deals

U.S. President Donald Trump on Monday warned countries against backing away from recently negotiated trade deals with the U.S. after the Supreme Court struck down his emergency tariffs, saying that if they did, he would hit them with much higher duties under different trade laws.

Trump, in a series of social media posts, said he also may impose license fees on trading partners as uncertainty over his next tariff moves gripped the global economy and sent stocks lower.

“Any Country that wants to ‘play games’ with the ridiculous supreme court decision, especially those that have ‘Ripped Off’ the U.S.A. for years, and even decades, will be met with a much higher Tariff, and worse, than that which they just recently agreed to. BUYER BEWARE!!!” Trump wrote on Truth Social.

Trump said that despite the court’s decision to invalidate his tariffs under the International Emergency Economic Powers Act (IEEPA), its decision affirmed his ability to use tariffs under other legal authorities “in a much more powerful and obnoxious way, with legal certainty, than the Tariffs as initially used.”

He suggested that the U.S. could impose new license fees on trading partners but did not provide further details. A spokesperson for the U.S. Trade Representative’s office did not immediately respond to requests for comment on Trump’s plans.

EU Trade Deal on Hold

In Brussels, the European Parliament decided on Monday to postpone a vote on the European Union’s trade deal with the U.S. after Trump said he would impose a new temporary import duty of 15% on imports from all countries.

EU goods under the deal would face a 15% U.S. tariff, with exemptions for hundreds of food items, aircraft parts, critical minerals, pharmaceutical ingredients, and other goods, while the EU would remove duties on many imports from the U.S., including industrial goods.

Trump initially announced the temporary duty under Section 122 of the Trade Act of 1974 at 10% but promised on Saturday to raise it to 15%, the maximum allowed under the statute. An initial 10% tariff came into effect at a minute past midnight on Tuesday, though it is unclear when the 15% rate would take effect, as Trump has only signed an executive order for the 10% tariff so far.

Markets React

Wall Street stocks ended lower on Monday as renewed tariff uncertainty following the Supreme Court decision, coupled with concerns about AI-fueled disruption, unnerved investors.

• The Dow Jones Industrial Average fell 1.65%
• The S&P 500 fell 1.02%
• The Nasdaq Composite fell 1.01%

The dollar weakened against the euro and the yen, reflecting market anxiety over potential trade escalation and economic uncertainty.

Global Trade Uncertainty

The path forward for Trump’s foreign trade deals remains unclear:

• China has urged Washington to scrap tariff measures.
• The EU has frozen its approval process.
• India delayed planned talks.

The U.S. Trade Representative, Jamieson Greer, said the administration expects to open new Section 301 unfair trade practices investigations on several countries, potentially paving the way for new tariffs.

Meanwhile, a group of 22 Democratic U.S. senators introduced legislation to force the Trump administration to issue refunds for all now-illegal IEEPA-based tariffs within 180 days, although the bill faces an uncertain path to a vote.

Trump also criticized the Supreme Court justices who ruled against him, including two he appointed, and expressed concern that the Court could rule against his administration in a forthcoming birthright citizenship case.

Analysis

Trump’s latest moves reflect his ongoing use of tariffs as a negotiating tool and political messaging device, rather than a targeted economic strategy. By threatening higher tariffs and potential license fees, he is signaling to trading partners that backing away from deals could carry immediate financial consequences.

However, the approach carries multiple risks:

1. Market Volatility: Investors are already responding with caution, as uncertainty over tariffs can disrupt supply chains, raise costs for U.S. companies, and weigh on stock prices.
2. Diplomatic Strain: Allies such as the EU, as well as emerging partners like India, may view the moves as destabilizing, complicating future trade negotiations.
3. Legal Vulnerabilities: Section 122 of the Trade Act has rarely been invoked, and using it in place of IEEPA may invite further litigation, leaving Trump’s administration open to judicial challenges.
4. Global Trade Ripple Effects: A 15% tariff on broad imports could increase prices for U.S. consumers, provoke retaliatory tariffs, and shift global supply chains, particularly in sectors like tech, automotive, and pharmaceuticals.

Economists suggest that while Trump’s threats may pressure trading partners, the overall economic rationale is weak, since the U.S. is not in a balance-of-payments crisis, and broad-based tariffs risk collateral damage to U.S. businesses and consumers.

In sum, Trump’s tariff strategy highlights a blend of economic pressure and political signaling, but it comes with high uncertainty and potential unintended consequences for both the U.S. and global markets.

