European stocks steady after US markets plunge
A sell-off in global shares eased in Europe on Tuesday following a sharp fall in US stocks that came as investors raised concerns about the negative economic impact of President Donald Trump's tariffs.
It followed the president saying in a TV interview that the world's biggest economy was in a "period of transition", when asked about suggestions of a potential recession.
Since those remarks were broadcast on Sunday, top Trump officials and advisers have sought to calm investor fears.
The US S&P 500 share index fell nearly 3% on Monday, but in Europe most of the major markets opened little changed.
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Ukraine's biggest drone attack on Moscow kills one, disrupts air and train transport
MOSCOW, March 11 (Reuters) - Ukraine on Tuesday launched its biggest ever drone attack on Moscow and the surrounding region, killing at least three employees of a meat warehouse, injuring 17 others and causing a short shutdown at the Russian capital's four airports, Russian officials said.
A total of 343 drones were downed over Russia, including 91 over Moscow region and 126 over the western region of Kursk where Ukrainian forces have been pulling back, as well as near the Kursk nuclear power plant, the defence ministry said.
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Russia and U.S. Held Secret Talks on Restarting Nord Stream 2 Pipeline
Russian and U.S. negotiators held secret talks on resuming gas flows to Germany via the Nord Stream 2 pipeline, the German tabloid Bild reported Sunday, citing anonymous sources familiar with the matter.
The Swiss-based operator of Nord Stream 2 and other Russia-based entities linked to the $11 billion pipeline are currently under U.S. sanctions. The reported U.S.-Russia discussions on restarting the pipeline are seen as part of President Donald Trump’s efforts to rebuild ties with Russia.
According to Bild, Trump’s special envoy Richard Grenell made multiple unofficial visits to the headquarters of Nord Stream 2 AG — the pipeline’s operator, which is fully owned by Russia’s sanctioned energy giant Gazprom — in the Swiss city of Steinhausen for negotiations.
Grenell denied participating in the reported talks.
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Canada imposes new sanctions against Russia
Canada introduced new sanctions on March 2 against 10 Russian individuals and 21 entities, including paramilitary groups.
The sanctions were announced by the Office of Prime Minister Justin Trudeau, following his participation the same day in the European leaders’ summit in London.
Canada’s new sanctions target leaders of post-Wagner paramilitary organizations, a senior Russian military official, and several groups operating in Ukraine and Africa, as well as entities involved in resource extraction within these networks.
"To date, Canada has imposed sanctions on over 3,000 individuals and entities complicit in Russia’s aggression – and we remain committed to working with our partners to increase economic pressure on Russia," the statement said. “Canada’s commitment to Ukraine is unwavering.”
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Trump warns Zelensky he 'won't be around very long' if he refuses peace deal with Russia
Donald Trump stepped up the pressure on Volodymyr Zelensky Monday with a stark warning: Sign up to a peace deal or risk annihilation.
The U.S. president spoke to reporters at the White House after an investment announcement, and used the occasion to further ratchet up pressure on the Ukrainian leader.
He said Zelensky should be 'more appreciative' of American aid if he wants Washington's help and made clear his frustration after their Oval Office summit on Friday descended into a slanging match.
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Dow tumbles 800 points as Trump confirms tariffs on Mexico and Canada will start Tuesday
US stocks slid Monday as investors braced for President Donald Trump’s proposed tariffs on Canada and Mexico to go into effect by the midnight deadline.
The Dow tumbled 650 points, or 1.48%, to close at 43,191. The Dow fell almost 900 points in afternoon trading before pulling back slightly. The broader S&P 500 fell 1.76% and the Nasdaq Composite fell 2.64%.
The S&P 500 posted its biggest one-day decline of the year. The Nasdaq is down about 6.5% since since Trump took office on January 20.
“Tomorrow, tariffs — 25% on Canada and 25% on Mexico,” Trump said during a press conference at the White House. “And that’ll start. … What they have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs.”
Trump said the two trading partners had “no room” left to negotiate to avoid the levies and that he was using tariffs to “punish” countries that, as he put it, were taking from the US economy without giving enough in return.
