Economy
China commits to buy at least $17B in US agro products annually
China has agreed to buy at least $17 billion of U.S. agricultural products in 2026, 2027 and 2028, the White House said in a fact sheet released on Sunday.
The commitment was made during meetings between U.S. President Donald Trump and Chinese President Xi Jinping last week, the White House said.
The $17 billion figure does not include the soybean purchase commitments China made in October 2025, the White House said.
There has been a marked reduction in U.S. agricultural exports to China after last year’s rounds of tit-for-tat tariffs sharply curtailed trade, which fell 65.7% year-over-year to $8.4 billion in 2025, according to U.S. Department of Agriculture data.
China has dramatically scaled back its reliance on U.S. farm goods since Trump’s first term, sourcing roughly 20% of its soybeans from the U.S. in 2024, the year before he returned to office, down from 41% in 2016.
China will work with U.S. regulators to lift suspensions of U.S. beef facilities and resume imports of poultry from U.S. states determined to be free of avian influenza, the White House said.
Confirming earlier statements from the Chinese government, the White House also said on Sunday the world’s two largest economies would establish a U.S.-China Board of Trade and the U.S.-China Board of Investment.
The boards will resolve concerns over market access for agricultural products and expand trade “under a reciprocal tariff-reduction framework,” Chinese Foreign Minister Wang Yi said in a statement last week.
Irish no-frills carrier Ryanair posted on Monday a strong rise in annual profits but warned that the Middle East war has clouded its outlook for the upcoming year.
Profit after tax jumped 35% to 2.17 billion euros ($2.52 billion) in the 12 months to the end of March compared to the period a year earlier.
CEO Michael O’Leary said it was “far too early” to provide meaningful full-year profit guidance because of “significant fuel price/potential supply volatility.”
“The conflict in the Middle East has created economic uncertainty, and we still don’t know when the Strait of Hormuz will reopen,” he said in an earnings statement.
Oil prices have soared since the start of the U.S.-Iran war in late February, resulting in much higher jet fuel costs.
Ryanair said it had hedged 80% of its fuel costs at $67 a barrel through to April 2027, which should help insulate its earnings amid “very volatile oil markets.”
But its full-year outlook remains “heavily exposed to adverse external developments,” including any escalation in the Middle East war.
Ryanair’s share price fell around 3% in Dublin.
Cost pressures
Ryanair said its costs could rise in the year ahead as it faces a higher bill for unhedged fuel costs, as well as crew expenses and aircraft maintenance.
The company also expects European Union environmental taxes to rise by 300 million euros this year.
“Under normal circumstances, Ryanair would respond to cost pressures by putting up fares and passenger charges, but the market environment is currently too fragile,” said Dan Coatsworth, head of markets at AJ Bell.
“Consumers are spooked by oil prices shooting up,” he said, adding that “it’s made the cost of living go up, and that drives more caution towards spending.”
Coatsworth added, however, that Ryanair had “a strong enough balance sheet to weather any storms”.
In its latest financial year, revenue increased 11% to 15.5 billion euros as ticket fares rose.
But fares for its peak July-September period, previously forecast to rise, are now trending flat.
“Pricing in recent weeks has eased somewhat in response to economic uncertainty caused by higher oil prices, the fear of fuel shortages and the risk of inflation adversely impacting consumer spending,” O’Leary said.
The group carried 208 million passengers last year, marking a 4% annual increase, and is targeting 300 million passengers by 2034.
It expects traffic to rise by another 4% in the current financial year, to 216 million passengers.
The airline added that talks to extend O’Leary’s contract until April 2032 have almost concluded.
The European Union is reportedly preparing plans to force companies in the bloc to buy critical components from at least three different suppliers in an attempt to curb reliance on China, according to the Financial Times on Monday.
The new rules would affect businesses in a handful of key sectors, such as chemicals and industrial machinery, the report added, citing two EU officials familiar with the matter.
Under the new legislation, companies would be limited to buying about 30% to 40% of components from a single supplier and would have to source the rest from at least three different suppliers not coming from the same country, the FT said.