With information from Reuters.

The White House is set to impose a 15 percent tariff through Section 122 of the Trade Act of 1974 after the US Supreme Court ruled against Donald Trump’s use of the International Emergency Economic Powers Act of 1977.

United States President Donald Trump has ramped up tariff threats following last week’s US Supreme Court decision that ruled that Trump’s sweeping global tariffs, imposed under the International Emergency Economic Powers Act, were unlawful.

On Monday, Trump said that any countries that wanted to “play games” after the high court’s ruling would be hit “with a much higher tariff ” in a post on his social media platform Truth Social.

In a separate post on the platform, Trump claimed that he does not need the approval of the US Congress for tariffs.

“As President, I do not have to go back to Congress to get approval of Tariffs . It has already been gotten, in many forms, a long time ago! They were also just reaffirmed by the ridiculous and poorly crafted supreme court decision!” Trump said in the post.

Trump does have some authority to impose other tariffs, but they are much more limited.

Following the court’s 6–3 decision on Friday, the president said he would introduce a 10 percent tariff, raising it to 15 percent by Saturday under Section 122 of the 1974 Trade Act, the maximum limit under the statute that enables the White House to impose tariffs for 150 days.

The statute only requires a presidential declaration and does not require further investigation. Section 122 is only temporary; the tariffs would then expire unless Congress extends them.

Trump’s tariffs are overwhelmingly unpopular. A new Washington Post-ABC News-Ipsos poll found that 64 percent of Americans disapprove of the president’s handling of tariffs.

Looming uncertainty

Experts warn that Trump’s newly imposed tariffs will fuel further economic uncertainty.

“What we do know is that it would continue to require all those parties affected to continue to live in uncertainty and, as many have already pointed out, such uncertainty is not good for our economy and has negative impacts on American consumers,” Max Kulyk, partner and CEO of Chicory Wealth, a private wealth advisory firm, told Al Jazeera.

“It’s impossible to plan. You hear that tariffs are off, and you are considering how to get refunds. Then a few hours later, it’s 10 percent. Then it’s 15 percent the next day…. Not having that stable framework is hurtful for activity, hiring, investment,” Gregory Daco, chief economist at EY-Parthenon, told the Reuters news agency.

Gold, which is considered a safe investment in times of economic uncertainty, surged by 2 percent on Monday, hitting a three-week high as tariff pressures remain unclear.

US markets are also taking a hit. The tech-heavy Nasdaq is down 1.1 percent in midday trading. The S&P 500 is also down by 1 percent, and the Dow Jones Industrial Average slumped by 1.5 percent since the market opened on Monday.

Stalling trade deals

Trump’s erratic approach has also deterred movement on looming trade deals.

On Monday, the European Parliament opted to postpone voting on a trade deal with the US. It is the second time the bloc has pushed back the vote. The first was in protest against Trump’s unsolicited attempts to acquire Greenland.

The assembly had been considering removing several European Union import duties on US goods. Committee chair Bernd Lange said the new temporary US tariff could mean increased levies for some EU exports, and no one knew what would happen after they expire in 150 days. EU lawmakers will reconvene on March 4 to assess if the US has clarified the situation and confirmed its commitment to last year’s deal.

Expedia’s Air Hacks Report shows how holidaymakers can save hundreds on flights – including the cheapest day to fly, best time to book and most affordable month to travel

New figures from travel agency Expedia have uncovered how holidaymakers can knock hundreds of pounds off their flight costs, with Friday now officially crowned the most budget-friendly day to jet off. Expedia has put together a comprehensive guide of “Air Hacks” to help travellers secure the best bargains throughout the year.

The latest Air Hacks Report shows that travellers can pocket an average saving of 18% by departing on a Friday rather than a Saturday. Despite being the busiest travel day of the week, Friday delivers the strongest value for money. Meanwhile, Tuesday emerges as the quietest day for flying but most expensive to book.

According to the report, the best day to book is Sunday, as this gets you the best deal and June is the most affordable month to fly, with flights 68% cheaper on average than December, which represents a potential saving of £250 per ticket.

For optimal booking, the most affordable window for domestic economy flights is between 31 and 45 days before departure, which will save people around £38 compared to booking six months out.

For international travel, adults can save an average of £93 by booking between 15 and 30 days ahead of time instead of six months, though purchasing tickets 31 to 45 days before can still yield a saving of £85.

