President Donald Trump raised the global duty on imports into the United States to 15 percent on Saturday, doubling down on his promise to maintain his aggressive tariff policy a day after the Supreme Court ruled much of it illegal.Trump said on his Truth Social platform that after a thorough review of Friday’s “extraordinarily anti-American decision” by the court to rein in his tariff program, the administration was hiking the import levies “to the fully allowed, and legally tested, 15% level.”Shortly after the court’s 6-3 ruling that rejected the president’s authority to impose tariffs under a 1977 economic emergency powers act, Trump had initially announced a new 10 percent global levy by invoking a different legal avenue.At the same time, the Republican launched an extraordinary personal attack on the conservative justices who had sided with the majority, slamming their “disloyalty” and calling them “fools and lap dogs.”The ruling was a stunning rebuke by the high court, which has largely sided with the president since he returned to office, and marked a major political setback in striking down Trump’s signature economic policy that has roiled the global trade order.Saturday’s announcement is sure to provoke further uncertainty as Trump carries on with a trade war that he has used to cajole and punish countries, both friend and foe.It is the latest move in a process that has seen a multitude of tariff levels for countries sending goods into the United States set and then altered or revoked by Trump’s team over the past year.Several countries have said they are studying the Supreme Court ruling and Trump’s subsequent tariff announcements.Brazil’s President Luiz Inacio Lula da Silva on Sunday urged Donald Trump to treat all countries equally.”I want to tell the US President Donald Trump that we don’t want a new Cold War. We don’t want interference in any other country, we want all countries to be treated equally,” Lula told reporters in New Delhi.German Chancellor Friedrich Merz said Saturday he would hold talks with European allies to formulate “a very clear European position” and joint response to Washington before he travels to the US capital in early March.On the domestic front, Pennsylvania Governor Josh Shapiro, a Democrat, said on X it was time for Trump to “listen to the Supreme Court, end chaotic tariffs, and stop wreaking havoc on our farmers, small business owners, and families.”The new duty by law is only temporary — allowable for 150 days. According to a White House fact sheet, exemptions remain for sectors that are under separate probes, including pharma, and goods entering the US under the US-Mexico-Canada agreement.On Friday, the White House said US trading partners that reached separate tariff deals with Trump’s administration would also face the new global tariff. – High court defeat -Friday’s court ruling did not impact sector-specific duties Trump separately imposed on steel, aluminum and various other goods. Government probes still underway could lead to additional sectoral tariffs.But it nevertheless marked Trump’s biggest defeat at the Supreme Court since returning to the White House 13 months ago. The court has generally expanded his power. Trump heaped praise on the conservative justices who voted to uphold his authority to levy tariffs — Clarence Thomas, Samuel Alito and Brett Kavanaugh, a Trump nominee — thanking them “for their strength and wisdom, and love of our country.”The president alleged the majority of six justices, including two nominated during his first term, had been “swayed by foreign interests.””I think that foreign interests are represented by people that I believe have undue influence,” he said.Shares on Wall Street — a metric closely watched by Trump — rose modestly Friday after the decision, which had been expected.Business groups largely cheered the ruling, with the National Retail Federation saying this “provides much-needed certainty” for companies.In court arguments, the Trump administration said companies would receive refunds if the tariffs were deemed unlawful. But the Supreme Court’s ruling did not address the issue. Trump said he expected years of litigation on whether to provide refunds. Kavanaugh noted the refund process could be a “mess.”

