Business
El Salvador’s Church Urges President to Maintain Ban on Gold Mining Amid Environmental Concerns
The Roman Catholic Church in El Salvador has joined growing calls for President Nayib Bukele to uphold the country’s ban on gold mining, a policy that has been in place since 2017. Archbishop José Luis Escobar Alas urged the president to retain the ban, warning that lifting it would cause irreversible damage to the nation’s environment.
In a statement on Sunday, Escobar Alas stated, “It will damage this country forever,” adding his voice to concerns raised by various civic and environmental groups. His remarks came after President Bukele expressed opposition to the seven-year-old ban, calling it “absurd” in a post on X (formerly Twitter) on Wednesday. Bukele suggested that unmined gold represents untapped wealth that could transform the country, triggering further debate on the issue.
El Salvador’s ban on metal mining, which applies both above and below ground, was implemented in 2017 to protect the country’s precious water resources from contamination. A broad coalition, including environmental groups and the Catholic Church, supported the measure at the time, citing the risks posed by mining operations to the country’s water supply.
While gold and silver deposits had been discovered in the country, no large-scale mining had begun by the time the ban was enacted. However, it is unclear what El Salvador’s full gold reserves may be. Bukele’s recent comments, however, mark a shift from his stance during his 2019 presidential campaign, when he supported the mining ban.
The president has since suggested that “modern and sustainable” mining could be introduced, with a focus on environmental responsibility. However, environmental advocates have rejected this notion, asserting that such mining practices are not as environmentally friendly as claimed.
Amalia López of the Alliance Against the Privatisation of Water emphasized the dangers of mining, saying, “It’s not true that there’s green mining; it’s paid for with lives, kidney problems, respiratory issues, and leukemia that aren’t immediate.” Critics are particularly concerned about the significant water consumption required for mining operations and the challenges of safely storing water contaminated with heavy metals.
Given Bukele’s political dominance, with his party controlling a majority in the legislature and the opposition weakened, the potential for a formal proposal to lift the mining ban could face little resistance. However, the strong opposition from environmental groups and the Catholic Church signals that the debate over the future of gold mining in El Salvador is far from over.
Business
Markets Soar as Trump Pauses Tariffs and Sparks Controversy with Financial Post
Global stock markets staged a dramatic rebound Wednesday after former President Donald Trump announced a 90-day pause on most of his administration’s “reciprocal” tariffs, reversing course amid mounting economic turmoil. The move came just hours after Trump posted on his social media platform, Truth Social, encouraging followers to invest — prompting both market euphoria and ethical scrutiny.
“THIS IS A GREAT TIME TO BUY!!! DJT,” Trump wrote at 9:37 a.m. Eastern Time, as major U.S. indices hovered between gains and losses. By the afternoon, Trump declared a pause on nearly all tariffs for three months. Investors responded swiftly: the Nasdaq surged 12.2%, the S&P 500 jumped 9.5%, and the Dow Jones rose 7.9%, recouping roughly $4 trillion in value that had been lost in just four days.
While Wall Street cheered, ethics experts raised red flags over the timing and potential implications of Trump’s online post. Richard Painter, a former White House ethics lawyer, warned that the post could trigger legal concerns if the tariff decision had already been made.
“He’s loving this — this control over markets — but he better be careful,” Painter said. “The people who bought when they saw that post made a lot of money.”
Asked about the timing of the tariff decision, Trump offered a vague explanation: “I would say this morning… Over the last few days, I’ve been thinking about it.” A White House spokesperson later declined to clarify, stating only that Trump’s post was part of his responsibility to “reassure the markets.”
Adding to the controversy was Trump’s use of his initials, “DJT,” at the end of the post. While sometimes used to signify personal authorship, the initials are also the stock symbol for Trump Media and Technology Group — the parent company of Truth Social. The ambiguity triggered a buying frenzy for Trump Media shares, which skyrocketed 22.7% by the close, outperforming broader indices. The company, which reported $400 million in losses last year, has limited connection to trade policy, raising further questions about the surge.
Trump holds a 53% stake in Trump Media via a trust managed by his son, Donald Trump Jr. Wednesday’s rally boosted the value of that stake by an estimated $415 million.
Meanwhile, Tesla — another stock favored by the Trump administration — edged out Trump Media with a 22.9% jump. The electric vehicle maker benefited from recent praise by Trump at a White House news conference and an endorsement from his Commerce Secretary during a television appearance. The surge added $20 billion to Elon Musk’s personal fortune.
While the market rejoiced, legal experts like Kathleen Clark of Washington University said the incident highlights a worrying trend. “He’s sending the message that he can manipulate the market with impunity,” she said. “As in: watch this space for future stock tips.”
The tariff pause is expected to spark further negotiations and market shifts in the weeks ahead. But for now, Trump’s online post and its ripple effects have ignited a fresh debate about ethics, influence, and economic power in the digital age.
Business
Market Jargon Explained as Trump’s Tariff Pause Sends Shockwaves Through Global Economy
As President Donald Trump’s sweeping trade war took a surprising turn this week with a 90-day pause on most new tariffs, investors and market watchers are scrambling to interpret the latest economic signals. With uncertainty still looming — especially as China remains the key target of new 125% tariffs — financial markets have reacted with volatility, and terms like “bear markets” and “dead cat bounces” are back in the spotlight.
