International News 17 June 2026
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European Parliament Approves Tariff Cuts on U.S. Imports, Easing Trade Tensions
The European Parliament on Tuesday (June 16) approved tariff reductions on a broad range of imports from the United States, marking a key step in implementing a previously negotiated trade agreement between the two sides. The move helps reduce the risk of a renewed tariff dispute between two of the world's largest economic blocs. The decision follows a trade framework reached last year between U.S. President Donald Trump and the European Union during talks in Turnberry, Scotland. Under the agreement, the EU agreed to eliminate import duties on U.S. industrial goods, while the United States would impose a 15% tariff on most European products. Implementation of the deal was delayed for nearly 11 months, drawing criticism from Washington, with Trump warning of higher tariffs if the EU failed to fulfill its commitments before the July 4 deadline.
Oil Prices Slide to Three-Month Lows as Hopes Rise for U.S.-Iran Peace Deal
Global oil prices fell sharply on Tuesday (June 16), reaching their lowest levels in three months amid growing optimism that the United States and Iran could reach an agreement to end the conflict and reopen the strategically important Strait of Hormuz. Brent crude dropped US$3.29, or 4.0%, to US$79.88 per barrel, while WTI crude fell US$3.82, or 4.7%, to US$76.93 per barrel. The decline puts Brent on track for its lowest close since early March and marks its third consecutive day in technically oversold territory the first such occurrence since October 2025. Meanwhile, WTI is also heading toward its weakest closing level since March 4.
SpaceX Surges After IPO, Briefly Overtakes Amazon and Challenges Microsoft in Market Value
Shares of SpaceX soared more than 14% on Tuesday (16/6), extending the strong momentum following its recent stock market debut. The stock climbed 14.3% to US$220, representing a gain of approximately 62% above its IPO price of US$135. If sustained, the rally would lift SpaceX's market capitalization to around US$2.85 trillion, making it one of the five most valuable companies globally. The sharp increase allowed SpaceX to surpass Amazon, which currently holds a market value of roughly US$2.64 trillion, and briefly challenge Microsoft, whose valuation stood near US$2.92 trillion. The stock's strong performance also provided significant support to the Nasdaq Composite during the session. Meanwhile, the world's three largest listed companies continue to command market capitalizations exceeding US$4 trillion each.