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Stock markets in Asia and Europe sank and the dollar surged Monday after Donald Trump signed off huge tariffs on China, Canada and Mexico, and warned the European Union would be hit “pretty soon”.Less than two weeks after moving back into the White House, the US president on Saturday made good on warnings that he would resume his hardball tactics, sparking fears of trade wars that could hammer the global economy.The move will see 25 percent levies on imports from Canada and Mexico and 10 percent duties on Chinese goods.Analysts at Oxford Economics said the tariffs could see Mexican inflation surge to six percent annually, from 4.2 percent in December, while the peso sank seven percent.Chief EY economist Gregory Daco said Canada’s economy could shrink 2.7 percent this year and 4.3 percent next year.White House Press Secretary Karoline Leavitt said tariffs were “promises made and promises kept by the president”.Canada said it would file a World Trade Organization claim against the United States, while Mexican President Claudia Sheinbaum announced that retaliatory tariffs would be imposed on US products.China’s trade ministry said Beijing would take “corresponding countermeasures”.While the decision had been well-flagged, equity markets took a hefty hit, with all three main indexes on Wall Street turning negative at the end of Friday trade.In Asia, the Year of the Snake started with a nasty bite.Tokyo, Seoul and Jakarta each shed more than two percent while Sydney, Bangkok and Wellington were each off more than one percent. Singapore and India also fell, while Hong Kong gave up early deep losses to end only marginally down. Shanghai remained closed for a holiday.London opened more than one percent lower, while Paris and Frankfurt each lost more than two percent.- Investors ‘feel jolt’ -Taipei plunged more than three percent, with chip titan and market-heavyweight TSMC diving 5.7 percent on the first day of trade since China’s DeepSeek unveiled a cheaper artificial intelligence model rivalling those of US tech giants.”This wasn’t a shock — it’s been telegraphed for weeks — but investors will still feel the jolt as markets adjust to a move almost universally seen as damaging to global growth and financial stability,” said Stephen Innes at SPI Asset Management.On currency markets the dollar soared 2.3 percent against the Mexican peso and more than one percent against the Canadian dollar and euro.It was also sharply higher against the South Korean won, Australian dollar and South African rand.”We suspect the path of least resistance for now is for Asian currencies and risk assets to weaken, together with a greater risk premia to account for future meaningful tariff moves beyond what we have seen,” said Michael Wan at MUFG.Gold slipped, having hit a fresh record above $2,800 last week, as the stronger dollar made it more expensive to buy the metal for holders of other currencies.Trump’s latest salvo came at the end of a volatile week for markets following news of DeepSeek’s R1 chatbot, which saw some investors re-evaluate their surge into tech giants in recent years as they bet big on the AI revolution.It also overshadowed healthy earnings results from Apple, which soothed some worries about the tech sector, and data showing that the Federal Reserve’s preferred gauge of inflation met forecasts.Oil prices jumped as Trump’s tariffs on Canada and Mexico include the commodity, while bitcoin dropped more than five percent.- Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 2.7 percent at 38,520.09 (close)Hong Kong – Hang Seng Index: FLAT at 20,217.26 (close)London – FTSE 100: DOWN 1.1 percent at 8,577.26Shanghai – Composite: Closed for a holidayEuro/dollar: DOWN at $1.0221 from $1.0363 on FridayPound/dollar: DOWN at $1.2275 from $1.2392Dollar/yen: UP at 155.67 yen from 155.18 yenEuro/pound: DOWN at 83.25 pence from 83.59 penceWest Texas Intermediate: UP 1.9 percent at $73.92 per barrelBrent North Sea Crude: UP 1.0 percent at $76.43 per barrelNew York – Dow: DOWN 0.8 percent at 44,544.66 (close)

Samsung Electronics chief Lee Jae-yong was cleared again Monday of a raft of charges linked to a controversial 2015 merger which prosecutors claimed was designed to seal his control of the South Korean tech giant.Lee was orginally cleared of the charges in a trial last year, but prosecutors appealed against the verdict.”The evidence presented was not sufficient to prove the charges beyond a reasonable doubt,” court documents seen by AFP said. Lee was cleared of charges including stock price rigging, breach of trust, and accounting fraud.They relate to the 2015 merger between Samsung C&T — a construction and engineering firm — and Cheil Industries.Lee did not answer any questions as he left the Seoul court, but his lawyers told reporters they “sincerely thank the court for its wise judgement”.”It has been a very long time since the investigation and trial process of this case began,” his legal team said.”We hope that with this ruling, the defendants can now return to their rightful duties and responsibilities.”Lee was jailed for 18 months in a separate fraud and embezzlement case following a sweeping investigation that also brought down former president Park Geun-hye in 2017.The current executive chairman of Samsung Electronics — the crown jewel of South Korea’s sprawling Samsung group — was released on parole in August 2021 having served half his sentence.He returned to management shortly afterwards, and was officially named executive chairman in October 2022 — two months after South Korea’s then president pardoned him for the convictions.