Regarding UK airports, the cheapest to fly from, on average, are Belfast (£170), Liverpool (£171), and Bournemouth (£171). Conversely, the most expensive airports to fly from are London Heathrow (£533), Humberside (£420), and Manchester (£404).

Melanie Fish, a spokesperson from Expedia, said: “We are very excited to release these new findings and share our top air hacks for 2026 to ensure holidaymakers get the best value for money, as well as an enjoyable travelling experience.

The report also uncovered emerging travel trends. Twenty percent of travellers have booked an “extreme day trip,” which involves a roundtrip flight within 24 hours to visit a new destination.

Over half (51%) of international flyers now opt for morning departures, with only 15% choosing an evening flight. Furthermore, a third of travellers now fly with only a carry-on bag, and 29% admit they wear extra layers to avoid baggage fees.

The company, which launched a ‘Flight Deals’ feature to help users find flights 20% below the norm, hopes these insights will help holidaymakers navigate the overwhelming and expensive process of planning a trip.

The fashion retailer is selling a budget-friendly backpack that could be ideal for travel

Primark is selling an attention-grabbing travel bag that looks similar to a pricier version. The fashion retailer is selling a £17 Roll Top Backpack that could be ideal for flights.

According to the product description, Primark has opted for a ‘roll-top backpack with zip-up sections.’ As such, airline passengers might choose to use the bag as cabin luggage, using the zipped sections to secure important documents and the roll-top design to keep the bag compact, given that many airlines impose size limits on luggage.

Fashion fans might also compare Primark’s yellow version of the backpack to a more expensive alternative. It arguably resembles the Eastpak Medium backpack with laptop sleeve in tarp yellow, which is currently on sale for £45.50 at London Luggage, marked down from £65.

Both designs include a roll-top backpack with a zip fastening, front pocket, and front zip, and the styles are offered in a near-identical colour. However, shoppers looking at the product images will quickly spot that there are some design differences, including the black base on the Primark bag that the pricier style lacks. There will, of course, also be differences in fabric and construction, as the backpacks come from different retailers.

Nonetheless, shoppers looking for a budget-friendly backpack could be impressed by the cheaper Primark option. Customers choosing between the styles will likely wish to compare the product images and descriptions offered by both brands.

While Primark does not offer a detailed product description for the backpack, which is made from polyester, there are several product images to browse on the brand’s website.

Shoppers interested in the backpack can purchase it for click and collect or use Primark’s website to check in-store availability at their nearest store. There are four different colour options, including navy, black, and a two-toned ecru design.

The product description for the Eastpak backpack states: “Get outdoor ready with our water-resistant top-loading backpack. This hard-wearing day pack is crafted from a durable top-coated fabric with statement black trims.

“Stash your laptop in the padded back compartment and store small valuables in the security pocket.” The description continues: “30 year warranty – Covered by our 30 year global warranty.

“Bottle Holder – Multifunctional side pocket which can be used as a bottle holder. 13″ Internal pocket to protect your 13″ device. Padded Back – Padded Back for extra comfort. Water Resistant – Made with a water resistant fabric.”

For shoppers with more room in their budget, another option at John Lewis could be the Samsonite Ecodiver Rolltop Large Cabin Backpack. The retailer sells the 35L backpack in yellow for £125.

The product description states: “Ecodiver sets a new standard within Samsonite’s casual assortment. This collection combines practicality with a stylish design and was developed with special attention to security and comfort. The water-resistant coating makes this range the perfect choice for all your outdoor adventures and endless strolling in the city.”

A probation officer who was caught on video bending a teen in half.

A Torrance police officer who shot a man in the back as he walked away from a crime scene.

Seven California Highway Patrol officers who piled atop a man screaming “I can’t breathe” as he died following a drunk driving stop.

All three cases had similar outcomes: charges dropped or reduced to no time behind bars after a plea deal.

After a year in office, a pattern has emerged for L.A. County Dist. Atty. Nathan Hochman, who found himself saddled with a number of misconduct and abuse cases against police officers filed by his predecessor, George Gascón.

During his 2024 campaign, Hochman often chastised Gascón for filing cases he claimed wouldn’t hold up before a jury — while also promising to continue bringing prosecutions against police when warranted.

In recent months, Hochman has downgraded or outright dismissed charges in many high-profile cases that Gascón filed. In the two misconduct cases Hochman’s prosecutors have brought to trial, the district attorney’s office failed to win a conviction.