“They’re all set. They go into effect tomorrow,” he said.
Trump also signed an executive order on Monday raising tariffs on imports from China to 20%, up from 10%. Trump said the tariffs, aimed at bringing China to the table on curtailing fentanyl entering the United States, will be raised because the communist country has not done enough to stem the flow of illegal drugs.
The VIX, Wall Street’s fear gauge, surged to its highest point this year after Trump’s comments.
“Due to the uncertainty surrounding the tariffs, the stock market has erased the gains from the ‘Trump bump’ following the presidential election and the expected upward pressure on prices is giving investors pause,” said Gustavo Flores-Macias, a professor of government and public policy at Cornell University.
“For investors, 2025 can still be a positive year for stocks, but it may take all year to realize gains. And they may be modest,” said Gina Bolvin, president of Bolvin Wealth Management Group.
“I’m still a bull,” Bolvin said.
The import taxes Trump imposed are significant — the largest in US-China history. The initial tariffs, which went into effect February 4, set in motion tariffs on $1.4 trillion of imported goods. That’s more than triple the $380 billion worth of foreign goods that were hit with tariffs during Trump’s first term, according to estimates from the Tax Foundation.
Before he became president, Trump pledged a 60% tariff on all Chinese goods, so the tariff level could rise still.
Commerce Secretary Howard Lutnick said at the press conference about tariffs on Canada and Mexico that global companies can avoid tariffs if they invest into production in the United States, like TSMC, the Taiwanese chipmaker at the White House on Monday to announce a $100 billion US investment.
Trump’s tariffs will raise prices of imported goods, which could boost demand for goods produced in the US, according to analysts at Goldman Sachs. But they also noted that tariffs will have negative effects on some American businesses.
“Tariff increases will also raise production costs for some domestic producers and will likely prompt foreign retaliation against some US exports, both of which could hurt domestic production,” they wrote in a note.
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Ontario will cut off U.S. electricity exports 'with a smile on my face,' Ford says
Speaking Monday at a mining convention in downtown Toronto, Ontario Premier Doug Ford doubled down on threats to cut electricity exports to U.S. border states if the tariffs go through.
“If they want to try to annihilate Ontario, I will do everything — including cut off their energy with a smile on my face,” Ford told reporters.
“They rely on our energy, they need to feel the pain. They want to come at us hard, we’re going to come back twice as hard.”
The United States is a major customer for Canadian electricity, with all American power grids — with the exception of Texas — interconnected with Canadian provinces.
New York, Michigan and Minnesota are Ontario’s three biggest customers of domestically-produced power.
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"Putin couldn't be happier" over Trump-Zelenskyy meeting, Trump's former national security adviser says
An Oval Office showdown between President Trump and Ukrainian President Volodymyr Zelenskyy would have been cheered by Russian President Vladimir Putin, according to Lt. Gen. H.R. McMaster, who served as Mr. Trump's national security adviser during his first administration.
The U.S. imposed sanctions on Russia and provided aid to Ukraine after the war began but last month, Mr. Trump flipped U.S. policy on its head. He opened peace talks with Russia, which occupies 20% of Ukraine while bombing the rest, and did not invite Ukraine. Then on Friday, he berated Zelenskyy during an explosive Oval Office meeting.
"Vladimir Putin couldn't be happier," McMaster, who is a CBS News contributor and author of "At War with Ourselves: My Tour of Duty in the Trump White House," said. "Because what he sees is all of the pressure on Zelenskyy, all of the pressure on Ukraine and no pressure on him."
Trump and Russia
During his Friday Oval Office meeting with Zelenskyy, Mr. Trump revealed something of a common cause with the Russian president. Mr. Trump complained that he and Putin had both been slandered for years by allegations that Russia helped Mr. Trump's campaigns, allegations the U.S. president ties to his Democratic opponents.
"Putin went through a hell of a lot with me. He went through a phony witch hunt where they used him and Russia, Russia," Mr. Trump said.
