Business
Markets React As Trump Revives Tariff Threats
Asian stocks showed mixed performance on Monday after U.S. President Donald Trump revived global trade tensions by threatening the European Union with sweeping tariffs, before pausing their implementation.
Trump announced plans to impose 50 new tariffs on EU imports starting June 1, citing stalled trade talks.
“Talks were going nowhere,” he said. He also warned that smartphone manufacturers could face 25% tariffs if their devices weren’t produced in the U.S.
READ ALSO: Trade War: China Strikes Back Wth 125% Tariffs On U.S. Goods
The announcement sent Wall Street and European markets tumbling on Friday.
However, sentiment in Asia partially recovered after Trump said Sunday that he would delay the EU tariffs until July 9, following a “very nice call” with EU Commission President Ursula von der Leyen.
He added that both sides would “rapidly get together and see if we can work something out.”
Tokyo, Shanghai, and Seoul rose on the news, while other key markets—Hong Kong, Sydney, Singapore, Wellington, Taipei, Manila, and Jakarta—remained in negative territory. The dollar also stayed under pressure following a drop on Friday.
Analysts say the White House’s abrupt moves are making it harder for investors to navigate policy direction.
“The consensus view was always that the 50 percent tariffs wouldn’t hold for long… most likely reduced towards 20 percent shortly after 1 June,” said Christ Weston of Pepperstone.
“But this action (Sunday) simply highlights that while tariffs will be helpful in keeping the US deficit in check, they are also a primary negotiation tool, where the initial gambit has been swiftly reduced.”
Ray Attrill of National Australia Bank added that “in what is an otherwise quiet week on the scheduled global data and events calendar… trade discussion look set to dominate the market landscape this week.”
Attention is now shifting to the release of minutes from the Federal Reserve’s latest policy meeting and Friday’s U.S. personal consumption expenditures (PCE) data — the Fed’s preferred inflation gauge.
According to Michael Hewson of MCH Market Insights, the Fed’s latest statement signaled growing concern: “Uncertainty about the economic outlook [is] increasing further, stating that the risks of higher unemployment and inflation have both risen.”
“This is a problem for the Fed’s dual mandate, given that these two items could move in the same direction when any policy response may well hinder one over the other,” Hewson explained.
“The biggest concern is likely to be the sharp drop in US consumer confidence levels in the last few months, however… this could quickly reverse if the US government begins to realise that its tendency to pick fights at every turn is doing more harm than good domestically.”
In corporate developments, Samsung shares rose over 1% in Seoul despite Trump’s tariff threat to smartphone makers.
In Tokyo, Nippon Steel rallied as much as 7.4% after Trump endorsed its $14.9 billion deal with U.S. Steel, calling it a “partnership” that would keep U.S. Steel headquartered in Pittsburgh and generate 70,000 new jobs along with $14 billion in economic value. U.S. Steel’s shares surged 21% on Friday, although details of the arrangement have yet to be released.
Market Snapshot (03:00 GMT)
- Nikkei 225 (Tokyo): +0.5% to 37,329.22
- Hang Seng (Hong Kong): –0.7% to 23,447.04
- Shanghai Composite: +0.1% to 3,352.76
- Dow Jones (New York): –0.6% to 41,603.07
- FTSE 100 (London): –0.2% to 8,717.97
Currency and Commodities
- Euro/Dollar: $1.1395 (from $1.1369)
- Pound/Dollar: $1.3564 (from $1.3535)
- Dollar/Yen: 142.55 (down from 142.57)
- Euro/Pound: 84.00p (from 83.96p)
- WTI Crude: +0.2% to $61.66/barrel
- Brent Crude: +0.2% to $64.91/barrel
The NNPC Foundation Limited/Gte, the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company Limited (NNPC Ltd), has won the CSR Champion Award (Health) 2025 instituted by the Independent Newspapers.
Biztellers reports that the award was presented during the Silver Jubilee edition of the Independent Newspapers Awards, themed “Game Changers: Breaking Barriers and Shaping Tomorrow,” held at Eko Hotel and Suites on Saturday, 18 April 2026.
The CSR Champion Award (Health) recognises the Foundation’s work in healthcare and its broader commitment to improving lives through social investment programmes spanning health, education, environment, and access to energy.Primary & Secondary Schooling (K-12)
The recognition follows a series of health initiatives delivered by the Foundation, including free cataract screening and surgeries that restored sight to over 6,000 Nigerians, including minors born blind; cancer and glaucoma interventions; medical outreaches to underserved communities; renovation and furnishing of three wards with 100 beds at the National Orthopaedic Hospital, Igbobi; partnership and sponsorship of heart surgeries; and provision of dental health accessories to children in special schools, among others.
The NNPC Foundation noted that these results were made possible through the leadership and support of the NNPC Ltd. Management team, whose commitment has continued to strengthen the Foundation’s capacity to deliver social investments across the country.
Reacting to the award, the Managing Director of NNPC Foundation, Emmanuella Arukwe, described the recognition as a validation of the Foundation’s work and the trust placed in it by Nigerians. She noted that the award means so much to the company because it represents the confidence Nigerians have placed in its work and the value they see in purposeful social investment.
“It speaks to the resilience of the communities we serve, the dedication of our team, and the strength of partnerships that have enabled us to do meaningful work in health, education, environmental sustainability and access to energy,” she added.
