Japanese Prime Minister Shigeru Ishiba on Thursday showed his determination to defend rules-based free and multilateral trade systems and take a leadership role to expand the Asia-Pacific trade group at a time of deepening tensions and divisions over U.S. tariffs and trade wars.

"High tariffs will not bring economic prosperity," Ishiba told a global forum in Tokyo. "A prosperity built on sacrifices by someone or another country will not make a strong economy."

The U.S. economy shrank at a 0.2% annual pace from January through March, the first drop in three years, as President Donald Trump's trade wars disrupted business, the government said Thursday in a slight upgrade of its initial estimate.

First-quarter growth was brought down by a surge in imports as companies in the United States hurried to bring in foreign goods before the president imposed massive import taxes.

Syria signed a $7 billion energy deal on Thursday with a consortium of Qatari, U.S. and Turkish companies as it seeks to rehabilitate its war-ravaged electricity sector.

The agreement was signed at the Syrian presidential palace in the presence of interim President Ahmad al-Sharaa and U.S. envoy for Syria Thomas Barrack. It is expected to generate 5,000 megawatts, covering half of the country's electricity needs.

Financial markets welcomed a U.S. court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law.

U.S. futures jumped early Thursday and oil prices rose more than $1. The U.S. dollar rose against the yen and euro.

Truck drivers in Iran blocked roads and ports Wednesday as part of their strike protesting low salaries, high insurance rates, and a possible hike in fuel prices.

The strikes, which began last Thursday in the southern port city of Bandar Abbas, one of the country's main transportation and shipping hubs, have now spread across Iran. The protests are slowly gaining steam, supported by prominent dissident voices, and could morph into more serious protests against the government.

A federal trade court on Wednesday blocked President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law. The ruling from a three-judge panel came after several lawsuits arguing Trump has exceeded his authority, left U.S. trade policy dependent on his whims and unleashed economic chaos.

At least seven lawsuits are challenging the levies, the centerpiece of Trump's trade policy. Tariffs must typically be approved by Congress, but Trump says he has the power to act because the country's trade deficits amount to a national emergency.

Germany will "do everything" to make sure the damaged Nord Stream 2 pipeline from Russia will not resume deliveries of natural gas to Europe, Chancellor Friedrich Merz said Wednesday.

Money-losing Japanese automaker Nissan is banking on its latest "e-Power" technology for a turnaround.

A kind of hybrid, e-Power comes equipped with both an electric motor and gasoline engine, much like the Toyota Motor Corp. Prius. It's different from a Prius in that it doesn't switch back and forth between the motor and engine during the drive.

European markets and U.S. futures jumped early Tuesday following a weekend trade truce between the E.U. and U.S. after Trump's threat late last week to tack on 50% imports from the trading bloc.

Futures for the S&P 500 climbed 1.5% before the bell, while futures for the Nasdaq rose 1.6%. Futures for the Dow Jones Industrial Average gained 1.4%. Those premarket gains were enough to wipe out all the losses from Friday when Trump went on his E.U. trade tirade.

Tesla sales across Europe plunged by half last month even as growth in the electric car market picked up pace, according to data released Tuesday.

The numbers are the latest indication of how much the Tesla brand is suffering because of the backlash against billionaire CEO Elon Musk over his far-right views.