Afp Business Asia

US President Donald Trump suggested on Wednesday that a trade deal was “possible” with China — a key target in the US leader’s tariffs policy.In 2020, the United States had already agreed to “a great trade deal with China” and a new deal was “possible,” Trump told reporters aboard Air Force One.Asked about the comments, Beijing’s foreign ministry said Thursday the two countries should handle trade tensions with “mutual respect.”One month into his second term in office, Trump has threatened sweeping tariffs on allies and adversaries alike — targeting China as well as neighbors Canada and Mexico, and the European Union — and using levies as his main policy tool for lowering the massive US trade deficit. At the beginning of February, he slapped additional customs duties of 10 percent on all products imported from China.Beijing’s foreign ministry said Thursday that China and the United States “should resolve their concerns through dialogue and consultation based on equality and mutual respect.””Trade and tariff wars have no winners and only serve to damage the interests of people all over the world,” ministry spokesman Guo Jiakun said at a regular press briefing.At a separate news conference, China’s commerce ministry said Beijing “urges the US side not to wield the big stick of tariffs at every turn, using tariffs as a tool to engage in coercion all around.”Trump is also threatening to impose 25 percent tariffs on all imported cars, and similar or higher duties on pharmaceuticals and semiconductors as he turns up the heat on some of the biggest US trading partners. He also told journalists aboard Air Force One on Wednesday that his administration was considering lumber tariffs of “maybe 25 percent” in the coming months.The president initially announced tariffs of 25 percent on all Canadian and Mexican imports, before U-turning hours before they were due to come into effect, granting a one-month reprieve in principle until March 1.And he signed executive orders last week imposing new 25 percent tariffs on steel and aluminum imports, due to come into effect on March 12.- Exemptions requested -Experts have warned it is often Americans who pay the costs of tariffs on US imports — not the foreign exporter.Between Washington and Beijing, “there’s a little bit of competitiveness, but the relationship I have with President Xi (Jinping) is, I would say, a great one,” Trump told reporters on Wednesday.In addition to the leaders of France and Britain, Trump said Xi would also eventually be coming to Washington to meet with him.Beijing has responded to the US tariffs with customs duties of 15 percent on coal and liquefied natural gas and 10 percent on oil and other goods, such as agricultural machinery and vehicles.China is the country with the largest trade surplus with the United States in goods — $295.4 billion in 2024, according to the Bureau of Economic Analysis, which reports to the US Department of Commerce. US ally Japan last week said it had asked the United States to be exempt from Trump’s tariffs on steel and aluminum exports, and has underlined the importance of its auto industry.Tokyo’s trade minister is arranging a visit to the United States in the coming weeks to further push for exemptions, Japanese media reported Thursday.Yoji Muto was expected to meet US officials including new commerce secretary Howard Lutnick before March 12, when the 25 percent tariffs on steel and aluminum imports were set to come into effect, Kyodo News said.Trump’s latest remarks on tariffs came as the European Union’s trade chief vowed Wednesday that the bloc would respond “firmly and swiftly” to protect its interests if Washington imposes tariffs on EU goods.Maros Sefcovic rejected Trump’s claim that US-EU trade ties were unfair, calling them the “very definition of a win-win partnership.”But he signaled the EU’s willingness for dealmaking, such as the possibility of reducing or eliminating tariffs on autos and other products.”If we are going to talk about lowering the tariffs, even eliminating the tariffs, let’s say for industrial products, this would be something which we are ready to discuss,” he said.Within the 27-nation EU, Germany has by far the largest trade surplus with the United States, largely thanks to its automobile industry and chemical giants such as Bayer and BASF, according to the European statistics agency, Eurostat. burs-mjw/sco/fox