This comes as China continues to use its chokehold on the processing of many minerals as leverage, at times curbing exports, suppressing prices and undercutting other countries’ ability to diversify their sources of the materials used to make semiconductors, electric vehicles and advanced weapons.
European Union Trade Commissioner Maros Sefcovic is planning a series of punitive tariffs on Chinese chemicals and machinery in a bid to tackle the bloc’s 1 billion euro ($1.16 billion) a day trade deficit and insulate companies from China’s “weaponization of trade,” the newspaper said.
Last month, Sefcovic signed a memorandum of understanding with U.S. Secretary of State Marco Rubio for a partnership on producing and securing critical minerals, as part of a push to loosen China’s grip on materials crucial to advanced manufacturing.
According to the FT report, these early-stage plans will be presented to a commission meeting dedicated to China on May 29 and could then be endorsed by EU leaders in late June.
A European Commission spokesperson confirmed to Reuters that it will hold an orientation debate on EU-China relations on May 29 but declined to comment on internal discussions, adding that such debates do not involve the adoption of formal proposals.
Standing behind the cash register at the Stubs liquor store, Amy Van Duyn looked through the window at a red-and-green gasoline price sign, which she said seemed to tick up daily.
The price was $4.34 per gallon – about 50% higher than it was in these parts when President Donald Trump returned to the White House last year.
“I used to fill my tank for $36,” said Van Duyn, 42. “Now $36 gets me half a tank.”
Her coworker Tonyah Bruyette said when it’s time to buy groceries, she’s left wondering where all her money went: “We’re putting it in the tank rather than on our table.”
Like most people in and around Wiggins, a farming town of 1,400 people in northeast Colorado, Van Duyn and Bruyette remain ardent supporters of the president, who won surrounding Morgan County by 49 percentage points in 2024.
Nationally, Trump’s political fortunes appear to be waning. His war with Iran has sent fuel prices soaring past $4.50 a gallon nationwide, and a Reuters/Ipsos poll last month found nearly 8 in 10 Americans hold the president responsible for higher gasoline prices.
Trump was asked this week if people’s economic woes were motivating him to reach a deal with Tehran. “I don’t think about Americans’ financial situation,” he responded. “The only thing that matters when I’m talking about Iran, they can’t have a nuclear weapon.”
Democrats seized on the comments as evidence of an administration losing touch with an anxious public. Only 30% of U.S. adults approved of Trump’s handling of the economy as of a May Reuters/Ipsos poll, an issue that had long been one of his political strengths.
But in two dozen recent interviews along Colorado’s Highway 52 – a two-lane blacktop road punctuated by grain elevators, feedlots and oil pumpjacks – Trump voters echoed the president’s logic.
Across Morgan and Weld counties, which haven’t voted for a Democrat in a presidential election since 1964, voters were willing to pay more for gas if it meant eliminating a possible Iranian nuclear threat. Energy prices had also spiked under formee President Joe Biden, many said.
Some begrudgingly stood by Trump because of their distaste for Democrats; others expressed faith the president had a plan to bring costs down. It was a testament to the durable, personal bond Trump has built with his base, allowing him to weather multiple crises across his two terms.
“It feels like he hears us,” said Bruyette, “that he is fighting for us.”
‘Willing to sacrifice’
About 25 miles southwest of Wiggins, Jim Miller was elbows-deep in the engine of his ailing Dodge pickup.
A 65-year-old retired commodities broker raised in the liberal city of Boulder who now lives in tiny Prospect Valley, Miller considers himself “half-hippie, half-cowboy.”
He said enduring the momentary pain of high gas prices was worth preventing Iran from pursuing a nuclear weapon. Miller recalled stories of American resilience during World War II, when goods were rationed and households lived with less.
“I struggle, like everybody else does, but I’m willing to sacrifice a little,” Miller said. “That’s been totally lost in this country, people’s willingness to sacrifice.”
In the unincorporated town of Roggen was Mike Urbanowicz, a 66-year-old trader with multiple college degrees whose farming cooperative moves 150 truckloads of grain each day.
He voted three times for Trump, but like many interviewed by Reuters, he considers himself a political independent, saying he distrusts the Republican Party nearly as much as their Democratic foes.
