By PAUL WISEMAN, AP Economics Writer
WASHINGTON (AP) — The U.S. trade deficit slipped modestly in 2025, a year in which President Donald Trump upended global commerce by slapping double digit tariffs on imports from most countries. But the gap in the trade of goods such machinery and aircraft — the main focus of Trump’s protectionist policies — hit a record last year despite sweeping import taxes.
Overall, the gap the between the goods and services the U.S. sells other countries and what it buys from them narrowed to just over $901 billion, from $904 billion in 2024, but it was still the third-highest on record, the Commerce Department reported Thursday.
Exports rose 6% last year, and imports rose nearly 5%.
And the U.S. deficit in the trade of goods widened 2% to a record $1.24 trillion last year as American companies boosted imports of computer chips and other tech goods from Taiwan to support massive investments in artificial intelligence.
Amid continuing tensions with Bejing, the deficit in the goods trade with China plunged nearly 32% to $202 billion in 2025 on a sharp drop in both exports to and imports from the world’s second-biggest economy. But trade was diverted away from China. The goods gap with Taiwan doubled to $147 billion and shot up 44%, to $178 billion, with Vietnam.
Economist Chad Bown, senior fellow at the Peterson Institute for International Economics, said the widening gaps with Taiwan and Vietnam might put a “bulls eye” on them this year if Trump focuses more on the lopsided trade numbers and less on the U.S. rivalry with China.
In 2025, U.S. goods imports from Mexico outpaced exports by nearly $197 billion, up from a 2024 gap of $172 billion. But the goods deficit with Canada shrank by 26% to $46 billion. The United States this year is negotiating a renewal of a pact Trump reached with those two countries in his first term.
The U.S. ran a bigger surplus in the trade of services such as banking and tourism last year — $339 billion, up from $312 billion in 2024.
The trade gap surged from January-March as U.S. companies tried to import foreign goods ahead of Trump’s taxes, then narrowed most of the rest of the year.
Trump’s tariffs are a tax paid by U.S. importers and often passed along to their customers as higher prices. But they haven’t had as much impact on inflation as economists originally expected. Trump argues that the tariffs will protect U.S. industries, bringing manufacturing back to America and raise money for the U.S. Treasury.
US President Donald Trump speaks to reporters on Air Force One before taking off from Joint Base Andrews, Maryland, on February 19, 2026. (SAUL LOEB / AFP)
WASHINGTON — US President Donald Trump says that Iran had at most 15 days to make a deal on concerns starting with its nuclear program, suggesting the United States would attack if it did not.
“We’re either going to get a deal, or it’s going to be unfortunate for them,” Trump tells reporters on Air Force One.
Asked about his timeline, Trump says, “I would think that would be enough time — 10, 15 days, pretty much maximum.”
Trump earlier Thursday had suggested 10 days for Iran’s clerical state to reach an agreement.
Bharat Petroleum and Hindustan Petroleum explore Venezuelan oil as India reduces Russian imports, highlighting supply chain shifts.
In a significant shift in oil sourcing, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited are increasingly turning to Venezuelan crude. This comes in the wake of India's ongoing reduction in purchases of Russian oil. The move reflects changing dynamics in the global oil market and India's evolving energy strategies.
The Ministry of External Affairs in India has indicated a willingness to explore various crude oil supply options, including from Venezuela. As per official sources, Indian refiners had previously imported Venezuelan oil until sanctions were imposed in 2020. However, purchases resumed in the 2023-24 period, albeit at a lower volume, constituting around 1-2% of India’s total oil imports.
Venezuela holds the largest proven oil reserves globally but has faced significant production challenges. Current estimates indicate a production level of approximately 0.88 million barrels per day (MMbpd), a stark drop from 2.5 MMbpd in 2010 due to sanctions and a lack of investment in the sector. Furthermore, Indian companies face challenges in managing the high viscosity and acid content of Venezuelan crude, which could complicate refinery processes unless blended with lighter crudes.
Industry experts, such as Sanjay Khanna, Chairman and Managing Director of Bharat Petroleum, have noted that while Venezuelan crude could offer a substantial supply, its high metal and nitrogen content necessitates blending with lighter crudes for viable processing. This process adds complexity to operations and may increase costs. As mentioned by Amit Priyadarshan, Chief Executive Officer of Caliche, adjustments to refinery systems are possible but not immediate, making the transition intricate.
Reliance Industries, India's refining giant, has reportedly secured a shipment of Venezuelan crude oil, highlighting the growing interest among Indian firms. The Foreign Ministry has confirmed that public sector entities in the oil and gas sector maintain established ties with Venezuela's state-owned oil company, PDVSA.
