News from April 4, 2025 at 2 PM

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Week 14, 2025 News Review

Trump Tariffs Trigger Global Market Turmoil

US President Donald Trump's tariffs announced on April 2 triggered a plunge in global financial markets and drew condemnation from world leaders. Japanese Prime Minister Shigeru Ishiba termed it a 'national crisis' as Tokyo's stock market faced its worst week in years on April 4. JPMorgan raised the probability of a global recession by year-end to 60%. Mixed messages from the White House left uncertainty about whether the tariffs were permanent or a negotiation tactic, with Trump asserting they provide negotiation leverage. The tariffs, the highest in over a century, could significantly increase prices for US consumers. Companies like Stellantis and General Motors announced layoffs and plant closures. Canadian Prime Minister Mark Carney announced countermeasures, stating the global economy had fundamentally changed. China and the EU vowed retaliation, while France's President Macron called for suspending US investments. Other trading partners, including Japan, South Korea, Mexico, and India, held off on retaliation for now. IMF Managing Director Kristalina Georgieva warned of significant risks to the global outlook due to the tariffs.

Straits Times
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South Korea's President Yoon Impeached and Ousted

South Korea's Constitutional Court unanimously upheld the impeachment of President Yoon Suk Yeol on March 24, ousting him from office. This decision initiates a 60-day countdown for a presidential election to select a new leader. In the interim, Prime Minister Han Duck-soo has been reinstated as acting president. Acting Chief Justice Moon Hyung-bae stated that Yoon's declaration of martial law did not meet legal requirements and that sending troops to parliament to stop its reversal was illegal. Following the ruling, the Kospi index fell 1.66%, Kosdaq dropped 0.85%, and the South Korean won strengthened by about 1%. The Democratic Party hailed the decision as a 'people's victory,' while Yoon's People's Power Party 'humbly accepted' the court's ruling. South Korea's finance minister convened an emergency meeting with Bank of Korea governor Rhee Chang-yong and other financial officials to assess the economic impact. Yoon was impeached on December 14 after declaring martial law on December 3, which was subsequently overturned by parliament.

CNBC
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Myanmar junta chief attends regional summit as earthquake death toll rises

Myanmar's junta chief, Min Aung Hlaing, attended a regional summit in Bangkok on April 3, 2025, as the death toll from the earthquake that struck central Myanmar last Friday rose to 3,085 killed and 4,715 injured, with hundreds more missing and the toll expected to rise. His arrival in Bangkok, on the eve of the summit, was confirmed by a spokesman for the Myanmar army. Thailand, where the earthquake was felt and caused 21 deaths, proposed that the leaders issue a joint statement on the disaster. Many earthquake-affected areas in Myanmar have yet to be reached by authorities, suggesting the death toll figures may not be accurate. Since the quake, countries around the world have sent aid and rescue teams to Myanmar, but poor infrastructure and an ongoing civil war have complicated relief efforts. The junta announced a temporary ceasefire to expedite these efforts, after rejecting earlier proposals from armed ethnic rebel groups. On Tuesday night, the military opened fire at a Chinese Red Cross convoy carrying relief supplies, claiming the convoy refused to stop despite signals to do so.

BBC
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Hungarian Government Announces Withdrawal from International Criminal Court

The Hungarian government has announced its intention to withdraw from the International Criminal Court (ICC), with the process set to begin on Thursday as per constitutional and international legal frameworks. This decision comes after a visit by Israeli Prime Minister Benjamin Netanyahu, who received Hungary's support against the radical Palestinian movement Hamas. Netanyahu has been issued an arrest warrant by the ICC for war crimes and crimes against humanity in Palestine. Hungarian Prime Minister Viktor Orbán termed the decision 'absurd and shameful,' assuring Netanyahu of Hungary's non-compliance with the ICC's ruling. Hungarian Foreign Minister Peter Szijjarto had previously indicated Budapest's contemplation of ending cooperation with the international court, describing the ICC as a biased political instrument that has discredited the international judicial system. Hungary is the only EU country not participating in the ICC, alongside Russia, the United States, China, India, and Iran.

