United States President Donald Trump announced on Wednesday a 25% tariff on “all cars” manufactured outside the United States, with implementation set for April 2, coinciding with the previously declared metal tariffs. “This is the beginning of Liberation Day in America,” Trump restated from the Oval Office noting that he would hold a press conference on April 2. “What we are going to be doing is a 25% tariff on all cars that are not made in the US. If they are made in the US there’s absolutely no tariffs.” He then signed the executive directive. He also indicated that his administration is exploring tax deductions on car loan interest for domestically produced vehicles. Trump stated that the automotive tariffs would be “permanent” and that while reciprocal duties would apply to all nations, they would remain “lenient.”
Oil Prices Rise as the EIA Reports a Decline in Crude and Product Inventories
- U.S. crude oil inventories decreased by 3.3 million barrels during the week ending March 21, according to the EIA.
- Gasoline inventories also decreased by 1.4 million barrels, while distillate inventories fell by 400,000 barrels.
- The decrease in crude oil inventories contributed to an increase in crude oil prices, with Brent and WTI benchmarks rising.
Crude oil inventories in the United States saw a decrease of 3.3 million barrels during the week ending March 21, according to new data from the U.S. Energy Information Administration released on Wednesday. Crude oil prices were trading up prior to the crude data release by the U.S. Energy Information Administration after the American Petroleum Institute (API) reported on Tuesday a draw of 4.6 million barrels in U.S. crude oil inventories amid a strong gasoline draw. The Brent benchmark was trading up 0.88% at 9:39 a.m. ET at $73.66—a roughly $3 per barrel increase over this same time last week. The WTI benchmark, meanwhile, was trading up 0.84% at $69.58—just shy of a $3 per barrel rise over last week’s levels. For total motor gasoline, the EIA estimated that inventories decreased 1.4 million barrels for the week to March 21, with production averaging 9.2 million barrels daily. This compares with an inventory decrease of 500,000 barrels for the previous week and an average daily production of 9.6 million barrels. For middle distillates, the EIA estimated another inventory decrease, this time of 400,000 barrels, with production decreasing to an average of 4.5 million barrels daily. This compares to an inventory dip of 2.8 million barrels in the week prior, when production stood at an average of 4.6 million barrels daily. Distillate inventories are now 7% below the five-year average for this time of year. Total products supplied over the last four weeks were down week over week, averaging 20.2 million barrels per day—a 0.5% increase over this time last year. Distillate products supplied over the last four weeks are up 1.8% compared to this time last year, while gasoline products supplied were down 0.2% from same period last year.
EU: Russia must withdraw before sanctions are lifted
A European Union spokesperson insisted on Wednesday that one of the prerequisites for lifting sanctions against Russia is its withdrawal from Ukrainian territory and the end of its “unprovoked and unjustified aggression” against Ukraine. Moscow claimed yesterday that the United States agreed to ease some sanctions imposed after Russia invaded Ukraine in 2022 in return for a partial ceasefire and the re-establishment of the Black Sea Grain Initiative. The US did not release details of the agreement but the White House said the Trump administration will help restore Russia’s access to “the world market for agricultural and fertilizer exports, lower maritime insurance costs, and enhance access to ports and payment systems for such transactions.”
IDF says it struck ‘remaining military capabilities’ at pair of Syrian airbases
Syrian airbases are struck by the IDF as the IDF continues ground operation in Gaza. Hamas releases a propaganda video of hostages Elkana Bohbot and Yoseph Haim Ohana in a sign of life. And Houthi terrorists continue attacks with ballistic missile aimed at central Israel last night. The Israeli army carried out strikes on targets at the Syrian airbases Palmyra and Tiyas (T4), the press service of the Israel Defense Forces (IDF) reports. In particular, the military struck the “remnants of military potential” at the Palmyra and Tiyas (T-4) airbases in Syria, a few days after similar strikes were carried out on these same airfield
Fresh US strikes reported in Northern Yemen
The United States has continued airstrikes in northern Yemen, with reports of at least 17 raids in Saada province. According to Houthi-affiliated Al Masirah TV, the attacks hit the city of Saada and surrounding areas. In addition to these strikes, the news outlet reported two airstrikes in the Al Sufyan district of Amran governorate. This escalation in tensions follows President Donald Trump’s large-scale strikes against the Houthis last week, which killed dozens and sparked increased US military action in the area.
Ukraine: Russia launched over 100 drones overnight
The Air Force of Ukraine’s Armed Forces announced on Wednesday in a post on Telegram that the Russian military launched a total of 117 drones of various kinds overnight. Out of these 117 unmanned aerial vehicles (UAVs), 56 were shot down by the Ukrainian army across the country. Meanwhile, 48 drones failed to reach their targets. “Sumy, Dnipropetrovsk, Kirovohrad and Cherkasy regions were affected by the Russian attack,” Ukraine detailed. The strike comes as Kiev and Moscow agreed a day earlier to halt attacks on each other’s energy infrastructure, entering a partial ceasefire
.Russia downs 9 drones overnight
Russian forces destroyed nine Ukrainian unmanned aerial vehicles (UAVs) overnight, according to the Russian Ministry of Defense.Of the nine, five were downed over the region of Belgorod, two over the region of Kursk and two were intercepted over the Black Sea.
