Trump's image of dead 'white farmers' came from Reuters footage in Congo, not South Africa | The Business Standard
Skip to main content
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Friday
May 23, 2025

Sign In
Subscribe
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
FRIDAY, MAY 23, 2025
Volcano erupts in Iceland, flowing lava reaches fishing town

World+Biz

Reuters
15 January, 2024, 02:15 pm
Last modified: 15 January, 2024, 03:16 pm

Related News

  • Volcano erupts in Iceland, triggering tourist evacuation
  • Volcano erupts in Iceland, seventh time in a year
  • Iceland volcano eruption raises pollution fears, spa evacuated
  • Iceland volcano erupts, spewing lava fountains
  • Four peace monuments around the world

Volcano erupts in Iceland, flowing lava reaches fishing town

The eruption began early on Sunday north of the town, which just hours before had been evacuated for the second time since November over fears that an outbreak was imminent amid a swarm of seismic activity, authorities said

Reuters
15 January, 2024, 02:15 pm
Last modified: 15 January, 2024, 03:16 pm
 A volcano spews lava and smoke as it erupts in Reykjanes Peninsula, Iceland, 14 January, 2024. Photo: Iceland Civil Protection/Handout via REUTERS
A volcano spews lava and smoke as it erupts in Reykjanes Peninsula, Iceland, 14 January, 2024. Photo: Iceland Civil Protection/Handout via REUTERS

A volcano erupted in southwest Iceland on Sunday (14 January), with molten lava flows reaching the outskirts of a small fishing town by midafternoon, setting some houses alight, although the town was evacuated earlier and no people were in danger, authorities said.

Fountains of molten rock and smoke spewed from fissures in the ground across a wide area stretching to the town of Grindavik, where at least one house had caught fire, live video published by daily Morgunbladid showed.

"No lives are in danger, although infrastructure may be under threat," Iceland's President Gudni Johannesson said on social media site X, adding there had been no interruptions to flights.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The eruption began early on Sunday north of the town, which just hours before had been evacuated for the second time since November over fears that an outbreak was imminent amid a swarm of seismic activity, authorities said.

Authorities built barriers of earth and rock in recent weeks to try to prevent lava from reaching Grindavik, some 40 km (25 miles) southwest of the capital Reykjavik, but the latest eruption have penetrated the town's defences.

The nearby geothermal spa Blue Lagoon had closed on Sunday, it said on its website.

Volcanic Hotspot

It was the second volcanic eruption on the Reykjanes peninsula in southwest Iceland in less than one month and the fifth outbreak since 2021.

Last month, an eruption started in the Svartsengi volcanic system on Dec. 18 following the complete evacuation a month earlier of Grindavik's 4,000 residents and the closing of the Blue Lagoon, a popular tourist spot.

More than 100 Grindavik residents had returned in recent weeks, before Saturday's renewed evacuation order, according to local authorities.

Iceland, which is roughly the size of the US state of Kentucky, boasts more than 30 active volcanoes, making the north European island a prime destination for volcano tourism - a niche segment that attracts thousands of thrill seekers.

In 2010, ash clouds from eruptions at the Eyafjallajokull volcano in the south of Iceland spread over large parts of Europe, grounding some 100,000 flights and forcing hundreds of Icelanders to evacuate their homes.

Unlike Eyafjallajokull, the Reykjanes volcano systems are not trapped under glaciers and are thus not expected to cause similar ash clouds.

Iceland / Volcanic eruotion

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Saleh Uddin Ahmed. Sketch: TBS
    Facing various challenges beyond finance ministry: Adviser Salehuddin
  • BNP Chairperson’s Adviser Zainul Abedin Farroque speaks at a rally on 23 May 2025. Photo: Focus Bangla
    You are 18 crore Bangladeshis' Yunus, we don't want your resignation: BNP’s Farroque
  • Representational image/Wikipedia
    Bangladesh cancels $21 million deal with Indian shipbuilding firm: Reports

