U.S. Postmaster General Louis DeJoy has announced plans to cut 10,000 jobs and reduce the U.S. Postal Service (USPS) budget by billions, working in collaboration with Elon Musk’s Department of Government Efficiency (DOGE). The initiative, outlined in a letter to Congress on Thursday, also involves the General Services Administration in an effort to improve efficiency within the agency. DOGE will support USPS in tackling major operational challenges at the $78 billion-a-year organization, which has faced financial struggles in recent years. The agreement aims to streamline operations, including addressing mismanagement of retirement funds, the Workers’ Compensation Program, and various regulatory constraints that the letter describes as hindrances to “normal business practices.” “This initiative aligns with our ongoing reform efforts. While we have achieved significant progress, much more remains to be done,” DeJoy stated in the letter. However, critics argue that the proposed cuts could have severe consequences nationwide. Democratic Representative Gerald Connolly of Virginia, who received the letter, warned that DOGE’s involvement could undermine the Postal Service and push it toward privatization. “This surrender will have devastating effects on Americans—particularly those in rural and remote areas—who depend on USPS for essential services like mail, medication deliveries, and ballots,” Connolly said in a statement. Job cuts in tech sector spread, Microsoft lays off 10,000 USPS, which currently employs around 640,000 workers, plans to implement the job cuts within 30 days through a voluntary early retirement program, according to the letter. Neither USPS nor the Trump administration responded to requests for comment from The Associated Press. The postal agency had previously announced measures to reduce operating costs by more than $3.5 billion annually. In 2021, it eliminated 30,000 positions as part of broader cost-cutting efforts. Amid declining first-class mail volumes, USPS has struggled to remain financially viable while resisting calls for privatization, including proposals from former President Donald Trump to place the service under the Commerce Department’s jurisdiction. Brian L. Renfroe, president of the National Association of Letter Carriers, acknowledged the need for solutions to USPS’s challenges but opposed any moves toward privatization. “The Postal Service requires practical, common-sense solutions—not privatization efforts that jeopardize 640,000 jobs, 7.9 million related positions, and the universal mail service that Americans rely on daily,” Renfroe stated. DBS Bank to cut 4,000 jobs as AI replaces human roles DeJoy, a former logistics business owner and Republican donor, was appointed as postmaster general during Trump’s first term in 2020. His tenure has been marked by significant challenges, including the COVID-19 pandemic, increased mail-in voting, and efforts to mitigate financial losses through cost-cutting and service reductions. Source: With input from agency

With anticipation growing over President Donald Trump's upcoming tariff announcements, Wall Street opened lower on Thursday ahead of key inflation and jobless claims data. Futures for the S&P 500 dropped 0.4%, while Dow Jones Industrial Average futures declined 0.2%. Nasdaq futures also fell, sliding 0.5%. Canada and the EU swiftly retaliate against Trump's steel and aluminum tariffs Intel emerged as one of the biggest gainers overnight, surging more than 11% after appointing semiconductor industry veteran and former board member Lip-Bu Tan as its new CEO. Tan, 65, is set to take on the challenging role next week, over three months after former CEO Pat Gelsinger’s abrupt retirement amid Intel’s ongoing downturn. Conversely, American Eagle Outfitters saw an early decline despite surpassing fourth-quarter sales and profit expectations. The retailer noted that an “uncertain consumer and operating landscape” was dampening demand for the current quarter. Its cautious outlook concerned investors, leading to a 9% drop in shares before the market opened. Uncertainty has dominated recent market trends, with fluctuations occurring each time President Trump announces—or postpones—a new round of tariffs. The market has been unsettled as investors and economists attempt to assess the extent of economic strain Trump is willing to impose through tariffs and other measures. In response to Trump’s tariff decisions, the European Union, Canada, and China have introduced retaliatory tariffs of their own. Even if Trump opts for less aggressive tariffs, the impact may still be significant. The continuous cycle of tariff announcements and reversals has already begun eroding confidence among U.S. consumers and businesses by amplifying uncertainty. This could lead to reduced spending by households and companies, slowing overall economic growth. Asian markets slip despite Wall Street rebound amid trade war uncertainty Some U.S. businesses report that customer behavior has already begun to shift. Later on Thursday, new government data will be released regarding inflation at the wholesale level, along with a report detailing the number of Americans who filed for jobless benefits in the past week. In European markets, Germany’s DAX was down 0.4% by midday, while France’s CAC 40 rose 0.1%. Meanwhile, Britain’s FTSE 100 remained unchanged. Asian markets experienced broad declines as investors monitored developments in Trump’s trade policies. Hong Kong’s Hang Seng index fell 0.6% to 23,462.65, while the Shanghai Composite index slipped 0.4% to 3,358.73. Japan’s Nikkei 225, which initially gained, closed 0.1% lower at 37,790.03. South Korea’s Kospi inched down 0.1% to 2,573.64, while Australia’s S&P/ASX 200 declined 0.5% to 7,749.10. Elsewhere, Taiwan’s Taiex dropped 1.4%, India’s Sensex slipped 0.1%, and Bangkok’s SET edged up 0.1%.