Equity markets turned negative on Thursday and gold hit a record high amid Federal Reserve concerns that US President Donald Trump’s tariffs and immigration measures could reignite inflation.The losses come despite a second-straight record close on Wall Street and follow a recent rally as traders have rolled with the president’s latest tariff salvos, betting that they are being used as negotiating tactics.Minutes from the US central bank’s January meeting suggested officials were not likely to cut interest rates any time soon — having reduced them at three successive meetings — citing worries about the impact of Trump’s policies.Decision makers expected that “under appropriate monetary policy, inflation would continue to move toward (their target of) two percent, although progress could remain uneven”, the minutes said.But without referring to Trump by name, the minutes said policymakers raised concerns that “the effects of potential changes in trade and immigration policy” could complicate the disinflation process.The remarks come after a number of economists warned that the Republican’s pledge to ramp up tariffs on trade partners while slashing taxes, regulations and immigration could fan inflation.Traders see a roughly 80 percent likelihood the Fed will make no more than two quarter-point cuts this year, according to CME Group. The minutes also revealed that officials were mindful that the debt ceiling needed to be lifted to prevent the country from defaulting on its obligations, which could deal a hefty blow to the global economy.The government hit its limit in January but the Treasury has managed to keep things ticking over by using so-called extraordinary measures.”The overall tone of the meeting minutes was unsurprising, considering that Fed chair Jerome Powell had said on no less than five separate occasions during the January press conference that the committee did not need to be ‘in a hurry’ to make further adjustments to policy rates,” said Ryan Wang, US economist at HSBC.- Strong yen -While all three main indexes in New York rose, with the S&P 500 at another all-time peak, Asia stumbled.Hong Kong, which has climbed around 15 percent so far this year, dropped more than one percent as the China tech surge came to an end.Tokyo was weighed down by a stronger yen, which briefly broke below 150 per dollar as the Bank of Japan eyes more interest rate hikes, while Sydney, Seoul, Wellington, Taipei, Mumbai, Bangkok, Singapore and Manila also retreated. Shanghai was given a fillip and pared early losses to end flat after Trump suggested on Wednesday that a trade deal with China was “possible”.He also told journalists aboard Air Force One on Wednesday that he was considering lumber tariffs of “maybe 25 percent” in the coming months.London opened lower, although Paris and Frankfurt rose.And gold hit a record above $2,954 as investors rushed into the safe-haven commodity, which is sought out in times of uncertainty and as central banks stock up.Dealers are keeping a nervous eye on developments in Europe after Brussels and Kyiv were excluded from the first high-level talks between the United States and Russia since the start of the war in Ukraine.Trump also raised eyebrows by calling Ukrainian leader Volodymyr Zelensky a “dictator” on Wednesday, widening a personal rift with major implications for efforts to end the conflict triggered by Russia’s invasion three years ago.The United States has provided essential funding and arms to Ukraine but Trump made an abrupt policy shift by opening talks with Moscow just weeks after he returned to the White House.”A Dictator without Elections, Zelenskyy better move fast or he is not going to have a Country left,” Trump wrote on his Truth Social platform.Zelensky was elected in 2019 for a five-year term and has remained leader under martial law imposed as his country fights for its survival.- Key figures around 0815 GMT -Tokyo – Nikkei 225: DOWN 1.2 percent at 38,678.04 (close) Hong Kong – Hang Seng Index: DOWN 1.6 percent at 22,576.98 (close)Shanghai – Composite: FLAT at 3,350.78 (close)London – FTSE 100: DOWN 0.3 percent at 8,690.64Euro/dollar: UP at $1.0440 from $1.0428 on WednesdayPound/dollar: UP at $1.2600 from $1.2582Dollar/yen: DOWN at 150.10 from 151.40 yenEuro/pound: DOWN at 82.80 pence from 82.81 pence West Texas Intermediate: DOWN 0.4 percent at $71.95 per barrelBrent North Sea Crude: UP 0.3 percent at $76.25 per barrelNew York – Dow: UP 0.2 percent at 44,627.59 (close)

Vietnam approved plans on Wednesday for a multi-billion-dollar railway with China, boosting links between the two communist countries.Around the region, China has been financing railways under its Belt and Road Initiative, which funds infrastructure projects globally, but has come under fire with a number of plans stalled or mired in controversy. Here are some of the key instalments in Asia’s China-backed railway network:Indonesia: Southeast Asia firstIndonesia launched Southeast Asia’s first high-speed railway in October 2023, after years of delays.The $7 billion China-backed project links the capital Jakarta to the city of Bandung in 45 minutes — slashing the journey by about two hours.Built by a joint venture of four Indonesian state companies and Beijing’s China Railway International Co, it was initially set to cost less than $5 billion and be completed by 2019. But construction challenges and the pandemic led to delays and surging expenses.Indonesia’s then-president Joko Widodo nevertheless hailed its opening as a symbol of modernisation.Laos: on the moveLaos unveiled its $6 billion