US: Russia, Ukraine agree to ban strikes on energy sites…. Zelensky says Ukraine to begin partial ceasefire immediately
The White House published an outcome document on Tuesday following expert-level talks with the Russian and Ukrainian delegations in Riyadh to reveal that both parties agreed to refrain from military strikes on energy infrastructure. According to the wording, the agreement was done in line with presidential-level discussions between United States President Donald Trump and his Russian and Ukrainian counterparts, Vladimir Putin and Volodymyr Zelensky. Both Moscow and Kiev undertook to “develop measures” for implementing the deal to ban strikes against energy facilities in their territories, as previously agreed upon in President Trump’s respective conversations with both leaders. All three countries also committed to continue working toward achieving a durable and lasting peace in the country while welcoming “the good offices of third countries” to support the implementation of the energy and maritime agreements.
Zelensky says Ukraine to begin partial ceasefire immediately
Ukrainian President Volodymyr Zelensky announced on Tuesday the start of a partial ceasefire effective immediately. The decision follows the White House’s release of the agreements made after the bilateral talks held in Riyadh, Saudi Arabia, from March 23 to 25. According to Zelensky, under the new understanding, neither side will be allowed to use weapons against energy infrastructure. Nevertheless, if Moscow violates the ceasefire, he will ask US President Donald Trump to impose new sanctions and provide weapons. “I have questions about how all of this will be implemented. Of course, once our team returns, I want more details,” Zelensky told a press conference, adding that “there is no trust in the Russians here, but I believe we will be constructive … and will do our part in implementing the agreements from the Ukrainian- American meeting,” he concluded.
nn: this has as much a chance of working as hitting a monkey on a swing with a snow ball in a blast furnace
US copper futures hit all-time high amid US tariff fears
US copper futures surged to a record high Tuesday, fueled by fears of incoming tariffs under President Donald Trump’s administration and supply disruptions in Chile. Prices on New York’s Comex exchange reached $5.2055 per pound, surpassing the previous May 2024 record of $5.199. The move followed news that Glencore Plc had halted shipments from its Altonorte smelter in Chile due to furnace issues. As of 9:45 am ET on March 25, copper futures for May rose 2.17%, trading at $5.2075 per pound.
nn: copper like gold are a upcoming short
Kremlin: No further US-Russia meetings planned
Kremlin spokesperson Dmitry Peskov said on Tuesday that there are currently no more meetings planned between officials from Russia and the United States following yesterday’s talks in Saudi Arabia. However, he said the two sides will remain in contact and that further meetings will be agreed upon. He added that Russian President Vladimir Putin has no plans to speak to US President Donald Trump but that a call can be arranged “quite quickly and efficiently” if needed. Peskov declined to provide details on the US-Russia talks in Saudi Arabia, stating that they were technical in nature and that they will first be analyzed by Washington and Moscow. He also said there were no discussions about a possible trilateral meeting between Russia, the US and Ukraine.
Israel to exert ‘maximum pressure’ on Hamas
Israel will exert “maximum pressure on Hamas in all possible ways,” an adviser to the Israeli Prime Minister Benjamin Netanyahy’s Office Dmitry Gendelman told Tass on Tuesday.”Israel will take all possible measures to free all our hostages and will exert maximum pressure on Hamas to ensure that all those kidnapped return home as soon as possible,” Gendelman stated. He made his remark in response to the Wall Street Journal (WSJ) report about alleged Israeli plans for a major ground offensive in Gaza. Moreover, it was also reported that the Israel Defense Forces (IDF) prepared a plan for a full occupation of the war-tor enclave.
nn: game on. this is known as hell to pay
Israel plans to conquer and occupy Gaza
Israel’s military drafted plans to “reconquer” Gaza in a renewed effort to defeat Hamas, according to a Financial Times report published Monday. Israel occupied the enclave for almost 40 years until 2005, after taking it in the 1967 war. The new proposal, formulated by the recently appointed Israel Defense Forces (IDF) Chief of Staff Eyal Zamir, has received unofficial backing from far-right ministers but still awaits formal approval from the nation’s security cabinet. The strategy calls for multiple IDF combat units to launch a new invasion of Gaza, eliminate Hamas, control major portions of the territory, and relocate its 2 million residents to the al-Mawasi so-called coastal humanitarian area. The IDF would then assume control of the besieged region, including distribution of aid to ensure Hamas would not benefit from it.