McMaster, who was ousted by Mr. Trump in 2018, said Putin has manipulated many world leaders, including the U.S. commander in chief.
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Israel launches air attacks near Syria’s Tartous
Israel has carried out air strikes near Syria’s Mediterranean port city of Tartous, Syrian state media has reported.
An Israeli army statement on Monday said that its forces “struck a military site where weapons belonging to the previous Syrian regime were stored in the area of Qardaha”, the hometown of deposed Syrian President Bashar al-Assad, some 60km (37 miles) north of the Tartous port.
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Starmer and Macron plan to accompany Zelensky to White House on Trump visit
Sir Keir Starmer and Emmanuel Macron are considering accompanying Volodymyr Zelensky to Washington to salvage his relationship with Donald Trump.
The visit would be part of a three-pronged plan being worked out by Kyiv’s European allies after a dramatic spat in the Oval Office between the US and Ukrainian presidents led to Washington suspending military support for the war-torn nation.
“We are considering potentially having President Macron travel again to Washington, alongside President Zelensky and his British counterpart,” an Élysée Palace spokesman said.
“We’re currently engaged in tight negotiations which involve the French president, as well as the entire government.”
Mr Macron’s office later said there were no current plans for the trip, while No 10 also denied plans were under way.
It comes as Mike Waltz, the US president’s national security adviser, said the president would consider restoring aid to Ukraine if peace talks were arranged and “confidence-building measures on the table”.
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China vows to ‘fight till the end’ as Trump escalates trade war
China has vowed to “fight till the end” after US President Donald Trump escalated his trade war by doubling tariffs on all Chinese imports to 20%.
Beijing hit back at Trump’s levies by imposing retaliatory tariffs of up to 15% on selected American goods, expanding export controls to a dozen US firms and filing a lawsuit at the World Trade Organization. It also sent a stern warning to the Trump administration: Chinese people will never bow to “hegemony or bullying.”
“Pressure, coercion and threats are not the right ways to engage with China. Trying to exert maximum pressure on China is a miscalculation and a mistake,” Lin Jian, a spokesperson for China’s Foreign Ministry, told a regular news briefing Tuesday afternoon. “If the US insists on waging a tariff war, trade war, or any other kind of war, China will fight till the end.”
The barrage of retaliatory measures and fiery exchanges came as Chinese leader Xi Jinping is preparing to hold a major political gathering designed to project confidence in his country’s ability to stay the course and weather external headwinds.
As thousands of delegates convene in the Chinese capital for the country’s “two sessions” annual meeting, Xi and his officials are set to use the highly choreographed spectacle to broadcast China as a major power steadily advancing its tech prowess and global rise.
That escalating rivalry between the two powers will be in the spotlight on Wednesday morning in Beijing, when Trump’s first address to Congress will roughly coincide with a state-of-the-union-like speech delivered by China’s No. 2 official Li Qiang at the opening meeting of the National’s People Congress (NPC), which rubber-stamps decisions already made behind closed doors.
There, Li is expected to announce China’s yearly targets for economic growth and military spending — and lay out how Beijing plans to continue its economic growth and transformation into a technological powerhouse in the face of mounting pressure from the United States.
Despite the challenges, analysts aren’t bracing for any major policy surprises or U-turns from the roughly weeklong meetings of both the NPC and the country’s top advisory body. True decision-making power lies with the Chinese Communist Party, whose authority cannot be challenged in the country – and Xi, the party’s most powerful leader in decades.
The increased tariffs — and the threat of more economic and tech controls to come — are casting a long shadow over China’s two sessions, which observers will also be watching for signs on how Beijing will continue to address its rumbling economic difficulties at home.
And signs point to Beijing staying the course on its leader’s strategies to bolster innovation, industry and self-sufficiency to steel itself against frictions ahead: all while projecting that, in China, it’s business as usual.
We must “face difficulties head-on and strengthen confidence” amid growing external challenges, the Communist Party journal Qiushi quoted Xi as saying in an article released Friday that’s meant to set the tone for the gathering.
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