Brazil’s President Luiz Inacio Lula da Silva urged Donald Trump on Sunday to treat all countries equally after the US leader imposed a 15 percent tariff on imports following an adverse Supreme Court ruling.”I want to tell the US President Donald Trump that we don’t want a new Cold War. We don’t want interference in any other country, we want all countries to be treated equally,” Lula told reporters in New Delhi.The conservative-majority Supreme Court ruled six to three on Friday that a 1977 law Trump has relied on to slap sudden levies on individual countries, upending global trade, “does not authorize the President to impose tariffs”.Lula said he would not like to react to the Supreme Court decisions of another country, but hoped that Brazil’s relations with the United States “will go back to normalcy” soon.The veteran leftist leader is expected to travel to Washington next month for a meeting with Trump.”I am convinced that Brazil-US relation will go back to normalcy after our conversation,” Lula, 80, said, adding that Brazil only wanted to “live in peace, generate jobs, and improve the lives of our people”.Lula and Trump, 79, stand on polar opposite sides when it comes to issues such as multilateralism, international trade and the fight against climate change.However, ties between Brazil and the United States appear to be on the mend after months of animosity between Washington and Brasilia.As a result, Trump’s administration has exempted key Brazilian exports from 40 percent tariffs that had been imposed on the South American country last year.- ‘Affinity’ -“The world doesn’t need more turbulence, it needs peace,” said Lula, who arrived in India on Wednesday for a summit on artificial intelligence and a bilateral meeting with Prime Minister Narendra Modi.Ties between Washington and Brasilia soured in recent months, with Trump angered over the trial and conviction of his ally, the far-right former Brazil president Jair Bolsonaro.Trump imposed sanctions against several top officials, including a Supreme Court judge, to punish Brazil for what he termed a “witch hunt” against Bolsonaro.Bolsonaro was sentenced to 27 years in prison for his role in a botched coup bid after his 2022 election loss to Lula.Lula said that, as the two largest democracies in the Americas, he looked forward to a positive relationship with the United States. “We are two men of 80 years of age, so we cannot play around with democracy,” he said. “We have to take this very seriously. We have to shake hands eye-to-eye, person-to-person, and to discuss what is best for the US and Brazil.”Lula also praised Modi after India and Brazil agreed to boost cooperation on critical minerals and rare earths and signed a raft of other deals on Saturday.”I have a lot of affinity with Prime Minister Modi,” he said.Lula will travel to South Korea later on Sunday for meetings with President Lee Jae Myung and to attend a business forum.

BHP, Glencore and Teck Resources — three mining giants whose annual results have revealed significantly increased profits thanks in large part to soaring copper prices. AFP explores the reasons behind the gains.- Profits boost -Australian resources group BHP saw net profit surge almost 28 percent to US$5.64 billion in the final six months of last year, the group’s fiscal first half.Alongside the recent earnings, BHP stated that it was the world’s largest copper producer after raising output by about 30 percent in the past four years, including from its vast Escondida mine in Chile.In the same week, Swiss miner Glencore announced a return to profit last year and plans to double its copper production within a decade.Canadian miner Teck Resources, in talks over a multi-billion-dollar merger with Anglo American to forge a copper giant, noted that its profits have been driven by “significantly higher copper prices”.Resources groups that have not fared so well in 2025 — iron ore behemoth Rio Tinto and Anglo American — are ramping up production of copper to help offset sagging demand for steel and diamonds.- Why copper? -Copper demand has exploded in recent years, with the metal needed for solar panels, wind turbines and also military hardware.The coveted metal is also used in electric vehicle batteries and data centres for artificial intelligence.Surging demand caused the price of copper to soar 40 percent on the London Metal Exchange (LME) last year, and in January this year it reached a record high.This was fuelled by supply disruptions at major copper mines in Chile, Indonesia and the Democratic Republic of Congo.Demand has been boosted additionally “by Donald Trump’s decisions”, said Benjamin Louvet, head of commodities management at Ofi Invest AM.Elaborating further to AFP, he pointed to the US president’s tariff threats, which saw companies build copper stocks, and heightened tensions between the United States and China, the world’s dominant player in metals markets.