Asian stocks tanked and the dollar surged Monday after Donald Trump signed off huge tariffs on China, Canada and Mexico, and warned the European Union would be hit “pretty soon”.Less than two weeks after moving back into the White House the US president on Saturday made good on warnings that he would resume his hardball tactics, sparked fears of trade wars that could hammer the global economy.The move will see 25 percent levies on imports from Canada and Mexico and 10 percent duties on Chinese goods. Analysts at Oxford Economics said the tariffs could see Mexican inflation surge to six percent annually, from 4.2 percent in December, while the peso sank seven percent.Chief EY economist Gregory Daco said Canada’s economy could shrink 2.7 percent this year and 4.3 percent next year.White House Press Secretary Karoline Leavitt said tariffs were “promises made and promises kept by the president”.Canada said it will file a World Trade Organization claim against the United States, while Mexican President Claudia Sheinbaum announced that retaliatory tariffs would be imposed on US products. China’s trade ministry said Beijing would take “corresponding countermeasures”.While the decision had been well-flagged, equity markets took a hefty hit, with all three main indexes on Wall Street turning negative at the end of Friday trade after Trump reaffirmed he would impose the tariffs.In Asia, the Year of the Snake started with a nasty bite.Tokyo and Seoul each shed more than two percent while Hong Kong shed more than one percent with Sydney and Wellington. Singapore was also in the red.- Investors ‘feel jolt’ -Taipei plunged more than three percent, with chip titan and market-heavyweight TSMC diving 5.3 percent on the first day of trade since China’s DeepSeek unveiled a cheaper artificial intelligence model rivalling those of American tech giants.”This wasn’t a shock — it’s been telegraphed for weeks — but investors will still feel the jolt as markets adjust to a move almost universally seen as damaging to global growth and financial stability,” said Stephen Innes at SPI Asset Management.On currency markets the dollar soared 2.3 percent against the Mexican peso and more than one percent against the Canadian dollar.It was also sharply higher against the South Korean won, Australian dollar and South African rand”We suspect the path of least resistance for now is for Asian currencies and risk assets to weaken, together with a greater risk premia to account for future meaningful tariff moves beyond what we have seen,” said Michael Wan at MUFG.Gold slipped, having hit a fresh record above $2,800 last week, as the stronger dollar made it more expensive to buy the metal for holders of other currencies.Trump’s latest salvo came at the end of a volatile week for markets following news of DeepSeek’s R1 chatbot, which saw some investors re-evaluate their surge into tech giants in recent years as they bet big on the AI revolution.It also overshadowed healthy earnings results from Apple, which soothed some worries about the tech sector, and data showing that the Federal Reserve’s preferred gauge of inflation met forecasts.Oil prices jumped as Trump’s tariffs on Canada and Mexico include the commodity.- Key figures around 0200 GMT -Tokyo – Nikkei 225: DOWN 2.1 percent at 38,727.99Hong Kong – Hang Seng Index: DOWN 1.8 percent at 19,868.82Shanghai – Composite: Closed for a holidayEuro/dollar: DOWN at $1.0237 from $1.0363 on FridayPound/dollar: DOWN at $1.2285 from $1.2392Dollar/yen: UP at 155.80 yen from 155.18 yen Euro/pound: DOWN at 83.32 pence from 83.59 pence West Texas Intermediate: UP 1.8  percent at $73.82 per barrelBrent North Sea Crude: UP 0.8 percent at $76.24 per barrelNew York – Dow: DOWN 0.8 percent at 44,544.66 (close)London – FTSE 100: UP 0.3 percent at 8,673.96 (close)