Canada and the European Union responded quickly to President Donald Trump’s new tariffs on aluminum and steel imports, imposing hefty retaliatory measures on a wide range of U.S. products, from textiles and electronics to bourbon and motorcycles. Canada, the largest steel and aluminum supplier to the U.S., announced Wednesday that it would apply a 25% counter-tariff on steel products while also increasing duties on items such as tools, computers, display monitors, sports equipment, and cast-iron goods. Meanwhile, the EU plans to hike tariffs on American beef, poultry, whiskey, peanut butter, jeans, and motorcycles—targeting industries based in both Republican and Democratic strongholds. Economic Impact & Global ResponseThe retaliatory tariffs are expected to cost businesses billions, leading to either reduced profits or higher prices for consumers. “Prices will rise in both Europe and the United States, and jobs are at risk,” said European Commission President Ursula von der Leyen. “Tariffs are taxes. They hurt businesses and, even more, they hurt consumers.” The EU strategically targeted products from key U.S. states, affecting goods from Kansas and Nebraska (beef and poultry), Alabama and Georgia (wood products), and Illinois (soybeans). The European spirits industry has also been caught in the crossfire, with whiskey producers expressing concerns over the impact on their export markets. Could There Be a Trade Deal?Despite the escalating tensions, von der Leyen stated that the EU remains open to negotiations. Canada’s incoming Prime Minister Mark Carney also signaled a willingness to meet with Trump, provided there is mutual respect and a broader trade discussion. “The greatest economic and security partnership in the world can be renewed and relaunched—but only if we approach it comprehensively,” Carney said. Trump's 25% tariffs on all steel and aluminum imports go into effect The American Chamber of Commerce to the EU warned that continued tariff battles would harm jobs, economic growth, and transatlantic security, urging both sides to seek a resolution. A Familiar PatternThis is not the first time Trump has imposed steep tariffs on the EU’s steel and aluminum exports. Similar actions during his first term prompted European countermeasures, including higher tariffs on U.S. whiskey, peanut butter, and jeans. The EU’s response this time will occur in two phases: April 1: The bloc will reinstate tariffs that were previously in place between 2018 and 2020 but suspended under the Biden administration.April 13: Additional duties will be imposed on $19.6 billion worth of U.S. exports.EU Trade Commissioner Maroš Šefčovič, who traveled to Washington last month to discuss trade concerns, said the EU had tried to prevent escalation. “I argued against unnecessary measures and countermeasures,” he said, “but it takes two to negotiate.” Canada’s CountermeasuresAs of 12:01 a.m. Thursday, Canada has implemented 25% tariffs on steel imports worth CAD 12.6 billion (USD 8.7 billion) and aluminum imports worth CAD 3 billion (USD 2 billion). Additional U.S. goods totaling CAD 14.2 billion (USD 9.9 billion) will also face new tariffs, bringing the total to CAD 29.8 billion (USD 20.6 billion). These tariffs come on top of the CAD 30 billion (USD 20.8 billion) in countermeasures that Canada imposed on March 4 in response to previous Trump administration tariffs, which were delayed by a month. Steel Industry ConcernsThe European steel industry is bracing for significant losses. The EU could lose up to 3.7 million tons of steel exports, according to Eurofer, the European steel association. The U.S. is the EU’s second-largest export market for steel, accounting for 16% of total exports. Japan's trade minister fails to win US assurances on tariff exemptions Despite trade tensions, the EU and the U.S. maintain a robust economic relationship, with annual trade between the two totaling approximately $1.5 trillion—roughly 30% of global trade. While the EU enjoys a surplus in goods exports, it points out that the U.S. has a trade surplus in services, helping to balance the overall economic relationship. Source: With input from agency

