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On August 22, Brazilian President Lula da Silva spoke by phone with US President Donald Trump on August 21, opposing the recent tariffs imposed by the US government on Brazilian goods. Following the call, Lula stated that the US tariffs on Brazil were "not only completely detached from reality, but also based on lies." Lula said that Brazilian and US trade officials would meet to discuss the tariffs. He stated that the US accusations of deforestation and forced labor in Brazil were completely unfounded. According to him, "Trump himself has acknowledged this and has instructed US Trade Representative Greer to contact Brazilian Minister of Development, Industry and Trade Marcio Rosa to finalize the meeting arrangements." On July 15, the Office of the US Trade Representative announced that it would impose a 25% tariff on some Brazilian products, effective July 22. On July 23, the Office of the US Trade Representative further imposed new tariffs of 10% to 12.5% on dozens of countries and regions, including Brazil, citing so-called "forced labor," to replace the expiring global import tariffs. On August 13, the Brazilian government announced that it had initiated procedures under the Economic Reciprocity Act to retaliate against the new tariffs imposed by the US government on Brazilian products.August 22 – According to the Iranian news agency IRNA, Iranian Armed Forces spokesman Akraminia stated: “The geopolitical awakening of the Iranian people is one of the achievements of the recent war, which has made the world more clearly see the sinister nature of the enemy, and the signs of American decline have become more apparent. The United States no longer has international prestige. Iran’s military strategy has shifted from defensive to offensive; any act of aggression will be met with an immediate response, and the scale of the response may well exceed the scale of the aggression itself. We have also seen Saudi Arabia, Turkey, and Pakistan establish a defensive security mechanism independent of the United States. Regardless of how effective this security mechanism may be in the future, as it stands, it demonstrates the decline of the United States’ position in the region and is the first defensive security mechanism in the region without US participation.”August 22 – The 35th International Joint Conference on Artificial Intelligence (ICAI) and the European Conference on Artificial Intelligence (ECAI) concluded on August 21 in Bremen, Germany. Several international experts attending the conference stated that Chinas artificial intelligence has made rapid progress in various fields of research and industrial application in recent years, with areas such as robotics and large language models reaching global leadership. Judging from the paper submissions and research topics at this conference, Chinese research teams have shown significant participation in many sub-fields of artificial intelligence. Professor Calvanese of the Free University of Bolzano, Italy, who was responsible for the conferences academic agenda and paper review, noted that China received the most submissions at this conference, with extensive participation in areas such as machine learning, computer vision, and robotics.On August 22nd, Xiongan New Area held its 2026 100-Day, 10-Million-Job Recruitment Campaign and a special job fair for relocation services. The event focused on core needs such as the relocation and development of businesses and the employment of their accompanying family members, precisely establishing a service platform to address the housing concerns of relocated personnel and promote talent attraction and high-quality development in the New Area. This event extended employment services to neighborhood centers, creating a "doorstep" job-seeking platform. Focusing on key industries and relocation support services in the New Area, it organized over 30 employers, including Sinochem Digital Technology, China Datang Digital Technology, and China Xiongan Group, to recruit talent offline, offering over 600 job openings to meet diverse employment needs. On-site activities included skills demonstrations, job search guidance, and introductions to supporting living services in the New Area.Ontario Premier: Fully supports Carneys tariff retaliation plan.

Oil Hits A Two-month High Due to Tight Supplies, And The EU Wants to Ban Russian Crude

Haiden Holmes

May 30, 2022 11:16

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On Thursday, oil prices rose almost 3 percent to a two-month high on concerns of tight supply ahead of the U.S. summer driving season, as the European Union (EU) squabbled with Hungary over plans to prohibit petroleum imports from Russia in response to its invasion of Ukraine.


Traders also observed that oil prices tracked a rise in equities and a weakening of the U.S. dollar versus a basket of currencies, which makes oil more affordable when purchased in other currencies. 


Brent (LCOc1) futures increased $3.37, or 3.0%, to $117.40 per barrel, while U.S. West Texas Intermediate (WTI) oil advanced $3.76, or 3.4%, to $114.09.


Brent reached its highest level since March 25 after six consecutive days of gains. WTI had its highest close since May 16.


Edward Moya, a senior market analyst at the data and analytics firm OANDA, said, "Crude prices increased because a tight oil market was expected to persist given that the start of the summer driving season would put U.S. stockpiles on a downward trend."


A significant weekly reduction in U.S. oil stocks, as announced on Wednesday, provided support for prices. 


"The underlying background... is becoming price supportive... and will become even more optimistic once all parties embrace EU sanctions on Russian oil sales," PVM Oil's Tamas Varga said.


President of the European Council Charles Michel is convinced that an agreement can be reached prior to the council's next meeting on May 30.


As EU penalties require unanimity of support, Hungary remains an obstacle. Hungary is requesting approximately 750 million euros ($800 million) to modernize its refineries and expand a Croatian pipeline.


Even in the absence of an official prohibition, there is significantly less Russian oil accessible since customers and trading houses have avoided purchasing from the country.


According to Deputy Prime Minister Alexander Novak, Russia's oil production should decrease to 480-500 million tonnes this year from 524 million tonnes in 2021, as reported by the state-run news agency RIA.


OPEC is expected to adhere to last year's agreement to increase July output targets by 432,000 barrels per day, six OPEC sources told Reuters, rebuffing Western calls for a faster increase to control prices. OPEC will meet on June 2 and is expected to adhere to last year's agreement to increase July output targets by 432,000 barrels per day.


Other factors also support the price of oil.


Sugandha Sachdeva, vice president of commodities research at Religare Broking, said, "Shanghai is set to reopen after a two-month lockdown, while the U.S. peak driving season begins with the Memorial Day weekend." On Monday, the United States observes Memorial Day.


The U.S. government seized an Iranian oil shipment held on a Russian-operated ship in Greece and will transport the shipment to the United States aboard a different vessel.


Britain, meanwhile, imposed a 25 percent windfall tax on the earnings of oil and gas firms, along with a $18.9 billion ($15 billion) support package for those struggling to pay their energy bills.


Hungary announced increased "excess earnings" taxes of 800 billion forints ($2.19 billion) on banks, energy industries, and other businesses.

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