Economy

The Customs Crisis  Trump's Customs Policy
Customs Agency: Unable to Handle Trump Tariffs

The US Customs Agency (CBP) states that its systems are unable to handle or stop Trump's invalidated tariffs, despite a court order to begin refunding them. This is according to the agency's head, Brandon Lord, according to several media outlets.

- CBP is now facing an unprecedented amount of refunds. Our current administrative procedures and technical systems are not adapted to a task of this size, he says.

The background is that the US Supreme Court has ruled that the tariffs were imposed illegally, which opens up for refunds of up to 170 billion dollars to importers.

Qatar warns: War could cause global economy to collapse

Qatar has warned that the war in the Middle East could force all Gulf countries to halt energy supplies within weeks. This could lead to sharp price increases and global disruptions, which, according to Energy Minister Saad al-Kaabi, could “cause the world’s economies to collapse.”

“If this continues, all exporters in the Gulf region will be forced to declare force majeure,” he told the Financial Times.

He continued:

“If the war continues for a few weeks, global GDP growth will be affected. Energy prices will rise everywhere. There will be shortages of certain goods and a chain reaction where factories will not be able to deliver.

Qatar is the world’s second-largest producer of natural gas.

Tech companies' AI race
Sources: Oracle wants to lay off thousands of employees

Oracle plans to lay off thousands of employees in response to the company's liquidity shortage linked to the huge investment in AI data centers. Bloomberg writes, citing sources.

The layoffs could begin as early as this month and affect several divisions. Some roles will disappear because AI is expected to replace parts of the work, according to sources.

Oracle's large investments are expected to generate negative cash flow. According to Bloomberg's calculations, it is expected to take until 2030 before positive returns are seen.

US job figures
The profile: Now it starts - AI must have taken jobs

Friday's strong job blow may be the first sign that AI has started to replace workers. That's according to CNBC profile Jim Cramer, who points out that the information sector lost 11,000 jobs in February.

- Okay, it must be AI. Now it starts, he says in his program on the channel and continues:

– It’s happening now. People ask when it’s going to happen – but it’s already happening.

The sector includes telecoms, software publishers and media companies.

92,000 fewer jobs in the US – far below forecasts

US job figures for February show that the number of people employed outside the agricultural sector fell by 92,000. Forecasts were previously at 55,000 from Bloomberg and 59,000 from Trading Economics.

Unemployment rose to 4.4 percent, against an expected 4.3 percent.

The report is likely to increase pressure from more cautious Federal Reserve politicians to lower interest rates, writes the Financial Times.