Asian markets mostly declined on Thursday, even as Wall Street recovered following a positive update on U.S. consumer prices. U.S. futures edged lower, while oil prices remained relatively stable. Investor focus remained on trade tensions, particularly in China, where markets retreated as traders awaited further developments in former President Donald Trump’s trade policies. Hong Kong’s Hang Seng index dropped 0.7% to 23,426.80, while the Shanghai Composite index fell 0.4% to 3,357.02. Japan’s Nikkei 225, however, bucked the trend, rising 0.5% to 37,014.82. South Korea’s Kospi dipped 0.1% to 2,573.05, while Australia’s S&P/ASX 200 lost 0.4% to 7,756.10. Taiwan’s Taiex also fell 0.4%, and Thailand’s SET slipped 0.1%. India’s Sensex managed a modest 0.1% gain. Wall Street’s Mixed PerformanceOn Wednesday, the S&P 500 climbed 0.5% to 5,599.30 after fluctuating between gains and losses throughout the session. The index had briefly fallen more than 10% below its record high set last month. Asian markets mixed as DeepSeek boosts Chinese tech stocks The Dow Jones Industrial Average saw similar volatility, ultimately closing down 0.2% at 41,350.93, while the Nasdaq composite rose 1.2% to 17,648.45. A new U.S. inflation report showed consumer prices increased at a slower pace than expected last month, offering some relief to investors. AI Stocks ReboundStocks tied to artificial intelligence helped lead the market’s recovery. Nvidia surged 6.4%, trimming its losses for the year to 13.8%. Super Micro Computer, a server manufacturer, gained 4%, while GE Vernova, which supports AI data centers, advanced 5.1%. Tesla also rebounded, rising 7.6%—its first consecutive daily gains in nearly a month—after seeing its stock price more than halve since mid-December. Trade War FalloutDespite the broader rebound, more stocks in the S&P 500 fell than rose. Companies exposed to trade tensions suffered sharp losses. Brown-Forman, the maker of Jack Daniel’s whiskey, dropped 5.1%, while Harley-Davidson tumbled 5.7%. Both companies face European Union tariffs in retaliation for Trump’s 25% duties on steel and aluminum, which took effect earlier in the day. Canada also responded with tariffs on U.S. goods, including tools and sports equipment. “Tariffs are essentially taxes,” said European Union President Ursula von der Leyen. “They hurt businesses and consumers alike.” Asian markets are mixed after Wall Street edges back from its record The uncertainty surrounding Trump’s trade policies continues to weigh on investor sentiment. While some believe he may implement milder tariffs, the constant shifts in trade policy have already affected confidence among U.S. consumers and businesses. This uncertainty could lead to reduced spending, slowing economic growth. For instance, on Tuesday, Trump initially announced he would double tariffs on Canadian steel and aluminum but later reversed course after a Canadian province agreed to drop a retaliatory measure. Business ReactionsSome U.S. companies are already seeing shifts in consumer behavior. Delta Air Lines fell 3%, extending a 7.3% decline from the previous day after the airline reported weakening demand for last-minute bookings. Meanwhile, Casey’s General Stores, a convenience store chain based in Iowa, provided a bright spot. Its stock jumped 6.2% after posting stronger-than-expected