- Copper supply risks -Many copper experts agree that the industrial metal could reach a supply deficit this year.”A structural deficit appears almost inevitable,” Philippe Chalmin, a commodities professor at Paris-Dauphine University, told AFP. The poor anticipation of current needs is partly explained by the fact that “the energy transition happened quite quickly”, he added. Developing a new mine takes time. According to a study by the International Energy Agency, an average of 16 years is required — although the duration varies depending on the ore and location.This timeframe and the enormous associated costs are deterring financiers, “who are turning to investments with much faster returns”, said Louvet.Against this backdrop, the sector is seeking to consolidate, although a bid by BHP to buy Anglo American, disrupting the latter’s planned tie-up with Teck, recently collapsed.- Commodities versus stocks -Unlike shares in companies, which rise in anticipation of increased revenue, commodity prices are determined by the current supply versus demand.The price of copper “does not factor in future scarcity”, said Louvet.This means new mining projects are launched only once there is a need for increased production.Louvet explained that copper would have to reach $15,000 per tonne for miners to begin new projects as, despite soaring profits, the financial risk is too high.Copper is trading at below $13,000 per tonne on the LME, compared with its all-time high of $14,527.50 last month.Even the creation or expansion of strategic stockpiles by the United States and other countries will not “fundamentally change the situation”, Louvet added.burs-pml/bcp/rmb/rh/abs

India and Brazil agreed to boost cooperation on critical minerals and rare earths on Saturday, Prime Minister Narendra Modi said after talks in New Delhi with Brazilian President Luiz Inacio Lula da Silva.”The agreement on critical minerals and rare earths is a major step towards building resilient supply chains,” Modi said.Brazil has the world’s second-largest reserves of critical minerals, which are used in everything from electric vehicles, solar panels and smartphones to jet engines and guided missiles.India, seeking to cut its dependence on top exporter China, has been expanding domestic production and recycling while scouting for new suppliers.”Increasing investments and cooperation in matters of renewable energies and critical minerals is at the core of the pioneering agreement that we have signed today,” Lula said.The details of the deal were not immediately available but a senior Indian foreign ministry official said official discussions were underway.”President Lula gave a very detailed presentation on Brazil’s substantial critical minerals and rare earth reserves,” P. Kumaran told reporters at a media briefing.”He said only 30 percent of their reserves have been explored and that there is substantial scope for exploration, processing minerals and also using them.”- ‘Reflection of trust’ -Nine other agreements and memoranda of understanding were finalised on Saturday, covering digital cooperation, health, entrepreneurship and other fields.”Brazil is India’s largest trade partner in Latin America. We are committed to taking our bilateral trade beyond $20 billion in the coming five years,” Modi said.”Our trade is not just a figure, but a reflection of trust.”Lula, who arrived in New Delhi on Wednesday for a summit on artificial intelligence, is accompanied by a delegation of more than a dozen ministers as well as business leaders.On Saturday, he was given a ceremonial welcome and paid tribute to India’s independence hero Mahatma Gandhi, before holding the meeting with Modi.With China holding a near-monopoly on rare earths production, some countries are seeking alternative sources.Rishabh Jain, an expert with the Delhi-based Council on Energy, Environment and Water think tank, said India’s growing cooperation with Brazil on critical minerals complements recent supply chain engagements with the United States, France and the European Union.While these partnerships grant India access to advanced technologies, finance and high-end processing capabilities, “Global South alliances are critical for securing diversified, on-ground resource access and shaping emerging rules of global trade”, Jain told AFP.- ‘New momentum’ -India, the world’s most populous nation, is the 10th largest market for Brazilian exports, with bilateral trade topping $15 billion in 2025.Key Brazilian exports to India include sugar, crude oil, vegetable oils, cotton and iron ore.Demand for iron ore has been driven by rapid infrastructure expansion and industrial growth in India, which is on track to become the world’s fourth largest economy.Modi said that “our cooperation in the defence sector is also continuously growing,” hailing a “win-win partnership”.”When India and Brazil work together, the voice of Global South becomes stronger and more confident.”Speaking at a business forum later in the day, Lula said Brazil was ready to cooperate in one of the world’s largest global defence markets.”We do not want only to sell,” he said. “We want to buy, invest, and consolidate our presence in India, with technology transfer and training of personnel.”Brazilian firms have been expanding in the South Asian nation, with Embraer and Adani Group announcing plans last month to build aircraft in India.On Sunday, Lula will travel on to South Korea for meetings with President Lee Jae Myung and to attend a business forum.