Here’s a quick guide to some of the most important market terms making headlines as the global economic outlook hangs in the balance.
Bear Market A bear market describes a prolonged period of falling stock prices — typically defined as a decline of 20% or more from recent highs. The term evokes imagery of a hibernating bear, symbolizing retreat and sluggishness. In contrast, a bull market indicates a surge in prices, as bulls charge ahead. With mounting global uncertainty, investors are closely watching for signs that a bear market may be taking hold.
Dead Cat Bounce This grimly named term refers to a temporary rebound in stock prices during a broader downward trend. The “bounce” suggests that even a dead cat will bounce if dropped from a great height — in financial terms, this means a short-lived market rally before the downward momentum resumes. Investors are wary of mistaking these brief recoveries for a genuine turnaround.
Capitulation Capitulation happens when investors, overwhelmed by fear and market losses, begin to sell off assets en masse. It often marks the emotional climax of a market decline and can precede a recovery — but it’s easier to identify in hindsight. This behavior reflects widespread panic and typically coincides with a spike in trading volume and a sharp price drop.
Recession A recession is a significant, sustained decline in economic activity, usually lasting several months or more. It involves rising unemployment, decreased consumer spending, and reduced industrial output. While recessions are officially declared by the National Bureau of Economic Research, economists often detect warning signs in advance. Goldman Sachs recently raised its recession forecast for the US to 65% before Trump’s tariff pause, but quickly revised it downward following the policy shift.
Buy the Dip This phrase refers to purchasing stocks after a drop in prices, in hopes of future gains. While popular among retail investors, timing the market is notoriously difficult — and what appears to be a dip may actually be the start of a longer decline. Analysts are warning against overconfidence in “buy the dip” strategies amid ongoing trade uncertainty.
10-Year Treasury Note The yield on the 10-year US Treasury note is a key indicator of investor sentiment and economic expectations. A rising yield often signals confidence and expected inflation, while a falling yield suggests a flight to safety. Recently, investors have sold off Treasuries, pushing yields higher — a sign that even traditionally safe assets are being questioned amid the turbulence.
As global markets react to Trump’s evolving trade stance, understanding these terms can help decode the economic signals shaping what may be a volatile quarter ahead.
Business
China Rallies Support as US Tariffs Escalate, But Global Unity Remains Elusive
As the United States escalates its trade war by imposing a 125% tariff on Chinese imports, China is attempting to build an international coalition to pressure Washington into reversing course. However, Beijing’s efforts have yielded only limited support, as many nations remain wary of aligning with the key target of President Donald Trump’s sweeping trade measures.
In a move that narrowed the scope of his global tariff campaign, President Trump on Wednesday paused most new levies for 90 days — excluding China. While declaring a temporary reprieve for allies, the administration intensified its focus on China, citing a “lack of respect” from Beijing. In response, China slapped 84% tariffs on US goods, vowing to “fight to the end.”
“The US cannot win the support of the people and will end in failure,” said Chinese Foreign Ministry spokesperson Lin Jian, underscoring Beijing’s defiance during a press briefing.
In an attempt to counterbalance the US action, China has reached out to several countries, particularly in Europe and Asia. Premier Li Qiang has held discussions with European Commission President Ursula von der Leyen, while Chinese Commerce Minister Wang Wentao engaged in talks with EU Commissioner Maroš Šefčović.
According to state media outlet Xinhua, Wang criticized the US tariffs as a violation of World Trade Organization (WTO) rules and described them as “economic bullying.” He reiterated China’s openness to dialogue but warned, “If the US insists on its own way, China will fight to the end.”
Despite these overtures, China’s efforts to form a united front have met resistance. Australia, India, and Taiwan have all taken cautious stances, with Australian Prime Minister Anthony Albanese emphasizing, “We stand on our own two feet.”
Taiwan, which faces a 32% US tariff despite its strategic trade ties with Washington, is preparing for negotiations rather than siding with Beijing. Meanwhile, Southeast Asian countries such as Vietnam and Cambodia, which benefitted from prior shifts in supply chains out of China, now face mounting pressure from new US tariffs but remain hesitant to back China publicly.
Russia, typically seen as a close ally of China, has been excluded from Trump’s tariff list, signaling the targeted nature of the US-China economic confrontation.
In Hong Kong, a spokesperson for China’s Foreign Ministry, Huang Jingrui, accused the US of “barbaric” tactics and said Beijing would not yield to pressure. “A tariff-wielding barbarian… can never expect that call from China,” Huang wrote in South China Morning Post.
Markets reacted positively to the temporary pause. Japan’s Nikkei surged 9.1%, and European indexes rallied across the board. However, US markets were more subdued, with S&P 500 futures down 1.8% and Dow futures dropping 1.4% as of midday in Europe.
While Washington prepares for bilateral negotiations, tensions remain high, and China is reportedly considering non-tariff retaliation measures, including restrictions on US services like entertainment and legal firms.
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