Chinese-built railroad in 2021, bringing hopes of an economic boost despite backlash after thousands of farmers had to be evicted to make way for construction.The 414-kilometre (260-mile) route connects the Chinese city of Kunming to Laotian capital Vientiane, with plans for the high-speed line to ultimately reach Singapore.Infrastructure-poor Laos, a reclusive communist country of about 7.4 million people, previously had only four kilometres of railway tracks.It was hoped that the railway would boost the Southeast Asian country’s ailing tourism industry, which struggled to rebound from the pandemic.But experts also raised concerns over whether cash-strapped Laos — where public debt made up 116 percent of GDP in 2023 — would ever be able to pay back Beijing.Thailand: full steam aheadAfter long delays, Thailand is pressing ahead with a Chinese-backed high-speed line set to partially open in 2028.The $5.4 billion project aims to expand the connection to Kunming, running to Bangkok via Laos by 2032.Thailand already has nearly 5,000 kilometres (3,000 miles) of railway but the sluggish, run-down network has long driven people to favour road travel — despite extremely high accident rates.When the new railroad is fully complete, Chinese-made trains will run from Bangkok to Nong Khai, on the border with Laos, at up to 250 km/h.Unlike Laos, Thailand signed a deal to cover project expenditures itself and has pitched it as a way to boost the economy through trade with China.China-Kyrgyzstan-Uzbekistan: bridge to EuropeKyrgyz President Sadyr Japarov inaugurated construction in December of a railway linking China, Kyrgyzstan and Uzbekistan, with hopes it will serve as a supply route to Europe.”This route will ensure supply of goods from  China to Kyrgyzstan and then onto Central Asia” and nearby countries “including Turkey” and “even to the European Union”, he said.The project, which Kyrgyz authorities estimate could cost up to $8 billion, includes construction through mountains and in areas of permafrost, where the ground never fully thaws.Vietnam: link to manufacturing hubsVietnam this week approved an $8-billion railroad running from its largest northern port city to China.The line will operate through some of Vietnam’s key manufacturing hubs, home to Samsung, Foxconn and Pegatron factories, many of which rely on components from China.Another yet-to-be-approved line to China would connect Hanoi to Lang Son province, travelling through more areas packed with manufacturing facilities.Malaysia: back on trackMalaysia has revived construction of a nearly $17 billion railroad to carry passengers and freight between shipping ports on its east and west coasts.The China-backed, 665-kilometre project was originally launched in 2011 under ex-leader Najib Razak, but shelved due to a dispute about payments.After blowing past several deadlines and budgets, it now looks set to be operational by 2027.Pakistan, Myanmar, Philippines: stalledIn Pakistan, a railway linking southwestern Gwadar Port with China’s northwestern Xinjiang province has long been on the cards but has yet to materialise.If the project moves ahead, a 2023 Chinese study estimated an eyewatering price tag of $58 billion.In coup-hit Myanmar, talks on building a railway from Mandalay to China’s Yunnan province appear to have stalled. And in the Philippines, plans for China to fund three railways flopped after Manila backed out of talks in 2023 as the South China Sea dispute heated up. burs-jug/cms/lb

Japan’s trade minister is arranging a visit to the United States in coming weeks to seek exemptions from President Donald Trump’s tariffs, local media said Thursday.This month Trump said he was “simplifying our tariffs on steel and aluminum” as he signed off on a fresh round of import duties, which take effect on March 12.”It’s 25 percent without exceptions or exemptions,” he said in the Oval Office at the time.This week Trump also warned he will impose tariffs “in the neighbourhood of 25 percent” on auto imports, and a similar amount or higher on semiconductors and pharmaceuticals.Vehicles represented 28 percent of all Japan’s exports to the United States last year.Economy, Trade and Industry Minister Yoji Muto is seeking to make his US trip before March 12, the Asahi newspaper and Kyodo News reported, citing unnamed government sources.The trade ministry told AFP that no official announcement had been made.Muto was arranging meetings with new US Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, and others, the Asahi said.He hopes to highlight Japan’s contribution to the US economy, including investments and liquified natural gas imports, it added.Last week, Japanese Foreign Minister Takeshi Iwaya reportedly said he had asked his US counterpart Marco Rubio to exempt Japan from the steel and aluminum tariffs.Muto’s meetings, if realised, may also touch on the blocked acquisition of US Steel by Nippon Steel, the Asahi said.Trump recently said Nippon Steel would “invest” in US Steel instead.

