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Sign seen at a liquor store in B.C., Canada earlier this year.
How are major economies bracing for the impact of Trump tariffs?
As the world reels from Donald Trump's on-again off-again "Liberation Day" tariffs, nations are lining up tomake deals – but also scrambling to shield their economies from the fallout.
The EU has proposed a "zero-for-zero" tariff agreement on industrial goods. But the bloc is prepared to enact a 25% tariff on US products if negotiations falter, and is also considering deploying itsnew anti-coercion instrument, which enables a range of retaliatory measures including export controls, intellectual property restrictions, and foreign investment limits.
North of the US border, Canadaenacted 25% counter-tariffs on US vehicles. The revenue is earmarked to support Canadian auto workers harmed by the US tariffs. Canadian Prime Minister Mark Carney and Trump had also previouslyagreed that trade negotiations will take place after the Canadian election, scheduled for April 28.
Interest rate cuts. Countries including India, New Zealand and the Philippines slashed interest rates to cushion their economies, and South Koreaunveiled a $2 billion aid package for its auto sector. Many countries, including Australia, Spain and Canada, are also urging consumers tobuy domestic products rather than American goods.
China strikes back. China, for its part, countered the 145% US tariff with a 125% levy on American goods. Beijing is also looking to bolster domestic consumption through initiatives like Chinese e-commerce company JD.com's$27 billion procurement deal from Chinese firms. So far, however, Beijing has not moved to devalue its currency to support exports, as some expected it might.North Korea's leader Kim Jong Un visits a shipyard, in this photo released by North Korea's official Korean Central News Agency on March 8, 2025.
Kim Jong Un shows off North Korea’s first nuclear-powered sub
Cigarette in hand, and with the toothiest of grins, North Korean leader Kim Jong Un posed for photographs at a shipyard next to the makings of a “nuclear-powered strategic guided missile submarine.” The vessel appears to be a 6,000-ton-class or 7,000-ton-class one, with a payload of 10 missiles, in line with plans unveiled at the Hermit Kingdom’s 2021 party congress.
While “it will take more than still images to demonstrate a functioning nuclear-powered submarine,” according to Eurasia Group regional expert Jeremy Chan, “there is little doubt that Pyongyang is making real progress toward developing a weapon that only a handful of countries possess in their arsenals.”
Why tell the world? Like Kim’s visit last year to North Korea’s underground uranium centrifuges, the submarine story, which broke over the weekend, signals Kim’s plans for nuclear expansion. But it could also be a bargaining chip. “Kim could be seeking to extract concessions from Seoul and Washington in renewed negotiations with Trump and/or a progressive government in South Korea that are likely to kick off later in 2025,” says Chan.
Is Kim flaunting his links to Moscow? North Korea’s nuclear sub capabilities could enable Pyongyang to threaten US maritime assets including aircraft carriers – and be a sign that Russia is transferring military technology in return for Kim’s artillery and troop support in Ukraine.Han Duck-soo, now the acting South Korean prime minister, gives a speech during the opening ceremony of the AI Global Forum in Seoul, South Korea, on May 22, 2024.
South Korea: Guy who replaced the impeached guy gets impeached
This story gets wilder by the day. On Friday, less than two weeks after President Yoon Suk Yeol was stripped of his duties for attempting to impose martial law, the opposition impeached his successor, Yoon’s fellow People Party member Han Duck-soo.
Why? Yoon’s impeachment becomes official only when confirmed by the Constitutional Court. But at the moment three of the court’s nine seats are vacant, meaning a single dissenting vote would overturn Yoon’s removal.
The opposition Democratic party wanted acting president Han to appoint new justices, but he refused to do so unless it was part of a broader agreement between his party and the opposition. The opposition said this showed he was incapable of “upholding the constitution” and filed papers to impeach him.
Increasing tensions, National Assembly speaker Woo Won-shik announced that only 151 votes were needed to pass the impeachment vote — not 200 like they needed to impeach Yoon.
The measure passed with 192 votes on Friday, but it has prompted protests from ruling party lawmakers who say the impeachment vote was an “abuse of power” — and they, in turn, want the speaker to resign.
Once Han is officially notified by parliament of the impeachment, he will be suspended, and Finance Minister Choi Sang-mok is set to replace him.
So South Korea’s most bizarre and explosive political crisis in decades just got even weirder.
US Secretary of State Antony Blinken (left) and South Korean Foreign Minister Park Jin hold a joint press conference after their talks in Seoul on Nov. 9, 2023.
Blinken comes home, Biden gears up for Xi
US Secretary of State Anthony Blinken wrapped up a tour of Asian nations last week, as the United States worked to shore up support for its positions on issues including Russia’s war in Ukraine, China’s increased belligerence toward Taiwan, and the Israel-Hamas war in the Middle East.