Those outcomes have infuriated the loved ones of victims of police violence, local activists and even former prosecutors, who say Hochman’s backslide on the issue was predictable after he received millions in campaign contributions from police unions.

Greg Apt, a former public defender who served under Gascón as second-in-command of the unit that prosecutes police cases, said he quit last year out of frustration with the new leadership.

“I had concerns that the cases were not going to be treated the same way under Hochman that they were under Gascón, that alleged police wrongdoing would not be given the same level of oversight,” he said.

Hochman has scoffed at the idea that he’s too cozy with cops to hold their feet to the fire, saying his campaign’s war chest reflected bipartisan support that included Democrats who have been critical of police.

The district attorney said he’s made decisions based on what he can actually prove in court, and argued case reviews within the Justice Systems Integrity Division have become even more rigorous under his leadership.

“I’m going to look at the facts and the law of any case. I don’t believe in the spaghetti against the wall approach where you throw the spaghetti against the wall, and see if anything sticks, and let the jury figure it out,” he said. “That would be me abdicating my responsibility.”

Hochman’s supporters argue he has restored balance to an office that was often filing cases against police that were either legally dubious or flat out unwinnable.

Tom Yu, a defense attorney who often represents cops accused of wrongdoing, said Hochman is handling things in a more fair and objective manner.

Former Torrance Police Officers Cody Weldin, center, and Christopher Tomsic, right, pleaded guilty last year in a conspiracy and vandalism case in which they allegedly spray painted a swastika on a car. Attorney Tom Yu, defense for Weldin, is seen listening to the proceedings.

(Genaro Molina / Los Angeles Times)

“By and large, he’s not going after the cops. But he didn’t dismiss all the cases either. I’m OK with that,” Yu said. “On a personal level, I think he’s doing a very difficult job in the police cases, because someone is always going to be unhappy with the decisions he made.”

It is difficult to win a guilty verdict for an on-duty shooting, with no such convictions in Los Angeles County since 2000. Laws governing use-of-force give officers great latitude, often protecting them even when they shoot someone who is later found to be unarmed or in situations where video evidence shows no apparent threat.

Hochman questioned why he is being criticized when the California attorney general’s office has reviewed dozens of fatal shootings of unarmed persons throughout the state since 2020 and filed no criminal cases.

“If you bring weak cases and you lose, it undercuts your credibility of being any good at your job,” Hochman said. “It undercuts your credibility in saying that we believe in the facts and the law and bringing righteous cases.”

Hochman brought 15 cases against police officers in 2025, according to documents provided to The Times in response to a public records request, compared with 17 filed by Gascón in his final year in office.

But while Gascón had a strong focus on the kinds of excessive force cases the public was clamoring to see charged when he was elected in 2020, Hochman has more often filed charges for offenses such as fraud and evidence tampering.

Hochman’s recent dismissal of charges against most of the officers involved in the death of Edward Bronstein has drawn outcry from his family and at least one former prosecutor.

Bronstein died after screaming in agony as six California Highway Patrol officers piled on top of him in Altadena in 2020. The officers were trying to get a court-ordered blood draw after Bronstein was pulled over on suspicion of drunk driving.

Video from the scene shows Bronstein arguing with the officers while handcuffed and on his knees.

The officers warn Bronstein they’re going to force him down to get a sample. Right before they do, Bronstein mumbles that he’ll “do it willingly,” but they shove him face down while a seventh officer, Sgt. Michael Little, films the encounter. A minute passes. Then Bronstein’s body goes limp.

Officers can be seen trying to revive Bronstein, calling his name and slapping the side of his head, according to the video. But several minutes elapse before officers attempt to deliver oxygen or CPR. He was pronounced dead at the scene.

Los Angeles County Dist. Atty. George Gascón announces he will ask a judge to resentence Erik and Lyle Menendez for the killing of their parents in 1989, a decision that could free the brothers.

(Allen J. Schaben / Los Angeles Times)

In 2023, Gascón filed manslaughter charges against the seven officers, as well as the nurse who carried out the blood draw. But late last year, Hochman dismissed charges against all except Little, whose case was reduced to a misdemeanor, for which he received 12 months of probation. Little is no longer a CHP officer, according to an agency spokesman.