President Donald Trump announced broad tariffs Saturday on major US trading partners Canada, Mexico and China, claiming a “major threat” from illegal immigration and drugs — a move that sparked promises of retaliation.Canadian and Mexican exports to the United States will face a 25 percent tariff starting Tuesday, although energy resources from Canada will have a lower 10 percent levy.Goods from China, which already face various rates of duties, will see an additional 10 percent tariff.Trump’s orders also suspended exemptions allowing low-value imports from the three countries to enter the US duty-free.The announcement threatens upheaval across supply chains, from energy to automobiles to food.Trump invoked the International Emergency Economic Powers Act in imposing the tariffs, with the White House saying “the extraordinary threat posed by illegal aliens and drugs, including deadly fentanyl, constitutes a national emergency.”The aim is to hold all three countries “accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country,” the White House added.China’s commerce ministry said in a statement it would take “corresponding countermeasures” and file a claim against Washington at the World Trade Organization.Mexican President Claudia Sheinbaum announced that her country would impose retaliatory tariffs.Sheinbaum said she had told her economy minister “to implement Plan B that we have been working on, which includes tariff and non-tariff measures in defense of Mexico’s interests.”Canadian Prime Minister Justin Trudeau — who spoke with Sheinbaum — separately said his country would hit back with 25 percent levies of its own on select American goods worth Can$155 billion (US$106.6 billion), with a first round on Tuesday followed by a second one in three weeks.”We’re certainly not looking to escalate. But we will stand up for Canada, for Canadians, for Canadian jobs,” he said, as he warned of a fracture in longstanding Canada-US ties.British Columbia Premier David Eby announced that his province would specifically retaliate against “red” US states led by members of Trump’s Republican Party.On Sunday, the finance minister of Japan — a major US trade partner — said they were “deeply concerned about how these tariffs could affect the world’s economy.”Trump has repeatedly expressed his approval of tariffs as a policy measure, and has signaled that Saturday’s action could be the first volley in further trade conflicts to come.This week, he also pledged to impose future duties on the European Union.He has also promised tariffs on semiconductors, steel, aluminum, oil and gas.”Tariffs are a powerful, proven source of leverage for protecting the national interest,” the White House said.- ‘Opening salvo’ -“The tariff action announced today makes clear that our friends, neighbors and Free Trade Agreement partners are in the line of fire,” said Wendy Cutler, vice president at the Asia Society Policy Institute and a former US trade negotiator.”The move today is an opening salvo on the tariff front,” she told AFP.Economic integration between the United States, Mexico and Canada — who share a trade pact — means stiff tariffs will have “a strong and immediate impact” in all three countries, she said.Imposing sweeping tariffs on the three biggest US trading partners in goods carries risks for Trump, who won November’s election partly due to public dissatisfaction over the economy.Higher import costs would likely “dampen consumer spending and business investment,” said EY chief economist Gregory Daco.He expects inflation would rise by 0.7 percentage points in the first quarter this year with the tariffs in place, before gradually easing.”Rising trade policy uncertainty will heighten financial market volatility and strain the private sector, despite the administration’s pro-business rhetoric,” he said.Economists also expect growth to take a hit.Trump’s supporters have downplayed fears that tariffs would fuel inflation, with some suggesting his planned tax cuts and deregulation measures could boost growth instead.- ‘Drive up costs’ -Doug Ford, premier of Canada’s economic engine Ontario, warned of potential job losses and a slowdown in business with tariffs.He told CNN Saturday: “We’re going to stand up for what’s right.”US Senate Minority Leader Chuck Schumer has warned new tariffs could “further drive up costs for American consumers.”Canada and Mexico are major suppliers of US agricultural products. The tariffs are also expected to hit the auto industry hard, since automakers and suppliers produce components throughout the region.Analysts have warned that hiking import taxes on crude oil from countries like Canada and Mexico threaten US energy prices too.Nearly 60 percent of US crude oil imports are from Canada, according to a Congressional Research Service report.

