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Until recently, President Trump always found a way to fail forward, through a combination of spin, threats, payoffs and bluster.

OK, that’s the simplistic interpretation. The fine print tells a less-glamorous story: a man born on third base who spent decades insisting he’d hit a triple.

Still, it’s hard to argue with success. When Trump entered politics, he redefined the rules of the game. Rivals who tried to outflank him on policy detail, ideological consistency and institutional norms found themselves either vanquished or assimilated by the Borg.

By my lights, only once during Trump’s admittedly chaotic first term did he run into something that his playbook couldn’t at least mitigate or parry: the COVID-19 pandemic. For the final year of his presidency, reality refused to negotiate, and political gravity reasserted itself. It turns out, viruses aren’t susceptible to the Art of The Deal.

But then, miraculously, Trump wriggled through legal jeopardy, bulldozed his way past more conventional Republicans and Democrats, and re-emerged victorious in 2024.

If anything, that comeback reinforced the idea that Trump could survive anything by virtue of his playbook.

By the start of his second term, he’d made impressive headway in co-opting not only individuals but also major institutions within big tech, the media and academia.

Even in foreign affairs, Trump’s sense that any problem could be solved via force, intimidation or money was confirmed when he captured Venezuelan President Nicolás Maduro and installed Maduro’s vice president, Delcy Rodríguez, as a sort of puppet leader. Everyone has a price, right?

Unfortunately for Trump, no. Not everyone does.

Lately, the president has encountered a different kind of resistance — adversaries motivated by something bigger and more transcendent than money, power or the avoidance of pain.

In dealing with Iran, for instance, Trump has confronted people operating under a wholly different set of incentives. It’s a regime guided by a mix of ideology, radical religious doctrine and long-term strategic interests that don’t always align with short-term material gain.

(Now perhaps, having punished Trump enough already, Iran will finally come to the negotiating table. But even if that happens, it will have occurred after exacting a steep price — so steep, in fact, that it may already be too late for Trump to plausibly claim a win.)

It turns out, you can’t easily intimidate or pay off a true believer who isn’t afraid to die and believes they have God on their side.

A similar (though obviously not morally equivalent) dynamic is now also on display in the form of Trump’s skirmish with Pope Leo XIV, a man who commands moral authority. He opposes the war in Iran (“Blessed are the peacemakers”) and has demonstrated a stubborn refusal to back down to Trump’s attempts at bullying.

“Woe to those who manipulate religion and the very name of God for their own military, economic and political gain, dragging that which is sacred into darkness and filth,” Leo said during a tour of Africa. It’s a remark that the American pope seemed to implicitly be aiming at the American president.

Here’s what Trump doesn’t understand: There are still pockets of the world where concepts like faith and national identity outweigh tangible incentives. Where sacrifice and suffering are an accepted part of the plan.

When facing these sorts of foes, Trump’s usual operating system starts to look less like a cheat code and more like a category error.

But he can’t see this because Trump is always prone to a sort of cynical projection — of assuming everyone views the world in the same base, carnal, corrupt way he sees it.

Whether it was his incredulity that Denmark wouldn’t sell Greenland, rhetoric that seemed to discount the motivations of those who serve and sacrifice in the military, or his affinity for nakedly transactional gulf states, the pattern is familiar: a tendency to view decisions through a cost-benefit lens that not everyone shares.

To be fair, that lens has often served him well. In arenas where power, money and leverage dominate, Trump’s approach is eerily effective.

But after years of taming secular, “rational” opponents, he is fighting a two-front war against people who see their struggles as moral and spiritual.

They aren’t stronger in a conventional sense. But they are, in a very real sense, less susceptible to Trump’s methods.

For perhaps the first time in his life, Donald Trump finds himself facing adversaries who aren’t just immune to his usual Trumpian playbook but are playing a different game altogether.

Matt K. Lewis is the author of “Filthy Rich Politicians” and “Too Dumb to Fail.”