Hundreds of Chinese workers were heading home on Thursday after being returned from online scam centres in Myanmar, as authorities crack down on the illegal operations.Thousands of foreigners are expected to be freed and returned from scam compounds in Myanmar in coming weeks, starting with 600 Chinese nationals over the next three days.The compounds run by criminal gangs are staffed by foreigners, many who say they were trafficked and forced to work running internet scams swindling people around the world.Many of those involved are Chinese, and Beijing has stepped up pressure on Myanmar and Thailand to shut the centres down.Two double-decker coaches delivered a first group of workers across the border from Myanmar onto the tarmac of an airport in the western Thai town of Mae Sot on Thursday morning.Dozens of people, seemingly all men, boarded a special China Southern Airlines plane directly from the buses, mounting the steps after being checked by an official with a clipboard.The plane, which had flown in from the Chinese city of Nanjing, took off shortly after 11:30 am (0430 GMT) for the border city of Xishuangbanna.A Thai border task force official told AFP that 200 more Chinese nationals are expected to be returned on Thursday, crossing from Myanmar in groups of 50.China has arranged 16 flights over the next three days to ferry 600 of its nationals home from Mae Sot.It is not clear what fate awaits them, but Chinese security personnel are expected to accompany the returnees on the planes. The Karen Border Guard Force (BGF), a militia allied with the Myanmar junta, says it will deport 10,000 people linked to the compounds in areas it controls on the border with Thailand.”Two hundred Chinese nationals involved in online gambling, telecom fraud, and other crimes were handed over in accordance with legal procedures through Thailand this morning, in the spirit of humanitarianism and friendship between countries,” the Myanmar junta said in a statement.- Beatings -The release follows several visits by China’s Public Security Assistant Minister Liu Zhongyi to Bangkok and the border in recent weeks to arrange the repatriation.Scam centres have proliferated across Southeast Asia in recent years, including in Cambodia and the Philippines, as the value of the industry has boomed to billions of dollars a year.Many workers say they were lured or tricked into the centres by promises of high-paying jobs before they were effectively held hostage, their passports taken from them while they were forced to commit online fraud.Many have said they suffered beatings and other abuse at the hands of their supervisors, and AFP has interviewed numerous workers freed from centres with severe bruising and burns. A local Myanmar militia last week handed over 260 scam centre workers from a dozen countries, including the Philippines, Ethiopia, Brazil and Nepal, to Thailand.

From office lights switched off to out-of-service lifts, Indonesian civil servants are feeling the pinch after President Prabowo Subianto ordered sweeping budget cuts across government that he said will fund his big-ticket campaign pledges.Many government offices in the capital Jakarta are now turning their lights and air conditioners off immediately when the work day ends at 4 pm, leaving some employees trying to finish projects after hours at dimly lit desks, while others are being encouraged to work from home to save on energy costs.The tightening of ministerial belts comes after Prabowo in late January ordered cuts to save 306.7 trillion rupiah ($18.8 billion) on office spending, ceremonies and business trips.The order left ministries scrambling and some officials in the dark, with analysts saying the sudden move was likely to shift funds to programmes like a $4.3 billion free meal plan for schoolkids and a new sovereign wealth fund.”Can you imagine working in the office, only your room is lit, everything else is off?” a 35-year-old civil servant told AFP.”There’s no sound. It’s really dead silent. It makes a different atmosphere.”Patrolling guards have also begun switching off electronic devices after work hours, following an order for employees to leave on time.”There was a circular telling (workers) they must go home at 4 pm. There is an appeal to leave the office soon and turn off the AC and all electronic devices,” said the civil servant, who requested anonymity for fear of professional reprisals.”Before, there were no patrols. Now the conditions are darker, the AC temperatures have been set.”Former general Prabowo, who took office in October, has said he wants to raise around $46 billion from cuts to government spending and by taking from the dividends of state-owned enterprises.”Our children must not be hungry… Our people, our children, must be well-fed,” Prabowo said last week. The budget slashing has left the public works ministry with less than half the initial $6.8 billion it was allocated this year, while the home ministry saw its budget cut more than 50 percent to $128.6 million.As the cuts squeeze workers in many government offices, a presidential spokesman said Wednesday that the government would host a week-long mountain glamping retreat for hundreds of regional officials — costing $808,000 from the home ministry budget.The gathering has prompted criticism from civil society groups, including one which called Prabowo’s cuts “counterproductive and insensitive” to the needs of society.