Economy

EU Greenlights First Set of Tariffs Hitting Back at US
EU Greenlights First Set of Tariffs Hitting Back at US

The EU on Wednesday adopted its first measures hitting back at President Donald Trump's tariff onslaught, targeting more than 20 billion euros of US goods, including soybeans, motorcycles, and beauty products. The levies of up to 25 percent are retaliation for US duties on steel and aluminum imposed last month -- with Europe's response to ...

Japan to Sell More Rice Reserves as Prices Soar
Japan to Sell More Rice Reserves as Prices Soar

Japan will sell more rice from its emergency stockpile through July in an attempt to stabilize soaring prices, the agricultural minister said Wednesday. After rice prices nearly doubled year-on-year, the government began auctioning its stockpile last month -- the first time since it was started in 1995. "In order to stabilize rice prices ...

Diamonds: Precious Stones Under Siege
Diamonds: Precious Stones Under Siege

Over 80% of the world’s rough diamonds are polished in India, cementing the country’s status as the global epicenter of brilliance. Yet, the sparkle of this thriving industry is under threat. A 27% US tariff, introduced by Donald Trump, casts a long shadow over India’s diamond trade, while retaliatory measures from India add fuel to the ...

Major Trade Wars Since the 19th Century
Major Trade Wars Since the 19th Century

As the world reels from US President Donald Trump's tariff onslaught, here is a look back at some major trade wars since the 19th century: 19th century Opium Wars In the mid-19th century, two conflicts over the opium trade, which became known as the Opium Wars, pitted China against the British Empire. The first began in 1839, when Britain ...

Black Monday: A Global Stock Market Rollercoaster
Black Monday: A Global Stock Market Rollercoaster

The rollout of new tariffs under Donald Trump's leadership has been enough to trigger what many are now calling an economic apocalypse. Global financial markets began tumbling as early as Friday, and it has only deepened this Monday. The Paris stock exchange has already wiped out all its gains for the year, opening down 6.46%, while London’s ...

Is a Trade Deficit Really That Terrifying?
SpotlightIs a Trade Deficit Really That Terrifying?

If there is one thing on which the vast majority of serious economists agree, whether they lean politically left or right, it is that free trade and commerce are beneficial to a nation. Yet, this truth is being contested today. Trade deficits are generating a lot of ink in the media, and they are being used to justify counterproductive policies. ...

WTO Powerless Against Protectionist Wave
WTO Powerless Against Protectionist Wave

Often referred to as the "global trade police," the WTO is actually bound hand and foot by its members, with Washington's actions especially leaving it all but powerless against the protectionist wave washing over the globe. A number of countries have begun filing complaints with the World Trade Organization, charging that the steep ...

Significant Influx of Qatari and Kuwaiti Tourists During Eid al-Fitr Holiday
Significant Influx of Qatari and Kuwaiti Tourists During Eid al-Fitr Holiday

The President of the Federation of Tourist Unions and the Hoteliers’ Union, Pierre Achkar, revealed on Monday that Lebanon saw a significant influx of Qatari and Kuwaiti tourists during the Fitr vacation.   He explained that Iraqi, Jordanian, Egyptian, and Syrian tourists were the main visitors in the past. But this year, Qataris and Kuwaitis ...

Finance Committee Postpones Decision on Lebanon's IMF Contribution
Finance Committee Postpones Decision on Lebanon's IMF Contribution

The parliamentary Finance and Budget Committee, chaired by MP Ibrahim Kanaan, has reaffirmed its commitment to “positive cooperation” with the International Monetary Fund (IMF). However, it decided to postpone its decision on increasing Lebanon's contribution to the institution by $423 million. The committee is waiting to consult with Finance ...

Solar Olive Oil Wins Gold Amid Lebanon’s Challenges
Solar Olive Oil Wins Gold Amid Lebanon’s Challenges

The olive oil brand, Solar, won the gold medal at the NYIOOC World Olive Oil Competition, one of the most prestigious awards in the industry. This marks the third distinction for this Lebanese olive oil, which won a gold medal in 2022, and then a silver one in 2023. Amid challenges in Lebanon, this award holds particular significance for the ...

China vows to stay 'safe and promising land' for foreign investment
China vows to stay 'safe and promising land' for foreign investment

A top Chinese official has vowed to protect US firms and pledged his country will remain a "promising land" for foreign investment, Beijing said Monday, after it slapped 34 percent tariffs on US imports. China retaliated last week against levies at the same level announced by US President Donald Trump on what he called "liberation day". It also ...