A member of Alabama’s 2009 national championship team has been accused of impersonating NFL players as part of a scheme to fraudulently obtain nearly $20 million in loans to purchase real estate, vehicles and jewelry.

Luther Davis, a Crimson Tide defensive lineman from 2007-10, faces felony counts of conspiracy to commit wire fraud and aggravated identity theft, according to court documents filed last month by the U.S. attorney in the the Northern District of Georgia. An alleged co-conspirator, CJ Evins, also faces the same counts.

The documents mention the initials of three players — X.M, D.N. and M.P. — that were impersonated during the alleged scheme. The Guardian is reporting that those players are Green Bay Packers safety Xavier McKinney, Cleveland Browns tight end David Njoku and Atlanta Falcons quarterback Michael Penix Jr.

Prosecutors in the court filings said the NFL players were not involved in the alleged scheme.

The documents describe an elaborate hoax in which the defendants allegedly created fake companies and fraudulent email accounts and driver’s licenses to help fool lenders into loaning them huge sums of money.

Davis attended virtual loan-closing meetings wearing wigs, makeup and/or a head covering to disguise himself as players seeking loans, according to court documents.

Both men entered pleas of not guilty at their arraignments but have indicated to the court they will enter guilty pleas at hearings set for April 27, according to court records.

In 45 games over four seasons with Alabama, Davis registered 21 solo tackles, 26 assists and eight tackles for loss. A 2013 Yahoo report alleged that Davis broke NCAA rules by paying five prospective draft picks from the Southeastern Conference as an intermediary for sports agents and financial advisers.

KeyCorp plans to repurchase at least $1.3 billion in shares in 2026, raised from prior guidance of $1.2 billion, and indicated that Basel III revisions could add over 100 basis points to CET1, potentially enabling even more buybacks if market conditions allow.

The Tesla (TSLA) Cybertruck has seen a boost from Elon Musk’s other companies, according to tracking by S&P Global Mobility. Notably, without sales to Elon Musk-led companies, Cybertruck registrations in Q4 would have fallen 51%.

SpaceX (SPACE) accounted for

The benchmark US equity indices surged to new territory entering price discovery, reflecting a market that appears to be looking past immediate geopolitical risks in favour of potential de-escalation and corporate strength.

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On Wednesday the S&P 500 closed 0.8% higher at 7,022 points, up on the day and surpassing its previous peak from January of this year.

The S&P 500 is now 11% higher since it bottomed on 30 March and after it first dropped 9% during last month.

The Nasdaq Composite also posted a record, rising 1.6% to over 24,000 points while the Dow Jones Industrial Average edged 0.15% lower and continues significantly below its all-time high.

The advance comes despite persistent headwinds.

Shipping through the Strait of Hormuz, a critical chokepoint for roughly one-fifth of the global oil supply, has been severely disrupted since late February following Iranian actions and a subsequent US naval blockade.

Traffic has dropped sharply, with Iran declaring the strait closed to vessels linked to the US, Israel and their allies.

The US Central Command also confirmed its blockade of Iranian ports took full effect earlier this week, stating that “ten vessels have now been turned around and ZERO ships have broken through since the start of the US blockade on Monday”.

Oil prices, while easing in the last two weeks, remain elevated.

At the time of writing, Brent crude stands at around $96.5 per barrel and WTI at $92.5, still well above pre-war levels and contributing to inflationary concerns.

The International Monetary Fund has responded by lowering its global growth outlook. In its latest World Economic Outlook, released on Monday, the IMF cut the 2026 forecast to 3.1% from 3.3% previously projected, citing energy price spikes and supply disruptions.

Headline inflation is now seen at 4.4% for the year, under a reference scenario assuming a short-lived conflict, with risks of even weaker growth and higher prices if tensions escalate and prolong.

