to announce the acquisition of the iconic Elbow Beach Hotel and Fritholme Garden Residences in Bermuda, a landmark property situated on Bermuda’s picturesque southern shore. This strategic acquisition underscores The Loren’s commitment to expanding its luxury hospitality and residential footprint and enhancing Bermuda’s hospitality landscape. The Loren at Pink Beach, which opened in 2017, has been the marquee, luxury property in Bermuda, raising the bar for contemporary hospitality on the island.
“We are honored to take ownership of the historic Elbow Beach Resort, a property that holds a special place in Bermuda’s rich cultural and hospitality heritage. Our vision is to rejuvenate this esteemed property, blending its storied past with The Loren’s signature style to create an unparalleled destination for both locals and visitors,” says Stephen King, CEO & Founder of The Loren Group. “This deal is a testament to our dedication to Bermuda and the opportunity we see for continued growth as a luxury hospitality brand. We would like to thank all those involved in the transaction including Butterfield Bank, EY, Rego Sotheby’s International Realty, and the Government of Bermuda and look to many more years of doing business in Bermuda.”
The Elbow Beach Resort, which has remained closed since early 2020, has been a beloved fixture in Bermuda for over a century. The Loren Group plans to undertake a comprehensive redevelopment of the property. Detailed plans will be shared in the coming months and will deliver a world class mix of luxury real estate, an expansion of the Loren Hotel, restaurants, member and wellness facilities, reflecting the brand’s “uncompromising by nature” ethos. In addition to providing new opportunities for ownership in Bermuda, this new project will create significant employment opportunities to support the local economy. The Loren Elbow Beach will participate in the brand’s Roots Initiative, a program designed to capture carbon through biodiverse reafforestation.
Discussions included updates on free movement and labour market assessments, as well as thematic labour issues affecting CARICOM
The following statement was issued by the Government of Bermuda.
The Minister of Economy and Labour, the Hon. Jason Hayward, JP, MP, represented Bermuda at the Thirty-Fourth Meeting of the CARICOM Council for Human and Social Development (COHSOD) – Labour, held on Tuesday, 8 April, in Guyana.
The meeting opened with a strong call from CARICOM Secretary-General Dr. Carla Barnett to “keep the tripartite approach solid,” underscoring the importance of collaboration among governments, employers, and workers.
As regional Ministers prepare for the 113th Session of the International Labour Conference (ILC) in June 2025, the meeting focused on three key agenda items critical to the Caribbean:
Protection against biological hazards in the working environment;
Decent work in the platform economy; and
Tackling informality and promoting transitions towards formality to support decent work.
During the morning session, Ministers engaged in robust discussions and agreed to present a united front on these issues at the ILC. They also committed to strengthening national occupational safety and health (OSH) policies and considering ratifying relevant International Labour Organization (ILO) Conventions where appropriate.
Minister Hayward noted that it is the responsibility of the Caribbean region to ensure that the ILC Agenda progresses in a way that is advantageous not only to the region’s workforce but also to the region as a whole. He went on to state, “Expansion of the informal economy creates a challenge from national and social protection standpoints as these persons rely on a healthcare system and later on a pension system that they have never contributed to, resulting in significant stress on affected economies. I caution us to have a strong opinion regarding transitioning from informality to formality as there is currently no economic model and no level of stability that can be achieved by expanding the informal sector. It goes against our national interest to have an expanding informal sector, so the region should openly support any movement to work to progress the transition from informality to formality.”
Ministers also discussed updates on free movement and labour market assessments, thematic labour issues affecting CARICOM, and the ILO’s governance structure.
Fred Ming and Craig Simmons among honourees at gala
L to R: Dr. David Sam, the Bermuda College President; Shelby Weldon – a member of the Board of Bermuda College; Frederick E. Ming – who received a Professor Emeritus award and Nasir Wade – the chair of the Board of Bermuda College. Photo supplied
Bermuda College Media Release: Two distinguished former lecturers have become the first recipients of the Professor Emeritus title at Bermuda College in honour of their exceptional service and dedication to the institution. Craig Simmons and Frederick E. Ming were awarded the title during a special presentation at the College’s 50th Anniversary Gala on Saturday, at the Hamilton Princess & Beach Club.