Donald Trump’s new tariffs will probably not have a major impact on China’s economy but may herald the opening salvo of another bruising trade war with Beijing, analysts said Sunday.The US President on Saturday announced sweeping measures against major trade partners, with goods from China facing an additional 10 percent tariff on top of the duties they already endure.Trump said the measures aimed to punish countries for failing to halt flows of illegal migrants and drugs including fentanyl into the United States.However, his action against Beijing was “not a big shock to China’s economy”, according to Zhiwei Zhang, president of Pinpoint Asset Management.Given Beijing had already factored in higher tariffs this year, the move was “unlikely to change the market expectation on China’s macro outlook”, Zhang said.”I don’t think China needs to take action, such as exchange rate depreciation, to offset (the impact),” he added.According to Bloomberg Economics, the 10 percent levy could knock out 40 percent of Beijing’s goods exports to the US, affecting 0.9 percent of Chinese GDP.That is a small fraction of China’s vast economy, but it would put extra pressure on policymakers already grappling with slowing growth, a property sector crisis, and sluggish domestic consumption.- ‘First strike’ -Experts said Trump’s focus seemed to be on trade relationships with Canada and Mexico more than China.Under the new rules, Canadian and Mexican exports to the US will face 25 percent tariffs, with a partial exemption for Canadian energy resources.But with targeted countries already vowing retaliation and Trump promising more duties in future, the move was “just the first strike in what could become a very destructive global trade war”, said Paul Ashworth, chief North America economist at Capital Economics.China has said it will take “corresponding countermeasures” against the tariffs, but has not elaborated what form they might take.Gary Ng, a senior economist at Natixis, said Beijing “may react by imposing reciprocal tariffs on US imports, limiting exports of critical materials, and restricting market access to some American firms”.”At the same time, China may also see this as an opportunity to divide US allies and build closer relationships with other countries,” he told AFP.Zhang, of Pinpoint, said “the trade negotiation between China and the US will be a long process”.”I think this is just the beginning. We will have to wait and see if the US will raise tariffs on China further down the road,” he said.- Collective shrug -On the streets of Beijing this weekend, the threat of looming tariffs was met with a collective shrug.”China doesn’t really care too much about the (trade) barriers, because we have already prepared for them,” Xu Yiming, a private equity professional, told AFP outside a busy downtown shopping mall.China’s robust supply chains and cheap exports were “actually good for the American public, but MAGA supporters might need some trade barriers to help bring jobs back to the US”, the 36-year-old added, using the acronym for Trump’s grassroots movement.”In the end, it’s everyday people who bear the brunt of tariffs,” he said.Most people approached by AFP reporters said they were either unaware of the prospective levies or did not understand them well enough.And though some declined to speak due to the political sensitivity of China-US ties, many seemed more interested in enjoying the ongoing Lunar New Year holiday.”He should look after the US and leave China to us,” a gruff middle-aged man said of Trump, before wandering off in the direction of a raucous temple fair.