MOST VIEWED

  • Govt officials to get up to 20% dearness allowance
    Govt officials to get up to 20% dearness allowance
  • Amid rumours, ISPR publishes complete list of 626 individuals sheltered in cantonments after Hasina’s ouster
    Amid rumours, ISPR publishes complete list of 626 individuals sheltered in cantonments after Hasina’s ouster
  • Illustration: TBS
    Prof Yunus considering resignation: Nahid tells BBC Bangla after meeting CA
  • Govt backtracks for now on implementing NBR split
    Govt backtracks for now on implementing NBR split
  • Protestors block the intersection in front of InterContinental Dhaka on 22 May 2025. Photo: Syed Zakir Hossain/TBS
    Traffic at a standstill amid multiple protests on city streets
  • Commuters sit on the floor at Shahbagh metro station amid an increased crowd on 22 May 2025. Photo: Sadiqe Al Ashfaqe/TBS
    Dhaka metro sees spike in passengers amid protest-choked city roads

Related News

  • Volcano erupts in Iceland, triggering tourist evacuation
  • Volcano erupts in Iceland, seventh time in a year
  • Iceland volcano eruption raises pollution fears, spa evacuated
  • Iceland volcano erupts, spewing lava fountains
  • Four peace monuments around the world

Features

The way you drape your shari often depends on your blouse; with different blouses, the style can be adapted accordingly.

Different ways to drape your shari

36m | Mode
Shantana posing with the students of Lalmonirhat Taekwondo Association (LTA), which she founded with the vision of empowering rural girls through martial arts. Photo: Courtesy

They told her not to dream. Shantana decided to become a fighter instead

1d | Panorama
Football presenter Gary Lineker walks outside his home, after resigning from the BBC after 25 years of presenting Match of the Day, in London, Britain. Photo: Reuters

Gary Lineker’s fallout once again exposes Western media’s selective moral compass on Palestine

2d | Features
Fired by US aid cuts, driven by courage: A female driver steering through uncertainty

Fired by US aid cuts, driven by courage: A female driver steering through uncertainty

3d | Features

More Videos from TBS

American Army trains fire service in Cox's Bazar to deal with disasters

American Army trains fire service in Cox's Bazar to deal with disasters

1h | TBS Today
Professor Yunus 'thinking about resigning': Nahid Islam

Professor Yunus 'thinking about resigning': Nahid Islam

17h | TBS Today
Chinese youth now more interested in economic reconstruction than Taiwan issue

Chinese youth now more interested in economic reconstruction than Taiwan issue

18h | Others
How did Musk become Trump's political weapon?

How did Musk become Trump's political weapon?

20h | Others
Japan core inflation accelerates, rice prices soar 98%

World+Biz

BSS/AFP
23 May, 2025, 02:05 pm
Last modified: 23 May, 2025, 02:11 pm

Related News

  • Inflation expected to drop to 5% by end of 2025: BB governor
  • Inflation control, investment attraction prioritised in upcoming budget
  • Rice prices fall further, eggs become costlier
  • Japan's economy shrinks more than expected as US tariff hit looms
  • Bangladesh seeks more ODA loan support from Japan in 6th FOC

Japan core inflation accelerates, rice prices soar 98%

The official data released Friday showed rice prices up a whopping 98.4 percent compared to April 2024 following a 92.5-percent increase in March

BSS/AFP
23 May, 2025, 02:05 pm
Last modified: 23 May, 2025, 02:11 pm
The government stockpiled rice in a warehouse in Kanagawa prefecture. Photo: Collected
The government stockpiled rice in a warehouse in Kanagawa prefecture. Photo: Collected

Japan's core inflation rate accelerated in April to 3.5 percent as rice prices almost doubled year-on-year, official data showed Friday.

The consumer price reading, excluding fresh food, up from 3.2 percent the previous month, was slightly above the market forecast and will likely cement expectations that the Bank of Japan will increase interest rates.

Excluding energy as well, prices rose 3.0 percent compared to 2.9 percent in March, according to the internal affairs ministry.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Overall unadjusted inflation was 3.6 percent, the same level as in March.

Underlying inflation has been above the BoJ's target rate of two percent for around three years.