The modest decline in energy prices followed reports that the two-week ceasefire is holding and that fresh talks between the US and Iran could resume soon.

US President Donald Trump also indicated that negotiations for lasting peace might restart by the end of the week.

Investors appear to be pricing in an eventual reopening of the Strait of Hormuz and a contained negative impact of the war in general.

Speaking to Euronews, Alan McIntosh, chief investment officer of Quilter Cheviot Europe, explained that “although the first round of talks led to no agreement, a likely extension of the ceasefire gives optimism that an early resolution can be reached”.

“Assuming a fairly swift end to hostilities and a resumption of oil shipments, the economic damage to global inflation and growth should be fairly limited,” he added.

Why US indices defy the odds

Analysts point to several factors behind the market resilience.

Hopes of a swift end to hostilities have encouraged risk-taking, while corporate America is showing strength. Bank executives highlighted a strong US consumer and a healthy pipeline for deals and initial public offerings.

Earnings expectations for the first quarter have been revised higher, with S&P 500 companies now forecast to report combined profits of over $605 billion (€513bn), up from earlier estimates.

Tech shares, particularly those linked to AI, provided additional support. The Nasdaq’s outsized gain reflected renewed enthusiasm for growth-oriented stocks even as broader economic projections softened.

McIntosh told Euronews that “the capital spending boost relating to AI shows no sign of slowing down so this continues to support US economic growth. We have just started the US quarterly results season and so far there is limited evidence of a negative impact from the current Middle East conflict”.

The indices also include defence companies that have all performed well with the war in the backdrop pushing governments, in particular the US, to increase military budgets.

History also offers context for the current rebound. In past US-involved wars, equity markets have frequently experienced short-term volatility followed by recovery and gains.

During the 2003 Iraq War, for example, the S&P 500 rose over 25% in the first full year after the invasion began.

The Gulf War of 1990-1991 saw an initial 11% decline in the index, but a strong relief rally followed the swift coalition victory, delivering positive returns in the subsequent year.

Similar patterns emerged in the Korean War and Vietnam War eras, where stocks posted solid long-term advances despite prolonged uncertainty.

Data compiled by the Royal Bank of Canada and other sources indicate that, across multiple conflicts, equities rose in the first year of hostilities around 60% of the time.

Markets have tended to focus on eventual outcomes rather than immediate shocks, rewarding resolution and economic adaptability. The latest record for the S&P 500 and the Nasdaq underscore this enduring pattern.

While risks remain if the Iran conflict worsens, investors are currently betting that diplomacy and corporate fundamentals will prevail.

The votes are in, and it’s bad news for John McCain. Barack Obama has a big lead in the sale of campaign buttons and other election paraphernalia, outselling McCain 3 to 1 on one memorabilia website.

An Obama victory could make some of those pieces more valuable, experts say, given the historic nature of his candidacy. A button from the launch of Obama’s presidential campaign sold for $150 in August at the American Political Items Collectors National Convention.

If you think there’s no redeeming value to the interminable exercise known as the American presidential campaign, you are not a collector. The stock market may have tanked, but the longest presidential season in U.S. history has stimulated a different kind of investment opportunity.

“This year more than any other, people are collecting political memorabilia,” says Adam Gottlieb, a spokesman for the California Energy Commission and a presidential-item junkie whose extensive Teddy Roosevelt collection is on exhibit through the end of the year at the California Historical Society in San Francisco. “People are yearning for nostalgia, something meaningful in their lives.”

On Monday, the PBS series “Antiques Roadshow” gets into the act with “Politically Collect,” a program that pulls back the appraisal curtain on presidential artifacts worth considerably more than the paper or tin on which they’re printed — up to $75,000, for instance, for a photograph of Lyndon B. Johnson taking the oath of office after President Kennedy was shot in 1963.

“Political items have really gone up in price,” says Jeffery Daar, an attorney and Democratic Party activist whose Northridge home overflows with buttons and other memorabilia from the last 40 years of electioneering.

