Donald Trump delayed implementing tariffs on some imports from Canada and Mexico. The reprieve, which lasts until April 2nd, applies to goods that fall under an America-Canada-Mexico trade deal signed in 2018. The president said that levies on aluminium and steel would continue as planned next week, and that carmakers would not be exempt when tariffs take effect in April.
Despite Mr Trump’s tariff reversals, global stockmarkets fell. In America the S&P 500 dropped by nearly 2%, and the tech-heavy NASDAQ by 2.6% on Thursday. Asian markets also fell during early trading on Friday. Earlier, at an event in New York, Scott Bessent, America’s treasury secretary, defended the administration’s use of tariffs, calling it “the America First trade policy”.
Wang Yi, China’s foreign minister, accused America of using the “law of the jungle” and vowed to “firmly counter” its “arbitrary” tariffs. Mr Wang was speaking at a press conference on the sidelines of the Two Sessions, China’s biggest annual political meeting, which began this week. On Taiwan Mr Wang said “China will and must be reunified.”
Most EU leaders meeting in Brussels agreed measures to increase defence spending. These reportedly include a €150bn ($162bn) fund for loans to member states, and a review of the bloc’s spending rules. Ukraine’s president, Volodymyr Zelensky, earlier thanked European leaders who had “stayed” with his country. Norway’s government announced €7.2bn in aid for Ukraine this year, more than double that originally planned.
For a second consecutive time, SpaceX’s Starship rocket exploded shortly after launching for a test flight. The spacecraft’s upper-stage engines malfunctioned before bursting into flames. It is another setback for SpaceX and the company’s boss, Elon Musk. Starship is central to his vision of human settlement on Mars and for the expansion of Starlink, SpaceX’s satellite data constellation.
Dozens of people were reportedly killed in clashes between Syrian security forces and supporters of Bashar al-Assad, the deposed president. The two groups have been engaged in heavy fighting in Latakia. The coastal province is the heartland of Syria’s Alawite minority, of which Mr Assad is a member. In late February security forces killed four people there, including an officer in the army of the overthrown regime.
South Korea’s air force mistakenly bombed several homes and a church, injuring 15 people. Two South Korean fighter jets each dropped four bombs over Pocheon, a village close to the border with North Korea, during a training exercise with America. Live-fire drills across the country have been suspended.
Figure of the day: 45%, the share of women across the OECD who have a degree, compared with 36.9% of men. Read the full story.
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