Africa & World

Stock markets in the United States and Europe declined on Wednesday as investors remained cautious ahead of U.S. President Donald Trump’s expected announcement of new tariffs.

The dollar and oil prices dipped, while gold, considered a safe-haven asset, neared a record high.

Despite slight gains in Tokyo and stable Chinese markets, European stocks fell, led by losses in Frankfurt. Wall Street’s major indexes also opened lower.

“For traders and investors, today represents a day of huge uncertainty as we weigh up the potential for retaliatory tariffs and a tit-for-tat trade war,” said Joshua Mahony, an analyst at Scope Markets.

Global equities have faced pressure in anticipation of Trump’s announcement, which he has referred to as “Liberation Day.” He has argued that the United States has been “ripped off” for years and has warned that both allies and rivals could be affected by the new trade measures.

While Trump had initially suggested the tariffs would mirror levies imposed by other nations, reports indicate he is also considering a blanket 20-percent tariff or a plan that grants certain countries preferential treatment.

The White House has confirmed that Trump will unveil his decision at 4:00 p.m. in Washington (2000 GMT), after U.S. markets close. The president has promised that the move will usher in a “golden age” for American industry, though officials acknowledged Tuesday that final details were still being discussed.

Chris Weston, an analyst at Pepperstone Group, noted that if the tariffs take effect immediately, markets could gain some clarity, though it would limit room for negotiations.

“This scenario—while hardly a positive for economics or earnings assumptions—would increase the conviction behind how we respond to the ‘facts,’” he said. “That said, life is never straightforward, and we will still need to consider the counter-response from other countries.”

Concerns over a potential global trade war have intensified, with several nations warning they are preparing countermeasures. Economists have cautioned that the tariffs could slow economic growth and reignite inflation, raising doubts about the likelihood of further interest rate cuts from central banks.

Former U.S. President Donald Trump has suggested that he might seek a third term in office, despite constitutional restrictions limiting presidents to two terms.

Speaking to reporters in the Oval Office on Monday, Trump claimed that Americans want him to run again. When asked about the possibility of a third term, he responded, “People are asking me to run. I don’t know. I never looked into it. They do say there’s a way you can do it, but I don’t know about that.”

Trump also entertained the idea of a hypothetical election matchup against former President Barack Obama, who served two terms from 2009 to 2017. “That would be a good one, I’d like that,” he said.

His remarks follow comments made in an interview with NBC News on Sunday, where he insisted he was “not joking” about the possibility of seeking a third term.

Trump, 78, served as president from 2017 to 2021 and began his second term on January 20. However, the U.S. Constitution’s 22nd Amendment, ratified in 1951, explicitly prohibits any individual from being elected president more than twice. The two-term limit became an established tradition after George Washington declined to seek a third term in 1797.

Despite the constitutional restriction, Trump’s statements have fueled speculation about his political future and potential efforts to challenge the rule.

The Kremlin on Thursday accused European nations of pursuing militarisation rather than peace, as Western military leaders convened in Britain to discuss strategies for supporting Ukraine.

Spokesman Dmitry Peskov stated that European capitals were prioritising military expansion, saying, “Europe has embarked on a militarisation of itself and has turned into somewhat of a war party.”

The meeting, attended by around 30 military officials, is being led by UK Prime Minister Keir Starmer and French President Emmanuel Macron. Both leaders have expressed willingness to deploy peacekeepers to Ukraine following a ceasefire between Moscow and Kyiv, a proposal Russia has firmly opposed. Macron has also suggested discussions on extending France’s nuclear umbrella to the entire European Union.

The Kremlin’s criticism comes as European powers, including France and the UK, have moved to increase military spending since Donald Trump took office in January. Russia has increasingly directed its frustrations at Europe, accusing the EU and the UK of obstructing peace efforts in the ongoing Ukraine conflict.

Russian Security Council Secretary Sergei Shoigu described recent European statements as reflective of “the anti-Russian sentiment that reigns in Europe today.”

Moscow also criticised Berlin after German chancellor-in-waiting Friedrich Merz called for a significant boost in defence spending and described Russia’s actions as a “war of aggression against Europe.” Russian Foreign Ministry spokeswoman Maria Zakharova denounced the remarks, claiming they reflected a “desire for historical revenge” and asserting that Russia had no plans to attack Germany.

More than 400 people have been killed in Gaza as Israeli airstrikes intensified following the breakdown of ceasefire negotiations, the Hamas-run health ministry has reported.

The Israeli military described the strikes as targeting “terror sites” across Gaza, marking the most intense bombardment since the ceasefire began on January 19.

Prime Minister Benjamin Netanyahu’s office defended the renewed military action, stating that Israel would “act against Hamas with increasing military strength” due to the group’s “repeated refusal to release our hostages.” Israeli officials accused Hamas of rejecting multiple ceasefire extension proposals.

Hamas condemned the strikes, alleging they targeted “defenseless civilians,” and called on mediators to hold Israel “fully responsible” for “violating and overturning” the truce.

According to Israeli officials, 59 hostages remain in Gaza, with up to 24 believed to be alive.

A group representing the families of the hostages has criticized the Israeli government, accusing it of abandoning the captives by resuming military action instead of pursuing further negotiations.

The escalation has raised concerns over further casualties and destruction in Gaza, as international efforts to restore the ceasefire remain stalled.

Former U.S. President Donald Trump has escalated his efforts to end birthright citizenship by bringing the case before the Supreme Court.

Trump’s executive order, signed on his first day in office, seeks to revoke birthright citizenship for children of undocumented immigrants. However, federal district courts in Maryland, Massachusetts, and Washington state blocked the order.

The 14th Amendment to the U.S. Constitution guarantees citizenship to individuals born on American soil. In response to legal challenges, the Justice Department filed an emergency application with the Supreme Court, requesting a narrowing of the lower court injunctions. The department argued that these nationwide injunctions should only apply to the individual plaintiffs in the cases.

Acting Solicitor General Sarah Harris characterized the request as “modest,” emphasizing that the government is not seeking a ruling on the constitutionality of eliminating birthright citizenship at this stage.

“Those universal injunctions prohibit a Day 1 Executive Order from being enforced anywhere in the country,” Harris wrote in the filing. She urged the Supreme Court to limit the injunctions to the parties directly involved in the lawsuits.

Trump continues to face legal challenges across the country as he pursues measures to curb illegal immigration, cut government spending, and reduce the federal workforce.