earnings and revenue, driven by solid sales of hot sandwiches and fuel. The company also reaffirmed its revenue outlook for the year. Inflation & The FedThe latest inflation report arrives as concerns grow that Trump’s tariffs could drive prices higher by increasing costs for importers, which may be passed on to consumers. The Federal Reserve had been cutting interest rates last year to support the economy but has paused this year, partly due to persistent inflation worries. The latest data may influence the central bank’s next moves. Stock market today: Asian markets mostly higher after Biden-McCarthy deal on US debt Oil & Currency MarketsIn early Thursday trading, U.S. benchmark crude dipped 11 cents to $67.57 per barrel, while Brent crude, the global benchmark, slipped 5 cents to $70.90 per barrel. In currency markets, the U.S. dollar weakened to 147.88 Japanese yen from 148.25 yen, while the euro edged up slightly to $1.0889 from $1.0887. Source: With input from agency

The European Union announced Wednesday that it will impose retaliatory tariffs in response to the Trump administration’s decision to increase tariffs on steel and aluminum imports to 25%. These countermeasures, targeting industrial and agricultural products, will take effect on April 1. While the EU anticipated the U.S. tariffs and had prepared accordingly, the new measures have strained transatlantic relations, which were already under pressure. Just last month, the U.S. had warned Europe to take responsibility for its own security. The EU's retaliatory tariffs will cover U.S. goods worth around 26 billion euros ($28 billion), affecting not only steel and aluminum but also textiles, home appliances, and agricultural products. Britain, which is no longer part of the EU, has decided not to impose its own countermeasures but expressed disappointment over the U.S. decision to levy the tariffs. European Commission President Ursula von der Leyen stated that the EU’s countermeasures are proportionate to the U.S. tariffs. She emphasized that the EU remains open to negotiations, believing it is not in anyone’s interest to burden economies with tariffs amidst global economic and geopolitical uncertainty. Trump's 25% tariffs on all steel and aluminum imports go into effect The tariffs will affect a range of goods, including steel, aluminum, textiles, leather products, household items, plastics, wood, and agricultural products such as poultry, beef, seafood, nuts, eggs, sugar, and vegetables. Von der Leyen warned that the tariffs would lead to job losses and higher prices in both the U.S. and Europe, disrupting supply chains and creating economic uncertainty. European steel companies are already bracing for losses, with some estimates suggesting the EU could lose up to 3.7 million tons of steel exports, as the U.S. is the second-largest market for European steel. This latest round of tariffs follows similar actions during Trump’s first term, which also prompted the EU to impose countermeasures on U.S. goods like motorcycles, bourbon, and peanut butter. The EU and U.S. engage in trade worth approximately $1.5 trillion annually, representing about 30% of global trade. While the EU has a surplus in goods trade, this is partly offset by the U.S. surplus in services. Japan's trade minister fails to win US assurances on tariff exemptions Meanwhile, British Business Secretary Jonathan Reynolds reaffirmed the U.K.’s intent to engage with the U.S. on trade issues and keep all options open, suggesting that the country could impose its own tariffs if necessary to protect national interests. Prime Minister Keir Starmer’s government is working to negotiate a broader economic agreement with the U.S. to eliminate additional tariffs and support U.K. businesses.