A miner in the mountains of eastern Afghanistan poured water over a block of jade, exposing the green stone that is part of the Taliban authorities’ push to capitalise on the country’s rich mineral resources.Touting the return of security, the Taliban government is rushing to court local and foreign investors to exploit the country’s underground wealth and secure a crucial revenue stream — though experts warn of the risks of cutting corners.Emeralds, rubies, marble, gold and lithium: the resources buried across Afghanistan’s rocky landscape are estimated to be worth a trillion dollars, according to US and UN assessments from 2010 and 2013.Though decades of war spared these reserves from large-scale exploitation, roughly 200 contracts — the majority with local companies — worth billions of dollars in total have been signed since the Taliban’s 2021 return to power, official figures show.”We want Afghanistan to be self-sufficient but there are obstacles,” Humayoun Afghan, the spokesman for the Ministry of Mines, told AFP.”We have no experts, no infrastructure, no knowledge.”The Taliban authorities will “welcome anyone who wants to invest, especially those with mining experience”, he added.Many of these contracts focus on mining exploration, a process that can take years and yield little results, while loosely regulated extraction can leave behind environmental scars, experts caution.The US Geological Survey (USGS) has noted the production of coal, talc and chromite, “sharply increased” in 2021 and 2022.The authorities are prioritising resources that could lose value before tackling others, such as lithium, the prices of which may still rise on global markets.The mines ministry regularly publishes tenders for exploration and extraction projects, sending their embassies lists of available mining projects to invite foreign companies to apply, according to documents reviewed by AFP.The World Bank says the results are already visible: a 6.9 percent expansion of mining and quarrying drove an industrial sector increase of 2.6 percent in 2023-2024.But while the government “has auctioned several small mining contracts to meet its cash requirements, many of these contracts have yet to commence operations”, it said in a December report. For mining sector expert Javed Noorani, authorities are tendering “maybe 10 times more than its own capacity to do things”.- ‘Country is stabilised’ -The Taliban fought a two decade insurgency against the US and NATO-backed Afghan government in Kabul, seizing power in a rapid military campaign in 2021 after foreign forces withdrew.Foreign investors had largely abandoned the country, but security has drastically improved and the country’s road network has opened up.Most now fear being associated with the “Islamic Emirate”, which remains unrecognised internationally and under Western sanctions.However, some countries that maintain diplomatic and economic ties with Kabul, such as Iran, Turkey, Uzbekistan and Qatar, have seized the opportunity, with China leading the way.”The first thing investors say when they meet with us is that the county has been stabilised so now they want to invest,” said Afghan, who estimates that 150,000 jobs have been created by the sector since 2021.Despite improved stability in the mountainous country, there have been sporadic attacks on foreigners claimed by the Islamic State group — including a Chinese mine worker killed while travelling in northern Takhar province in January.- China in the lead -The Chinese state-owned company MCC is already operating at the Mes Aynak copper deposit, the world’s second-largest, located 40 kilometres (25 miles) from Kabul, under a 2008 contract revived by the Taliban government.Chinese companies have secured at least three other major mining projects, particularly in gold and copper, Afghan said.At a mine carved out of a mountainside in Goshta in eastern Nangarhar province, jade is extracted to be used in jewellery.”The majority of our nephrite goes to China,” said Habibrahman Kawal, co-owner of the mine. Kawal is pleased with his thriving business, having never invested in mining before the Taliban takeover.Only 14 mining companies currently active were operating under the previous government, according to the Britain-based Centre for Information Resilience.”This suggests that a new set of companies dominates the mining sector in Afghanistan,” it said.The government declined to disclose revenue figures but it profits by taking stakes in some companies and collecting royalties.- Environmental risks -Shir Baz Kaminzada, president of the Afghanistan Chamber of Industries and Mines, said some investors disregard international sanctions knowing “they can make money”. In countries with strict regulations, “you’ll spend billions to start a mine”.”In a place like Afghanistan, where there’s very little experience with mining and very few, if any, regulations for mining, that’s an advantage to companies coming in,” said geophysicist David Chambers, president of a non-profit providing technical assistance in mining activities.This allows for faster work, but “could cause environmental or economic harm”, he said.The main danger lies in mine waste, as only one percent of what is excavated is removed.The rest may contain iron sulfide minerals that contaminate the ground if it comes into contact with water.The mines ministry claims to adhere to existing legislation to ensure that the mines are “cleaned” after extraction, without providing further details.”Every dollar you don’t spend in designing a safe tailings dam (to contain waste) or in cleaning up water, that’s profit,” said Chambers. “But again, that leads to potential longer term costs.”In Afghanistan, Kaminzada admitted, “people are not taking care of the long term”.