Gas prices were hurting his industry, he said, and Trump was “naive” to think he could quickly solve the issue. He expected prices would remain high into the fall, even if there was a breakthrough in stalled U.S.-Iran peace talks.
But he preferred the status quo to Democrats, whom he saw as moving towards “full-blown socialism.”
“I voted for Trump because the alternative is so bad,” he said.
Turkish authorities have imposed administrative fines totaling nearly TL 390 million (nearly $8.6 million) so far in 2026 on over 1,200 businesses for excessive price increases, according to a statement on Sunday.
The Trade Ministry, in a written statement, also said that inspections in the market have intensified ahead of the upcoming Eid al-Adha (Qurban Bayram) holiday.
The ministry noted the Unfair Price Evaluation Board imposed administrative fines totaling TL 389.4 million in 2026 on 1,258 businesses for excessive price hikes.
In a statement, it was emphasized that at four separate meetings held this year, inspections and investigations into practices that disrupt fair competition in the market and harm consumer welfare “have been carried out decisively.”
It also provided details and suggested that during inspections of basic food and consumer goods, 13 businesses found to have made exorbitant price increases were fined some TL 9.64 million. Moreover, it added that in inspections of bread and simit products, 75 businesses found to have violated official pricing tariffs were fined about TL 12.95 million.
Similarly, it explained that following the import restrictions on foreign-based e-commerce marketplaces, inspections into price increases on local e-commerce platforms led to fines totaling TL 151.7 million for 840 businesses.
As a result of inspections into extraordinary price increases in fruit and vegetable prices, 330 businesses were fined TL 215.11 million, it added.
“Overall, the Unfair Price Evaluation Board imposed administrative fines amounting to TL 389,430,962.5 on 1,258 businesses in 2026 due to excessive price increases,” the statement read.
At the same time, the statement stressed that inspection activities aimed at protecting citizens’ economic interests and maintaining market balance and fair trade continue without interruption.
It also pointed out that, especially ahead of Eid al-Adha, shopping malls, chain supermarkets, retail stores selling food and holiday goods, bus terminals used for travel, and wholesale markets are under close monitoring by the Trade Ministry, and all practices that could harm consumers are being carefully examined.
Finally, it was emphasized that administrative sanctions against businesses found to be acting against regulations during inspections will be strictly enforced within the legal authority provided by law.
KazanForum, which brings together Russia and the Islamic world, offers significant opportunities for Türkiye in the fields of investment, finance, and participation finance, and contributes to the development of regional economic cooperation, a Turkish official said, according to a report published Sunday.
Speaking to Anadolu Agency (AA) during the forum, Burak Dağlıoğlu, the head of the Investment and Finance Office, said that the event has gradually evolved into a multi-dimensional platform that goes beyond economic topics.
This year’s forum, which is seen as the main platform for economic cooperation between Russia and the countries of the Islamic world, took place between May 12 and May 17.
Drawing attention to the cultural dimension of the forum, Dağlıoğlu pointed out that many sessions are also organized in cultural areas, especially under the halal theme.
“It has become a comprehensive platform where participants come together, fairs are held, and meetings take place,” he added.
Türkiye’s focus on investment, finance
Emphasizing that Türkiye’s priority at the forum is investment and finance, Dağlıoğlu noted that there is a strong trade volume between Türkiye and Russia.
He also stated that within the scope of regional economic relations, economic ties between Türkiye and various regions of Russia, starting from Tatarstan, have been diversifying, adding that they see “a wide range of trade diversity, from industrial goods to non-natural-resource products.”
Moreover, explaining that participation finance is an important agenda item for Türkiye and that Russia is also taking new steps in this field through legal regulations, he added: “We see that participation finance instruments are being implemented in regions with dense Muslim populations. We are also carrying out mutual efforts and organizing delegations to grow this ecosystem.”
At the same time, Dağlıoğlu noted that trade ties between Türkiye and Russia are increasing, stating that the total investment value of Russian-capital companies operating in Türkiye has exceeded $6 billion.
He also pointed out that investments from Tatarstan into Türkiye are at a notable level, emphasizing that Türkiye has become an important hub for international investors.