 President Donald Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, promising that the taxes would help create U.S. factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown. Trump removed all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%. His moves, based off a February directive, are part of a broader effort to disrupt and transform global commerce. The U.S. president has separate tariffs on Canada, Mexico and China, with plans to also tax imports from the European Union, Brazil and South Korea by charging “reciprocal” rates starting on April 2. Trump told CEOs in the Business Roundtable on Tuesday that the tariffs were causing companies to invest in U.S. factories. The 8% drop in the S&P 500 stock index over the past month on fears of deteriorating growth appears unlikely to dissuade him, as Trump argued that higher tariff rates would be more effective at bringing back factories. “The higher it goes, the more likely it is they’re going to build,” Trump told the group. “The biggest win is if they move into our country and produce jobs. That’s a bigger win than the tariffs themselves, but the tariffs are going to be throwing off a lot of money to this country.” Japan's trade minister fails to win US assurances on tariff exemptions Trump on Tuesday threatened to put tariffs of 50% on steel and aluminum from Canada, but he chose to stay with the 25% rate after the province of Ontario suspended plans to put a surcharge on electricity sold to Michigan, Minnesota and New York. In many ways, the president is addressing what he perceives as unfinished business from his first term. Trump meaningfully increased tariffs, but the revenues collected by the federal government were too small to significantly increase overall inflationary pressures. Trump's 2018 tariffs on steel and aluminum were eroded by exemptions. After Canada and Mexico agreed to his demand for a revamped North American trade deal in 2020, they avoided the import taxes on the metals. Other U.S. trading partners had import quotas supplant the tariffs. And the first Trump administration also allowed U.S. companies to request exemptions from the tariffs if, for instance, they couldn’t find the steel they needed from domestic producers. While Trump's tariffs could help steel and aluminum plants in the United States, they could raise prices for the manufacturers that use the metals as raw materials. Moreover, economists have found, the gains to the steel and aluminum industries were more than offset by the cost they imposed on “downstream’’ manufacturers that use their products. At these downstream companies, production fell by nearly $3.5 billion because of the tariffs in 2021, a loss that exceeded the $2.3 billion uptick in production that year by aluminum producers and steelmakers, the U.S. International Trade Commission found in 2023. China’s foreign minister criticizes US tariffs and accuses the country of ‘meeting good with evil’ Trump sees the tariffs as leading to more domestic factories, and the White House has noted that Volvo, Volkswagen and Honda are all exploring an increase to their U.S. footprint. But the prospect of higher prices, fewer sales and lower profits might cause some companies to refrain from investing in new facilities. “If you’re an executive in the boardroom, are you really going to tell your board it’s the time to expand that assembly line?” said John Murphy, senior vice president at the U.S. Chamber of Commerce.

Japan’s trade minister said this week that he has failed to win assurances from U.S. officials that the key U.S. ally will be exempt from tariffs, some of which take effect on Wednesday. Yoji Muto was in Washington for last ditch negotiations over the tariffs on a range of Japanese exports including cars, steel and aluminum. Muto said Monday in Washington that Japan, which contributes to the U.S. economy by heavily investing and creating jobs in the United States, “should not be subject to” 25% tariffs on steel, aluminum and auto exports to America. His meetings with U.S. Commerce Secretary Howard Lutnick, U.S. Trade Representative Jamieson Greer and White House economic advisor Kevin Hassett came just two days before the steel and aluminum tariffs are due to take effect. President Donald Trump has also said a possible 25% tariff on imported foreign autos could take effect in early April. Muto said the U.S. officials acknowledged Japanese contributions and agreed to continue talks, but did not approve his request for Japan's exemption from the steep import duties. “We did not receive a response that Japan will be exempt,” Muto told reporters. “We must continue to assert our position.” Nissan tests driverless cars on busy Japan city streets As Trump's tariff threats have triggered tensions and vows of retaliation from Canada, Mexico and China, Japan has been working to firm up ties with other countries. Last week, the foreign and trade ministers from Japan and Britain gathered in Tokyo for their first “two-plus-two” economic dialogue. They agreed to stand up for “fair, rules-based international trade,” though nobody directly mentioned Trump. Japan depends heavily on exports and the auto tariffs would hurt, because vehicles are its biggest export and the United States is their top destination. “Clearly companies in Japan are very concerned,” said Rintaro Nishimura, political analyst and associate at Japan Practice of The Asia Group. “Obviously the auto is the crown jewel for Japan, especially in the context of these tariffs." He says they are concerned also because the Trump administration is carrying it out in just two months after taking office. Trump also has criticized Japan’s contributions to the two countries’ mutual defense arrangements, adding to tensions with Tokyo. Muto said the two sides agreed to keep discussing to find ways to establish a “win-win” relationship that would serve national interests of both countries. Japan, Unicef sign $ 3.3mn deal to strengthen assistance for Rohingya children The two sides also discussed energy cooperation, including joint development of liquefied natural gas reserves in Alaska, which Trump and Prime Minister Shigeru Ishiba agreed on during Ishiba's visit to the White House in February.