Additionally, analysts suggest that if India can secure Venezuelan crude at discounted prices, it could potentially reduce the national fuel import bill by up to $3 billion. Nonetheless, this is contingent on factors such as domestic refining capacity and high associated shipping costs, which could inflate expenses significantly when compared to sourcing oil from the Middle East or Russia.
In summary, as India navigates a complex energy landscape marked by geopolitical factors and supply chain challenges, the pivot towards Venezuelan crude could reshape the country's oil import dynamics in the coming years.
Summary:
Shares of upstream oil producers ONGC and Oil India rose up to 4% in Thursday’s trade, outperforming the broader market, while oil marketing companies declined up to 3%. The divergence followed firm crude prices and improved earnings visibility for upstream firms, even as concerns around margin normalisation weighed on downstream oil marketing stocks.
Shares of Oil and Natural Gas Corporation and Oil India moved higher during intra-day trade, supported by firmer crude prices and expectations of steadier operational performance. Oil India rose as much as 4% to ₹470, while ONGC gained around 3% to trade near ₹272. The broader market remained under pressure, with benchmark indices trading lower during the session.
Crude prices stayed above the $70 per barrel mark amid elevated geopolitical tensions in key oil-producing regions. The persistence of geopolitical risk has continued to support near-term crude prices, which tends to be favourable for upstream producers that benefit directly from higher realisations.
In addition, upstream companies are seen to be supported by stable production volumes and relatively stronger gas price realisations. The contribution from refining and downstream subsidiaries is also expected to cushion consolidated earnings, even as crude price volatility persists.
Oil Marketing Companies Under Pressure
In contrast, shares of oil marketing companies declined during the session. Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation were down up to 3% in intra-day trade.
OMC stocks came under pressure as markets assessed the sustainability of recent margin gains. While refining margins and fuel retail margins remained healthy in recent quarters, investors appear cautious about potential normalisation going forward, especially if crude prices remain volatile or if competition intensifies.
Crude Price Context
Crude oil prices continue to factor in a geopolitical risk premium, reflecting uncertainty around supply disruptions. However, global supply dynamics remain fluid, with increased output from non-OPEC producers and gradual unwinding of production cuts by oil-producing nations expected to influence prices over the medium term.
Any de-escalation in geopolitical tensions could ease crude prices, which would benefit downstream companies but may cap upside for upstream stocks. Conversely, sustained geopolitical risks could continue to support upstream earnings while keeping pressure on marketing margins.
Diverging Sector Trends
The session highlighted the contrasting dynamics within the oil and gas sector. Upstream companies drew support from crude-linked earnings visibility and gas production prospects, while oil marketing stocks reacted to margin-related concerns despite strong recent financial performance.
https://www.5paisa.com/news/ongc-oil-india-gain-up-to-4-as-upstream-stocks-rally-omc-shares-slide
Energy Secretary Chris Wright threatened to pull the United States out of the International Energy Agency unless it backtracks, within one year, on its efforts to pursue net-zero carbon emissions, meaning having countries emit no more carbon into the atmosphere than they pull out of it.
Wright pressured allied energy ministers at the IEA’s 2026 Ministerial Meeting in Paris to prioritize the production of traditional fossil fuels, such as oil and gas, over renewable alternatives.
"There has been such a group mentality, 10 years invested in a destructive illusion of net zero by 2050, that the US will use all the pressure we have to get the IEA to eventually, in the next year or so, move away from this agenda," Wright said, according to Reuters.
Wright's comments represent a reversal of U.S. positioning from when the Obama administration, along with nearly 200 other countries, signed the Paris Agreement, which included a pledge to limit global warming by phasing out fossil fuels and accelerating the deployment of cleaner alternatives to lower greenhouse gas emissions and reach net-zero by 2050.
President Donald Trump pulled the U.S. out of the international agreement, for the second time, on his first day in office. Since then, the Trump administration has ramped up pressure on other signatories to do the same and move away from climate change-related policies and regulations that the administration claims threaten energy security.
While in Paris, Wright accused countries of prioritizing net-zero goals of committing “economic suicide” by moving away from fossil fuels.
He also blasted the IEA — which publishes multiple energy scenarios and strategies exploring future trends of emissions, pollutants and investments — for releasing scenarios that he claimed were based on “climate ambitions” rather than “energy data.”
“Every report has a net-zero 2050 case in it,” Wright said earlier in the week. “There is a 0.0 chance of the world hitting net-zero 2050, 0.0%.”
