| 14876711 | 29/08/2025 9:08:26 | How Trump changed his mind on tariffs
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Peter Nicholas, Garrett Haake and Carol E. Lee
Reporting from Washington
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“Liberation Day” gave way to Capitulation Day last night.
President Donald Trump pulled back yesterday on a series of harsh tariffs targeting friends and foes alike in an audacious bid to remake the global economic order.
Image: President Donald Trump
Saul Loeb / AFP - Getty Images
Trump’s early afternoon announcement followed a harrowing week in which Republican lawmakers and confidants privately warned him that the tariffs could wreck the economy. His own aides had quietly raised alarms about the financial markets before he suspended a tariff regime that he had unveiled with a flourish just one week earlier in a Rose Garden ceremony.
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The stock market rose immediately after the about-face, ending days of losses that have forced older Americans who’ve been sinking their savings into 401(k)s to rethink their retirement plans.
Read the full story here.
32m ago / 12:55 PM GMT+3
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China's foreign ministry calls the U.S. a '21st century barbarian'
Peter Guo
Reporting from Hong Kong
China's public language on its trade war with the U.S. has become increasingly bellicose and took a new turn today when Beijing's foreign ministry said the Trump administration's tariffs have made the U.S. a “barbarian of the 21st century.”
Trump’s tariffs will “never America great again” ministry of foreign affairs spokesperson Huang Jingrui, wrote in an open letter today in Hong Kong’s newspaper South China Morning Post.
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“A tariff-wielding barbarian who attempts to force countries to call and beg for mercy can never expect that call from China,” Huang said, adding that the U.S. is “obsessed with the art of bullying and blackmailing the entire world.”
47m ago / 12:40 PM GMT+3
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EU welcomes 90-day tariff pause
Peter Guo
The EU President Ursula von der Leyen said today that the region welcomes Trump’s announcement to pause tariffs for 90 days.
Von der Leyen said the EU remains “committed to constructive negotiations” with the U.S., according to a statement from her office.
Meanwhile, Europe continues to focus on diversifying their trade partnerships, engaging with countries that account for 87% of global trade, she said.
Trump’s tariffs have shown that the European internal market is the region’s “anchor of stability and resilience” in times of uncertainty, von der Leyen added.
1h ago / 12:27 PM GMT+3
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Trade war with China 'to spark a wave of smuggling'
Peter Guo
Reporting from Hong Kong
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Irregular trade including smuggling will most likely rise amid the U.S.' and China's tit-for-tat tariffs, an economist warns.
The cost of tariffs has become “prohibitive to almost every company,” Tianchen Xu, senior economist at Economist Intelligence Unit.
“As a result, trade flows in both directions will tumble, and irregular trade will proliferate, including smuggling, transshipment and systemic under-reporting of trade value during customs clearance,” Xu said in a note.
Xu said trade negotiations and a partial de-escalation in the ongoing trade war may ensue in the coming months, but those tensions are likely to worsen in the short term between the world’s two largest economies.
1h ago / 12:09 PM GMT+3
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California plant business owner says costs will double with tariffs
Gadi Schwartz and Phil Helsel
The owner of a California home decor and plant shop said that even in dealing locally, the sourcing of goods from China is impossible to avoid.
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| | 28356563 | 29/08/2025 9:07:19 | By Henry Austin
A Russian-American woman who was imprisoned for treason by Russia has been freed, Secretary of State Marco Rubio said Thursday.
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Former ballerina Ksenia Karelina was born in Russia but had built a new life as an aesthetician at a Los Angeles spa after immigrating to the United States over a decade ago. She “is on a plane back home to the United States,” having been “wrongfully detained by Russia for over a year,” Rubio said on in a post on X. He credited President Donald Trump with securing her release.
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Karolina’s lawyer, Mikhail Mushailov, confirmed her release in a statement on Instagram. “Two hours ago she was in touch with her relatives and took off from Abu Dhabi to the U.S.,” he wrote, adding that he had known about her release since Tuesday.
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Russia’s Federal Security Service (FSB) detained Karelina in January 2024 while she was visiting her parents and young sister in the city Yekaterinburg. It did not provide further details or evidence of her alleged crime.
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At the time, Russian legal group Perviy Otdel said it had information that Karelina had donated just over $51.80 from her U.S. bank account on Feb. 24, 2022 — the day that Russia launched its full-scale invasion of Ukraine — to a charity that sends aid to Ukraine. A spa where she had previously worked confirmed this in a statement on Facebook.
Although Russia’s FSB did not confirm that figure, it said Karelina’s donation “was subsequently used to purchase tactical medical supplies, equipment, weapons, and ammunition for the Ukrainian armed forces.”
She was sentenced in August to 12 years in a penal colony for “high treason,” having “fully admitted her guilt” at a closed trial in the southwestern Russian city of Yekaterinberg, Sverdlovsky Region Court said in a news release at the time.
The sentence came against the backdrop of Russia’s 3-year-long war with Ukraine during which President Vladimir Putin’s government has cracked down on dissent. Any perceived criticism of the military is banned.
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