100% Tariffs

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Global Recap
January 30, 2025 • Read in: 7 minutes

Hi Global Recap readers,

Many nations sighed in relief when Trump didn’t slap on blanket tariffs right away. The US dollar dipped, and it felt like everyone dodged a bullet.

But not so fast.

Some called it a bluff, but now it looks like Trump is serious. Talks of 10%, 25%, even 100% tariffs are picking up.

Is Trump doubling down out of stubbornness, or was this the plan all along? 👇️ 

🇺🇸 UNITED STATES
Trump Confirms Tariffs

US President Donald Trump confirms that he’s slapping a 25% tariff on Canada and Mexico starting Saturday, January 31, 2025.

But wait, there’s more—he said that he will make a decision tonight, whether to tax their oil imports too.

Tariffs on the Horizon

  • The decision on oil tax will be based on whether the oil prices are “fair,” according to Trump.

  • The tariffs aim to curb illegal immigration and the smuggling of chemicals used for fentanyl.

Economic Impact

However, economists worry that the tariffs could lead to higher gasoline prices, contradicting Trump’s promise to lower energy costs.

  • Trump pledged to halve energy costs within a year during his 2024 campaign.

  • The US imported nearly 4.6 million barrels of oil daily from Canada and 563,000 barrels from Mexico in October.

  • Matthew Holmes from the Canadian Chamber of Commerce warned that the tariffs would “tax America first” by raising costs.

  • Maybe Fed Chair Jerome Powell saw this coming—that’s why he hit pause on rate cuts.

✍️ Context: Canada and Mexico have threatened payback tariffs before—Canada even vowed to cut off its oil to the US.

Trump’s Stance

Trump remains unfazed by potential negative impacts on the US economy.

  • He claimed, “We don’t need the products that they have.”

  • Trump also mentioned that China would face tariffs for exporting chemicals used to make fentanyl.

🤔 Thoughts: I think he wants to move quickly and front-load the “growing pains” of his policies. This way, some of the blame falls on President Biden as America adjusts to greater self-reliance. It might pay off in the long run, but in the short term, it could be tough. We’ll have to wait and see.

100% Tariffs

If you thought 25% was a lot, Trump has even bigger moves in store. Beyond tariffs on Canada and Mexico, Trump has threatened 100% tariffs on BRICS nations if they attempt to “move away from the Dollar” by creating their own currency.

On top of that, there’s talk of Trump pushing for 10% tariffs on China as well. 😬

🇸🇪 SWEDEN
Man Who Burnt Quran: Shot Dead

In 2023, Salwan Momika, an Iraqi asylum seeker, publicly burned Qurans in Sweden.

Now, he’s dead—found with gunshot wounds just hours before Thursday’s verdict in his trial over desecrating Islam’s holy book.

Arrest and Investigation

On January 30, 2025, Momika was shot dead in Stockholm. Five people have been arrested on suspicion of murder.

  • A prosecutor will now investigate the killing, and Sweden's security services will be involved as there are concerns it could be linked to foreign powers.

  • Swedish Prime Minister Ulf Kristersson said there is a risk Momika's murder could be connected to international actors.

Quran Burnings Spark Outrage

In 2023, Momika's Quran burnings outside a mosque during Eid al-Adha.

  • Momika, who came to Sweden from Iraq in 2018, carried out the Quran-burning demonstrations because he believed the holy book "should be banned in the world."

  • Swedish authorities had initially tried to prevent Momika from staging the protests by denying him a permit, but this decision was later overturned.

Quran Burning Protests

Momika, who came to Sweden from Iraq in 2018, carried out the Quran-burning demonstrations because he believed the holy book "should be banned in the world."

  • He claimed the Quran "causes danger to democracy, ethics, human values, human rights, and women's rights."

  • Swedish authorities first banned Momika from burning the Quran over public disturbance concerns, but an administrative court later overturned the decision.

🇮🇱 ISRAEL
Horrific Handover

Israel and Hamas exchanged hostages and prisoners on Thursday, but the process was anything but smooth.

The terrorist group failed to control the crowds, leading to a delay in the release of 110 Palestinian prisoners.

Handover Chaos

  • The release of three Israeli and five Thai hostages was delayed by a screaming crowd of Palestinians.

  • The crowd surrounded and jeered at the hostages, pushing and shoving to get closer.

Netanyahu's Outrage

Prime Minister Netanyahu was furious about the chaotic scenes, demanding guaratees for the safe exit of hostages in future exchanges.

  • He called the scenes “shocking” and criticized Hamas for their “inconceivable brutality.”

  • He further said that this is “further proof of the unimaginable cruelty of the Hamas terrorist organization.”

  • He threatened retaliation if any captives were harmed.

Release Delay

Also, in response, Israel initially delayed the release of 110 Palestinian prisoners.

  • The delay was ordered by Netanyahu and Defense Minister Yisrael Katz.

Future Exchanges

The exchanges are set to continue under the ceasefire agreement.

  • Hamas is expected to release three more male hostages on Saturday.

Hostages’ Journey

Arbel Yehud (left), Agam Berger (center), and Gadi Moses(right).

  • Arbel Yehud, 29, and Gadi Moses, 80, were transferred through tight crowds by armed militants.

  • Yehud was taken to Sheba Hospital in Ramat Gan, near Tel Aviv, after her release.

  • Moses, a farming expert, was abducted from Kibbutz Nir Oz.

Thai Nationals Freed

  • The freed Thai men were found to be in “good” condition after initial medical examinations.

  • Economic hardship has driven thousands of Thais to take agricultural jobs in Israel.

  • At least 39 Thai nationals were killed, and 31 were taken hostage during the 2023 Hamas-led attacks.