Presidential paraphernalia has long been the domain of hard-core political fans such as Daar, who live to unearth an obscure invitation or rare tchotchke. But in the last decade, the field has also become a place to make a tidy profit. A 1920 button of Democratic presidential candidate James Cox and his running mate, Franklin Delano Roosevelt, can sell for as much as $30,000. Last month, a signed photo of John F. Kennedy was going for $4,200 on Politics-Now.com. EBay and political memorabilia auction sites have made it possible for anyone to click their way into the game.

The collecting impulse is driven by something the afflicted say you can’t get from stamps or Cabbage Patch stockpiles.

“It’s not just a button, but an item in a political campaign. It’s a piece of living history,” says Daar, former head of the Democratic Party in the San Fernando Valley and a longtime delegate to his party’s conventions, where he scoops up all the mementos he can.

“Every collector of political memorabilia is also a frustrated historian,” says Steve Ferber, who sells mementos of presidents and hopefuls with his wife, Lori, through LoriFerber.com.

Tom Morton, a Los Angeles accountant specializing in pre-1930s items, recently landed clay smoking pipes puffed by Millard Fillmore and Franklin Pierce.

“It’s one thing to read about it in a history book,” he says. “It’s quite another to hold it in your hands.”

But not all candidates inspire collectors to reach out and acquire. Tom French, a leading dealer and owner of Politicalheritage.com in Santa Cruz, says it’s hard to give away a Nixon button. It’s also tough unloading Michael Dukakis, Bob Dole and George W. Bush fare.

Not surprisingly, the most in-demand figures tend to be the most charismatic and popular presidents — Abraham Lincoln, FDR and Theodore Roosevelt, JFK, Ronald Reagan. Harry Truman also vaults into the ranks of the most valuable because scant artifacts were produced for the candidate who was a long shot to win in 1948.

Scarcity, popularity and age are major factors in the pricing of political memorabilia. An abundance of items were produced for 1940 Republican candidate Wendell Wilkie, including some fabulous Wilkie nylons ($40) and buttons that said, “No Man Is Good Three Times,” all to no avail against the popular FDR. So many Wilkie items are in circulation, they’re cheap — not like the Cox-FDR button, valued at $30,000 because only a few dozen are known to exist. Some scarce Truman items can run about $10,000.

For collectors, a crucial consideration is whether the material was produced by the campaign. Daar says 95% of the buttons and T-shirts available for sale in the current cycle were made by outside vendors and won’t be worth much. Look for official items created by the Obama and McCain campaigns and materials with specific dates and events attached to them, such as an Obama button from the rural caucus, something Daar likes for future value.

Collectors recommend buying things you like — favorite candidates or graphics that catch your eye. And if you want to buy for investment, do the research to make sure the item is authentic. You can get help by joining American Political Items Collectors ($28 a year, www.apic.us), a national organization founded in 1945 that sponsors dozens of button meets every year and authenticates artifacts.

Avid collectors, however, are drawn to the outsized characters who seek the highest office in the land and the creative wiles used to get them there.

“There’s got to be something behind the item — the personality, the election, the historical context, or you might as well be collecting nails,” says Neal Machander, an Orange County collector and past president of American Political Items Collectors.

The exploits of rough-riding, big-game-hunting Teddy Roosevelt have captivated Gottlieb since he was in grade school. “It’s like he lived six lives,” Gottlieb says.

His collection contains mementos of Roosevelt’s whistle stop in Los Angeles on his trip through California in 1903. When it comes to straight talk, it’s hard to top this line from a Roosevelt button in 1912: “If You’re Against Me, You’re a Crook.”

The sedate catch phrases of modern elections are as exciting as a phone book next to the raucous sloganeering of the early 20th century. Take, for instance, the 1928 rallying cry on an anti-prohibition button: “Vote for Al Smith and Make All Your Wet Dreams Come True.” Last year, it sold at auction for $9,560.