President Donald Trump is due to unleash fresh tariffs Saturday on major US trading partners Canada, Mexico and China — with Ottawa informed that levies will begin within days.The US government has told Ottawa to expect 25 percent across-the-board tariffs on its exports starting Tuesday, with the exception of energy products like oil, a Canadian government source told AFP.Those would face a 10 percent rate, added the official, who was not authorized to speak publicly.Trump has threatened a similar 25 percent levy on Mexican imports, pointing to what he said was both North American neighbors’ failure to halt illegal immigration and the flow of fentanyl across US borders.On China, Trump vowed a 10 percent tariff, charging that it had a role in the synthetic opioid’s production.These threaten upheaval across supply chains from energy to automobiles and food, analysts said.Trump has repeatedly expressed his love for tariffs, and has signaled that Saturday’s action could be the first volley in further trade conflicts to come.This week, the US president pledged to impose duties on the European Union.He has also promised tariffs on semiconductors, steel, aluminum, as well as oil and gas — without specifying which countries would be targeted.Trump returned to his Mar-a-Lago estate in Florida for the weekend with no public events on his official schedule Saturday. He headed to the golf course Saturday morning.Canadian Prime Minister Justin Trudeau is expected to hold a press conference around 6:00 pm (2300 GMT), two Canadian government sources told AFP.- Growth concerns -Imposing sweeping tariffs on three key US trading partners carries risks for Trump, who swept to victory in November’s election partly due to public dissatisfaction over the economy.Higher import costs would likely “dampen consumer spending and business investment,” said EY chief economist Gregory Daco.He expects inflation would rise by 0.7 percentage points in the first quarter this year with the tariffs, before gradually easing.”Rising trade policy uncertainty will heighten financial market volatility and strain the private sector, despite the administration’s pro-business rhetoric,” he said.Trump’s supporters have downplayed fears that tariffs would fuel inflation, with some suggesting his planned tax cuts and deregulation measures could boost growth instead.Democratic lawmakers criticized Trump’s plans, with Senate Minority Leader Chuck Schumer saying Friday: “I am concerned these new tariffs will further drive up costs for American consumers.”Canada and Mexico are major suppliers of US agricultural products, with imports totaling tens of billions of dollars from each country per year.Tariffs would also hit the auto industry hard, with about 70 percent of light vehicles built in Canada and Mexico destined for the United States, according to S&P Global Mobility.The research group added that automakers and suppliers also produce components throughout the region, meaning tariffs will likely increase costs for US-made vehicles.- Ready to respond -Trudeau said Friday that Ottawa is ready with “a purposeful, forceful” response.Doug Ford, premier of Canada’s economic engine Ontario, warned Saturday that “the impact of these tariffs will be felt almost immediately,” predicting potential job losses and a slowdown in business.Canada should “hit back hard and hit back strong,” he said at a local election campaign stop.Mexican President Claudia Sheinbaum previously said her government would await any announcement “with a cool head” and had plans for whatever Washington decides.Sheinbaum has met Mexican business representatives, with her economy minister Marcelo Ebrard saying on social media Saturday that the private sector was closing ranks around her in the face of potential commercial “arbitrariness.”White House Press Secretary Karoline Leavitt, however, on Friday dismissed concerns of a trade war.Hiking import taxes on crude oil from countries like Canada and Mexico could bring “huge implications for US energy prices, especially in the US Midwest,” noted David Goldwyn and Joseph Webster of the Atlantic Council.Trump said Friday he was mulling a lower tariff rate on oil.Nearly 60 percent of US crude oil imports are from Canada, according to a Congressional Research Service report.