Prosecutors are still pursuing manslaughter charges against the nurse at the scene, Arbi Baghalian. His defense attorney, Joe Weimortz, said Baghalian had no control over the officers’ actions or the decision to pursue the blood draw. Weimortz also said he believed the officers were innocent.

Bronstein’s daughter, Brianna Ortega, 26, said in a recent interview that Hochman’s decision to drop the charges felt like a betrayal.

“It just seems like because they’re cops … they must get away with it,” Ortega said. “How are you going to put the blame on one person when all of you are grown men who know better? You have common sense. You have human decency. He is literally telling you he can’t breathe.”

The Los Angeles County coroner’s office could not conclusively determine Bronstein’s cause of death but attributed it to “acute methamphetamine intoxication during restraint by law enforcement.” Bronstein’s family was paid $24 million to settle a wrongful death suit in the case.

Hochman said his office reviewed depositions from the civil case — which he said Gascón did not do before filing a case — and did not believe he could win a manslaughter case because it was impossible to say any officer specifically caused Bronstein’s death. Hochman said the officers had no intent to harm the man and were following orders of a superior officer.

“We looked at each officer, what they knew, what their state of mind was at the time. Understanding that there was both a sergeant there and a nurse, who was in charge of not only taking the blood draw but obviously doing it in a safe manner, and then deciding whether or not we could meet the legal standard of involuntary manslaughter for each officer,” he said.

Edward Tapia, the father of Edward Bronstein, speaks at a news conference about his son, a 38-year-old Burbank man who died while being restrained by California Highway Patrol officers in 2020 after refusing to have his blood drawn after a traffic stop. The family received a $24-million civil rights settlement in 2023 after filing a lawsuit against the state.

(Jason Armond / Los Angeles Times)

Bronstein’s killing was one of three cases in which Hochman assigned new prosecutors in the months before a trial started or a plea deal was reached. Aside from the Bronstein case, the others ended in an acquittal or a hung jury. All three prosecutors who were removed from the unit that handles police misconduct cases had either been appointed by Gascón or had a political connection to the former district attorney.

“When somebody’s lived that case for years, and then you take them off, it suggests that you’re less than serious about winning that case,” said Apt, the former prosecutor on the Bronstein case.

Hochman said he was simply bringing in staff with more trial experience on each case, insisting politics had nothing to do with the transfers. One of the cases, which involved allegations of perjury against L.A. County sheriff’s deputies Jonathan Miramontes and Woodrow Kim, ended with a lightning fast acquittal. Records show jurors deliberated less than an hour before coming back with a not guilty verdict.

In the other case, Hochman’s staff came closer to convicting a cop for an on-duty shooting than anyone else has in L.A. County in a quarter-century.

Former Whittier police officers Salvador Murillo, left, and Cynthia Lopez during their arraignment at the Clara Shortridge Foltz Criminal Justice Center in Los Angeles. Murillo was charged in a 2020 shooting that left an unarmed man paralyzed. Murillo’s trial ended with a deadlocked jury in November 2025.

(Mel Melcon / Los Angeles Times)

Former Whittier Det. Salvador Murillo stood trial in November for shooting an unarmed man in the back as he fled down an alley in 2023. Nicholas Carrillo ran away on foot from a vehicle stop and was leaping over a fence — unarmed — when Murillo squeezed off four rounds. Two severed Carillo’s spine, paralyzing him.

The jury came back deadlocked, although a majority of the panel was leaning toward a conviction. Hochman said it is likely he will ask prosecutors to take Murillo to trial a second time, though a final decision has not been made.

This year, Hochman will have to weigh in on a pair of politically charged police killings.

Keith Porter Jr., a 43-year-old father of two, was shot to death by an off-duty U.S. Immigration and Customs Enforcement agent on New Year’s Eve, a case that has gained national attention following outcry over on-duty shootings by ICE officers in Minnesota and elsewhere.

The Department of Homeland Security said the off-duty ICE agent was responding to an “active shooter.” Porter’s family has said he was firing a rifle into the air as a celebration to ring in the new year.

Melina Abdullah, the co-founder of Black Lives Matter L.A., was part of a group that met with Hochman about Porter’s killing and other cases last month in South L.A.

She described the encounter as confrontational — and a disaster.

“I don’t know how we can expect any safety and accountability with this man in office,” Abdullah said.

Hochman must also decide how to proceed with the case of Clifford Proctor, a former LAPD officer charged for shooting an unarmed homeless man in the back in 2015.