“Collectors really eat up the hoopla,” says French, who adds that he’d kill on “Jeopardy” in the VP category. “It’s an important representation of what democracy and politics are all about. We’re just in awe of the office.”

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home@latimes.com

The deep cuts proposed in Gov. Pete Wilson’s new state budget surely would hurt Los Angeles and Orange counties. That’s because both the Republican governor and some legislative Democrats want to balance Sacramento’s budget by taking state funds from the counties. The outlook is especially grim for large counties. There must be a better way.

THE CUTS: Although L.A. County has only about a third of the state’s population, it would endure more than half of the total cuts in statewide county funding that Wilson is proposing, according to Chief Administrative Officer Sally R. Reed. Altogether, L.A. County would lose $362 million in health care funds and property taxes.

Under the proposed diversion of property taxes, Los Angeles and 11 other counties would lose $500 million; Los Angeles would be hit with a reduction of more than $100 million.

A Senate-Assembly conference committee is offering an alternative budget plan, but it does not offer much relief for the counties. In fact, the alternative plan adds a new headache for counties–a proposed cut of $32 million in annual subsidies to county probation camps. The result would be a Los Angeles cutback of as much as $19 million.

Until his latest budget revisions, Wilson largely had spared counties of any further cuts in state funds. This new round of proposed reductions in state funding could not come at a worst time. Los Angeles County–already reeling from budget problems caused in part by previous state cutbacks–has yet to agree on a new county budget. The proposed state cuts make this task a torture.

Orange County, too, would suffer from the Democratic proposal to end the annual subsidies to the county probation camps. But Orange County’s loss of funds due to the shift of local property tax revenues would, it is hoped, be partially offset by projected increases in interest earnings on county investments.

THE COUNTERATTACK: Assemblyman Richard Katz (D-Sylmar) has scheduled an emergency meeting Monday in Sacramento with Los Angeles County representatives, legislators, the Department of Finance and others to review the magnitude of the proposed reductions in state funding to counties. The participants will try to identify alternatives to the proposed county budget cuts or find ways to raise revenue to avoid the reductions.

The emergency meeting should put all plausible options on the table. There’s been some talk in Sacramento of even a temporary salary cut for all public employees, legislators included.

Los Angeles County is still grappling with the aftereffects of the defense downsizing, recession and the Northridge earthquake. With the recent defeat of state bonds to finance earthquake repair, residential rebuilding efforts have already suffered one major setback. Trying to balance Sacramento’s budget on the backs of counties exacts an unfair toll on Los Angeles and California’s other densely populated areas, and that cannot be good for the future economic life of this state. All Assembly and state Senate members who care about their communities must rally around the counties.

U.S. and Iranian negotiators made significant progress in talks on Tuesday, moving closer to a framework agreement to end the war, according to a report by Axios citing two U.S. officials.

Mediators from Pakistan, Egypt, and Turkey are working urgently to bridge

Families, in their various flavors, have been essential to television since that light first flickered on. They may be ideal or nightmarish, or both, or in between, and we take to them — be they Waltons or Addamses or Simpsons — according to our own experience or desires, having known families of our own or wanted something other than what we had.

In “Schitt’s Creek,” Dan Levy co-created — with his father, Eugene, yet — one of the medium’s greatest family comedies. It was a show that grew over time from a basic premise about rich people who lose their money and are forced to live at close quarters in adjoining motel rooms to a paean to love, understanding and acceptance. It swept the comedy categories at the 2020 Emmys, including acting awards for both Levys, Catherine O’Hara and Annie Murphy and writing and directing trophies for Dan.

