Business
China hits back at US tariffs with vow to take case to the WTO

Published
2 months agoon
By
Ekwutos Blog
China will file a claim with the WTO and take necessary countermeasures to safeguard its interests, the Ministry of Commerce said on Sunday after the US announced it would impose tariffs on Chinese goods.
“The unilateral tariff hikes by the US seriously violate World Trade Organization rules,” the ministry said, adding that the move “not only fails to address America’s own issues” but also “disrupts normal China-US economic and trade cooperation”.
“We urge the US to take an objective and rational approach to its domestic issues, such as fentanyl, rather than resorting to tariff threats against other countries,” the ministry said.
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The ministry’s statement followed US President Donald Trump’s decision on Saturday to sign an executive order imposing a 10 per cent tariff on Chinese imports in response to what he said was the failure of Chinese officials to stem the flow of precursor chemicals for fentanyl into the United States.
Fentanyl is a powerful synthetic opioid that has led to hundreds of thousands of deaths in North America.
The White House also referred China’s “intellectual property theft, forced technology transfer, and other unreasonable behaviour”, as well as illegal immigration “including a rising number of Chinese nationals and people on the terror watch list”.
The Chinese Ministry of Foreign Affairs reaffirmed Beijing’s efforts to control the illegal production of fentanyl, saying the country was “one of the world’s strictest and most thorough enforcers of anti-narcotics policies”.
“The fentanyl crisis is a problem of the United States, and out of humanitarian concern, China has supported US efforts to tackle the issue,” the foreign ministry said.
It called the tariffs “unconstructive”, saying they would “inevitably impact and undermine” future cooperation between the two sides on drug control.
“We urge the US to correct its wrongful actions, safeguard the hard-won progress in bilateral anti-drug cooperation, and promote the stable, healthy, and sustainable development of China-US relations,” the foreign ministry said.
Along with the tariffs on Chinese imports, Trump also signed orders to impose a 25 per cent tariff on goods from Canada and Mexico. The tariffs will go into effect on Tuesday and will be on top of those already in place.
Gary Ng, a senior economist at French investment bank Natixis, said the executive orders marked a new trade war era, with the US “using tariffs to achieve US economic and geopolitical goals, regardless of whether they are (against) allies”.
“The move has brought the tariffs on the US’ biggest trading partners to a more similar level (as those on China),” Ng said.
He said China could take a range of retaliatory measures, including imposing reciprocal tariffs, introducing export controls on certain critical materials, and restricting market access for certain American firms.
Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, said the 10 per cent tariffs signed off by Trump were “not a big shock to China’s economy”.
“It’s unlikely to change the market expectation of China’s macro outlook this year, which already factored in higher tariffs from the US,” Zhang said.
The tariffs on China are also well below the 60 per cent import duties Trump threatened to enact at various points on the presidential campaign trail last year.
Zhang added the focus of the US trade policy announced on the weekend was on Canada and Mexico, not China, pointing to the differing tariff rates imposed on each country.
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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.
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Dangote refinery, NNPC: More fuel stations increase pump price in Nigeria

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2 days agoon
April 4, 2025By
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The price of Premium Motor Spirit, popularly known as fuel, has recorded a significant increase in the past days, which may worsen the economic hardship Nigerians face.
MRS, a filling station partner of Dangote Refinery, kicked off the latest fuel price increase when it adjusted its petrol pump to between N925 and N950 per litre in Lagos and the Federal Capital Territory, Abuja.
Similarly, other fuel marketers such as Empire Energy, Recoil, Juda Oil, Total, Emedab, and others also increased their fuel pump to between N950 and N970 per litre.
On Wednesday, the Nigerian National Petroleum Company Limited retail outlets also jacked up their fuel price to N950 per litre from N880 in Abuja.
Summarily, Ekwutosblog observed motorists will have to pay N70 more to buy a litre of petrol in the coming days.
The development comes amid the suspension of petrol product sales in Naira by Dangote Refinery. This follows the initiation of the naira-for-crude sale deal between Dangote Refinery and the federal government through NNPCL.
On Wednesday, President Bola Ahmed Tinubu announced a reshuffling of NNPCL.
Meanwhile, local oil prices are increasing in Nigeria, despite the decline in global crude prices. As of the time of this report, United States West Texas Intermediate was at $62.15 per barrel, down from above $65, while Brent crude stood at $65.42 per barrel, down from $72 last week.
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Global Billionaires’ Net Worth Plummets by $65 Billion Amid Market Downturn

Published
2 days agoon
April 4, 2025By
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In a significant setback, the world’s wealthiest individuals collectively lost over $65 billion in net worth today, as key market sectors experienced a sharp downturn.
This decline affected prominent figures in technology, finance, and other industries, sending shockwaves through financial markets.
Ekwutosblog reports that the downturn occurs amidst cautious optimism that new US policies may not be as severe as initially feared.
However, the immediate impact has already been felt, leading to a decline in the net worth of billionaires such as Elon Musk, Warren Buffett, and Jeff Bezos, amongst others who have significant stakes in tech, finance, and other industries.
The global billionaire population has been growing, with over 2,850 individuals representing almost $15 trillion in wealth.
Despite this growth, the market downturn serves as a reminder of the volatility and risks associated with wealth concentration.
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Sterling Bank Makes History: Scraps Transfer Fees for Local Online Transactions, Earns Praise from Lawmakers, Including Mohammed Bello El-Rufai, and the Public

Published
3 days agoon
April 3, 2025By
Ekwutos Blog
Sterling Bank has taken a groundbreaking step to ease the financial burden on Nigerians by eliminating transfer fees and other charges for local online transactions.
This move is a significant stride towards financial inclusion and customer-centric banking, particularly during a time when economic pressures are high.
Ekwutosblog gathered that this initiative has been commended by Mohammed Bello El-Rufai, Chairman of the House Committee on Banking Regulations, who praised Sterling Bank’s commitment to creating a more accessible and equitable banking system.
El-Rufai encouraged other financial institutions to follow Sterling Bank’s example, emphasizing that a competitive banking sector prioritizing Nigerians’ interests will strengthen the economy and rebuild public trust in financial services.
Sterling Bank’s decision to scrap transfer fees is expected to benefit individuals and small business owners who frequently make online transactions. The bank’s customers can now perform local transfers via the mobile app without incurring any charges. Obinna Ukachukwu, Growth Executive at Sterling Bank, stated that access to one’s own money shouldn’t come with a penalty, highlighting the bank’s values-driven approach to customer-centric banking.
This move has sparked widespread public approval, with many calling on other banks to adopt similar policies.
As policymakers, El-Rufai reiterated their commitment to fostering a regulatory environment that encourages pro-customer initiatives while ensuring sustainability within the banking sector.

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