Tass
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Trump Admin Fires NSA, US Cyber Command Heads

The Trump administration has fired General Timothy Haugh, head of both the National Security Agency and US Cyber Command, along with his deputy Wendy Noble. Democrats are deeply disturbed by the move, citing national security risks. The reasons for the firings are unclear but follow a meeting between President Donald Trump and far-right activist Laura Loomer, who urged Trump to fire employees she deemed disloyal. Additionally, at least three officials at the White House National Security Council were sacked. The firings come after a controversy last month involving an NSC leak, which Gen Haugh testified about. Trump praised Loomer, stating he considers her recommendations.

BBC
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Trump Unveils $5M 'Gold Card'

On April 3, US President Donald Trump unveiled the first 'gold card', a residency permit priced at $5 million (approximately S$6.68 million), aboard Air Force One. Holding a prototype featuring his face and the inscription 'The Trump Card', the Republican President told reporters that the special visa would likely be available 'in less than two weeks'. He claimed to be the 'first buyer', calling it 'pretty exciting'. Trump previously stated that sales of this high-priced version of the traditional green card would attract job creators and could help reduce the US national deficit. The former real estate tycoon, who has prioritized the deportation of millions of undocumented migrants for his second term, said the new card would be a pathway to highly prized US citizenship. In February, he mentioned his administration's hope to sell 'maybe a million' of these cards and did not rule out the eligibility of Russian oligarchs.

Straits Times

Pentagon Probes Defense Secretary's Use of Signal

On April 3, the Pentagon's inspector-general's office announced an investigation into Defense Secretary Pete Hegseth's use of the unclassified commercial messaging app Signal to coordinate the sensitive March 15 US strikes on Yemen's Houthis. The inspector-general's office, in a memorandum to Hegseth, stated it would examine whether his use of Signal complied with Defence Department guidelines and if the information should have been classified. Hegseth has insisted no classified information was disclosed, despite the chat including precise airstrike timings and targeting details. The details were revealed last week by The Atlantic magazine after its editor-in-chief, Jeffrey Goldberg, was mistakenly included in the chat. Acting Inspector-General Steven Stebbins said the review will take place in Washington DC and at US Central Command headquarters in Tampa, Florida. The top Republican and Democrat on the Senate Armed Services Committee had requested an investigation into the messaging app's use last week.

Straits Times
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Russia Expels Moldovan Diplomats

The Russian Foreign Ministry announced on Friday that it is expelling three Moldovan diplomats in response to Moldova's expulsion of three Russian diplomats. Moldova expelled the Russian diplomats on Monday, accusing the Russian Embassy in Chisinau of orchestrating the escape of a pro-Kremlin lawmaker, Alexander Nesterovschii, to avoid imprisonment for illegal political funding. The Russian Foreign Ministry summoned Moldova's envoy, Lilian Darii, to protest the expulsion and declared three Moldovan embassy employees in Russia 'persona non grata.' The ministry insisted its embassy in Moldova acted in accordance with diplomatic conventions and denied any interference in Moldova's internal affairs. The pro-European government of Moldova, a former Soviet republic, has repeatedly accused Russia of meddling in its domestic politics, a claim Moscow denies. The latest diplomatic row centers around Nesterovschii, who was convicted of illegally channeling funds to a pro-Russian party and fled to the Russian embassy last month, shortly before being sentenced in absentia to 12 years in jail.

Straits Times

Ukraine and US Negotiate on Mining Agreement Date

According to an insider from the Ukrainian President's Office, as of April 3rd, Ukraine and the United States are still negotiating the specific date for talks on a mining agreement. Previously, US Treasury Secretary Janet Yellen announced that the Ukrainian delegation is scheduled to visit the United States this week or early next week for discussions on the mining agreement.

Huanqiu
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Week 14, 2025 News Review