Harmony Gold Mining Company Ltd (NYSE:HMY) is one of the best stocks to buy and hold for the next 6 months. On February 9, Harmony Gold Mining Company Ltd (NYSE:HMY) confirmed that its newly acquired CSA Copper Mine in Australia requires a capital injection and a strategic rethink.
Harmony Gold Mining Company Ltd. (HMY) Faces Challenges With CSA Copper Mine
The company took over the CSA mine in New South Wales last October by acquiring Mac Copper in a deal worth $1.03 billion. The acquisition is part of the company’s push to diversify into copper, as gold mining in South Africa becomes extremely costly due to the depth of the country’s mines.
Under Mac Copper, CSA Copper Mine produced 40,000 metric tons of copper per year. However, it is still unclear if it can maintain or increase the output.
“It could be up to two years or even more potentially to de-risk and de-bottleneck the mine,” Chief Executive Beyers Nel said. “It is a mine that is constrained at the moment. It is a mine that requires a bit of a rethink and recapitalisation.”
Harmony Gold also owns Eva Copper in Queensland, Australia, and is a joint owner with Newmont of Wafi-Golpu, a gold-copper project in Papua New Guinea.
Harmony Gold Mining Company Ltd. (NYSE:HMY) is a major, experienced gold producer and specialist with extensive operations in South Africa and Papua New Guinea, and a growing copper portfolio in Australia. It manages the full mining life cycle, including exploration, development, and operation of underground and surface mines, while being a leader in gold tailings retreatment.
While we acknowledge the potential of HMY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
Disclosure: None. This article is originally published at Insider Monkey.
https://finance.yahoo.com/news/harmony-gold-mining-company-ltd-084313972.html
Gold (GC=F) April futures opened at $4,993.70 per troy ounce on Thursday, down 0.3% from Wednesday’s closing price of $5,009.50. The gold price rose above $5,000 in early trading.
Gold’s move above $5,000 follows concerns that the U.S. and Iran are moving closer to a military conflict. The two countries have been negotiating the future of Iran’s nuclear program. On Tuesday, the U.S. and Iran reported progress but no breakthrough. The U.S. has recently moved military forces to the Middle East, possibly preparing for an attack. On Wednesday, U.S. Press Secretary Karoline Leavitt indicated there was justification for a military strike against Iran. The U.S. previously attacked Iranian nuclear facilities in June of 2025.
The rising prospect of U.S. military action in Iran increases safe-haven demand for gold.
Current price of gold
The opening price of gold futures on Thursday was 0.3% lower than Wednesday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:
Gold’s one-year gain on Jan. 29 was 95.6%.
February 20, 2026
Egypt is seeking to deepen continental mining cooperation and attract fresh investment through participation in African Mining Week (AMW) 2026, as officials from the Ministry of Petroleum and Mineral Resources met event organisers in Cape Town on February 16 to outline Cairo’s strategy for expanding its role in Africa’s mineral value chains.
The meeting, held with Energy Capital & Power (ECP), focused on Egypt’s anticipated participation in the October 14–16 gathering at the Cape Town International Convention Centre, which convenes African mining jurisdictions, global investors and service providers. According to officials present, discussions also covered Egypt’s longer-term engagement with the platform, including interest in hosting a future edition.
The Egyptian delegation was led by Yasser Ramadan, Chairman of the Egyptian Mineral Resources and Mining Industries Authority, alongside senior ministry officials overseeing energy efficiency, technical affairs and communications. Their presence signalled a coordinated push by Cairo to position mining as a pillar of industrial policy and foreign investment strategy at a time when African governments are recalibrating their approach to resource extraction.
Egypt’s mining sector has historically lagged hydrocarbons in terms of policy focus and revenue contribution. However, authorities have in recent years revised concession models and licensing frameworks to make exploration more competitive.
According to government estimates, the country holds more than 9 million ounces of gold reserves, alongside substantial deposits of iron ore, phosphates, copper and high-purity silica sand concentrated in the Eastern Desert and Sinai Peninsula. The Sukari gold mine remains the country’s flagship operation, but policymakers are seeking to diversify beyond single-asset dependence.
Central to that effort is a digital mining cadastre scheduled for launch in the second quarter of 2026. Officials say the platform is designed to reduce administrative bottlenecks, increase transparency in licence allocation and shorten permitting timelines. For investors accustomed to lengthy approval processes in parts of the continent, regulatory efficiency has become a material factor in capital allocation decisions. According to industry data, exploration budgets across Africa have recovered modestly since the pandemic but remain sensitive to governance risk and fiscal uncertainty.