L to r: Dr. David Sam, the Bermuda College President; Shelby Weldon – a member of the Board of Bermuda College; Craig Simmons – who received a Professor Emeritus award and Nasir Wade – the chair of the Board of Bermuda College. Photo supplied
More than 260 guests attended the event, which paid tribute to alumni, employees, and past leaders whose contributions have shaped the College’s legacy. In a recorded message played at the gala, Mr Simmons said: “For some reason I just found teaching enjoyable and it got more so the more I taught. “What do I enjoy most about it? Meeting young people, being in the presence of people who are generally smarter than yourself.| “And so, I would come to class to teach, but also to learn. And I can’t say that I ever left a class without learning something from my students. “Education is really about building up this thing called social capital, which will allow young people and folks from low socioeconomic backgrounds to be better in life.” Mr. Simmons, who retired from the College last year, added: “Bermuda College distinguishes itself as being the premier institution when it comes to building social capital. “There hasn’t been an institution in Bermuda that has moved more people from the position of a low socioeconomic status to a higher socioeconomic status. “Bermuda College has given Bermuda a great gift, and we need to continue to support the institution.” The award was a surprise for Mr Ming, who taught culinary arts for 29 years and who was honoured for his transformative role in shaping Bermuda’s hospitality education. He said his son told him to make sure he attended and added that it was great to get recognition of his work. On when his name was called, Mr Ming said: “I was excited, I was really excited, and it was nice that people approached me afterwards and told me that I deserved it.” In his programme notes, Nasir Wade, the chairman of the board of Bermuda College said the Gala celebration was “testimony to the hard work and dedication of our collective unity towards a common goal, based on the uplifting of people and communities”. He added: “This 50th anniversary celebration provides us with a moment in time to reflect on our past accomplishments, maintain steadfast on our present actions and lay the vision for the next 50 years of success.” In his programme notes, the College President, Dr David Sam added: “The goal is clear: to elevate Bermuda College to the next level of excellence, ensuring it remains the premier institution for learning, a hub for present and future tertiary education, and a driving force behind Bermuda’s socio-economic growth.” Necheeka Trott, the 50th Anniversary Gala Committee Chair, added: “This milestone celebration was a beautiful reflection of the heart and history of Bermuda College. Honouring those who have shaped the institution — and those who continue to carry its mission forward — reminds us of the incredible legacy we are building together. “It was an evening of pride, gratitude, and inspiration.” Those also honoured at the Gala were: Craig Simmons who was also presented with the Bermuda College Distinguished Service Award (Faculty). Marie Franklin, who was given the Bermuda College Distinguished Service Award (Support Staff). Alumni Taiyana Allen, a distinguished Bermudian professional currently serving as an actuarial analyst at Wilton Re Bermuda. Alumni Andesha Busby, a Designate Valuer at the Land Valuation Department, in the Bermuda Government. Alumni Jason Hayward, the Minister of Economy and Labour. Alumni Beza Dagnachew, a dedicated healthcare professional, educator, and infection prevention specialist at Bermuda Hospitals Board. Alumni Gino Z. Smith, a respected leader in the reinsurance industry, known for his expertise, strategic vision, and commitment to developing future talent. Alumni Dr Leslie Steede, the owner and director of research at Global Research. Alumni Dr Malcolm V. Brock, a distinguished cardiothoracic surgeon, researcher, and academic, recognised as one of the first Bermudian-born cardiovascular surgeons to achieve US board certification. Alumni Larry Mussenden, the Chief Justice of Bermuda. Alumni Dr Terrylynne Emery, Bermuda’s first Black female practicing obstetrician/gynaecologist. Alumni Rees Fletcher, a distinguished insurance executive whose 33-year career has significantly impacted Bermuda’s international business sector. Past President Dr Duranda Greene a trailblazing leader and Bermuda College’s longest-serving President. Past President Dr George L. Cooke, whose leadership and academic contributions played a pivotal role in shaping Bermuda College’s Faculty of Arts & Science. Past CEO, Mansfield H. Brock, a well-known and distinguished Bermudian educator and administrator whose leadership was instrumental in the establishment and development of Bermuda College.
Shadow Minister also question why Gov’t left them out of stakeholder discussions
Photos: US President Donald Trump (CBS); MV Oleander lauched in China in 2018 (supplied); Bottom-left: Shadow Finance Minister Dr Douglas De Couto; Top-right: Shadow Home Affairs Minister Michael Fahy.
