Author: Eka Gerona

US President Donald Trump has delayed introducing 25% tariffs on imports from Mexico for a month while the two countries hold “negotiations”.Trump said he would “immediately pause the anticipated tariffs”, which were due to come into force on Tuesday. The last-minute breakthrough came after a phone call between Trump and President Claudia Sheinbaum, in which the Mexican leader agreed to send 10,000 members of the National Guard to the US-Mexican border to “prevent the trafficking of drugs, in particular fentanyl, from Mexico to the US”.President Sheinbaum said the US had in turn agreed to increase measures to prevent the trafficking…

Getty ImagesDonald Trump imposed tariffs on goods from Mexico, Canada and China over the weekend.The US president said tariffs are needed to “protect” Americans from the “major threat of illegal aliens and deadly drugs”, including fentanyl. Trump told the BBC that tariffs on EU goods could happen “pretty soon” – but suggested a deal “can be worked out” with the UK.He also floated the idea of an additional 10% across-the-board tariff on all goods imported into the US. What are tariffs and how do they work?Tariffs are taxes charged on goods imported from other countries.Trump is imposing a 25% tariff…

Nikita YadavBBC News, DelhiBBCShein has been relaunched in India by Reliance RetailChinese fast fashion app Shein has relaunched in India five years after it was banned by Delhi, under a deal with Indian firm Reliance Retail.An official from Reliance Retail, who did not wish to be named, told the BBC the firm has entered a long-term licensing deal with the parent company to sell products manufactured and sourced in India on the platform. The group has not yet made an official announcement.Shein’s re-entry to the Indian market comes with strict terms, which include saving all data within the country, India’s…

Asian shares slid on Monday morning after US President Donald Trump followed through on his promise to impose tariffs on Canada, Mexico and China. Investors are bracing for a potential trade war that could hit the earnings of major companies and dent global growth. Canada and Mexico have said that they will hit back with retaliatory tariffs while China promised “corresponding countermeasures” and vowed to challenge Trump’s move at the World Trade Organization.Trump has said the tariffs are necessary to halt the flow of illegal drugs and immigration into the US.Hong Kong’s Hang Seng Index was down 1.3%, Japan’s Nikkei…

The Trump administration has given billionaire Elon Musk’s deputies access to the federal payments system that controls the flow of trillions of dollars in government funds every year, US media report.Reports suggest incoming Treasury Secretary Scott Bessent has granted access to members of the Department of Government Efficiency (Doge) – which is not a government department, but a team within the administration – to sensitive personal information of millions of Americans.The division handles payments of nearly $6 trillion for programmes like Social Security, pays government salaries, and distributes money allotted by Congress. The White House and the Treasury Department did…

Canada has announced retaliatory tariffs against the US, in a move that marks the beginning of a trade war between the neighbouring countries.Prime Minister Justin Trudeau set out “far-reaching” tariffs of 25%, affecting 155bn Canadian dollars’ worth ($106.6bn; £86bn) of American goods ranging from beer and wine, to household appliances and sporting goods.The move matches US President Donald Trump 25% levy on Canadian and Mexican imports to the US – and an additional 10% on China – over his concerns about illegal immigration and drug trafficking. Trudeau said he would “not back down in standing up for Canadians”, but warned…

Getty ImagesBarclays customers are entering a third day of issues with payments and transactions as the bank struggles to fix ongoing technical issues.On Friday when the outage began, customers told the BBC they were having trouble with mobile and online banking and making essential payments.It is not believed to be a cyber attack and the bank has not yet explained what caused the problem, nor how many people are affected.Barclays is one of the UK’s largest banks, with over 20 million UK retail customers. On Saturday, the website downdetector, which monitors outages, showed nearly 5,000 issues had been reported with…

Doug PriceDonald Trump’s talk of applying new tariffs to goods from America’s biggest trade partners has sparked months of uncertainty for business owners.On Saturday, the president made good on his threats, ordering a new 25% tax on shipments from Mexico and Canada and raising existing tariffs on goods from China by 10%.But that has not stopped the questions.”Is it for a day, is it a political flex or is it something that will last for four years?” asked Nicolas Palazzi, the founder of Brooklyn-based PM Spirits. He runs a 21-person business that imports and sells wine and spirits, about 20%…

How exactly do tariffs work?published at 19:16 Greenwich Mean Time19:16 GMTIn practical terms, a tariff is a domestic tax levied on goods as they enter the country, proportional to the value of the import.So a car imported to the US with a value of $50,000 (£38,000) subject to a 25% tariff, would face a $12,500 charge.The charge is physically paid by the US company that imports the goods, not the foreign company that exports them.The question of where the final “economic” burden of tariffs falls, as opposed to the upfront bill, is more complicated.If the US importing firm passes on…

Getty ImagesThe federal government has announced measures to counter slowing growthIndian Prime Minister Narendra Modi’s coalition government has unveiled its first full-year budget after his party lost an outright majority in parliament last year.Finance minister Nirmala Sitharaman announced measures to counter slowing growth, rising prices and flagging consumption among the middle class in Asia’s third-largest economy.After a period of world-beating growth of more than 8%, India is set for its slowest economic expansion in four years as stagnant wages and high food prices hit consumer spending and corporate profits.Here are five key takeaways from India’s union budget:Tax cuts for the…