However, uncertainty stemming from US President Donald Trump's trade policies could prompt the central bank to stick to its current stance for now.

The BoJ at its last meeting in early May kept its main interest rate steady.

But it warned that tariffs were fuelling global economic uncertainty and revised down its economic growth forecasts for Japan.

Rice

After several decades of stagnant or falling prices, inflation returned to Japan in the wake of the Russian invasion of Ukraine in 2022.

This has become a political headache for the government, in particular when it comes to the cherished national staple of rice.

The official data released Friday showed rice prices up a whopping 98.4 percent compared to April 2024 following a 92.5-percent increase in March.

The price rise has prompted Japan's government to release some of its emergency stockpile into the market.

Factors behind the shortfall include poor harvests due to hot weather in 2023 and panic-buying prompted by a "megaquake" warning last year.

Record numbers of tourists have also been blamed for a rise in consumption while some traders are believed to be hoarding the grain.

This week Japan's farm minister resigned after a gaffe about rice that drew public fury.

Taku Eto told a gathering over the weekend that he had "never bought rice myself because my supporters donate so much to me that I can practically sell it".

After Eto's resignation, Prime Minister Shigeru Ishiba said: "I apologise to Japanese people" as "it is my responsibility that I appointed him".

"That rice prices are remaining high is not a one-time phenomenon but is a structural one, I think. We have to have thorough discussions on this and they (rice prices) have to fall, of course," he said.

Marcel Thieliant at Capital Economics said that "weekly rice prices are showing signs of stabilisation so rice inflation should start to soften again before long".

He added that he expects the BoJ "to tighten policy further this year."

Top News

Japan / inflation / rice

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Israeli embassy staffers shot in Washington: how it unfolded

World+Biz

BSS/AFP
23 May, 2025, 01:35 pm
Last modified: 23 May, 2025, 01:41 pm

Related News

  • Dhaka, Washington discuss election, tariff, Rohingya issues
  • US probing 'bad data' possibly used by Black Hawk crew before deadly crash: officials
  • Trump takes aim, without evidence, at diversity policies over midair collision
  • Bangladesh sees no major change in Dhaka-Washington ties with Trump's return
  • Iran confirms indirect talks with United States

Israeli embassy staffers shot in Washington: how it unfolded

Rodriguez, 31, traveled to Washington from Chicago on Tuesday with a legally purchased gun in his checked baggage. He was in town to attend a work conference

BSS/AFP
23 May, 2025, 01:35 pm
Last modified: 23 May, 2025, 01:41 pm
Police officers work at the site where, according to the US Homeland Security Secretary, two Israeli embassy staff were shot dead near the Capital Jewish Museum in Washington, DC, US May 21, 2025. Photo: REUTERS/Jonathan Ernst
Police officers work at the site where, according to the US Homeland Security Secretary, two Israeli embassy staff were shot dead near the Capital Jewish Museum in Washington, DC, US May 21, 2025. Photo: REUTERS/Jonathan Ernst

Elias Rodriguez faces murder and other charges after allegedly gunning down two Israeli embassy staffers outside the Capital Jewish Museum in Washington.

Here's how events unfolded, per the criminal complaint and law enforcement authorities:

Rodriguez, 31, traveled to Washington from Chicago on Tuesday with a legally purchased gun in his checked baggage. He was in town to attend a work conference.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

On Wednesday evening, the American Jewish Committee hosted a mixer at the Capital Jewish Museum. The Young Diplomats Reception went until 9 pm (0100 GMT Thursday) and aimed to "bring together Jewish young professionals and the DC diplomatic community."

At 9:08pm, Metropolitan Police responded to reports of a shooting. Officers found Israeli embassy staffers Yaron Lischinsky and Sarah Lynn Milgrim had been shot.

Surveillance video showed a person wearing clothing consistent with Rodriguez's appearance approach the museum, where the victims were standing outside and preparing to enter a crosswalk.

The suspect walked past Lischinsky and Milgrim, then turned to shoot them in their backs, "firing several times," the complaint said.

"Once the decedents fell to the ground, Rodriguez is captured on video advancing closer... leaning over them... and firing several more times," the complaint said.