Proctor left the LAPD in 2017 and was not indicted on murder charges until 2024. Gascón reopened the case in 2021, after prosecutors previously declined to file charges.

On Monday, The Times revealed Proctor was able to fly overseas and live at home for a year without the district attorney’s office making any attempt to arrest him on an active murder warrant in 2025.

Hochman has not said if he intends to take Proctor to trial.

Hochman said that while he knows cases of police violence drive emotional reactions, he has to constrain himself to a cold analysis of the facts in front of him.

Reflecting on his confrontational meeting with Black Lives Matter activists, which centered on his recent move to dismiss charges in the 2018 killing of Christopher Deandre Mitchell by Torrance police officers, Hochman said he can’t pursue cases just because people are upset.

“They couldn’t point out anything in that analysis that they disagreed with,” he said. “Other than the result.”

Elaf fund will finance projects with buy-in from Saudi investors committing $2bn for two airports in Aleppo city.

Syria and Saudi Arabia have signed a major investment package spanning aviation, energy, real estate and telecommunications as Damascus’s new leadership seeks to rebuild after a devastating 14-year civil war.

Syrian Investment Authority chief Talal al-Hilali announced a swath of deals on Saturday, including the development of a new international airport in Aleppo, the launch of a low-cost Syrian-Saudi airline, and a telecommunications project called SilkLink aimed at turning the country into a regional hub.

Saudi Arabia has been a major backer of Syria’s new leaders, who took power after toppling longtime ruler Bashar al-Assad in December 2024, with this latest deal marking the biggest investment since the United States lifted sanctions on the country in December.

Saudi Investment Minister Khalid al-Falih said the newly launched Elaf fund, which aims to finance large-scale projects with participation from Saudi private-sector investors, would commit $2bn (7.5 billion Saudi riyals) to develop two airports in the Syrian city of Aleppo.

Rebuilding Syria’s economy

Abdulsalam Haykal, Syria’s minister of communications and information technology, said his country will see nearly $1bn in investment in the telecommunications sector, with plans to lay thousands of kilometres of cable to boost connectivity between Asia and Europe.

Saudi budget carrier Flynas and the Syrian Civil Aviation Authority announced they signed an agreement to establish a new airline called “Flynas Syria”, which would be 51 percent owned by the Syrian side and is slated to start operations in the fourth quarter of 2026.

Syria’s Ministry of Energy also signed a water agreement with Saudi Arabia’s ACWA Power, which is known for running projects in power generation and desalinated water production plants in the Middle East and beyond.

Al-Hilali said the agreements targeted “vital sectors that impact people’s lives and form essential pillars for rebuilding the Syrian economy”.

Tom Barrack, the US envoy to Syria, commended the Saudi-Syrian deal on X. “Strategic partnerships in aviation, infrastructure, and telecommunications will contribute meaningfully to Syria’s reconstruction efforts,” he said.

But Benjamin Feve, senior research analyst at Karam Shaar advisory, sounded a more cautious note, saying the deals mattered “far more as a political signal than as an economic game changer” in the short term.

The government has faced criticism over the past year for making broad development promises based on written pledges with foreign investors, many of which have yet to be converted into binding contracts.

Feb. 5 (Asia Today) — South Korea’s Board of Audit and Inspection said Thursday it will begin a first-half audit of public institutions’ asset management, including the sale of broadcaster YTN, amid allegations that some state-linked assets were disposed of at below-market prices.

The audit agency released its 2026 annual plan and said it will focus on high-risk areas tied to financial soundness, including large public-sector projects, asset sales and the operations of overseas offices.

A Board of Audit and Inspection official said the agency will conduct a comprehensive review of cases in which assets were sold or leased at low prices without sufficient valuation, citing claims that public institution assets, including YTN, were subject to “fire-sale” pricing.

YTN became the center of controversy in October 2023 over allegations of forced privatization and a rushed or preferential sale after a 30.95% stake held by KEPCO KDN and the Korea Racing Authority was transferred to the Eugene Group, according to the report.

President Lee Jae-myung ordered ministries in November 2025 to halt and reexamine state asset sales, the report said.

The audit plan also includes reviews described as “visible to the public,” covering illegal drug customs clearance management, defect handling in multi-unit housing and the operation of information security certification systems.