On Thursday, Blinken met with South Korean officials including President Yoon Suk-yeol. The two countries reportedly aligned on their approach in the three arenas of conflict. According to South Korean intelligence reports, the matters are closely related. During a closed-door briefing to lawmakers last week, South Korea’s main spy agency said it believes that North Korean leader Kim Jong Un instructed officials to “comprehensively support” Palestinians and that the North could be considering selling weapons to terrorist organizations in the Middle East.
Then it was off to New Delhi, where Blinken and US Secretary of Defense Lloyd Austin met with their Indian counterparts and engaged on a host of issues including a diplomatic dispute between India and Canada over the alleged assassination by Indian forces of a Sikh separatist on Canadian soil, and increased hostilities on the border of India and China.
Blinken’s tête-à-têtes came on the heels of the G7 summit in Tokyo on Nov. 7 and 8, where Japanese and British defense ministers reiterated their preference for a two-state solution in the Middle East. The G7 later issued a joint statement that also condemned “destabilizing activities” by Iran and called on Tehran to de-escalate tensions in the region.
Blinken’s tour comes ahead of the first meeting between US President Joe Biden and Chinese President Xi Jinping in over a year, set for this week in San Francisco. While significant, expectations for agreement and action are low. “We’re not talking about a long list of outcomes or deliverables,” a senior administration official told reporters at a press conference last week. “The goals here really are about managing the competition, preventing the downside risk of conflict, and ensuring channels of communication are open.”
The two leaders’ agenda includes military communications, human rights, and the South China Sea. According to Eurasia Group Analyst Anna Ashton, much of the focus will be on Taiwan's presidential election, set for Jan. 13. “The candidate most likely to win based on current polling is Lai Ching-te, a member of the Democratic Progressive Party who draws support from Taiwan's most dedicated independence activists. That brings us to a second watchpoint in May, when Taiwan’s next president will be inaugurated,” says Ashton. And to another potential flashpoint for tensions between China and the US.
Workers carry boxes of bread loaves at a bakery in Beirut, Lebanon.
Hard Numbers: Lebanon’s bread crisis, US prices soar, Boris Johnson fined, Koreans start from zero
8.5: Prices for goods and services in the US have grown 8.5% over the past year, the largest annual increase since the early 1980s. Rising costs for food, housing, and fuel drove the increase, which is taxing households and shaping up to be a major problem for President Joe Biden and the Democrats as they head into midterm elections this fall.
50: British Prime Minister Boris Johnson and other top officials will be fined for breaking pandemic lockdown laws by holding parties at government buildings while ordinary Brits were prohibited even from visiting dying relatives in hospital. British authorities say more than 50 violations of the rules were confirmed.
1: Everyone in South Korea is about to get one year younger – on paper at least. To harmonize his country’s records with those in the rest of the world, president-elect Yoon Suk-yeol wants to do away with the current system in which South Koreans are aged “1” when they are born.
The two Koreas: Insights from veteran Korea correspondent Jean Lee
Veteran Korea correspondent and former AP Pyongyang bureau chief Jean Lee discusses the two Koreas with Ian Bremmer on GZERO World. From K-Pop supergroup BTS to Oscar-winner Parasite to Netflix global sensation Squid Game, South Korea seems to be churning out one massive cultural hit after another. And North Korea is taking notice.
Watch this episode of GZERO World with Ian Bremmer: The Korean Peninsula from K-Pop to Kim Jong-un
Subscribe to GZERO on YouTube to be the first to see new episodes of GZERO World with Ian Bremmer: https://bit.ly/2TxCVnY
South Korea's delicate US-China balancing act
South Korea is a close US ally, but also shares a border and does a lot of trade with China, so it's always walking a tightrope between Washington and Beijing. The South Koreans, says veteran Korea correspondent Jean Lee, are worried about growing US-China competition — but there's not much they can do about it. "We can't choose. We live next to China, we have lived next to China for millennia, but we are a staunch US ally," she explains. "I think there's no question that their loyalty lies with the United States, but it's very clear as well that so much of their financial future lies with China as well. Watch a clip of Lee's interview with Ian Bremmer on GZERO World.
Watch this episode of GZERO World with Ian Bremmer: The Korean Peninsula from K-Pop to Kim Jong-un
Subscribe to GZERO on YouTube to be the first to see new episodes of GZERO World with Ian Bremmer: https://bit.ly/2TxCVnY
Podcast: A tale of two Koreas with veteran Korea journalist Jean Lee
Listen: From K-Pop supergroup BTS to Oscar-winner Parasite to Netflix global sensation Squid Game, South Korea seems to be churning out one massive cultural hit after another. And North Korea is taking notice. This week, a tale of two very different Koreas. Jean Lee, former AP Pyongyang bureau chief and veteran Korea correspondent, speaks with Ian Bremmer on GZERO World.
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