Forum lays groundwork for new cooperation
In addition, Dağlıoğlu said they expect the contacts made during the forum to produce concrete economic outcomes and that Turkish companies have significant market access opportunities in the region.
He noted that there are strong companies in sectors such as industry, petrochemicals, machinery, metal processing and food, adding that the goal is to increase mutual investment and cooperation in these areas.
He also stated that Türkiye would become an attractive center for international companies with its new incentive model.
“We aim to create a trade ecosystem where access to broader geographies can be achieved via Istanbul,” he said.
German industrial decline is slowly starting to inflict pain on communities that have long relied on major manufacturers for employment, prosperity and a sense of stability.
Among the places affected by the downturn is Ludwigshafen, a company town of chemical giant BASF, which has shed thousands of jobs while shifting its focus to China.
“The mood is obviously not good,” Sinischa Horvat, chairperson of BASF’s works council, which represents staff interests, told Agence France-Presse (AFP) during a visit to the city of about 175,000 people.
“The entire market is currently so weak. When you watch the news, you hardly hear any positive messages.”
BASF is among Germany’s manufacturing heavyweights in sectors ranging from autos to steel and factory equipment that have been cutting back in their domestic markets.
They are battling surging energy costs, fierce competition from China, and weak demand at a time when Europe’s biggest economy is mired in a long stagnation.
Some 2,500 jobs have been axed since 2022 in Ludwigshafen, which is dominated by sprawling chemical plants that stretch along the Rhine River, and more cuts are set to come.
A recent decision to sell off thousands of company-owned apartments, many occupied by current and former workers, has added to unease.
“The sale of these apartments sends a signal to the city and to the people who live here and, in some cases, work at BASF – BASF is scaling back its operations,” Patrick Thiel, who lives in one of the apartments and works at the firm, told AFP.
“There is growing concern that this won’t stop at the apartments but will also affect the main plant,” added the 29-year-old, who also ran as a candidate in recent local polls for far-left party Die Linke.
China push
Horvat said having BASF staff in the properties helped create a “symbiosis” between the company and community.
“This has fostered an understanding of chemistry and shaped the relationship with BASF in the city,” he said.
BASF – a supplier of base inputs to the agricultural, automotive and pharmaceutical sectors – says the proceeds will go to bolstering its core businesses, but acknowledged that the sale had “raised uncertainties.”
A company spokesperson, however, insisted that it would handle the sale responsibly, adding: “No one has to fear losing their home.”
“We will continue to see ourselves as an integral part of the local community in the future,” she said.
Underlining its commitment to Ludwigshafen, where the group has over 30,000 employees – around a third of its global workforce – BASF has agreed to hold off on compulsory redundancies there until at least 2028 and continue investing.
But, as it cuts back at home, the world’s biggest chemical firm is investing heavily overseas, last month inaugurating a vast 8.7 billion euro ($10 billion) complex in China, its biggest ever single investment project.
It insists that building up its presence in China, the world’s biggest chemical market, is crucial.
Job losses
BASF is far from the only German company suffering.
Last year industrial companies cut 124,000 jobs, around double the figure in 2024, with hefty losses in particular found in the struggling auto sector, a study by consultancy EY showed.
Germany’s manufacturing sector contracted to hold a share of 19.5% of the country’s economy in 2025, according to official figures – its lowest level for many years.
“The loss of industrial jobs in Germany has accelerated in the past two years,” Marcel Fratzscher, president of the DIW economic institute told AFP.
“Companies that used to be the pride of Germany are suffering.”
Areas that have already suffered industrial job losses see greater social problems and offer fertile ground for fringe parties, such as the far-right Alternative for Germany (AfD), to pick up support, experts warn.
Still, Fratzscher said that Germany had undergone economic upheavals before, and urged politicians and companies to try to ensure the economy emerges stronger.
The current economic transformation should be seen “as an opportunity to move into sectors that have better margins, better jobs,” he said.
“The biggest mistake we can make is to try to cement the status quo, to keep all companies exactly the same. That would lead to a much bigger deindustrialization.”
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