Six In The Morning Tuesday 4 March 2025

 

US and European shares fall further as Trump tariffs prompt retaliation

Summary

• US and European stock markets fall after Donald Trump's 25% tariffs on imports from Canada and Mexico begin, as well as a new 10% levy against China

• Beijing has vowed to fight the US "to the bitter end", announcing up to 15% tariffs on a range of American products, and Mexico says it will outline retaliatory action on Sunday

• Meanwhile, Canada has outlined 25% tariffs against billions of dollars of US goods, with Prime Minister Justin Trudeau due to speak shortly - watch live at the top of the page

• Analysts are warning the tariffs could push up prices for American households, writes our business reporter, and have a knock-on effect on consumers around the world

• Have questions about what this means for you? WhatsApp us on +44 7756 165803 - our experts will answer them tomorrow

Why Canadians are retaliating against US alcohol

Natalie Sherman
New York business reporter

Businesses in the US were already bracing for blowback, after several provinces across Canada, including Ontario, Manitoba and Nova Scotia, said last month they would ban sales of US alcohol from their shelves if the tariffs moved forward.

On Tuesday, the website for the Liquor Control Board of Ontario, a government-owned company that is one of the world’s biggest buyers of alcohol, was down, as it took steps to remove US products following the ban.

The US spirits industry counts Canada as its second largest export market after the EU, and the move will hit US-made drinks such as bourbon and whiskey. Not coincidentally, they are known for being produced in Kentucky, home to former Republican Senate leader Mitch McConnell.

Serbian MPs set off flares and smoke grenades inside parliament

Injuries reported as opposition MPs disrupt session in show of support for anti-corruption protests

Agencies in Belgrade

Tue 4 Mar 2025 12.33 GMT

Serbian opposition lawmakers have lit flares and discharged teargas during the opening day of the spring session of parliament, in a sign of support for anti-corruption protests.

At the legislative session on Tuesday, after the ruling coalition led by the Serbian Progressive party (SNS) approved the agenda, some opposition politicians ran out of their seats towards the parliamentary speaker, Ana Brnabić, and scuffled with security guards.

Others tossed smoke grenades and teargas, with live TV showing black and pink smoke inside the building.

Egypt proposes $53 billion Gaza reconstruction plan

Egypt's alternative to Trump's "Gaza Riviera" plan is expected to cost $53 billion and take five years. Cairo says it will host a conference for Gaza reconstruction next month.

Egypt has proposed a plan for the reconstruction of the war-ravaged Gaza Strip at an emergency summit in Cairo.

The five-year plan to rebuild Gaza will cost $53 billion (€50.5 billion), according to draft documents, with Egyptian President Abdel Fattah al-Sissi saying the proposal would allow Palestinians to "remain on their land."

The proposal was presented to Arab League leaders on Tuesday, before President Sisi announced he would be hosting a conference for Gaza reconstruction next month.

World's biggest iceberg runs aground, sparing crucial wildlife haven

Scientists have said that the colossal A23a iceberg – which is more than twice the size of Greater London and weighs nearly one trillion tonnes – has run aground 73 kilometres from an important breeding ground for penguins and seals in the Antarctic. Experts had previously feared that the iceberg was on a collision course with the remote island.

The world's biggest iceberg appears to have run aground roughly 70 kilometres from a remote Antarctic island, potentially sparing the crucial wildlife haven from being hit, a research organisation said Tuesday.

The colossal iceberg A23a -- which is more than twice the size of Greater London and weighs nearly one trillion tonnes -- has been drifting north from Antarctica towards South Georgia island since 2020.

Chinese Company to Single Workers: Get Married or Get Out

As China’s government worries about the falling birthrate, some private employers have ordered workers to do their part, or else.

By Vivian Wang

Reporting from Beijing

March 4, 2025, 12:01 a.m. ET

The ideal worker at the Chinese chemical manufacturer, according to the internal memo, is hardworking, virtuous and loyal. And — perhaps most important — willing to have children for the good of the country.

That was the message that the company, Shandong Shuntian Chemical Group, sent to unmarried employees recently, in a notice that spread widely on social media. It instructed them to start families by Sept. 30, or else.

“If you cannot get married and start a family within three quarters, the company will terminate your labor contract,” the memo said.

Japan’s 18-year-old prince, second in line to the throne, holds a debut news conference

Japan’s Prince Hisahito, the second in line to the throne, held a debut news conference on Monday, telling reporters he would try to balance official duties and his university studies and research about the dragonfly.

Hisahito turned 18 last September, becoming the first male royal family member to reach adulthood in almost four decades in Japan. It marked a significant development for a family that has ruled for more than a millennium but faces the same existential problems as the rest of the nation — a fast-aging, shrinking population.

The prince said he would follow the good examples of his uncle, Emperor Naruhito, and other elder members of the Imperial family, while pursuing his university studies, beginning next month.