- ‘Counterproductive’ cuts -Government employees now have to chip in for previously covered necessities such as drinking water and premium Zoom accounts, and others can no longer take business trips, bureaucrats said.”We previously could use taxis for meetings outside the office. Now we’re paying out of our own pockets,” said a 33-year-old civil servant who also requested anonymity.A Constitutional Court official told lawmakers last week that the deep cuts meant wages could only be paid until May.In one ministry, long queues have been forming for elevators on a daily basis because fewer were running after orders by top officials to limit energy costs. Workers complained to AFP that the cuts were not just inconvenient but counterproductive to their work, pointing to examples like the internet bandwidth being reduced while being ordered to hold more meetings online.”Our hope is that this efficiency should not be counterproductive and contradictory,” said a 46-year-old worker.The austerity measures have also sparked thousands of student protesters to rally across Indonesian cities this week, underpinned by a social media movement known as “Dark Indonesia”.- Free meals -Economists say the swathe of cuts is also being driven by a need to repay around $49 billion in debt this year, including about $43 billion in government bonds set to mature.”This makes our budget really stretched,” said Yose Rizal Damuri, executive director of the Jakarta-based Centre for Strategic and International Studies.But the cuts are also likely to free up funds for Prabowo’s ambitious campaign pledges.”What we know now is… first, free nutritious meals,” Yose said.”Second, to fund Danantara Indonesia,” he added, referring to a new sovereign wealth fund due to be launched next week modelled after Singapore’s investment arm Temasek. Prabowo last week said $20 billion of the savings would be injected into the fund.A reduction in government and social spending could have wider impacts with much-needed funds for health and education potentially redistributed, said Dedi Dinarto, senior associate at public policy advisory firm Global Counsel.”With the reduced allocation for the health and education sector, this could lower the quality of human resources in the long term,” he said.In some government offices, the cuts are already being felt by breadwinners.”It affects workers financially,” said one of the civil servants.”There is a sense of injustice.”

Asian markets turned negative Thursday amid Federal Reserve concerns that US President Donald Trump’s tariffs and immigration measures could reignite inflation.The losses come despite a second-straight record close on Wall Street and follow a recent rally as traders have rolled with the president’s latest tariff salvos, betting they are being used as negotiating tactics.Minutes from the US central bank’s January meeting suggested officials were not likely to cut interest rates anytime soon — having reduced them at three successive meetings — citing worries about the impact of Trump’s policies.Decision-makers expected that “under appropriate monetary policy, inflation would continue to move toward (their target of) two percent, although progress could remain uneven,” the minutes said.But without referring to Trump by name, the minutes said policymakers raised concerns that “the effects of potential changes in trade and immigration policy” could complicate the disinflation process. The remarks come after a number of economists warned that the Republican’s pledge to ramp up tariffs on trade partners while slashing taxes, regulations and immigration could fan inflation.Traders see a roughly 80 percent likelihood the Fed will make no more than two quarter-point cuts this year, according to CME Group. The minutes also revealed that officials were mindful that the debt ceiling needed to be lifted to prevent the country from defaulting on its obligations, which could deal a hefty blow to the global economy.The government hit its limit in January but the Treasury has managed to keep things ticking over by using so-called extraordinary measures.”The overall tone of the meeting minutes was unsurprising, considering that Fed chair Jerome Powell had said on no less than five separate occasions during the January press conference that the committee did not need to be ‘in a hurry’ to make further adjustments to policy rates,” said Ryan Wang, US economist at HSBC.While all three main indexes in New York rose, with the S&P 500 at another all-time peak, Asia stumbled.Hong Kong, which has climbed around 15 percent so far this year, dropped two percent as the China tech surge came to an end.Tokyo was weighed by a stronger yen as the Bank of Japan eyes more interest rate hikes, while Shanghai, Sydney, Seoul, Wellington, Taipei and Manila also retreated. Dealers are also keeping a nervous eye on developments in Europe after Brussels and Kyiv were excluded from the first high-level talks between the United States and Russia since the start of the war in Ukraine.Trump also raised eyebrows by calling Ukrainian leader Volodymyr Zelensky a “dictator” on Wednesday, widening a personal rift with major implications for efforts to end the conflict triggered by Russia’s invasion three years ago.The United States has provided essential funding and arms to Ukraine, but Trump made an abrupt policy shift by opening talks with Moscow just weeks after he returned to the White House.”A Dictator without Elections, Zelenskyy better move fast or he is not going to have a Country left,” Trump wrote on his Truth Social platform.Zelensky was elected in 2019 for a five-year term and has remained leader under martial law imposed as his country fights for its survival.