Trump’s New Tariffs Trigger Global Economic Jitters; Ukraine War Talks with Putin Eyed Next Week

Dozens of nations are facing immediate economic impact as the latest wave of tariffs imposed by the United States under former President Donald Trump officially came into force on Thursday morning. These new levies, announced just a week prior, took effect at midnight Washington time, adding significant taxes to exports from various countries, with rates ranging from 41% for war-torn Syria to 10% for the United Kingdom. The move has prompted governments worldwide to scramble for last-minute deals, fearing that the tariffs could deter investors and lead to widespread job losses. Toyota, the world’s largest carmaker, has already projected a 16% drop in its operating profits by March 2026 due to these new charges, while the European Union’s baseline rate uniquely incorporates previous tariffs.

Adding to the global uncertainty, discussions are intensifying around a potential meeting between Donald Trump and Russian President Vladimir Putin as early as next week to address the ongoing Ukraine war. White House officials have acknowledged the possibility, though senior aides caution that significant ‘impediments’ still exist before a ceasefire can be secured. Citing sources familiar with the plan, reports suggest Trump aims for an initial bilateral summit with Putin, potentially followed by a three-way meeting that would include Ukrainian President Volodymyr Zelenskyy.

In a separate critical development, new figures from the UN reveal a worsening humanitarian crisis in Gaza. Only 1.5% of Gaza’s farmland now remains accessible and cultivable for its starving population, a drastic reduction from 4% in April. This alarming decline, attributed to Israel’s ongoing bombardment and total blockade since early March, pushes Gaza to the brink of a ‘full-scale famine,’ according to the FAO director general.

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