Mōrena and welcome to your Monday recap of the key international business and political news from the weekend.
First, plenty to recap after US President Donald Trump’s reciprocal tariffs and the international fallout. Trillions of dollars were wiped from sharemarkets over two days.
The UK's FTSE100 had its biggest one-day fall since the Covid-19 pandemic in 2020, while Wall Street also experienced the biggest drop in five years. Vice-president JD Vance said it was just “one bad day”, while Trump expected a "boom".
BBC correspondent Stephen McDonell said China and the United States were now at loggerheads and there was no indication that either side would back down. China planned to impose an additional 34% tariff on US goods, after Trump announced a 54% tariff on Chinese goods.
"China played it wrong, they panicked – the one thing they cannot afford to do!" Trump wrote.
UK Prime Minister Keir Starmer called Australian Prime Minister Anthony Albanese and Italian Prime Minister Giorgia Meloni on Friday local time, the ABC reported.
"They all agreed that an all-out trade war would be extremely damaging and is in nobody’s interests, while agreeing to keep in close contact in the coming days," Downing Street said.
Meanwhile, European leaders condemned Trump’s tariffs as “fundamentally wrong” and creating an “immense difficulty for Europe”, the Guardian reported.
French President Emmanuel Macron said Trump’s decision was “brutal and unfounded”.
“Future investments, investments announced in the last weeks, should be suspended for a time for as long as the situation with the United States is not clarified,” Macron said.
French President Emmanuel Macron.
British car manufacturer Jaguar Land Rover said it would pause US shipments for one month as it assessed the tariff implications for vehicle imports, CNBC reported.
Trump imposed a 25% tariff on all foreign cars imported into the US from last week. The White House said it also planned to place tariffs on some automotive parts by no later than May 3.
“As we work to address the new trading terms with our business partners, we are enacting our planned short-term actions including a shipment pause in April, as we develop our mid to longer-term plans,” a Jaguar Land Rover spokesperson told CNBC.
Staying in the US, millions of people took part in protests against Trump and billionaire businessman Elon Musk across 50 states and around the world on Saturday local time, CNN reported.
The protests were organised by a pro-democracy movement to challenge a “hostile takeover” and attack on rights and freedoms. About 600,000 people had signed up to attend the events, some in London and Paris.
Organisers had three demands, which included an end to the billionaire takeover and “rampant corruption” of the Trump administration, as well as an end to the attacks on immigrants, transgender people, and other communities.
To the Middle East, and dozens of Palestinians were killed after attacks across Gaza by Israel, including on residential buildings and makeshift tents sheltering displaced families, Al Jazeera reported.
Gaza’s Health Ministry said at least 50,695 Palestinians were confirmed dead and 115,338 wounded in the war so far.
Meanwhile, Israeli Prime Minister Benjamin Netanyahu is travelling to the US at the invitation of Trump to discuss hostages, the war in Gaza, and tariffs, CNN reported.
The two leaders planned to meet on Monday local time. The pair were also due to discuss Israel-Turkey relations, Iran, and the International Criminal Court.
Trade and Investment Minister Todd McClay.
Finally, New Zealand Trade and Investment Minister Todd McClay will attend the Annual Investment Congress in Abu Dhabi this week to strengthen relationships with investors.
Two-way trade with the United Arab Emirates is valued at $1.3 billion. “Foreign direct investment is vital for New Zealand's economic growth and UAE investors are seeking high-growth opportunities,” McClay said.
“Building on the recent Infrastructure Investment Summit, we're now presenting these opportunities directly to top-tier investors offshore. Engaging with global investors enables New Zealand to grow and supercharge our economic development.”