President Donald Trump is due to unleash fresh tariffs Saturday on major US trading partners Canada, Mexico and China, threatening upheaval across supply chains from energy to autos.Trump promises 25 percent tariffs on Canada and Mexico, pointing to their failure to halt illegal immigration and the flow of fentanyl across US borders.He also vows a 10 percent tariff on imports from China, the world’s second biggest economy, charging that it had a role in the synthetic opioid’s production.Trump has repeatedly expressed his love for tariffs, and has signaled that Saturday’s action could be the first volley in further trade conflicts to come.This week, the US president pledged to impose duties on the European Union.He has also promised tariffs on semiconductors, steel, aluminum, copper, pharmaceuticals as well as oil and gas.Trump returned to his Mar-a-Lago estate in Florida for the weekend with no public events on his official schedule. He headed to the golf course Saturday morning.- Growth concerns -Imposing sweeping tariffs on three key US trading partners carries risks for Trump, who swept to victory in November’s election partly on the back of public dissatisfaction over costs of living.Higher import costs would likely “dampen consumer spending and business investment,” said EY chief economist Gregory Daco.He expects inflation would rise by 0.7 percentage points in the first quarter this year with the tariffs, before gradually easing.”Rising trade policy uncertainty will heighten financial market volatility and strain the private sector, despite the administration’s pro-business rhetoric,” he said.Trump’s supporters have downplayed fears that tariff hikes would fuel inflation, with some suggesting his planned tax cuts and deregulation measures could boost growth instead.Democratic lawmakers criticized Trump’s plans, with Senate Minority Leader Chuck Schumer saying Friday: “I am concerned these new tariffs will further drive up costs for American consumers.”Canada and Mexico are major suppliers of US agricultural products, with imports totaling tens of billions of dollars from each country per year.Tariffs would also hit the auto industry hard, with US light vehicle imports from Canada and Mexico in 2024 accounting for 22 percent of all vehicles sold in the country, according to S&P Global Mobility.The research group added that automakers and suppliers also produce components throughout the region, meaning tariffs will likely increase costs for vehicles.”We should be focused on going hard against competitors who rig the game, like China, rather than attacking our allies,” Schumer said in a statement.- Ready to respond -Canada and Mexico have said they are prepared if Trump goes through with his plan.Canadian Prime Minister Justin Trudeau said Friday that Ottawa is ready with “a purposeful, forceful” response.Doug Ford, premier of Canada’s economic engine Ontario, warned Saturday that “the impact of these tariffs will be felt almost immediately,” predicting job losses and a slowdown in business.Canada should “hit back hard and hit back strong,” he said at a local election campaign stop.Mexican President Claudia Sheinbaum previously said her government would await any announcement “with a cool head” and had plans for whatever Washington decides.White House Press Secretary Karoline Leavitt, however, on Friday dismissed concerns of a trade war.Hiking import taxes on crude oil from countries like Canada and Mexico could bring “huge implications for US energy prices, especially in the US Midwest,” noted David Goldwyn and Joseph Webster of the Atlantic Council.Trump said Friday he was mulling a lower tariff rate on oil.He told reporters: “I’m probably going to reduce the tariff a little bit on that.””We think we’re going to bring it down to 10 percent,” he added.Nearly 60 percent of US crude oil imports are from Canada, according to a Congressional Research Service report.Canadian heavy oil is refined in the United States and regions dependent on it may lack a ready substitute.Canadian producers would bear some impact of tariffs, but US refiners would also be hit with higher costs, said Tom Kloza of the Oil Price Information Service.