The U.S. stock market's downturn deepened on Monday as Wall Street speculated on how much economic strain President Donald Trump is willing to endure through tariffs and other policies to achieve his objectives. The S&P 500 fell 2.7%, bringing it nearly 9% below its all-time high set just last month. At one point, it was down 3.6%, heading for its worst day since 2022—when soaring inflation strained budgets and fuelled concerns about a recession that ultimately did not materialise. Bangladesh Bank halts exchange of new notes for Eid The Dow Jones Industrial Average dropped 890 points, or 2.1%, after recovering from an earlier loss of over 1,100 points, while the Nasdaq composite tumbled 4%. This marked the worst day yet in a volatile period where the S&P 500 has fluctuated by more than 1% in seven of the past eight sessions due to Trump's unpredictable tariff policies. The concern is that these sharp swings could either directly harm the economy or create enough uncertainty to push U.S. companies and consumers into economic stagnation. Signs of economic weakening have already emerged, primarily through surveys reflecting growing pessimism. Additionally, a widely monitored set of real-time indicators compiled by the Federal Reserve Bank of Atlanta suggests the U.S. economy may already be contracting. Asked over the weekend whether he foresaw a recession in 2025, Trump told Fox News Channel: "I hate to predict things like that. There is a period of transition because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing." He then added, "It takes a little time. It takes a little time." Trump aims to bring manufacturing jobs back to the U.S., citing this as one of the reasons for his tariff policies. His Treasury Secretary, Scott Bessent, has also indicated that the economy may undergo a "detox" period as it adjusts to reduced government spending. The White House is seeking to curb federal expenditures, cut the federal workforce, and increase deportations—moves that could impact the labour market. For now, the U.S. job market remains stable, and the economy ended last year on solid footing. However, economists are lowering their growth projections for this year. Goldman Sachs' David Mericle, for example, has reduced his estimate for U.S. economic growth in 2025 from 2.2% to 1.7%, largely due to the expectation that tariffs will be more extensive than previously forecasted. He sees a one-in-five chance of a recession within the next year, raising the probability only slightly because "the White House has the option to pull back policy changes" if economic risks "begin to look more serious." "Multiple forces are always at play in the market, but right now, almost all of them are secondary to tariffs," said Chris Larkin, managing director for trading and investing at E-Trade from Morgan Stanley. In response to the market decline, White House spokesman Kush Desai pointed out that numerous companies have responded to Trump's "America First" economic agenda with "trillions in investment commitments that will create thousands of jobs." On Monday, Trump met with tech industry CEOs, though the meeting was closed to the media. Remittance inflow surges amid forex reserve crisis The turbulence on Wall Street has been particularly damaging to some of its biggest players. Big Tech stocks and firms that benefited from the recent artificial intelligence boom have experienced sharp declines. Nvidia dropped another 5.1% on Monday, bringing its year-to-date loss to over 20%—a stark contrast to its nearly 820% surge over 2023 and 2024. Elon Musk's Tesla plummeted 15.4%, extending its 2025 decline to 45%. Initially, Tesla saw a post-election boost due to expectations that Musk's close ties with Trump would benefit the company. However, the stock has since slumped amid concerns that Musk’s brand has become too closely linked with the administration. Protests against the U.S. government's workforce reduction efforts and other policies have even targeted Tesla dealerships. Companies reliant on strong consumer confidence also took significant hits. Cruise operator Carnival fell 7.6%, while United Airlines dropped 6.3%. The sell-off has not been limited to stocks. Investors have also pulled back from other assets that previously seemed unstoppable, such as bitcoin. The cryptocurrency's value has fallen below $80,000, down from over $106,000 in December. Instead, investors have sought refuge in U.S. Treasury bonds, which are perceived as more stable during economic uncertainty. This has driven Treasury prices sharply higher, pushing down their yields. The yield on the 10-year Treasury fell again to 4.22% from 4.32% on Friday. Since January, when it neared 4.80%, yields have steadily declined as economic concerns have mounted—a significant shift for the bond market. Despite the uncertainty, Wall Street dealmaking has continued. Redfin's stock soared 67.9% after Rocket announced it would acquire the digital real estate brokerage in an all-stock deal valued at $1.75 billion. However, Rocket's stock fell 15.3%. ServiceNow declined 7.9% after the AI platform company revealed plans to acquire AI-assistant maker Moveworks for $2.85 billion in cash and stock. Overall, the S&P 500 lost 155.64 points to close at 5,614.56. The Dow Jones Industrial Average dropped 890.01 points to 41,911.71, while the Nasdaq composite fell 727.90 points to 17,468.32. Global markets also felt the impact, with European indexes largely declining after a mixed session in Asia. Hong Kong’s index dropped 1.8%, and Shanghai’s edged down 0.2% after China reported a decline in consumer prices for the first time in 13 months. This was the latest sign of weakness in the world’s second-largest economy, where persistently weak demand was compounded by the early timing of the Lunar New Year holiday.