“To family” are in fact the last words spoken in the first season of “Bad Mistakes,” Levy’s noisy, funny new show, co-created with Rachel Sennott and now streaming on Netflix — though given what precedes it, it’s less a blessing than a curse. Levy plays Nicky, a pastor at a sparsely attended suburban New Jersey church of no evident denomination. He’s out as gay, but supposedly celibate; that he has a boyfriend, Tareq (Jacob Gutierrez), is known only to Tareq; this, of course, creates a secret, which will create pressure, which will create comedy.

Sister Morgan (Taylor Ortega) is an elementary school teacher, a job that doesn’t quite jibe with everything else we see about her — it’s barely represented, anyway, summer having come — and a very longtime boyfriend, Max (Jack Innanen), who has decided that now is the moment to propose. She had once tried acting in New York, which means that she lived a wilder life once and is something of an improviser. Their mother, Linda (Laurie Metcalf), who owns a hardware store, is running for mayor and the campaign is being managed by extra daughter Natalie (Abby Quinn).

The series begins as their grandmother is dying, and at Linda’s command, they rush out to buy her a present — Linda is trying to squeeze in an “early birthday” before her mother passes. And because she is that sort of person, Morgan shoplifts what she imagines is a cheap necklace from a convenience store. (Attendant Yusuf, played by Boran Kuzum, will have much to do.) The necklace isn’t cheap, it turns out, for no particularly good reason, and the convenience store isn’t just a convenience store, but a kind of waystation for stolen goods run by local Russian mobsters. As a result, Morgan and Nicky find themselves forced to run errands for them, under threat of death, or worse.

The show gets very complicated on its way to a circular semi-conclusion; there is a lot going on, with Linda’s mayoral ambitions and various relationship issues. (Elizabeth Perkins plays Max’s mother, bridging storylines.) But it’s a good ride, and classic in its way; searching the phrase “get mixed up with gangsters” brings forth a host of old comedies. Through the dodgiest situations, brother and sister do not hesitate to argue. Nicky would love to be anywhere else, while Morgan finds it invigorating. Though it is all improbable, the parts do mesh neatly; they make television sense.

Finally, the series rests on the shoulders of the three principal players, who are just a pleasure to watch; the camera obliges by moving in close. Levy brings a soft-spoken breathlessness you may recognize from his David Rose on “Schitt’s”; his softly muttered “OK,” which might just mean “stop talking,” is almost a trademark. Ortega brings a kind of poignance to her reborn wild child, while Metcalf plays Linda with a kind of small-town operatic intensity, eyes popped and pronunciation precise — she’s like a country cousin to O’Hara’s Moira Rose — as if she were onstage pitching to the back row of the theater.

Michelle Pfeiffer and Elle Fanning in “Margo’s Got Money Troubles,” premiering April 15, 2026 on Apple TV.

(Allyson Riggs/Courtesy of Apple)

In “Margo’s Got Money Problems, premiering Wednesday on Apple TV, Elle Fanning plays the title character, a college student flattered into bed by her married-with-children writing professor, Mark (Michael Angarano), despite my shouting at the screen for her not to do it. Soon she is pregnant, and soon after that the essentially single mother of baby Bodhi, unable to find work or the time to write. (As the heroine, we assume her talent.)

Presumably in search of some normalcy, Margo’s mother, Shyanne (Michelle Pfeiffer), a former good time girl — but still sparkly — has become engaged to Kenny (Greg Kinnear), Christian, square and sincere; the Ralph Bellamy of the piece, you are not asked to take him quite seriously (though Kinnear plays him straight). Shyanne’s ex-husband is Jinx, a former professional wrestler, played by Nick Offerman with the low-key affect of Ron Swanson, dialed down even further; depression and drug addiction will do that to you. Fresh out of rehab, he trades a championship belt for a motorcycle and joins the household; though he left Margo early, and unlike Shyanne, he proves to have a marvelous, easy way with Bodhi. (The baby himself, or babies — they use twins for this job — are themselves marvelous.)