Egypt is also emphasising mineral processing and beneficiation. In late 2025, Cairo signed a gold value chain financing agreement with the African Export-Import Bank aimed at strengthening domestic refining and downstream capacity. The shift mirrors a broader continental trend, as countries from Ghana to Tanzania seek to retain more value from mineral exports amid rising global demand for critical minerals used in renewable energy technologies and electric vehicles.
The discussions in Cape Town extended beyond national promotion. Egyptian officials highlighted ongoing cooperation talks with Ghana and Nigeria to strengthen intra-African mining partnerships. Such collaboration could take the form of shared regulatory experiences, joint geological surveys or coordinated approaches to mineral marketing.
While cross-border industrial integration remains uneven across the continent, forums such as AMW increasingly serve as venues for aligning policy priorities under the African Continental Free Trade Area framework.
For African economies, the stakes are fiscal as well as industrial. Mining revenues account for a significant share of export earnings and public finances in several jurisdictions, yet volatility in commodity prices and limited downstream processing constrain long-term value capture. Egypt’s effort to modernise its regulatory architecture and promote beneficiation reflects an understanding that competitiveness now depends not only on geology but on institutional capacity.
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Kamoa-Kakula, the largest copper mine in the Democratic Republic of Congo, generated $3.28 billion in revenue in 2025, up 5% from $3.11 billion in 2024, its Canadian operator Ivanhoe Mines said on February 18. The result came in a challenging year marked by lower copper sales volumes at the site.
Production declined to 388,841 tons in 2025 from 437,061 tons a year earlier. Sales volumes also fell 11% over the period. The slowdown followed a downward revision of guidance after a seismic event in May 2025 disrupted operations. Despite those operational challenges, the project benefited from a favorable global market, with copper prices rising more than 20% over the year.
Ivanhoe did not provide a detailed breakdown of the revenue increase but reported an average realized price of $4.40 per pound (about $9,700 per ton) in 2025, compared with $4.09 per pound a year earlier. The company expects to sell about 30,000 additional tons in 2026 through the commercialization of unsold inventory. Although 2026 has started strongly, copper prices remain volatile and declined during Thursday’s trading session, according to Trading Economics.
Market trends and operating performance at Kamoa-Kakula will shape revenue prospects for 2026. Ivanhoe is targeting maximum production of 420,000 tons this year. The company, led by Canadian-American billionaire Robert Friedland, holds a 39.6% stake in the project, equal to China’s Zijin Mining, while the Congolese state controls 20%.
Aurel Sèdjro Houenou
February 19, 2026 - Ottawa, Ontario - Department of Finance Canada
Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, welcomed a strategic commitment to invest up to US$85 million (approximately C$116 million) by the Canada Growth Fund as part of a broader transaction to acquire and turn around the Vale Base Metals Thompson Mine Complex. This investment would form part of a US$200 million capitalization alongside partners Vale Base Metals, Exiro Minerals Corp and Orion Resource Partners. The transaction is expected to close by the end of 2026, subject to certain closing conditions, including regulatory and government approvals.
The Vale Base Metals nickel mining and exploration assets in Thompson, Manitoba, include two operating underground mines, an adjacent mill and significant exploration opportunities. As global demand for critical minerals continues to accelerate, the investment announced today will support and strengthen Canada’s nickel supply chains to ensure global competitiveness and help sustain high-quality, skilled jobs in the region. The Canada Growth Fund’s participation in this investment is critical to securing the continued operations of this important mining complex and its crucial output.
Critical minerals, and the clean technology and energy sources they enable, present a generational economic opportunity for Canada. Nickel is a designated critical mineral and a key input in electric vehicle batteries and broader electrification technologies. Today’s announcement furthers the Government of Canada’s plan to position Canada as a leading global supplier of responsibly sourced critical minerals, while spurring economic growth as part of a net-zero future.
Brazil has imposed anti-dumping duties on a range of Chinese steel products, Steel Orbis reports.
The measures, approved by Brazil’s foreign trade authority (CAMEX), will be in place for five years and apply to cold-rolled coil (CRC) and hot-dip galvanized coil (HDG) shipped from China.
Brazilian duties on cold-rolled steel from China range from $322.93/t to $670.02/t, depending on the exporter, while for HDG they will range from $284.98 to $709.63 per ton.
Last year, the country imported 202,000 tons of CRC and 1.42 million tons of HDG from China.
The announced measure is the result of an investigation launched in 2024 in response to a petition from Usiminas, one of Brazil’s largest steel producers, which cited unfair trade practices by Chinese companies.
In recent years, BNamericas writes, several steel companies in the country have complained about the rapid growth of Chinese imports, as well as a reduction in investment amid aggressive competition.