UPDATED with Michael Fahy interview – scroll to bottom…
In the face of a potential swell in shipping costs, we should set up a fund to soften the impact of such increases.
So says the One Bermuda Alliance, who have proposed a Supply Chain Contingency Fund to subsidise shipping companies, support the development of alternative supply routes, and offset higher prices on essential goods.
Shadow Home Affairs Minister Michael Fahy says, “we recognise that importers and shipping companies are working diligently to find alternative vessels, explore new trade routes, and identify different sources for Bermuda’s essential goods.”
“However, these solutions will take time to implement and will inevitably increase costs in the short term.”
Shadow Home Affairs Minister Michael Fahy, however, questions why the OBA was not part of these discussions.
He said, “this is not a partisan issue… It requires the collaboration of all stakeholders — government, opposition, and the private sector — to develop effective solutions.”
“We were disappointed to learn that the Government recently held a stakeholder meeting at Cabinet Office without extending an invitation to the Official Opposition, despite the Premier’s stated desire for collaboration rather than criticism.”
The proposed Supply Chain Contingency Fund would be financed through a combination of the projected budget surplus and revenue from the new Corporate Income Tax, an OBA statement reads.
Shadow Finance Minister, Dr. Douglas De Couto, says the OBA’s proposal “aligns with our core principle of fiscal responsibility for social fairness”.
“While we continue to advocate for responsible allocation of Corporate Income Tax revenue toward national priorities like debt reduction and infrastructure, this emerging crisis certainly qualifies as an urgent national priority.”
UPDATE: Reports today indicate the Trump Administration may soften proposed US port fees, and a plan to increase tariffs on imports into the US has been partially paused. Shadow Home Affairs Minister Michael Fahy doesn’t think it’s premature to make plans such as a Contingency Fund…
Michael Fahy also suggests that it would have been better if the OBA had been included in the stakeholder discussions earlier this week…
Trump authorised a 90-day pause but also raised the tariff rate for China to 125%, effective immediately
A drone view shows trucks as they transport cargo at the Bayport Container Terminal in Seabrook, Texas, U.S., April 7, 2025. REUTERS/Adrees Latif
International news via Reuters;
U.S. President Donald Trump on Wednesday said he would pause many of his new tariffs for 90 days, even as he raised them further on imports from China.
Trump’s sudden reversal came less than 24 hours after steep new tariffs kicked in on imports from dozens of trading partners. The new trade barriers have hammered markets, raised the odds of recession and prompted retaliatory responses from China and the European Union.
Trump said he would raise the tariff on Chinese imports to 125% from the 104% level that took effect at midnight. At the same time he said he would lower them on other countries also subject to his new targeted duties.
“I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” Trump wrote on social media.
Details were not immediately clear.
U.S. stock indexes jumped on the news. Bond yields came off earlier highs.
Attending the Eurofi Financial Forum and meeting with EU policymakers
Warsaw, Poland
Government update via press release:
The Cabinet Office advised today that the Premier, the Hon. David Burt, JP, MP, has travelled overseas to Warsaw, Poland, and the UK for official business.
The Premier leads a delegation of Government of Bermuda officials and is joined by representatives from the Bermuda Monetary Authority (BMA).
Premier Burt and the Bermuda delegation will participate in a series of high-level engagements focused on financial services and international cooperation.
In Warsaw, Premier Burt will attend the Eurofi Financial Forum, one of the largest and most influential financial services conferences in Europe.
The Forum brings together leading voices from the European Union, global standard-setting bodies, and the financial services industry to discuss emerging trends, regulatory frameworks, and global financial stability.
While in Europe, the Premier will also hold meetings with EU policymakers, regulators, and private sector leaders across the banking, reinsurance, and digital asset sectors.
Regarding the official travel, Premier Burt said, “This visit is an important opportunity to reaffirm Bermuda’s longstanding commitment to compliance, cooperation, and tax transparency, and to ensure that our voice is heard in discussions that shape the future of global finance.”
The Premier is joined by the Financial Secretary Chidozie Ofoego, Head of European Affairs & Policy, Aliyyah Ahad and Sierra Bell, Policy Advisor, Internation Affairs and Regulatory Unit, Ministry of Finance.
Premier Burt is scheduled to return to Bermuda on April 15th.
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