The European Union on Monday said it is preparing "countermeasures" against the United States after the Trump administration's surprise tariffs on steel rattled global markets and complicated the ongoing wider tariff negotiations between Brussels and Washington.

EU Commission President Ursula von der Leyen and U.S. President Donald Trump agreed last week to "accelerate talks" on a deal, but that if those trade negotiations fail "then we are also prepared to accelerate our work on the defensive side," European Commission spokesperson Olof Gill told a press conference in Brussels.

President Donald Trump faces the challenge of convincing Republican senators, global investors, voters and even Elon Musk that he won't bury the federal government in debt with his multitrillion-dollar tax breaks package.

Oil prices rose sharply on Monday amid concerns about Russia's war in Ukraine and Iran nuclear talks, along with market relief that OPEC+ did not increase crude production as much as some had feared.

At around 1325 GMT, the U.S. benchmark barrel of West Texas Intermediate for July delivery was up 4.87 percent at $62.75, having briefly exceeded five percent. Brent North Sea crude for August delivery was up 4.51 percent at $65.61 a barrel.

Trading resumed on the Damascus Securities Exchange Monday after a six-month closure, as Syria's new leaders attempt to shore up the country's battered economy and begin rebuilding after nearly 14 years of civil war.

The stock exchange had closed during the chaotic days leading up to the ouster of former President Bashar Assad in a lightning rebel offensive.

China will resume Japanese seafood imports it banned in 2023 over worries about Japan's discharge of treated but slightly radioactive wastewater from the damaged Fukushima Daiichi nuclear power plant into the sea, a Japanese minister said Friday.

Agriculture Minister Shinjiro Koizumi said the agreement was reached after officials met in Beijing and the imports will resume once paperwork is complete.

Elon Musk is leaving Washington after a short but turbulent stint in government and getting back to his numerous businesses, each with their own set of issues for the billionaire to address.

Start with his electric car company Tesla. While how much Musk accomplished in his role as President Donald Trump's chief cost-cutter is up for debate, it's clear his association with right-wing politics damaged Tesla's brand and tanked sales.

A key U.S. inflation gauge slowed last month as President Donald Trump's tariffs have yet to noticeably push up prices, while American incomes jumped.

Friday's report from the Commerce Department showed that consumer prices rose just 2.1% in April compared with a year earlier, down from 2.3% in March and the lowest since September. Excluding the volatile food and energy categories, core prices rose 2.5% from a year earlier, below the March figure of 2.7%. Economists track core prices because they typically provide a better read on where inflation is headed.

Under the patronage of the Ministry of Economy and Trade, Beirut is set to host the inaugural edition of AUTOPARTS EXPO, Lebanon’s first dedicated exhibition for automotive parts and services. Scheduled to take place from June 3 to 5, 2025, the event marks a pivotal moment for a sector that impacts virtually every household, business, and driver in the country.

This specialized exhibition will bring together leading local and regional companies representing dozens of international brands in the field of spare parts: ranging from interior and exterior components, to batteries, lubricants, garage equipment, and more. It presents a unique opportunity for traders, business owners, mechanics, distributors, and automotive enthusiasts to explore the latest innovations, connect with certified agencies, and forge new commercial alliances.

The EU is "fully invested" in reaching a deal with the United States to avoid sweeping tariffs, the bloc's trade chief said Friday, after U.S. judges ruled the controversial measures were unconstitutional.

"Our time and effort fully invested, as delivering forward-looking solutions remains a top EU priority. Staying in permanent contact," EU trade commissioner Maros Sefcovic said on X after a call Thursday with U.S. Commerce Secretary Howard Lutnick.

South Korea's central bank cut its key interest rate and sharply lowered its growth outlook for the country's economy in 2025, as it moved Thursday to counter U.S. President Donald Trump's tariff hikes and weak domestic demand worsened by recent political turmoil.

Following a monetary policy meeting, the Bank of Korea cut its benchmark interest rate by a quarter percentage point to 2.5%. It was its fourth cut since October, when it began lowering borrowing costs for the first time in years to support a weakening economy. The bank slashed its 2025 growth outlook to 0.8%, nearly halving its previous projection of 1.5% announced in February.