Rodriguez reloaded and fired several more times.

21 bullets

He was then seen "jogging" in the direction of the museum entrance.

A witness told police he saw Rodriguez throw something, and police recovered a gun from the area.

When police arrived, Rodriguez said "he 'did it' and that he was unarmed."

Rodriguez had a red keffiyeh and "spontaneously stated on scene to MPD, 'I did it for Palestine, I did it for Gaza, I am unarmed.'"

He shouted "Free Palestine" as police arrested him.

At 9:14pm, Lischinsky, an Israeli citizen and an "official guest" of the US government, was pronounced dead on the scene from gunshot wounds.

At 9:35pm, Milgrim, an American employed by the Israeli embassy, was transported from the scene and pronounced dead after suffering multiple gunshot wounds.

Forensic analysis revealed Rodriguez fired 21 bullets from a 9 mm handgun, which he purchased legally in Illinois in 2020.

During an interview with police, Rodriguez expressed admiration for Aaron Bushnell, the former US serviceman who self-immolated outside the Israeli embassy in Washington, calling him a "martyr."

Top News

Washington

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

US and Iran to hold nuclear talks amid clashing red lines

World+Biz

Reuters
23 May, 2025, 12:55 pm
Last modified: 23 May, 2025, 01:02 pm

Related News

  • US Copyright Office director sues Trump administration over firing
  • US-China deal is a lesson for the Global South
  • Trump envoy Witkoff cites US 'red line' with Iran against uranium enrichment
  • Trump tells Walmart to 'eat the tariffs' instead of raising prices
  • What if Iranians, Americans and Arabs made uranium together?

US and Iran to hold nuclear talks amid clashing red lines

President Donald Trump wants to curtail Tehran's potential to produce a nuclear weapon that could trigger a regional nuclear arms race. Iran, for its part, wants to be rid of devastating sanctions on its oil-based economy

Reuters
23 May, 2025, 12:55 pm
Last modified: 23 May, 2025, 01:02 pm
Iran's Foreign Minister Abbas Araqchi speaks as he meets with his Iraqi counterpart Fuad Hussein, in Baghdad, Iraq October 13, 2024. REUTERS/Ahmed Saad
Iran's Foreign Minister Abbas Araqchi speaks as he meets with his Iraqi counterpart Fuad Hussein, in Baghdad, Iraq October 13, 2024. REUTERS/Ahmed Saad

Iranian and US negotiators will resume talks on Friday in Rome to resolve a decades-long dispute over Tehran's nuclear ambitions, despite Iran's supreme leader warning that clinching a new deal might be insurmountable amid clashing red lines.

The stakes are high for both sides. President Donald Trump wants to curtail Tehran's potential to produce a nuclear weapon that could trigger a regional nuclear arms race. Iran, for its part, wants to be rid of devastating sanctions on its oil-based economy.

Iranian Foreign Minister Abbas Araqchi and Trump's Middle East envoy Steve Witkoff will hold a fifth round of talks, through Omani mediators, despite both Washington and Tehran taking a tough stance in public over Iran's uranium enrichment.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Although Iran insists the talks are indirect, US officials have said the discussions — including the latest round on May 11 in Oman — have been both "direct and indirect".

Tehran and Washington have both said they prefer diplomacy to settle the standoff, but they remain deeply divided on several red lines that negotiators will have to circumvent to reach a new nuclear deal and avert future military action.

US Secretary of State Marco Rubio said on Tuesday that Washington is working to reach an agreement that would allow Iran to have a civil nuclear energy program but not enrich uranium, while admitting that achieving such a deal "will not be easy."

Supreme Leader Ayatollah Ali Khamenei, who has the last say on state matters, rejected Washington's demands that Tehran stop enriching uranium as "excessive and outrageous", warning that the talks are unlikely to yield results.

Among the remaining stumbling blocks is Tehran's refusal to ship all of its highly enriched uranium stockpile abroad or engage in discussions over its ballistic missile programme.