The industry association Instituto Aço Brasil welcomed this government measure. According to its data, in 2025, imports of rolled products to the country increased by 20.5% year-on-year to 5.7 million tons, of which 63.7% came from China.
The association also advocated for constant monitoring of steel volumes entering the country and abnormal reasons for this influx in order to avoid possible irreversible consequences for the metallurgical sector.
It should be recalled that at the end of last year, India imposed anti-dumping duties on imports of Chinese cold-rolled non-oriented electrical steel (CRNO) for a period of five years.
https://gmk.center/en/news/brazil-imposes-anti-dumping-duties-on-chinese-steel-products/amp/
The proposal aims to strengthen the local share
South African steel processors have approached the state-owned Industrial Development Corp. (IDC) with a proposal to help take control of ArcelorMittal South Africa (AMSA), Bloomberg reports, citing sources.
The proposal came from an industry group of six members, including trade unions and local processor Allied Steelrode.
IDC has been in talks with ArcelorMittal since November 2023, when the company announced plans to close two of its division’s plants that produce long products and are crucial to South African industries such as mining and automotive manufacturing.
Industrial Development Corp. is AMSA’s second-largest shareholder, has provided the latter with a loan, and is seeking to increase its stake from the current 8%. The group that made the offer is seen as a strategic equity partner that will help strengthen local ownership of production capacity, sources say.
Under the terms of the agreement, IDC will provide financing and increase its stake, while ArcelorMittal will be able to retain its stake for a limited period.
According to insiders, the process of selecting a strategic equity partner (SEP) for partial financing and overall management of operations on behalf of IDC is being conducted by Nedbank Group. The latter is compiling a shortlist, with Allied Steelrode considered a serious contender.
AMSA has now closed two steel mills and a mine in the country. The company still operates a plant in Vanderbijlpark, which produces steel sheets and other products, and has idle capacity in two other cities.
Last fall, South African Federation of Trade Unions (SAFTU) General Secretary Zwelinzima Wavi said the South African government should “renationalize” AMSA to prevent job losses and revive the country’s struggling industry.
South African thermal coal prices at Indian ports continued to increase w-o-w amid firm export offers and tight grade-wise availability. As per BigMints assessment, exw-Paradip 5,500 NAR rose by INR 350/t to INR 10,350/t, while 4,800 NAR increased by INR 400/t to INR 9,000/t.
At Vizag, 5,500 NAR gained INR 200/t to INR 10,100/t and 4,800 NAR rose by INR 350/t to INR 8,850/t. Export offers for 5,500 NAR increased by $4-6 w-o-w to around $91/t FOB RBCT, supported by mine maintenance and operational disruptions in South Africa, which tightened prompt supply and lifted sentiment at Indian ports. No South African stock was reported at Haldia, reinforcing concerns of cargo shortage ahead.
"Despite higher offers, hardly any fresh deals were heard, as buyers remained in wait-and-watch mode due to margin pressures.", quoted a source.
Port side inventories climb to 27-week high
Total portside thermal coal inventories across India increased 5.3% w-o-w to 14.06 mnt in week 7 from 13.35 mnt in week 6. The latest level marked a 27-week high, last seen in week 31 of CY25 at 14.27 mnt.
While aggregate stocks improved, availability of specific South African grades remained uneven across ports, and supply tightness in certain locations continued to support elevated offers. The stock build reflected broader arrivals, but did not fully ease concerns around prompt South African cargo inflows.
Sponge iron weak; domestic coal steady
Sponge iron P-DRI DAP Durgapur declined by INR 500/t w-o-w to INR 25,000/t. The sponge iron market witnessed mixed trends, with subdued regional demand patterns dampening overall trading activity. In eastern India, buyer participation remained weak, with procurement restricted to need-based volumes amid slow finished steel movement and limited liquidity.
Domestic non-coking coal prices remained stable w-o-w, with 4,500 GCV at INR 4,850/t and 5,000 GCV at INR 5,850/t as per BigMint's assessment. However, the widening differential between imported and domestic coal continued to influence procurement strategies, with several consumers showing preference for domestic material. Market participants indicated that imported coal prices were rising sharply due to Indonesian production cuts linked to RKAB policy discussions, further strengthening domestic coal's competitive position.
Outlook
Sentiment remained firm but cautious. Higher export offers from South Africa amid mining disruptions and policy uncertainty in Indonesia continued to support imported coal prices. However, buyers were holding back fresh trades as elevated raw material costs threatened margins.
Going ahead, domestic coal is likely to emerge as a stronger alternative if imported prices remain elevated. At the same time, cargo shortages and export constraints may keep portside sentiment firm, even as actual transaction activity stays selective.
