Trump vows new Canada, Mexico, China tariffs
President-elect Donald Trump on Monday pledged big tariffs on the United States’ three largest trading partners – Canada, Mexico and China – detailing how he will implement campaign promises that could trigger trade wars.
Trump, who takes office on January 20, 2025, said he would impose a 25% tariff on Canada and Mexico until they clamp down on drugs, particularly fentanyl, and migrants crossing the border, in a move that would appear to violate a free-trade deal.
Trump also outlined “an additional 10% tariff, above any additional tariffs” on China, in some of his most specific comments on how he will implement his economic agenda since winning the November 5 election on promises to “put America first”.
“On January 20, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on all products coming into the United States, and its ridiculous Open Borders,” he said in a post on Truth Social.
China is loading up on cheap Brazilian soybean
Chinese buyers are aggressively purchasing Brazilian soybeans from the upcoming harvest, taking advantage of attractive prices and securing their supply chain. This strategic buying comes at a time of heightened concerns about worsening trade tensions with the United States.
According to a Bloomberg report, the South American nation is set to harvest its largest-ever soybean crop, creating an abundance of supply that allows Chinese traders to lock in favourable margins.
The report also cited anonymous sources who said active purchases of Brazilian beans mean at least half of Chinese demand for February to April has now been covered, as well as about 20% for May to June.
Fitch says Nigerian states failed to execute 40% of capital expenditure
Fitch, the credit ratings company, has revealed that Nigerian state governments fail to execute 40 per cent of their budgeted capital expenditures.
The finding was detailed in Fitch’s latest Nigerian States Framework Report, which emphasised how debt servicing constraints are hampering states’ ability to complete capital projects.
In its most recent credit ratings report on Nigeria, Fitch maintained the country’s Long-Term Foreign-Currency Issuer Default Rating at ‘B-‘ with a positive outlook. The report also predicted an increase in non-performing loans for Nigerian banks in 2024, driven by the country’s high interest rates and persistent inflation.
Read Also: CBN to extend BDCs recapitalisation deadline to June 2025 on low compliance
Ex-government workers illegally retained vehicles worth N748 million
A report by the Auditor-General of the Federation has uncovered significant irregularities involving government vehicles worth 747.75 million naira, which were illegally retained by former staff across five government ministries, departments, and agencies (MDAs).
The findings, detailed in the Auditor-General’s Annual Report on Non-Compliance and Internal Control Weaknesses, examined activities between 2020 and 2021. The report critically highlights systemic failures in enforcing clearance protocols designed to ensure that retiring officials return all government assets in their possession.
The five MDAs implicated in these irregularities are the Nigerian Security Printing and Minting Company Plc. in Abuja, the Public Complaint Commission in Abuja, the Federal Ministry of Labour and Employment in Abuja, the Nigeria Immigration Service, and the Federal College of Education in Okene, Kogi State.
The Nigerian Security Printing and Minting Company in Abuja was responsible for the largest portion of mismanaged vehicles, valued at 413.34 million naira, while the Federal College of Education in Okene recorded the lowest amount at 24.51 million naira.
India’s central bank governor was hospitalised
Reserve Bank of India Governor Shaktikanta Das has been admitted for observation at a hospital in the southern city of Chennai after he experienced acidity, a spokesperson for the bank said on Tuesday.
“He is now doing fine and will be discharged in the next 2-3 hours. There is no cause for concern,” the spokesperson said in a statement.
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