Iran says it is ready to accept some limits on its uranium enrichment but needs watertight guarantees Washington would not renege on a future nuclear accord.

Trump, who has restored a "maximum pressure" campaign on Tehran since February, ditched a 2015 nuclear pact between Iran and six world powers in 2018 during his first term and reimposed sweeping US sanctions that have devastated Iran's economy.

Iran responded by escalating enrichment far beyond the 2015 pact's limits.

The cost of failure of the talks could be high. While Tehran says its nuclear work is for peaceful purposes, Iran's arch-foe Israel has said it would never allow Iran's clerical establishment to obtain nuclear weapons.

Araqchi warned on Thursday that Washington will bear legal responsibility in the event of an Israeli attack on Iranian nuclear facilities, following a CNN report that Israel might be preparing strikes on Iran.

While rising US-Iran tensions over Tehran's uranium enrichment jeopardise nuclear talks, three Iranian sources said on Tuesday that the clerical leadership lacks a clear fallback plan if efforts to overcome the standoff collapse. 

Top News

USA / Iran / Nuclear talks

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Trump's image of dead 'white farmers' came from Reuters footage in Congo, not South Africa

World+Biz

Reuters
23 May, 2025, 12:50 pm
Last modified: 23 May, 2025, 12:54 pm

Related News

  • Trump administration blocks Harvard from enrolling foreign students, threatens broader crackdown
  • What is the Golden Dome missile defense shield?
  • US accepts luxury jet from Qatar for use as Air Force One for Trump
  • Sweeping Trump tax bill clears key hurdle with US House Republicans
  • Trump confronts South Africa's Ramaphosa with false claims of white genocide

Trump's image of dead 'white farmers' came from Reuters footage in Congo, not South Africa

"These are all white farmers that are being buried," said Trump, holding up a print-out of an article accompanied by the picture during a contentious Oval Office meeting with South African President Cyril Ramaphosa

Reuters
23 May, 2025, 12:50 pm
Last modified: 23 May, 2025, 12:54 pm
US President Donald Trump shows a copy of an article that he said its about white South Africans who had been killed, in the Oval Office of the White House in Washington, DC, US, May 21, 2025. REUTERS/Kevin Lamarque
US President Donald Trump shows a copy of an article that he said its about white South Africans who had been killed, in the Oval Office of the White House in Washington, DC, US, May 21, 2025. REUTERS/Kevin Lamarque

US President Donald Trump showed a screenshot of a Reuters video taken in the Democratic Republic of Congo as part of what he falsely presented on Wednesday as evidence of mass killings of white South Africans.

"These are all white farmers that are being buried," said Trump, holding up a print-out of an article accompanied by the picture during a contentious Oval Office meeting with South African President Cyril Ramaphosa.

In fact, the video, published by Reuters on February 3 and subsequently verified by the news agency's fact check team, showed humanitarian workers lifting body bags in the Congolese city of Goma. The image was pulled from Reuters footage shot following deadly battles with Rwanda-backed M23 rebels.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The blog post showed to Ramaphosa by Trump during the White House meeting was published by American Thinker, a conservative online magazine, about conflict and racial tensions in South Africa and Congo.

The post did not caption the image but identified it as a "YouTube screen grab" with a link to a video news report about Congo on YouTube, which credited Reuters.

The White House did not respond to a request for comment. Andrea Widburg, managing editor at American Thinker and the author of the post in question, wrote in reply to a Reuters query that Trump had "misidentified the image."

She added, however, that the post, which referred to what it called Ramaphosa's "dysfunctional, race-obsessed Marxist government", had "pointed out the increasing pressure placed on white South Africans."

The footage from which the picture was taken shows a mass burial following an M23 assault on Goma, filmed by Reuters video journalist Djaffar Al Katanty.

"That day, it was extremely difficult for journalists to get in ... I had to negotiate directly with M23 and coordinate with the ICRC to be allowed to film," Al Katanty said. "Only Reuters has video."

Al Katanty said seeing Trump holding the article with the screengrab of his video came as a shock.

"In view of all the world, President Trump used my image, used what I filmed in DRC to try to convince President Ramaphosa that in his country, white people are being killed by Black people," Al Katanty said.

