ICYMI: Canada says response to 25% aluminium and steel tariff will be ‘clear and calibrated’; Hong Kong to file complaint with World Trade Organization over tariffs imposed on city
* Trump announces 25% tariffs on foreign steel and aluminium
In the City, quarterly profits at BP have fallen to a four-year low, as declining profit margins eat into earnings at its refinery operations.
BP’s underlying replacement cost profit, its definition of net income, dropped to $1.17bn in the fourth quarter of 2024, down from $2.99bn last year.
Compared with the third quarter 2024, the underlying result reflects weaker realized refining margins, higher impact from turnaround activity, seasonally lower customer volumes and fuels margins and higher other businesses & corporate underlying charge.
“They increase inflation … the interest rate doesn’t go down … tariffs don’t solve problems.”
“What the U.S. has to do is regain global leadership,” he said.
“It would be interesting if he did a sort of double play, let’s say on one side reduce the costs of certain things and on the other channel it toward investment.” Continue reading…
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