News Bytes

Trump announces 30% tariffs on EU, Mexico

Goods imported from both the European Union and Mexico will face a 30% US tariff rate starting August 1, US President Donald Trump said in letters posted to his social media platform on Saturday. The EU had hoped to reach a comprehensive trade agreement with the US for the 27-country bloc. Earlier this week, Trump issued new tariff announcements for a number of countries, including Japan, South Korea, Canada and Brazil, as well as a 50% tariff on copper.

Bavaria's fairy-tale palaces granted world heritage status

Bavaria's fairy-tale royal castles, including Neuschwanstein, Herrenchiemsee and Linderhof, have been added to the UNESCO World Heritage list, officials said on Saturday. The decision, made by the UNESCO World Heritage Committee during its 47th session in Paris, is recognising the architectural and cultural significance of King Ludwig II's 19th-century palaces. Construction began at Neuschwanstein in 1869, but the project was never completed, and building work halted when the Bavarian king died in 1886. The castle is now one of the most popular tourist sites in Germany, receiving roughly 1.4 million visitors per year. It inspired the Disney castle logo after Walt Disney visited in the 1950s.

Pak, Russia sign agreement to revive Pakistan Steel Mills project 

Pakistan and Russia have signed an agreement to restore and modernise the Pakistan Steel Mills project, marking a new chapter in cooperation between the two countries, according to media reports.  China was also in the race for getting the contract for the Pakistan Steel Mills (PSM) project that was originally built with Soviet assistance. The agreement to revive the PSM in Karachi was signed at the Pakistan Embassy in Moscow on Friday, state-run Associated Press of Pakistan (APP) reported. The project aims to restart and expand steel production, marking a new chapter in bilateral cooperation, the APP said.

Vizag Port to host second BIMSTEC conclave on July 14, 15

Visakhapatnam Port Authority (VPA) will host the second Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Ports conclave on July 14 and 15. Themed as ‘Navigating the Future: Blue Economy, Innovation & Sustainable Partnerships’, the two-day conclave will bring together ministerial delegations, port authorities, maritime experts and business leaders from BIMSTEC member countries, a release from the port said on Saturday. BIMSTEC member countries include India, Bangladesh, Bhutan, Myanmar, Nepal, Sri Lanka and Thailand.