ASEAN Works on Regional Fuel Sharing and Power Grid Interconnection

1. ASEAN Promotes Regional Fuel Sharing and Electrical Grid Interconnection: Following the 48th ASEAN Summit in Cebu, Philippine President Ferdinand Marcos stated that member countries agreed on the need to ensure a stable and reliable energy supply chain and enhance regional cooperation on energy security. Specific measures discussed included expediting the ratification of the ASEAN Petroleum Security Agreement (APSA), a mechanism for member states to support neighboring countries facing fuel shortages. In addition to the fuel sharing mechanism, ASEAN leaders also promoted the operation of the ASEAN Power Grid, an initiative to interconnect the electrical grids of the ten member countries.

2. US Court Invalidates President Trump’s New Tariffs: The US International Trade Court ruled against the 10% global tariffs imposed by President Donald Trump in February 2026. The court declared that these tariffs were not justified under the 1974 Trade Act invoked by the administration. This decision marks a victory for small businesses that had filed a lawsuit seeking refunds of the tariffs.

3. IEA Warns of Volatility in Global Energy Market: International Energy Agency (IEA) Executive Director Fatih Birol cautioned that the global energy market was entering a period of volatility due to supply disruptions caused by the conflict in Iran. He assured that the IEA was prepared to tap further into its strategic reserves if the situation persisted. To date, the IEA has already mobilized 20% of its reserves to curb the rise in oil prices.

4. Microsoft: AI Adoption Growing Globally, Exacerbating Inequalities: According to a Microsoft report, about 17.8% of the global working-age population is using AI for operational purposes, but the access gap between developed and developing countries is widening. In developing countries, the adoption rate reaches 27.5%, nearly double that of developed countries. The United Arab Emirates (UAE) tops the global ranking (70.1%), with the United States and China ranking 21st and 3rd, respectively.

5. US Issues Ultimatum to EU on Trade Agreement: President Donald Trump has issued an ultimatum to the European Union, demanding ratification of the bilateral trade agreement by July 4, threatening significantly higher tariffs otherwise. This agreement, expected to be concluded in July 2025, aims to reduce tariffs on most European products to 15%. However, Mr. Trump is unhappy with the slow ratification process by the EU and has threatened to raise tariffs on cars and trucks to 25%.

6. Fuel Shortage Expected to Drive Up Airfares This Summer: The cost of air travel is set to soar this summer due to a global shortage of jet fuel. Conflicts between the US and Israel, as well as Iran, and the crisis in the Strait of Hormuz have led to over 100% increase in jet fuel prices, forcing airlines to cancel thousands of flights and raise their fares (by 14.9% in March).

7. American Beef Industry Hopes to Regain Market Share in China: American producers are hopeful that the upcoming summit between President Donald Trump and President Xi Jinping will renew their export licenses to China. Previously, over 400 American slaughterhouses had lost their export rights, as China let their licenses expire without official justification. Producers believe this is an opportune time to renegotiate these licenses, as direct competitor Australia is nearing its quota.

Source: baotintuc.vn