EU-India trade deal. Brussels and New Delhi concluded negotiations today on a free trade pact that will reduce tariffs on more than 99 percent of EU goods and 96 percent of Indian goods. The European Commission touted it as “the largest such deal ever concluded by either side” and a sign of commitment to “economic openness and rules-based trade.” To take effect, it requires approval from India, the European Parliament, and the EU Council.
European wind power project. Ten European countries announced plans yesterday to increase cooperation on a wind power project in the North Sea that promises to generate 100 gigawatts of power, enough for more than 140 million homes. The top energy officials from the United Kingdom (UK) and the EU jointly wrote in Politico that reliance on fossil fuels “leaves us incredibly vulnerable to international market volatility and pressure from external actors.”
Tariff threat on South Korea. Trump plans to increase tariffs on South Korean goods including cars, lumber, and pharmaceuticals from 15 to 25 percent because the country’s legislature has yet to approve last July’s trade deal, he wrote on social media yesterday. A bill enacting the agreement has been introduced in South Korea’s legislature, and the country’s ruling party said today it would try to pass it by the end of next month.
Final hostage body returned. The body of Ran Gvili, the last remaining Israeli hostage taken to Gaza in Hamas’s 2023 attack, has been returned to Israel, Israeli Prime Minister Benjamin Netanyahu’s office said yesterday. The return of all hostage bodies was a key tenet of the first phase of Trump’s Gaza peace plan and paves the way for the second phase to proceed with Israel’s participation. In line with the peace plan, Netanyahu’s office also announced that it will reopen the Rafah crossing into Gaza for pedestrians.
Spain’s migrant legalization. The government announced yesterday it will grant legal status to as many as half a million undocumented migrants. Those eligible will need to prove they were in the country before December 31 of last year, have no criminal record, and have five months of uninterrupted residence. Spain’s growing population is one of the reasons it is Europe’s fastest-growing large economy.
U.S. naval assets near Iran. The USS Abraham Lincoln aircraft carrier and three naval destroyers have arrived in the Middle East, U.S. Central Command (CENTCOM) announced yesterday. Trump has referenced the fleet’s impending arrival in his threats to strike Iran over its response to antigovernment protests in the country during recent weeks. However, the strike group remains in the Indian Ocean, CENTCOM said—not the Arabian Sea, which borders Iran.
Venezuela prisoner releases. The government released more than one hundred political prisoners over the weekend, rights group Foro Penal said yesterday. While Venezuela’s interim authorities vowed earlier this month that a “significant” number of detainees would be released following Maduro’s arrest, they have not published a total list. Rights groups say hundreds remain detained in the country.
Guinea bauxite boom. Guinea’s exports of the rare earth mineral jumped 25 percent last year, according to data seen by Reuters. Guinea became the world’s top exporter of bauxite in 2023, overtaking Australia. China has purchased increasing shares of Guinea’s bauxite exports, with 74 percent going to Chinese buyers last year. Bauxite is used to create aluminum and other industrial metals.