Ramaphosa visited Washington this week to try to mend ties with the United States after persistent criticism from Trump in recent months over South Africa's land laws, foreign policy, and alleged bad treatment of its white minority, which South Africa denies.

Trump interrupted the televised meeting with Ramaphosa to play a video, which he said showed evidence of genocide of white farmers in South Africa. This conspiracy theory, which has circulated in far-right chat rooms for years, is based on false claims.

Trump then proceeded to flip through printed copies of articles that he said detailed murders of white South Africans, saying "death, death, death, horrible death".

 

Top News

Donald Trump

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Tariff-fogged markets leave investors flying blind

World+Biz

Reuters
23 May, 2025, 12:30 pm
Last modified: 23 May, 2025, 12:49 pm

Related News

  • G7 glosses over tariffs, pledges to cut global economic imbalances
  • Strained ties: Non-tariff barriers and the future of Bangladesh-India trade relations
  • Investors issue 48-hr ultimatum for BSEC chairman's resignation
  • APEC adopts joint statement on trade as tariffs overshadow meeting
  • Stock market plunge: Investors take to the streets in shrouds

Tariff-fogged markets leave investors flying blind

Anxieties over whether a 90-day White House-China tariff truce will hold, plus US budget gaps and whipsawing currencies have made investors extremely cautious about where to put their money

Reuters
23 May, 2025, 12:30 pm
Last modified: 23 May, 2025, 12:49 pm
A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, US, 9 April 2025. REUTERS/Brendan McDermid
A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, US, 9 April 2025. REUTERS/Brendan McDermid

Global investors admit to flying blind in markets roiled by erratic US trade rhetoric and chaotic economic forecasting, stressing that placing long-term bets was harder now than at any time since the 2020 COVID-19 crisis.

Anxieties over whether a 90-day White House-China tariff truce will hold, plus US budget gaps and whipsawing currencies have made investors extremely cautious about where to put their money.

Markets have been on a rollercoaster ride for weeks, with world stocks rallying 20% (.MIWD00000PU), opens new tab from more than one-year lows hit after U.S. President Donald Trump's April 2 tariff bombshell, after slumping 15% in three sessions.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The turbulence continued on Thursday with a sudden selloff in global government debt, the latest event to spook long-term investors out of markets that they fear have lost the anchoring force of consensus forecasts.

"There is no macroeconomic visibility," said Francesco Sandrini, Italy CIO at Europe's biggest asset manager Amundi.

He said he was following short-term speculative market trends instead of taking a stance on the global outlook. 

Top News

tarrif / investors

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

G7 glosses over tariffs, pledges to cut global economic imbalances

World+Biz

Reuters
23 May, 2025, 12:25 pm
Last modified: 23 May, 2025, 12:30 pm

Related News

  • Tariff-fogged markets leave investors flying blind
  • G7 finance leaders try to downplay tariff disputes, find consensus
  • Dollar drops as traders eye Trump tax bill, G7 currency talks
  • Strained ties: Non-tariff barriers and the future of Bangladesh-India trade relations
  • US Treasury's Bessent to attend G7 finance meeting, focus on imbalances

G7 glosses over tariffs, pledges to cut global economic imbalances

The G7 statement omitted mention of US President Donald Trump's tariffs that are disrupting global trade and supply chains and swelling economic uncertainty

Reuters
23 May, 2025, 12:25 pm
Last modified: 23 May, 2025, 12:30 pm
G7 finance ministers and central bank governors sit down for their first meeting at the G7 Finance Ministers and Central Bank Governors’ Meeting in Banff, Alberta, Canada, 21 May 2025. REUTERS/Todd Korol
G7 finance ministers and central bank governors sit down for their first meeting at the G7 Finance Ministers and Central Bank Governors’ Meeting in Banff, Alberta, Canada, 21 May 2025. REUTERS/Todd Korol

Finance ministers and central bank governors from the Group of Seven democracies papered over their differences on Thursday, pledging to tackle "excessive imbalances" in the global economy and saying they could increase sanctions on Russia.