Dozens of nations including the United States and China called for “secure, trustworthy and robust” artificial intelligence, in a summit declaration on Saturday criticised for being too generic to protect the public.The statement signed by 86 countries did not include concrete commitments to regulate the fast-developing technology, instead highlighting several voluntary, non-binding initiatives.”AI’s promise is best realised only when its benefits are shared by humanity,” said the statement, released after the five-day AI Impact Summit.It called the advent of generative AI “an inflection point in the trajectory of technological evolution”.”Advancing secure, trustworthy and robust AI is foundational to building trust and maximising societal and economic benefits,” it said.The summit — attended by tens of thousands including top tech CEOs — was the fourth annual global meeting to discuss the promises and pitfalls of AI, and the first hosted by a developing country.Hot topics discussed included AI’s potential societal benefits, such as drug discovery and translation tools, but also the threat of job losses, online abuse and the heavy power consumption of data centres.Analysts had said earlier that the summit’s broad focus, and vague promises made at the previous meetings in France, South Korea and Britain, would make strong pledges or immediate action unlikely.- US signs on -The United States, home to industry-leading companies such as Google and ChatGPT maker OpenAI, did not sign last year’s summit statement, warning that regulation could be a drag on innovation.”We totally reject global governance of AI,” US delegation head Michael Kratsios said at the summit on Friday.The United States signed a bilateral declaration on AI with India on Friday, pledging to “pursue a global approach to AI that is unapologetically friendly to entrepreneurship and innovation”.But it also put its name to the main statement, the release of which was originally expected on Friday but was delayed by one day to maximise the number of signatories, India’s government said.Amba Kak, co-executive director of the AI Now Institute, criticised the lack of a meaningful declaration, saying it was just “another round of generic voluntary promises”. “The fact that this declaration drew such wide endorsement, especially from the US, which held out in Paris, tells you what kind of agenda it is: one that is AI-industry approved, not one that meaningfully protects the public,” she told AFP.Saturday’s summit declaration struck a cautious tone on AI safety risks, from misinformation and surveillance to fears of the creation of devastating new pathogens.”Deepening our understanding of the potential security aspects remains important,” it said.”We recognize the importance of security in AI systems, industry-led voluntary measures, and the adoption of technical solutions, and appropriate policy frameworks that enable innovation.”On jobs, it emphasised reskilling initiatives to “support participants in preparation for a future AI driven economy”.And “we underscore the importance of developing energy-efficient AI systems” given the technology’s growing demands on natural resources, it said.- ‘Unacceptable risk’ -Computing expert and AI safety campaigner Stuart Russell told AFP that Saturday’s commitments were “not completely inconsequential”.”The most important thing is that there are any commitments at all,” he said.Countries should “build on these voluntary agreements to develop binding legal commitments to protect their peoples so that AI development and deployment can proceed without imposing unacceptable risks”, Russell said.Some visitors had complained of poor organisation, including chaotic entry and exit points, at the vast summit and expo site in Delhi.The event was also the source of several viral moments, including the awkward refusal of rival US tech CEOs — OpenAI’s Sam Altman and Dario Amodei of Anthropic — to hold hands on stage.The next AI summit will take place in Geneva in 2027. In the meantime, a UN panel on AI will start work towards “science-led governance”, the global body’s chief Antonio Guterres said Friday.The UN General Assembly has confirmed 40 members for a group called the Independent International Scientific Panel on Artificial Intelligence.India has used the summit to push its ambition to catch up with the United States and China in the AI field, including through large-scale data centre construction powered by new nuclear plants.Delhi expects more than $200 billion in investments over the next two years, and US tech giants unveiled a raft of new deals and infrastructure projects in the country during the summit.