Also in residence is roommate Susie (Thaddea Graham), a chirpy cosplayer — and coincidentally Jinx’s biggest fan — whose skills will become valuable as Margo, needing cash, sets off into the world of OnlyFans. First picking up tips describing followers’ penises in terms of Pokémon (no explanation has been thought necessary), she pivots to video, mounting increasingly elaborate sexy sci-fi productions alongside Susie (sets and costumes), Jinx (narrative advice, stunt coordinator) and OnlyFans veterans KC (Rico Nasty) and Rose (Lindsey Normington), a fabulous tag team to whom Margo turns for advice. (Margo does seem to take things over, but it’s her name in the title, so there you go.) This introduces an element of Mickey and Judy, my uncle’s got a barn, let’s put on a show comedy. More important, it creates a team, melding the family you make with the family you have.

It’s as sweet as can be. Apart from sleeping with one’s professor — students, do not do this! — the show is positive about just about everything: motherhood, daughterhood, professional wrestling, second chances, sex work, cosplaying and the way art shows up in strange places. Only Marcia Gay Harden, as Mark’s mother, Elizabeth, is an outright villain, and you will hate her.

The series was created by David E. Kelley (Mr. Michelle Pfeiffer), from Rufi Thorpe’s 2024 novel, once again under the umbrella of Nicole Kidman’s Blossom Films (following their collaborations on “Big Little Lies,” “Nine Perfect Strangers” and “Love & Death”), with its house style of well-upholstered capital-Q Quality (as distinct, in its pop-cult, way, from prestige). (Kidman has a small role as a wrestler-turned-lawyer and it’s been a while since I’ve seen her this well used.) “Margo’s Got Money Problems” can be terribly sentimental, almost corny — the climax is pure Hollywood — but undeniably effective. And if its mix of comedy and drama can be a little destabilizing, you won’t need to worry about where it ends up.

Published on
15/04/2026 – 11:25 GMT+2

The European Commission on Wednesday imposed anti-dumping duties on glass fibre —a key input for the EU’s renewable industry— produced by Chinese companies operating in Egypt, Bahrain and Thailand.

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The move confirms the EU’s push to curb Chinese imports entering the bloc via Belt and Road routes to sidestep tariffs on products officially labelled “made in China.”

Brussels seeks to shield its market from a surge of low-cost imports from the Asian giant, targeting goods it considers heavily subsidized or sold in the EU below production cost in China.

The tariffs on glass fibre from the three countries will range from 11% to 25.4% of the product’s value.

“The investigation confirms the existence of unfair practice, which is an important signal,” Ludovic Piraux, President of Glass Fibre Europe, said.

But he added that the measures adopted “remain insufficient to fully address the predatory strategies pursued through these investments in third countries.”

Job losses loom

China has invested $1 trillion through the Belt and Road initiative – a large-scale infrastructure programme which replaced the former silk road initiative and is aimed at strengthening connectivity, trade and communication across Eurasia, Latin America and Africa. The programme spans more than 150 countries, supporting infrastructure, transport, raw materials extraction and the relocation of industries and state-owned enterprises abroad.

As early as 2010, following an industry complaint, the Commission imposed anti-dumping duties on Chinese glass fibre imports. In the years that followed, Chinese producers established factories in Bahrain and Egypt, from which exports to the EU resumed.

By 2024, glass fibre imports from those countries, along with Thailand, accounted for 24% of the EU market. Egyptian imports alone reached 18%, with Glass Fibre Europe warning the situation could worsen.

This is not the first time the Commission has targeted Chinese products made in third countries under Belt and Road arrangements. It has previously imposed measures on aluminium foil from Thailand and glass fibre produced in Türkiye.

European glass fibre manufacturers have been pushing for action for more than a decade, alongside unions seeking to protect jobs in the sector.

The complaint which lead to Wednesday’s anti-dumping duties was first reported by Euronews in January 2025.

The industry directly employs more than 4,500 workers in the EU and says it supports hundreds of thousands of indirect jobs along the value chain.