Canada looks set to pick a measured former central banker to deal with the threats President Donald Trump's tariffs pose against a pillar of Western free trade. Mark Carney, 59, could become the next prime minister when the governing Liberal Party of Canada announces a replacement for Justin Trudeau in a leadership vote Sunday. The opposition Conservatives hoped to make the election about Trudeau, whose popularity declined as food and housing prices rose and immigration surged. Trudeau announced his resignation in January but remains prime minister until a successor is chosen. Election laws mandate a vote before October but one is expected sooner. Trump’s trade war and his talk of making Canada the 51st state have infuriated Canadians, who are booing the American anthem at NHL and NBA games. Some are cancelling trips south and many are avoiding buying American goods when they can. The surge in Canadian nationalism has bolstered the Liberal Party’s chances in Parliamentary elections that are expected within days or weeks, and Liberal showings have been improving steadily in opinion polls. After decades of bilateral stability, the vote on Canada’s next leader now is expected to focus on who is best equipped to deal with the United States. Who is Mark Carney? Carney navigated crises when he was the head of Canada’s central bank and when he became the first non-citizen to run the Bank of England since it was founded in 1694. Asian shares drop as investors brace for tariff uncertainty His appointment won bipartisan praise in Britain after Canada recovered from the 2008 financial crisis faster than many other countries. Carney is credited with keeping money flowing through the Canadian economy by acting quickly in cutting interest rates to their lowest level ever of 1%, working with bankers to sustain lending through the crisis and, critically, letting the public know rates would remain low so they would keep borrowing. And it wasn’t just that he had good policies — he sold them to the public in a way everyone could understand. He was the first central banker to commit to keep them at a historic low for a definite time, a step the U.S. Federal Reserve would follow. Carney has picked up one endorsement after another from Cabinet ministers and members of Parliament since declaring his candidacy in January. The other top Liberal leadership candidate is former Deputy Prime Minister Chrystia Freeland. Trudeau told Freeland in December he no longer wanted her as finance minister, but that she could remain deputy prime minister and the point person for U.S.-Canada relations. Freeland resigned shortly after, releasing a scathing letter about the government that proved to be the last straw for Trudeau. Three points turned the leadership race into a runaway for Carney. Freeland had a long association with the unpopular Trudeau. Carney worked hard to gather support from Liberal members of Parliament members. And Trump’s tariff fixation was also pivotal, said Nelson Wiseman, professor emeritus at the University of Toronto. “Liberal backbenchers feared losing their seats and knew that Carney was more electable as their leader than Freeland,” Wiseman said. What’s next for Canada? The Liberal Party members will pick a new leader in a secret vote by about 140,000 members that will be announced on Sunday. The new leader is expected to trigger an election shortly afterward. Either the new Liberal party leader will call one, or the opposition parties in Parliament could force one with a no-confidence vote this month. Daniel Béland, a political science professor at McGill University in Montreal, said Carney’s calm demeanor and outstanding resume make him a reassuring figure to many Canadians at a time when Trump is going after their country’s economy and sovereignty. Béland said that style and profile stands in strong contrast to the Conservative Party's Pierre Poilievre, whom he called a true career politician who has embraced a populist rhetoric not unlike Trump's. Poilievre, 45, for years the party’s go-to attack dog, is a firebrand populist who says he will to put “Canada first.” He attacks the mainstream media and vows to defund Canada’s public broadcaster and cut taxes. China's trade declines in Jan-Feb amid uncertainty “That works with his base but that is not welcomed by other Canadians, especially considering what the U.S. president is now saying about, and doing to, their country,” Béland said. Poilievre urged Trump on Friday stop the attacks on Canada and “the monthly melodrama that is hurting our economies on both side of the border."

