Mexico threatened to retaliate against Trump’s proposed tariffs
Mexican President Claudia Sheinbaum announced on Wednesday that Mexico would respond strongly if U.S. President-elect Donald Trump follows through on his plan to impose a 25% tariff on all imported goods. The Mexican government warns this could seriously damage the U.S. economy, potentially causing the loss of 400,000 American jobs and driving up prices for U.S. consumers.
“If there are U.S. tariffs, Mexico would also raise tariffs,” Sheinbaum said during a press conference, in her clearest statement yet that the country was preparing possible retaliatory trade measures against its top trade partner.
Mexican Economy Minister Marcelo Ebrard also called for increased cooperation between the countries instead of escalating trade tensions. He described Trump’s proposed tariffs as harmful and counterproductive.
“It’s a shot in the foot,” Ebrard said of Trump’s proposed tariffs, which appear to violate the USMCA trade deal between Mexico, Canada and the U.S. “The impact on companies is huge.”
Trump hosted Zuckerberg for dinner at Mar-a-Lago
Donald Trump hosted Mark Zuckerberg, the CEO of Meta Platforms Inc., for dinner at his Mar-a-Lago estate in Florida on Wednesday.
According to Bloomberg, a Meta representative confirmed that Zuckerberg met with Trump and his team, noting that the meeting occurred at a crucial time for U.S. innovation. The representative didn’t share specifics about their discussion but mentioned that Zuckerberg wasn’t staying for Thanksgiving.
Zuckerberg and other technology executives have been the target of harsh criticism from Republican lawmakers and commentators who said the major platforms had censored conservative views.
Trump and Zuckerberg have had a contentious relationship over the years, which became more intense after Facebook banned the then-president in January 2021 in the wake of the attack on the US Capitol.
Shettima says FG attracted $1.27bn from BRICS countries
Vice President Kashim Shettima said that the nation attracted $1.27 billion in foreign capital by June 2024, a significant jump from $438.72 million during the same period in 2023.
He emphasised Nigeria’s commitment to building strategic partnerships that can support the country’s economic development. Although Nigeria is not a full member of the BRICS group, the country is actively engaging with these nations to promote domestic growth.
“Nigeria has always been open to strategic alliances that support our domestic growth goals,” Shettima said. “This explains our active engagement with the BRICS nations, even as a non-member state, as seen in our participation in the BRICS Summit held in South Africa last year.”
Read Also: States’ debts seen rising on FX crunch amid lean revenue
Oil marketers are threatening to boycott the Port Harcourt refinery over prices
Oil marketers have set specific conditions for using the newly renovated Port Harcourt Refinery Company (PHRC) in Rivers State. They want the refinery to sell refined petroleum products at prices lower than those of the Dangote Petroleum Refinery.
The Nigerian National Petroleum Company Limited (NNPCL), which manages the PHRC, responded to claims about its petrol pricing. The company stated that it has not yet released official prices, and currently, the refinery’s products are only being sold at NNPC stations.
In the meantime, oil marketers have revealed that they imported 105.67 million litres of petrol into the country over just five days. They confirmed that NNPC is currently selling petrol at 1,045 naira per litre. Because of this pricing, the marketers may need to continue importing petrol to meet local demand.
The government’s debt to the Egbin power plant hit N1.6 trillion
Egbin Power, one of Nigeria’s largest electricity generation companies, revealed to a senate committee that the government owes them a staggering 1.6 trillion naira. The company attributes this massive debt to the government’s failure to pay its outstanding bills.
During a visit to the power plant, the senate committee praised Egbin Power’s management for maintaining operations despite significant challenges. Senator Emmanuel Udende, the Vice Chairman of the Senate Committee on Privatisation and Commercialisation, expressed his admiration for the company’s resilience.
“I’m quite impressed with what they (Egbin Power) have done. They are owed a very huge sum of money, N1.6tn, It’s quite huge, and they’re still operating. I like their spirit. I’m quite impressed that this debt is being owed, and yet they are operating. I wonder how. Once we get the full report, we will look at what we can do to ameliorate that situation,” the senator said.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