- Key figures around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.5 percent at 38,579.71 (break)Hong Kong – Hang Seng Index: DOWN 2.1 percent at 22,463.04Shanghai – Composite: DOWN 0.3 percent at 3,340.42Euro/dollar: UP at $1.0430 from $1.0428 on WednesdayPound/dollar: UP at $1.2591 from $1.2582Dollar/yen: DOWN at 150.62 from 151.40 yenEuro/pound: UP at 82.83 pence from 82.81 pence West Texas Intermediate: DOWN 0.4 percent at $71.95 per barrelBrent North Sea Crude: DOWN 0.3 percent at $75.81 per barrelNew York – Dow: UP 0.2 percent at 44,627.59 (close)London – FTSE 100: DOWN 0.6 percent at 8,712.53 (close)

Myanmar on Thursday handed over the first batch of hundreds of Chinese scam centre workers who are set to be repatriated through Thailand in the coming days.Thousands of foreigners are expected to be freed and returned from scam compounds in Myanmar in the coming weeks, starting with 600 Chinese over the next three days.The compounds run by criminal gangs are staffed by foreigners, many of whom say they were trafficked and forced to work running internet scams swindling people around the world.Many of those involved are Chinese and Beijing has stepped up pressure on Myanmar and Thailand to shut the centres down.The Karen Border Guard Force (BGF), a militia allied with the Myanmar junta, has said it is preparing to deport 10,000 people linked to the compounds in areas it controls on the border with Thailand.Two double-decker coaches delivered a first round of returning workers to the border post in the western Thai town of Mae Sot on Thursday morning, AFP journalists at the scene saw. “First group of 50 Chinese have crossed to Thailand and headed to the airport. There will be three more batches (today), each with 50 Chinese,” a local border task force official told AFP.China has put on 16 flights over the next three days to ferry 600 of its nationals home direcly from Mae Sot.Chinese security personnel are expected to accompany the returnees on the planes, and it is not clear what fate awaits them back in China.The release follows several visits by China’s Public Security Assistant Minister Liu Zhongyi to Bangkok and the border in recent weeks to arrange the repatriation.Scam centres have proliferated across Southeast Asia in recent years, including in Cambodia and the Philippines, as the value of the industry has boomed to billions of dollars a year.Many workers say they were lured or tricked into the centres by promises of high-paying jobs before they were effectively held hostage, their passports taken from them while they were forced to commit online fraud.Many have said they suffered beatings and other abuse at the hands of their supervisors, and AFP has interviewed numerous workers freed from centres with severe bruising and burns. 

A failing Australian metals plant will be transformed into a hub for making “green iron and steel”, Prime Minister Anthony Albanese said Thursday as the government stepped in with a billion-dollar rescue package. More than 1,000 workers faced losing their jobs after the Whyalla steelworks in South Australia was swamped by mounting debts. Albanese on Thursday pledged a major overhaul to save the site, which was run by British billionaire Sanjeev Gupta’s GFG Alliance. More than Aus$2 billion (US$1.27 billion) has been set aside to pay off debts and upgrade infrastructure, with a view to using it keep operating but with less polluting methods.”Investment in green iron and steel will secure future demand for Australia’s iron ore as the world moves toward lower emissions iron and steel,” Albanese said. “Green metals are pivotal for global decarbonisation, with iron and steel production responsible for eight percent of global emissions.” Whyalla would receive up to Aus$500 million (US$317 million) from a newly created sovereign Green Iron Fund, Albanese said. Metals such as steel and aluminium are typically produced in hulking factories that rely on polluting coal-fired power. The new push seeks to instead power these factories with renewable electricity, lowering emissions in the process. Whyalla is one of only two Australian steelworks and produces 75 percent of Australian structural steel, government figures show. Australian Workers’ Union secretary Paul Farrow said the country’s economic sovereignty hinged on the Whyalla Steelworks remaining open. “Whyalla supplies three-quarters of Australia’s domestic steel supply. “Without it we would be beholden to foreign nations for the building blocks of our society.”

