Trump threatened tariffs on Russian oil
U.S. President Donald Trump said on Sunday he was “pissed off” at Russian President Vladimir Putin and will impose secondary tariffs of 25% to 50% on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine.
Trump told NBC News he was very angry after Putin last week criticized the credibility of Ukrainian President Volodymyr Zelenskiy’s leadership.
Since taking office in January, Trump has been friendlier toward Russia than previous presidents, making Western allies nervous as he tries to negotiate an end to Russia’s three-year war in Ukraine.
His harsh comments about Putin on Sunday show he’s getting frustrated about the lack of progress toward a ceasefire.
“If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine, and if I think it was Russia’s fault … I am going to put secondary tariffs on oil, on all oil coming out of Russia,” Trump said.
The World Bank will approve new loans to Nigeria today
The World Bank is set to approve fresh loans totalling $632m to Nigeria today (Monday) amid mounting concerns over the country’s rising debt profile.
Information obtained from the World Bank’s website on Sunday showed that the two loans expected to be approved today include $80m for the Accelerating Nutrition Results in Nigeria 2.0 project and $552m for the HOPE for Quality Basic Education for All programme.
Both projects are currently in the negotiation stage and are expected to receive final approval later today.
South Korea ended its ban on short-selling
South Korea lifted its longest-ever short-selling ban on Monday after strengthening measures to fight illegal trading practices.
The ban, which began in November 2023, was put in place after several global investment banks were caught breaking short-selling rules. Starting today, short selling is now allowed on all approximately 2,700 stocks listed on the Korea Exchange. Previously, short selling was limited to just 350 stocks on the main Kospi index and small-cap Kosdaq.
The country has significantly strengthened penalties for illegal short selling. Concurrently, the Korea Exchange has implemented a new system to detect “naked short selling” – the illegal practice of shorting stocks without first borrowing them.
Also, fines for illegal profits have increased, and enforcement has been tightened. Anyone making 5 billion Korean won ($3.4 million) or more in illegal profits could face between five years to life in prison.
Trump’s reciprocal tariffs will target all countries
U.S. President Donald Trump confirmed on Sunday that his upcoming tariff plan will target all countries, not just the 10 to 15 nations with the largest trade imbalances.
Speaking to reporters aboard Air Force One, Trump clarified the scope of the tariffs he plans to announce this Wednesday, which he’s calling “Liberation Day.”
“You’d start with all countries,” Trump told reporters. “Essentially all of the countries that we’re talking about.”
This announcement expands on what White House economic adviser Kevin Hassett recently suggested on Fox Business, when he indicated the administration would focus on 10 to 15 countries with the worst trade imbalances.
Trump has already implemented tariffs on aluminum, steel, and automobiles, along with increased tariffs on all Chinese goods. He views tariffs as both protection for American industries against unfair global competition and as leverage for negotiating better trade terms for the United States.
Edo’s governor banned unregistered vigilantes
Edo State Governor Monday Okpebholo has taken action following a tragic incident in the Uromi area, suspending the commander of the Edo State Security Corps and banning unregistered vigilante groups.
According to a statement from the state government, the governor suspended Friday Ibadin, the commander of the Edo State Security Corps, after 16 hunters were killed in Uromi on Thursday.
The incident occurred when the hunters, who were traveling from Elele in Rivers state, were attacked by a mob. Police reported that a local vigilante group mistook them for kidnappers after finding 19 locally made firearms in their possession.
