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
As part of efforts to protect Nigeria’s oil revenues and energy infrastructure, the Nigerian Navy recently recovered approximately 22,870 litres of suspected illegally refined Automotive Gas Oil (AGO) in Rivers State.
It was gathered that the value of the seized petroleum product is put at about N39 Million.
The seizure, carried out under Operation Delta Sentinel, is part of an ongoing security intervention designed to disrupt illicit petroleum supply chains which the Navy says continue to undermine government earnings and legitimate operators in the oil and gas sector.
According to the Navy, personnel of Nigerian Navy Ship (NNS) SOROH acted on intelligence reports and intercepted a wooden boat transporting 36 sacks of suspected illegally refined diesel in the Orashi Forest area of Okolomade Community, Abua/Odual Local Government Area of Rivers State.
In a media statement, Director of Information, Nigerian Navy, Captain Abiodun Folorunsho, revealed that further aerial surveillance and ground searches uncovered an additional 45 sacks of the product concealed under vegetation and inside ponds, bringing the total recovery to 81 sacks containing about 22,870 litres of AGO.
Navy Captain Forunsho stated that the operation highlights the growing use of intelligence and surveillance technology by security agencies to tackle crude oil theft and illegal refining activities, which industry stakeholders say contribute significantly to production losses, environmental degradation and reduced government revenue.
According to him, disrupting the logistics networks supporting illegal refining operations is critical to improving transparency in the petroleum value chain and safeguarding investments in Nigeria’s oil-producing region.
“The recovered products and the wooden boat used for transportation were handled in line with established anti-crude oil theft procedures.
Meanwhile, the Chief of Naval Staff, Vice Admiral Idi Abbas, reaffirmed the commitment of the service to sustain intelligence-driven operations aimed at dismantling criminal networks involved in oil theft and protecting the nation’s strategic economic assets.
Business
Tanzania, Dangote Group Explore Multi-Billion-Dollar Investments in Infrastructure, Energy, Fertiliser
President Samia Suluhu Hassan of Tanzania has held high level talks with President and Chief Executive of Dangote Industries Limited, Aliko Dangote, on a major expansion of the Group’s investments in Tanzania.
Biztellers reports that the discussions focused on transport infrastructure, fertiliser production, power generation, ports and regional trade.
The meeting, held at the State House in Dar es Salaam, reaffirmed the long-standing partnership between Tanzania and the Dangote Group while opening discussions on a new phase of investments aligned with the country’s industrialisation and economic transformation agenda.
Speaking after the meeting, Dangote said Tanzania remains one of Africa’s most attractive investment destinations, noting that the Group had identified several strategic sectors capable of delivering significant economic value.
“We have identified areas that can deliver significant value for Tanzania, and we are ready to work together to develop them for our mutual benefit,” he said.
The discussions covered a broad range of projects, including port development, the construction of a 40-kilometre concrete access road to support port operations, development of a special trade zone, a proposed 2,000-megawatt coal fired power plant, a urea fertiliser plant and transport infrastructure linking Mtwara with Mbamba Bay in southern Tanzania.
Dangote also explained the commercial and technical considerations behind the Group’s decision to locate its planned East African refinery in Lamu, Kenya, while extending an invitation to the Government of Tanzania to participate in the investment.
President Samia welcomed the Dangote Group’s continued confidence in Tanzania and directed relevant ministries and government agencies to commence detailed technical discussions on the proposed investments in line with the country’s legal, policy and development priorities.
She also appointed the Minister of Planning and Investment to coordinate the strategic partnership with Dangote Industries Limited, with both sides expected to begin formal negotiations in the coming days.
A Tanzanian government delegation led by the Minister is expected to visit Nigeria to advance discussions and develop implementation frameworks for the proposed projects.
According to a statement from the Directorate of Presidential Communications, the Government remains committed to strengthening partnerships with the private sector as part of efforts to mobilise productive investment, accelerate industrialisation, promote technology transfer, and create sustainable employment opportunities.
ALSO READ: FG Working with Petrol Marketers, Regulators on Appropriate Fuel Pricing – Oyedele
Dangote Industries already operates one of Tanzania’s largest industrial investments through its US$500 million cement plant in Mtwara, which has an annual production capacity of three million tonnes and supplies both the domestic market and neighbouring countries.
The latest engagement deepens the partnership between Tanzania and the Dangote Group and reinforces the company’s position as one of Africa’s leading private sector investors driving regional industrialisation, infrastructure development, and economic integration.
The federal government has applauded the timeliness of Lee Engineering & Construction Company Limited, the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders handling the Escravos-Lagos Pipeline System (ELPS) Midline Compressor Project.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, gave the commendation during an inspection tour of the ELPS Midline Compressor Stations at Ologbo and Okada in Edo State, where he expressed satisfaction with the pace of work and urged all parties to sustain the momentum towards the successful completion and commissioning of the facilities.
Ekpo, who was accompanied by the Executive Vice President, Gas, Power and New Energy at NNPC Limited, Olalekan Ogunleye, and the Chairman of Lee Engineering & Construction Company Limited, Chief Leemon Ikpea, said the project remained central to the federal government’s drive to expand critical gas infrastructure and deepen domestic gas utilisation.
On his X handle yesterday, the minister stressed that strategic investments in gas transportation infrastructure were essential to unlocking economic growth, improving energy security and supporting Nigeria’s industrialisation agenda,
“Ekpo expressed satisfaction with the progress recorded and commended NNPC Limited, Lee Engineering and all project stakeholders for maintaining the project’s delivery timeline. He urged them to sustain the current momentum to ensure the successful completion and commissioning of the facilities as scheduled.
“The minister reaffirmed the federal government’s unwavering commitment to expanding Nigeria’s gas infrastructure, noting that strategic investments in gas transportation infrastructure are critical to unlocking economic growth, enhancing energy security and deepening domestic gas utilisation,” he said.
According to the minister, the completion of the ELPS Midline Compressor Stations will significantly increase gas pressure along the Escravos-Lagos Pipeline System, thereby boosting the volume of gas transported to industries, commercial users and power generation plants across Lagos and other parts of western Nigeria.
He noted that the project would improve the reliability of gas supply to critical sectors of the economy while supporting the government’s objective of ensuring adequate gas availability for domestic consumption.
Ekpo reiterated his belief in those handling the project despite its technical complexity, urging them to sustain the current pace until the facilities are completed and commissioned.
The minister highlighted the federal government’s commitment to expanding Nigeria’s gas infrastructure, describing it as a key pillar for achieving sustainable economic growth and strengthening the country’s energy security.
The ELPS Midline Compressor Project is one of the major upgrades to Nigeria’s domestic gas transmission network as efforts intensify to complete one of Nigeria’s most strategic gas infrastructure projects.
With the ELPS II expansion doubling the pipeline’s nameplate capacity from about 1.1 billion standard cubic feet of gas per day to approximately 2.2 billion standard cubic feet per day, the installation of the midline compressor stations is expected to maximise utilisation of the existing infrastructure by increasing operating pressure along the pipeline.
The compressor project is designed to enable the existing network to transport significantly larger gas volumes without laying another transmission line.
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According to the latest progress report submitted by the Nigerian Gas Infrastructure Company (NGIC) to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), construction was 92.7 per cent complete in January 2026 and reached 94.88 per cent in May 2026.
Once operational, the compressor stations are expected to improve gas delivery to thermal power plants, cement manufacturers, fertiliser producers and other major industrial consumers that depend on the ELPS for their energy needs.
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ELPS Project: FG Applauds Lee Engineering, NNPC Ltd, Others
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