European Union countries are negotiating changes to the bloc’s gas storage regulations that could loosen this year’s winter fuel obligations—if the new rules are finalised in time. The ongoing talks focus on reforming the bloc’s gas storage targets for 2026 and 2027.

A key change under discussion is replacing the current binding requirement to fill gas storage sites to 90% by November 1 with a more flexible timeframe—allowing countries to reach the 90% level at any point between October 1 and December 1. While this shift is intended for future years, EU diplomats say the revised schedule could also apply in 2025, provided the new law is finalised and published in the EU’s official journal before November 1 of this year.

The European Union is ramping up efforts to finalize a long-delayed trade deal with Latin America’s Mercosur bloc, viewing it as a critical opportunity to diversify trade ties in the wake of President Donald Trump’s sweeping new tariffs. European Commission officials said on Friday that the EU would be “investing a lot of time and energy” with member states to complete the agreement, describing it as a “massive opportunity” amid mounting global trade uncertainty.

The renewed push follows Trump’s announcement of a far-reaching new tariff regime on imports from both adversaries and allies, including the EU. Although EU officials said the timing of their initiative was not directly linked to the U.S. action, the trade disruptions appear to be adding urgency to Europe’s search for alternative export markets.

As global businesses scramble to respond to President Donald Trump’s sweeping new U.S. tariff regime—slapping at least 10% in duties on virtually all imported goods—one group is emerging as an unexpected beneficiary: coal traders.

With many of Asia’s manufacturing powerhouses facing some of the steepest new U.S. tariffs—China and Vietnam have been hit with levies of 34% and 46%, respectively—factories and governments across the region are seeking urgent ways to cut operating costs and preserve export competitiveness. That search is likely to drive a renewed dependence on coal, the region’s cheapest and most accessible fuel source.

China on Friday moved to restrict exports of several key rare earth elements, escalating its economic retaliation against the United States following President Donald Trump’s sweeping new tariff package. The measures threaten to disrupt global supply chains for critical minerals used in smartphones, electric vehicles, clean energy infrastructure, and advanced defense systems.

According to a statement from the Ministry of Commerce, China will place export controls on seven categories of medium and heavy rare earth elements, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium-related products, effective April 4. These controls apply globally, not just to the U.S., although they are widely viewed as a direct response to Trump’s decision earlier this week to raise average tariffs on Chinese goods to 54%.

President Donald Trump’s sweeping new tariffs on global imports are poised to deal another blow to the already struggling petrochemical sector, with analysts warning that the fallout could deepen an ongoing downturn in margins, dampen global demand, and accelerate a wave of asset shutdowns.

While the latest tariffs exclude imports of crude oil, natural gas, and refined fuels, they are expected to drive up consumer prices for key end-use goods such as electronics, home appliances, and packaging materials. That, in turn, threatens to curtail demand for petrochemicals—core ingredients in plastics and other industrial materials.

Global oil prices plunged on Friday, driven lower by a potent mix of geopolitical risk and supply-side pressure, as financial markets reeled from a fresh escalation in the global trade conflict between the U.S. and China. Brent crude tumbled $5.30, or 7.6%, to $64.84 per barrel by early afternoon in London, while U.S. benchmark West Texas Intermediate (WTI) slumped $5.47, or 8.2%, to $61.48.

Both contracts were headed for their steepest weekly declines in over two years and are poised to settle at levels not seen since the depths of the COVID-19 pandemic in 2021. The latest catalyst came from Beijing, which retaliated forcefully against a sweeping new wave of U.S. tariffs announced by President Donald Trump earlier this week.

China escalated its response to President Donald Trump’s sweeping tariff campaign by announcing a broad range of retaliatory measures on Friday, intensifying a trade conflict that threatens to disrupt global supply chains and strategic sectors.

The Chinese Ministry of Finance confirmed it would impose an additional 34% tariff on all U.S. imports starting April 10. This move mirrors the new round of tariffs unveiled by the Trump administration earlier this week, which brought total duties on Chinese goods to 54%, following an initial 20% hike implemented earlier this year.

President Donald Trump’s latest salvo in his sweeping trade agenda could spark a new upheaval in the global economy: a massive redirection of Chinese exports now facing near-prohibitive tariffs in the United States. Effective April 9, Chinese goods entering the U.S. will be subject to average import duties nearing 70%, the result of cumulative levies announced under Trump’s “Liberation Day” policy.

The move is likely to push up prices on a wide range of consumer goods—from electronics and toys to machinery and industrial components—while also creating a ripple effect in global trade dynamics. With the U.S. market, long China’s largest export destination, increasingly inaccessible, Chinese manufacturers will be forced to redirect an estimated $400 billion worth of goods elsewhere.