A humanoid robot gyrates to pulsing music at a shopping mall in Beijing, part of an exhibition harnessing artificial intelligence to enhance the flavour of China’s biggest annual festival.The country is celebrating the eight-day Lunar New Year holiday that typically sees people return home to eat, drink and make merry with family and friends.From dragon dances to incense offerings, the festival is also a time to nurture centuries-old traditions — though in this corner of the capital, they come with a high-tech twist.Billed as an “AI temple fair”, the event in Beijing’s well-heeled Haidian district is a chance for local technology firms to display their products to the public.”(Robots) can already do a lot of things, like take things off the shelves and make coffee,” said Sophia Wu as she strolled among silicon shop assistants and binary baristas.”I’d love to have a robot, and then it could do all my chores for me, and that would free up a lot of my time,” the 48-year-old housewife and retired engineer told AFP.A troupe of robots manufactured by Hangzhou-based tech firm Unitree made global headlines this week after they performed a synchronised dance on China’s Spring Festival TV gala.The singular dancer in the mall, however, put on a more modest show, staying rooted on the ground while jerkily swaying its hips and arms.Described as a “high-quality human imitation robot” called Xiao Xin, it was capable of communicating with people and making tiny adjustments to the expressions on its lifelike prosthetic face, a display placard said.Nearby, a visitor tentatively asked a life-size humanoid dressed as China’s traditional wealth god what it had eaten for breakfast.”This morning, I enjoyed a hearty breakfast that included fresh fruit, delicious fried eggs, and sweet bread,” the robot replied in a resounding baritone, shaking its wispy beard and glittering crimson robe.”I hope that in the new year, you can also eat healthily and deliciously, and be happy every day.”- ‘Charm of robots’ -Elsewhere, a motley band of automated musicians cranked out holiday songs on analogue instruments, and finely tuned robotic arms wielded ink brushes to write calligraphy on thick red paper.Waiting for his scroll to dry, Bai Song, 34, said the exhibition had left him with a “deep impression of the charm of robots”.”Every era inevitably produces different things. It’s possible that AI will replace some of us, but there will also be new jobs, or new types of work,” the IT professional told AFP.”Also, we’re a socialist country, so there’s no way that people’s lives are suddenly going to get worse, because the state will provide our safety net.”China leads the world in some advanced technologies and aims to achieve global supremacy in AI by the end of the decade.An AI chatbot developed by Chinese start-up DeepSeek sent shockwaves through the industry this week with its R1 programme that can match American competitors seemingly at a fraction of the cost.Still, not everything at the AI temple fair seemed quite so disruptive just yet.A robotic koi carp repeatedly swam into the wall of its water-filled enclosure, and two semi-automated football teams plodded around an indoor pitch, colliding with each other and scuffing their kicks.On the touchline, Cheng Cheng, a software development engineer at manufacturer Booster Robotics, said the company was working on “research-oriented applications” like refining foot and hand movements and interactions with AI.Despite the scrappy game — won 5-2 by a pair of robots in pink jerseys — the 36-year-old was upbeat about the firm’s future prospects.”This is a starting point for us to make our robots more robust and fall-resistant… (and to) enhance their strength,” he told AFP.

Afghanistan’s Taliban government took over management of Kabul’s famed Serena hotel on Saturday, a hotel statement said, a luxury property targeted by Taliban attacks during their insurgency. The Kabul Serena Hotel was run for nearly 20 years by the Aga Khan Fund for Economic Development in the Afghan capital and was popular with business travellers and foreign guests. “Kabul Serena Hotel shall be closing its operations effective February 01, 2025,” a statement from Serena on Friday night said. Hotel operations are now handled by the Hotel State Owned Corporation (HSOC), the statement added. “Since opening in 2005, Kabul Serena Hotel has been an integral part of Kabul’s social fabric, an iconic presence in the city, and a symbol of our unwavering commitment to the people of Afghanistan,” the statement said. Taliban government spokesmen did not immediately respond to requests for comment and AFP journalists were not allowed onto the property on Saturday morning. On Saturday, the hotel’s website only showed the statement about the handover and Kabul has been removed from the Serena brand’s list of destinations. The Switzerland-based organisation also did not respond to AFP requests for comment. The Serena has been the target of multiple deadly attacks by the Taliban before they swept to power in 2021, ousting the foreign-backed government.  In 2014, just weeks before a presidential election, four teenage gunmen with pistols hidden in their socks managed to penetrate several layers of security, killing nine people, including an AFP journalist and members of his family. In 2008, a suicide bombing left six dead, in an attack blamed on the current Taliban interior minister, Sirajuddin Haqqani.In 2021, the United States and Britain warned their citizens to avoid hotels in Afghanistan, singling out the Serena, underlining the shaky security situation in the aftermath of the Taliban takeover. In the years since their return to power, however, the Taliban authorities have worked to attract tourism to Afghanistan, touting a return to security.