Global stocks were under pressure Wednesday after US President Donald Trump broadened his tariff threats, leaving European bourses lower even as the S&P 500 notched a fresh record.Trump warned the previous day that he would impose tariffs “in the neighborhood of 25 percent” on auto imports and a similar amount or higher on semiconductors and pharmaceuticals.”Understandably this has helped drive European carmakers lower, with the likes of Mercedes-Benz, BMW and VW losing ground,” said Joshua Mahony, chief market analyst at Scope Markets. European markets all dropped, with London hit by higher-than-expected inflation figures.Tariff threats also knocked auto firms and semiconductor manufacturers in Tokyo, dragging the index into the red.Wall Street indices veered in and out of negative territory throughout the session before finishing higher.The S&P 500 rose 0.2 percent to its second straight closing high.”A new high, even by the narrowest of margins, is still a new high, and all new highs are positive,” said Sam Stovall, chief investment strategist at CFRA Research. “The resilience of the market remains encouraging, adding confidence to the continuation of its upward trajectory.”China — a key target in Trump’s tariffs policy — told the World Trade Organization on Tuesday that the United States risked triggering inflation, market distortions and even a global recession.The tariff threats added to market uncertainty since Europe and Kyiv were excluded from the first high-level talks between the US and Russia since the start of the war in Ukraine.Frankfurt’s DAX 40 index set another record high during morning trading, but broke a two-week winning streak ahead of weekend elections.”The uncertainty surrounding the election is likely to negatively impact short-term price developments,” said CMC Markets analyst Konstantin Oldenburger.Asian markets struggled for direction, with Hong Kong dragged lower by tech firms after Chinese internet giant Baidu’s fourth-quarter earnings saw a fall in revenue and a warning of near-term pressures.The sector has helped the Hang Seng Index surge around 15 percent since the turn of the year, spurred by the emergence of Chinese startup DeepSeek’s new chatbot that has upended the AI universe.President Xi Jinping’s meeting with China’s top business leaders this week — including Alibaba co-founder Jack Ma — added to the optimism amid hopes of a fresh boost for the private sector.The Shanghai stock market rose while Taipei was weighed by a sell-off in chip giant TSMC.In other company news, Swiss mining and commodity trading giant Glencore dropped more than six percent on London’s FTSE 100 after it reported a net loss for 2024.Shares in Dutch medical device maker Philips dropped more than 11 percent on the Amsterdam stock exchange after it posted worse-than-expected losses. – Key figures around 2130 GMT -New York – Dow: UP 0.2 percent at 44,627.59 (close)New York – S&P 500: UP 0.2 percent at 6,144.15 (close)New York – Nasdaq Composite: UP 0.1 percent at 20,056.25 (close)London – FTSE 100: DOWN 0.6 percent at 8,712.53 (close)Paris – CAC 40: DOWN 1.2 percent at 8,110.54 (close)Frankfurt – DAX: DOWN 1.8 percent at 22,433.63 (close)Tokyo – Nikkei 225: DOWN 0.3 percent at 39,164.61 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 22,944.24 (close)Shanghai – Composite: UP 0.8 percent at 3,351.54 (close)Euro/dollar: DOWN at $1.0428 from $1.0446 on TuesdayPound/dollar: DOWN at $1.2582 from $1.2613Dollar/yen: DOWN at 151.40 from 152.06 yenEuro/pound: FLAT at 82.81 pence West Texas Intermediate: UP 0.6 percent at $72.25 per barrelBrent North Sea Crude: UP 0.3 percent at $76.04 per barrelburs-jmb/jgc