In addition, the agency said it will conduct “innovation support audits” in new technology areas such as artificial intelligence and research and development. The plan also calls for an audit of relaxation facilities, including a cypress sauna and a bedroom, installed at the Yongsan presidential office during former President Yoon Suk Yeol’s tenure, according to the report.

An audit agency official said the board will aim to drive institutional changes that the public can feel.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260206010002246

Canadian Prime Minister Mark Carney has hailed several new trade agreements, pledging to further diversify Ottawa’s partners while saying he “expects” the United States to respect his country’s sovereignty.

Carney discussed the trade deals during a meeting on Thursday with provincial and territorial leaders.

“Our country is more united, ambitious and determined than it has been in decades, and it’s incumbent on all of us to seize this moment, build big things together,” Carney said, as he hailed 12 new economic and security accords reached over the last six months.

His comments come amid ongoing frictions with the administration of US President Donald Trump, which has previously pushed to make Canada a “51st state”.

Carney highlighted in particular a new agreement with China to lower trade levies. That deal prompted a rebuke last week from Trump, who threatened to impose a 100 percent tariff on Canada.

In the face of Trump’s accusations that Canada would serve as a “drop-off port” for Chinese goods, Carney clarified that Ottawa was not seeking a free-trade agreement with Beijing.

But on Thursday, he nevertheless played up the perks he said the agreement would offer to Canada’s agriculture sector.

“Part of that agreement unlocks more than $7bn in export markets for Canadian farmers, ranchers, fish harvesters and workers across our country,” Carney said.

Carney added that Ottawa would soon seek to advance “trading relationships with global giants” including India, the Association of Southeast Asian Nations (ASEAN), and the South American trade bloc Mercosur.

“And we will work to renew our most important economic and security relationship with the United States through the joint review of the Canada-United States-Mexico agreement later this year,” he said, referring to the regional free trade agreement, which expires in July.

‘Respect Canadian sovereignty’

Carney’s pledge to diversify Canada’s portfolio of trade and security partners comes just eight days after he delivered an attention-grabbing speech at the World Economic Forum in Davos, Switzerland.

During the address, Carney warned that the “rules-based” international order was a fiction that was fading, replaced by “an era of great power rivalry”, where might makes right.

“We knew the story of the international rules-based order was partially false, that the strongest would exempt themselves when convenient, that trade rules were enforced asymmetrically,” Carney told the audience in Davos.

“We knew that international law applied with varying rigour depending on the identity of the accused or the victim.”

He ultimately called for the so-called “middle powers” of the world to rally together in these unpredictable times.

The speech was widely seen as a rebuke to Trump, who has launched an aggressive tariff campaign on global trading partners, including Canada.

In early January, Trump also abducted the leader of Venezuela, Nicolas Maduro, in what critics describe as a violation of international law.

His pledge to “run” Venezuela was followed by a series of aggressive statements towards the self-governing Danish territory of Greenland, which he threatened to seize.

Those threats have sent shudders through the NATO alliance, which counts both the US and Denmark as members.

Since before the start of his second term, Trump has also pushed to expand US control into Canada, repeatedly calling the country a “state” and its prime minister a “governor”.

In response to Carney’s speech at Davos, Trump withdrew Carney’s invitation to join his so-called Board of Peace.

Carney, however, has publicly stood by his statements, dismissing US Treasury Secretary Scott Bessent’s claims that he “aggressively” walked back his position during a private call with Trump.

In a separate exchange on Thursday, Carney was asked about reports that US officials had met with separatists seeking independence for the oil-wealthy province of Alberta.

The Financial Times reported that State Department officials have held three meetings ​with the Alberta Prosperity Project, a group that pushes for a referendum on whether the energy-producing western province should break away from Canada.

“We expect the US administration to respect Canadian sovereignty,” Carney replied.

“I’m always clear in my conversations with President Trump to that effect.”

BUENOS AIRES, Jan. 29 (UPI) — Uruguay has raised warning signals in its economic policy after its currency appreciated the most in the world against the dollar this week — a situation the government views as a risk to export competitiveness and the pace of economic growth.

In recent days, the Uruguayan peso strengthened more than comparable currencies and moved to the top of global foreign exchange performance. As a result, the dollar fell 3.1% in the local market, a deeper decline than those recorded in Brazil, Chile or Colombia.

The scenario set off alarms within the economic team. To counter the dollar’s weakness, the Central Bank of Uruguay announced a cut to its benchmark interest rate to 6.5% to discourage financial capital inflows and ease pressure on the local currency.

