Farmers and meat producers across the U.S. can expect the new tariffs on Mexico, Canada and China and the retaliatory action from those countries to hurt their bottom lines by billions of dollars if they stay in place a while, and consumers could quickly see higher prices for produce and ground beef.

But some of the impact on farmers might not be felt until the next harvest and some products might actually get cheaper in the short run for consumers if exports suffer. And the price of corn, wheat and soybeans accounts for relatively little of the price of most products. Plus, President Donald Trump could offer farmers significant aid payments, as he did during the trade war with China during his first administration, to offset some of the losses.

Chinese Foreign Minister Wang Yi said China will continue to retaliate for the United States' "arbitrary tariffs" and accused Washington of "meeting good with evil" in a press conference Friday on the sidelines of the country's annual parliamentary session.

Wang said China's efforts to help the U.S. contain its fentanyl crisis have been met with punitive tariffs, which are straining their ties.

Turkey's central bank lowered its key interest rate by a further 2.5 percentage points on Thursday, days after official figures indicated a slowdown in inflation that has eroded households' purchasing power.

The bank's Monetary Policy Committee said it was reducing its benchmark one-week repo rate from 45% to 42.5%.

International Monetary Fund staff will visit Lebanon next week to meet with the country's new government and begin addressing its economic woes, the Washington-based lender said.

Speaking to reporters in Washington, IMF communications director Julie Kozack said the March 10-14 "fact-finding" mission to Lebanon would address the country's economic development, and its reconstruction needs amid a fragile ceasefire between Israel and Hezbollah.

Ahead of the EU summit in Brussels, German Chancellor Olaf Scholz called on the European leaders to act jointly in responding to tariffs threatened by U.S. President Donald Trump.

He said that “Europe is the strongest economic area in the world with its own opportunities. And that is why it is very important that, especially when it comes to tariffs, we are also clear about how we act in this matter — namely united and determined.”

The Chinese government unveiled an annual economic growth target of "around 5%" on Wednesday, despite the possible negative impact of a looming trade war with the United States, and pledged to address what it called "inadequate" consumer spending at home.

The target, announced at the opening session of the annual meeting of China's legislature, is the same as the last two years but will likely be more difficult to achieve because of higher U.S. tariffs on Chinese products and other economic headwinds. The use of the modifier "around" gives the government some wiggle room if growth falls short of the target.

U.S. President Donald Trump's long-threatened tariffs are here, plunging the country into an escalating trade war with China, Canada and Mexico.

Trump's 25% tariffs on imports from Canada and Mexico went into effect Tuesday, along with a heightened 20% levy on Chinese goods. In response, all three countries announced retaliatory measures.

A new Central Bank governor will be named before the end of March to “secure the continuity of work at the bank,” Finance Minister Yassine Jaber has confirmed.

Tesla sales in Germany recorded another drop last month, official data showed Wednesday, after billionaire owner Elon Musk vocally backed the far-right AfD during the country's recent election campaign.

Just 1,429 of the US group's electric vehicles were registered in Europe's biggest auto market in February, down over 76 percent year-on-year, the KBA federal transport authority said.

Saudi Arabia's state-owned oil giant Aramco reported a $106.25 billion profit in 2024 on Tuesday, down 12% from the prior year as lower energy prices now squeeze the kingdom's multi-trillion-dollar development plans.

Already, Saudi's de facto ruler Crown Prince Mohammed bin Salman has been digging a straight-line city in the desert for his $500 billion project at NEOM in Saudi Arabia's western desert on the Red Sea. He also will need to build tens of billions of dollars' worth of new stadiums and infrastructure ahead of the kingdom hosting the 2034 FIFA World Cup.