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international

Trump and Xi Agree to One-Year Trade Truce at APEC Summit in South Korea

United States President Donald Trump and Chinese President Xi Jinping have agreed to pause their escalating trade dispute, reaching a one-year truce during the Asia-Pacific Economic Cooperation (APEC) summit in South Korea. The agreement marks the first face-to-face meeting between the two leaders since 2019 and aims to ease months of tension that have rattled global markets and disrupted international supply chains. While the truce temporarily halts the exchange of new tariffs, it does not reverse existing trade barriers or fully resolve deep-rooted disagreements between Washington and Beijing. Dennis Wilder, a professor at Georgetown University and former China specialist for the CIA and the White House National Security Council, told Al Jazeera that the outcome represents “a pause and a small rollback in the trade war.” “Both sides have not given up their trade weapons but have agreed to stop […]

Ahmad October 30, 2025

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international

UK Steel Industry Faces Deep Crisis as EU Raises Tariffs

The United Kingdom’s steel industry is bracing for one of its worst crises in decades following the European Union’s decision to raise import tariffs and reduce tariff-free steel quotas. The EU announced plans to cut tariff-free quotas for imported steel by 47% compared to 2024 levels, while doubling tariffs from 25% to 50% on imports that exceed those limits. According to the European Commission, the new measures are designed to protect the EU steel sector, safeguard jobs, and support ongoing decarbonisation efforts. The proposal will replace the current steel safeguard measure, which expires in June 2026. The move has sparked strong reactions in the UK, where the steel sector has already been hit by plant closures, job losses, and existing U.S. tariffs of 25% on steel exports. “This is perhaps the biggest crisis the U.K. steel industry has ever faced,” […]

Abdulmumini Auwal SA October 13, 2025

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USA

China Imposes Retaliatory 34% Tariff on All U.S. Imports

On April 4, 2025, China announced that it would impose a retaliatory 34% tariff on all U.S. imports, effective April 10. This move comes in response to a similar tariff of the same rate imposed by U.S. President Donald Trump earlier this week as part of his "Liberation Day" trade package.The U.S. 34% tariff is an addition to previously established duties, pushing the overall tariff rate on Chinese goods to potentially over 54%. In retaliation, the Chinese Commerce Ministry also filed a lawsuit with the World Trade Organization (WTO), accusing the U.S. of engaging in “unilateral bullying” and violating WTO rules, which has destabilized the global economic and trade order.Additionally, China announced tighter export restrictions on rare earth minerals, which are crucial in producing technology products such as computer chips and electric vehicle batteries. Certain minerals like samarium and gadolinium, […]

Muhammad Saminu April 5, 2025

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USA

Trump Imposes 10% Tariffs on All Countries, Including Ghana

On April 2, 2025, President Donald Trump announced sweeping new tariffs on nearly all U.S. trading partners, including Ghana, marking a significant shift in U.S. trade policy. The tariffs include a 10% baseline tax on imports from all countries, including Ghana, which are part of a broader set of elevated duties aimed at addressing the United States' trade imbalances. Trump also imposed specific tariff rates, including 34% on China and 20% on the European Union, among others.In a Rose Garden announcement, Trump described the tariffs as a response to what he termed an economic emergency, asserting that the U.S. had been "looted, pillaged, raped, and plundered" by other nations. He promised the new tariffs would boost domestic manufacturing and generate new revenue for the U.S. government. Trump emphasized that this move was necessary to restore fairness to global trade and […]

Muhammad Saminu April 3, 2025

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Ahafo

IMF Projects Ghana’s Debt to GDP Ratio Will Reach 83% by end of 2024

The International Monetary Fund (IMF) has projected that Ghana's debt-to-GDP ratio will climb to 83% by the end of 2024, as detailed in its October 2024 fiscal monitor report during the ongoing IMF annual meetings in Washington, D.C. Currently, Ghana's debt stock exceeds GHS 760 million, equating to approximately 75% of GDP.Despite this increase, the IMF forecasts a steady decline in the debt-to-GDP ratio over the next five years, predicting it will drop to 69.7% by 2029. This optimistic outlook is based on anticipated improvements in Ghana's fiscal indicators.In addition to the debt projections, the IMF has maintained its economic growth forecast for Ghana at 3.1% for 2024, which aligns with the government’s end-year target. IMF Chief Economist Pierre-Olivier Gourinchas emphasized the importance of a “triple pivot” strategy—comprising easing monetary policy, rebuilding fiscal reserves, and implementing structural reforms—to ensure sustainable […]

Edem 4Style October 25, 2024

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