Along the same lines, the Economy Ministry confirmed forward dollar purchases and coordination with state-owned companies to increase demand for the U.S. currency. Those steps are complemented by measures aimed at reducing domestic costs and supporting economic activity, investment and employment, as concerns begin to mount in the productive sector.

Uruguayan economist Luciano Magnífico, of the Catholic University of Uruguay, said the dollar’s behavior in the country cannot be analyzed in isolation.

“The evolution of the dollar in Uruguay has closely tracked what has happened internationally, and particularly its performance against other regional currencies,” he told UPI.

According to Magnífico, the recent weakness of the U.S. currency largely reflects external factors.

“This weakening was closely linked to economic policies promoted during the first year of the Trump administration, especially on trade. That generated significant volatility in financial variables, and Uruguay was not immune to that dynamic,” he said.

The problem, he said, is that Uruguay’s economy already was expensive in terms of the dollar before this episode.

“According to the main indicators, Uruguay had been carrying an overvaluation for years, and this new drop in the dollar further aggravated that situation,” he said.

That combination hits exporters hardest because they are paid in dollars while many of their costs are in pesos. “When the exchange rate falls, the margin between income and expenses shrinks,” the economist explained. In some cases, that gap can become critical for business continuity.

Gonzalo Oleggini, a Uruguayan foreign trade consultant, focused on companies’ day-to-day operations.

“In Uruguay, as in many countries, foreign trade is conducted in dollars. An exporting industry, such as glass manufacturing, collects in dollars, but pays most of its costs in pesos,” he told UPI.

That mismatch becomes more visible when the dollar loses value.

“A year ago, each dollar brought in 40 pesos. A few days ago, it was 36. That means that for the same sale, a company receives less money to cover virtually the same costs, or even higher ones, because there is inflation and wages are rising,” he said.

Oleggini stressed that the impact is greater in labor-intensive sectors.

“Wages and social contributions weigh heavily in the cost structure. Since Uruguay does not have a highly automated industry, the blow remains strong,” he said.

As a result, much of the productive sector is affected.

“The meatpacking industry, plastics, services, logistics, tourism. The country becomes more expensive in dollar terms, making it harder to sell goods and services abroad,” he said. “Ultimately, the entire export sector, both goods and services, is the most affected.”

The concern is also explained by the weight of foreign trade in the economy.

Uruguay generates about $75 billion a year in economic output, and close to $24 billion of that comes from foreign trade in goods and services.

“It is one of the central pillars of the country’s production,” the consultant said.

One of the sectors generating the strongest concern is agriculture.

“That the dollar keeps falling and has been clearly below 40 pesos for several days is quite frustrating for us,” Rafael Ferber, president of the Rural Association of Uruguay, told local newspaper El Observador.

“We feel that macroeconomic measures continue to be taken in the wrong direction,” he said.

Ferber warned that the combination of factors pushing the exchange rate lower has made the situation “absolutely critical” for producers and exporters.

“Uruguay is basically an exporting country, something that is often poorly measured. It exports close to 70% of what it produces. Therefore, it depends on foreign currency much more than other countries,” he said.

Carmen Porteiro, president of the Uruguayan Exporters Union, said recent government decisions are moving in the right direction, although she noted the sector has been warning since last year about the impact of peso appreciation on competitiveness.

That loss of margins, she said, translates into lower investment, workforce adjustments and, in extreme cases, business closures, with direct effects on employment and future growth.

Oleggini said it is difficult to act against a global trend.

“The ability of a small economy like Uruguay’s to influence this is very limited,” he said.

“You can try to move the exchange rate a few pesos, as happened when it fell from 40 to 36 and then rose to 38, but there are no real chances of a strong peso depreciation, which is what exporters are seeking,” he said.

“From the United States, there is a positive view of a weaker dollar as part of its economic strategy. That makes it very difficult to think of a reversal,” he added.

The main tool applied in Uruguay has been the interest rate cut.

“The idea is to reduce incentives to place money and push those pesos into the market, which could generate a slight depreciation of the exchange rate,” Oleggini said. “It is the strongest tool being used and the one that may have some effect, although always limited.”

The gap with exporters’ demands remains wide.

“Many talk about a dollar at 50 pesos, and today we are at 36 or 38. Even bringing it to 40 would already be a challenge,” he said. “Reaching that level in an economy like Uruguay’s, with a weak dollar globally, is today almost a utopia.”