Asian stock markets mostly declined on Friday, with Tokyo's benchmark falling by more than 2% following a sell-off on Wall Street. U.S. futures and oil prices saw an uptick, reports AP. Bitcoin was trading around $88,266, dropping 3.4% according to CoinDesk, after President Donald Trump signed an executive order on Thursday to establish a government bitcoin reserve, marking a significant step in the cryptocurrency's potential mainstream acceptance. China's trade declines in Jan-Feb amid uncertainty China's exports and imports for January-February were below expectations, with exports rising just 2.3% and imports dropping 8.4%. These figures typically account for distortions caused by the Lunar New Year holidays. U.S. stocks fell after President Trump granted another temporary delay to his 25% tariffs on goods imported from Mexico and Canada, highlighting the uncertainty these tariffs have created for the global economy. Investors showed less enthusiasm compared to the previous day's rally when Trump offered a one-month exemption for automakers. In Tokyo, the Nikkei 225 dropped 2.2% to 36,887.17 due to heavy selling in tech stocks. Shares of Tokyo Electron, a chipmaker, fell 3.1%, while testing equipment maker Advantest dropped 2.3%. Both saw sharp declines in their U.S.-listed stocks overnight. Hong Kong's Hang Seng index reversed early gains, falling 0.7% to 24,204.97, while the Shanghai Composite index dropped 0.3% to 3,372.55. In Australia, the S&P/ASX 200 fell 1.8% to 7,948.20, and South Korea's Kospi dropped 0.5% to 2,563.48 after a court ordered the release of impeached President Yoon Suk Yeol, who had been in jail since his arrest over a short-lived martial law declaration. Taiwan’s Taiex declined by 0.6%. India's Sensex remained nearly unchanged, while Bangkok’s SET index rose by 0.3%. On Thursday, U.S. stocks saw significant losses, with the S&P 500 falling 1.8% to 5,738.52, resuming its decline after a brief recovery from previous weeks. The Dow Jones Industrial Average dropped 1% to 42,579.08, and the Nasdaq composite fell 2.6% to 18,069.26, finishing more than 10% below its December record. Stock markets have been buoyed by hopes that Trump may be using tariffs as a negotiating strategy rather than a permanent policy, potentially avoiding a full-blown trade war. However, Trump is still pushing forward with other tariffs due to take effect on April 2, and the ongoing uncertainty surrounding these moves is amplifying concerns. U.S. businesses have reported "chaos" due to the confusion, while households brace for rising inflation. China’s foreign minister criticizes US tariffs and accuses the country of ‘meeting good with evil’ Next up for Wall Street is a report from the U.S. Labor Department on Friday detailing how many workers were hired last month. So far, a solid job market and strong consumer spending have helped prevent a recession, with economists predicting a rise in hiring for February. Semiconductor companies and their suppliers, which had soared due to the artificial intelligence boom, led the losses. Nvidia dropped 5.7%, and Broadcom fell 6.3% ahead of its earnings report. In other markets, U.S. benchmark crude oil rose by 44 cents to $66.80 per barrel, while Brent crude, the international standard, gained 47 cents to $69.93 per barrel. The U.S. dollar weakened to 147.54 yen from 147.98 yen. Rising labor costs in Japan have led to expectations that the Bank of Japan may raise its interest rate soon to tackle rising inflation. Marcel Thieliant of Capital Economics noted that Japan's trade unions are requesting a larger pay hike this year compared to last year’s spring wage negotiations, and he expects employers to comply. The euro rose to $1.0841 from $1.0786 after the European Central Bank cut interest rates on Thursday as expected.