Judith Kirton-Darling, General secretary of industriAll Europe, warned that “in the longer term”, the situation could worsen if the EU does not take “a stronger” stance on Chinese dumping.

“It is more than likely that we will face plant closures in Europe which will fundamentally undermine our industry,” she said.

European stocks were mostly steady on Wednesday as investors weighed signals from Washington that a diplomatic breakthrough in the Iran war could be imminent.

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The pan-European Stoxx 600 had ticked down 0.1%, Germany’s Dax edged 0.11% higher and the FTSE 100 climbed 0.11%. The CAC 40 in France fell by a slightly greater margin, at 0.65%.

US President Donald Trump said fresh talks between Washington and Tehran “could be happening over the next two days” in Islamabad, signalling a possible diplomatic breakthrough, and added that the war was “very close to over” — despite continued uncertainty over key sticking points in negotiations.

Asian markets were broadly higher.

Japan’s Nikkei 225 gained 0.5%, South Korea’s Kospi jumped 3.0% and Hong Kong’s Hang Seng edged up 0.7%.

The Shanghai Composite added 0.2%, while Australia’s S&P/ASX 200 was little changed, up less than 0.1%.

On Wall Street, the S&P 500 added 1.2% to its gains from the previous day, and the index at the heart of many 401(k) accounts is now just 0.2% below its record set in January.

The Dow Jones Industrial Average rose 317 points, or 0.7%, while the Nasdaq Composite climbed 2%.

On Wednesday, benchmark US crude inched up by 1 cent to $91.29 a barrel.

Brent crude added 48 cents to $95.27, or less than 1%, after falling 4.6% the previous day. While that is still above its roughly $70 level from before the war began in late February, it remains well below the peak of $119.

Lower oil prices help reduce costs for businesses across the economy. However, some analysts noted that the war is still ongoing, warning that the optimism may prove unfounded.

“The counterintuitive decline in crude appears driven by growing hopes that a second round of peace talks between Washington and Tehran could soon materialise, after the first attempt fizzled out,” said Tim Waterer, chief market analyst at KCM Trade.

“Traders are clearly choosing to price in the possibility of de-escalation rather than the immediate reality of restricted flows,” he added.

Asian nations depend on access to the Strait of Hormuz, a narrow waterway that is the main route for crude oil produced in the Persian Gulf to reach customers worldwide. Disruptions there have kept oil off the global market, driving up prices.

Global inflation this year is expected to accelerate to 4.4% from 4.1% in 2025, according to the International Monetary Fund, which had previously forecast a slowdown to 3.8%.

The IMF also downgraded its forecast for global economic growth to 3.1% this year, from 3.3% projected in January.

Overall, the S&P 500 rose 81.14 points to 6,967.38. The Dow Jones Industrial Average gained 317.74 points to 48,535.99, while the Nasdaq Composite climbed 455.35 points to 23,639.08.

In the bond market, Treasury yields eased as falling oil prices reduced inflationary pressure. The yield on the 10-year Treasury fell to 4.25% from 4.30% late Monday.

In currency trading, the US dollar edged up to 159.03 Japanese yen from 158.79 yen. The euro stood at $1.1780, down from $1.1797.

US stocks climbed to the brink of a record high on Tuesday, while oil prices eased as hopes grew that Washington and Tehran may resume talks to end their war.

The S&P 500 rose 1.2%, leaving it just 0.2% below its January peak. The Dow Jones Industrial Average gained 0.7%, while the Nasdaq Composite jumped 2%, tracking broader global market gains.

Investors are betting that renewed diplomacy could prevent a prolonged surge in oil prices and inflation, allowing focus to return to corporate earnings.

Brent crude for June delivery fell 4.6% to $94.79, down from recent highs, though still above pre-war levels.

However, volatility remains high, with markets sensitive to developments around the Strait of Hormuz, a key route for global oil supply.