In addition, Arukwe noted that “these results have also been made possible through the leadership and support of the NNPC Ltd. Management team, whose backing has been instrumental to the success of the Foundation’s work. We receive this award with gratitude, and with a renewed sense of responsibility to do more and reach further across the country.”
The NNPC Foundation Limited/Gte remains committed to advancing health interventions that improve outcomes and contribute to national development.
The Nigerian National Petroleum Company Limited (NNPC Ltd), through its Research, Technology and Innovation (RTI) Division, in collaboration with the Petroleum Technology Development Fund (PTDF), has signed a Memorandum of Understanding (MoU) with Sonatrach, the Algerian National Oil Company, for cooperation in research, development, and innovation.
The agreement, signed by NNPC Ltd’s Executive Vice President, Business Services, Sophia Mbakwe, and Sonatrach’s Managing Director, Khodjah Mohamed, establishes a formal framework for joint work in research and technology exchange between the two national oil companies.
This was contained in the press statement issued on Thursday by Chief Corporate Communications Officer Mr. Andy Odeh.
According to the statement, the agreement, held during the opening ceremony of the 3rd Meeting of the African Petroleum Producers’ Organization (APPO) Forum for R&D Directors at the PTDF Tower in Abuja, Nigeria, brought together research and development directors from APPO member countries.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, represented by former Secretary General of APPO, Omar Farouk Ibrahim, said the forum was one of four measures introduced by APPO to address challenges from the global energy transition, which center on funding, technology, and markets.
“The R&D forum tackles technology and expertise needs, the African Energy Bank addresses funding constraints, and the Central African Pipeline System supports regional oil and gas market integration,” Lokpobiri stated.
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Earlier in his remarks, Group Chief Executive Officer, NNPC Limited, Engr. Bashir Bayo Ojulari, represented by the Company’s Chief Financial Officer, Adedapo Segun, said research and development must form a central part of the overall strategy in the African oil and gas industry.
He called for research and development centres to function as engines of industrial competitiveness. “Collaboration in research and development is of strategic importance. The cost of innovation might be high, but the cost of obsolescence would be greater,” he stressed.
Ojulari called for a unified strategic framework through which resources could be pooled, data integrated, and risks shared across member countries.
He further urged the rapid adoption of digital technologies, artificial intelligence, and advanced engineering to improve upstream, midstream, and downstream operations.
On his part, the APPO Secretary General, Farid Ghezali, urged African petroleum-producing countries to ensure research in the oil and gas sector produced solutions that are practical and directly relevant to the continent. “We must ensure that our research delivers solutions that are practical and of direct use to Africa,” he stated.
Also speaking, the Executive Secretary of the Petroleum Technology Development Fund (PTDF), Prof. Shu’aibu Shehu Aliyu, highlighted the value of the partnership between NNPC Limited and PTDF in supporting decarbonization and environmental protection efforts across APPO member countries.
Chief Innovation Officer of NNPC Research, Technology and Innovation and incoming Chairman of the APPO R&D Directors Forum, Rasheed Ojulari, said the forum would give immediate priority to joint programs in the core areas of upstream optimization, artificial intelligence, decarbonisation processes, and industrial systems development.
The Nigerian Gas Association (NGA), has opined that a predictable fiscal and regulatory environment are ingredients essential to de-risking investments and accelerating project delivery in the oil and gas sector.
This was detailed in a statement released by NGA at the end of its maiden Legal Forum emphasised that investor confidence will be shaped by the robustness of commercial and contractual structures across the gas value chain, strengthened contractual clarity, and efficient dispute resolution mechanisms.
In his opening address, President of the NGA, Aka Nwokedi, underscored the urgency of aligning Nigeria’s legal architecture with its strategic gas ambitions, noting that the sector’s next phase of growth will be defined by the strength, clarity, and credibility of its regulatory environment.
“Nigeria’s gas resources present a defining opportunity for economic transformation, but realising this potential will depend on building a legal framework that is transparent, predictable, and globally competitive”, he stated.
Discussions throughout the Forum reflected a clear and consistent theme: that Nigeria’s opportunity now lies in execution.
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While the Petroleum Industry Act (PIA) has established a transformative foundation for sector reform, participants emphasised that its true impact will be determined by disciplined implementation, regulatory coherence, and institutional alignment.
The need to eliminate ambiguity and strengthen enforcement emerged as central to unlocking sustained investment.
As global energy systems continue to evolve, the Forum reinforced natural gas as Nigeria’s most strategic lever for balancing economic growth, energy security, and emissions reduction. Participants highlighted that legal and regulatory frameworks must evolve accordingly, moving beyond policy intent to embed clear, enforceable standards on carbon management, ESG obligations, and sustainability.
“In an increasingly competitive global market, such clarity will be critical in attracting long-term capital.”
The Forum also acknowledged the policy direction of the administration of President Bola Ahmed Tinubu in advancing gas development through infrastructure expansion and increased domestic utilisation.
Stakeholders noted that sustained policy stability will serve as a critical signal to both domestic and international investors evaluating long-term opportunities in Nigeria’s gas sector.
Beyond its technical depth, the NGA Legal Forum marked an important step in bridging the longstanding gap between legal frameworks and industry realities, creating a structured platform for continuous engagement, practical alignment, and forward-looking policy development.
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