There had been doubt before the meeting whether it would issue a final communique, in light of divisions over US tariffs and Washington's reluctance to refer to Russia's war on Ukraine as illegal.

But after three days of talks, participants signed on to a lengthy document devoid of previous language on fighting climate change and which also softened references to the Ukraine war.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"We found common ground on the most pressing global issues that we face," Canadian Finance Minister Francois-Philippe Champagne told the closing press conference.

"I think it sends a very clear signal to the world ... that the G7 is united in purpose and in action."

The officials, who met in the Canadian Rocky Mountains, called for a common understanding of how "non-market policies and practices" undermine international economic security.

The document did not name China, but references by the United States and other G7 economies to non-market policies and practices are often targeted at its state subsidies and export-driven economic model.

The G7 statement omitted mention of US President Donald Trump's tariffs that are disrupting global trade and supply chains and swelling economic uncertainty.

Champagne downplayed the lack of communique language on tariffs, but said ministers "were not skating around" the issue and had discussed its impact. Canada seeks a deal to eliminate Trump's tariffs of 25% on many goods, such as steel and aluminum.

"We're trying to enhance growth and stability," he added. "And obviously tariffs are something in that context that you can't avoid discussing."

The gathering sets the stage for a summit of G7 leaders from June 15 to 17 in the nearby mountain resort area of Kananaskis. Trump will attend the summit, the White House confirmed on Thursday.

The G7 communique called for an analysis of market concentration and international supply chain resilience.

"We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency," the grouping said.

It also recognized an increase in low-value international "de minimis" package shipments that can overwhelm customs and tax collection systems and be used for smuggling drugs and other illicit goods.

The duty-free exemption for packages of value less than $800 has been exploited by Chinese e-commerce companies, such as Shein and Temu (PDD.O).

The Chinese embassy in Ottawa said it could not immediately comment on the G7 statement.

'BRUTAL' BUT NOT 'ILLEGAL' WAR

The G7 finance chiefs condemned what they called Russia's "continued brutal war" against Ukraine and said if ceasfire efforts failed, they would explore all possible options, including "further ramping up sanctions."

The description of the Ukraine war was watered down from October's G7 statement, opens new tab, before Trump's re-election, calling it an "illegal, unjustifiable, and unprovoked war of aggression against Ukraine."

Trump has diminished US support for Ukraine and suggested that Kyiv was to blame for the conflict as he tries to coax Russia into peace talks.

But the G7 ministers pledged to work together to ensure no countries that financed the Russian war would be eligible to benefit from the reconstruction of Ukraine.

"That's a very big statement," said Champagne, calling it a fundamental pillar of the communique. It did not name China or other countries the West has accused of supplying critical components to Russia in defiance of sanctions.

Russia's sovereign assets in G7 jurisdictions would remain immobilized until Moscow ended the war and paid for the damage it has caused to Ukraine, the communique said.

European Commission Executive Vice President Valdis Dombrovskis said the G7 ministers discussed a proposal to lower the G7-led price cap of $60 a barrel on Russian oil exports, since Russian crude is now selling below that.

But the plan was not mentioned in the communique, partly because US Treasury Secretary Scott Bessent was not convinced it was needed, a European official said.

Brent crude currently trades around $64 per barrel.

A European official said the United States is "not convinced" about lowering the Russian oil price cap.

A US Treasury spokesperson said only that Bessent's G7 engagements "were both pleasant and constructive, and we look forward to our future engagements with all of our G7 partners on issues of mutual interest."

Bessent came to Banff to the relief of many participants after he skipped a G20 finance meeting in February in the South African city of Cape Town.

G7 officials described his interactions as "constructive" and "flexible" and said some initial stiffness gave way to jokes over dinner.

"We had a feeling that it was a discussion between friends and allies," a French official said.

But Bessent took an unusually low profile for a US Treasury secretary at the G7 meeting, holding no news conference and largely operating out of sight of the press.

"I had a very productive day," he told a reporter on Wednesday, in his only public comment to media.

Top News

G7 / tarrif

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net