Latest News
Worst week for US stocks since Covid crash as China hits back on tariffs
Stock market turmoil deepened on Friday, as China hit back at tariffs announced by US President Donald Trump, raising the likelihood of an extended trade war and damage to the global economy.
All three major stock indexes in the US plunged more than 5%, with the S&P 500 dropping almost 6%, capping the worst week for the US stock market since 2020.
In the UK, the FTSE 100 plunged almost 5% – its steepest fall in five years, while Asian markets also dropped and exchanges in Germany and France faced similar declines.
Trump, who has vowed to remake the global trade order, dismissed concerns about the market shock, noting that the US labour market is strong.
“Hang tough,” he urged his followers on social media. “We can’t lose.”
The global stock market has lost trillions in value since Trump announced sweeping new 10% import taxes on goods from every country, with products from dozens of countries, including key trading partners such as China, the European Union and Vietnam, facing far higher rates.
Analysts say the moves, some of which are due to go into effect as soon as Saturday, amount to the biggest tax increase in the US since 1968.
They expect the measures to lead to a contraction in trade, and have warned they could drive many countries into an economic recession.
China responded to Trump on Friday by hitting US goods with import taxes of 34%, curbing exports of key minerals and adding American firms to its blacklist, describing Trump’s actions as “bullying” and a violation of international trade rules.
Other countries appear to be hoping they will be able to negotiate deals, despite conflicting signals from the White House about its appetite for talks.
Maroš Šefčovič, the trade commissioner for the EU, which has been planning to retaliate, said on Friday that he had had a “frank” two-hour exchange with US officials, and wrote on social media the trade relationship needed a “fresh approach”.
“The EU’s committed to meaningful negotiations, but also prepared to defend our interests,” he said. “We stay in touch.”
Trump’s moves are consistent with promises he made on the campaign trail last year.
But they were more far-reaching than some analysts had expected, triggering the worst week for the stock market since 2020, when the Covid-19 pandemic led to global shutdowns and other disruption.
The sell-off started with firms such as Apple and Nike, which rely heavily on suppliers in Asia. But on Friday, it moved into sectors that would typically not face the direct impact of tariffs, such as consumer staples, healthcare and utilities.
“Candidly the mood is pretty sour and it should be,” said Mike Dickson, head of research and quantitative strategies at Horizon Investments in the US, warning that it will take weeks to understand the impact of Trump’s tariffs.
[BBC]
Latest News
President meets senior officials of the Urban Development Authority
A discussion between President Anura Kumara Dissanayake and senior officials of the Urban Development Authority (UDA) was held this afternoon (18) at the Presidential Secretariat.
The meeting focused extensively on new development projects planned by the Urban Development Authority. The President emphasised the need to ensure that the budgetary allocations made for these projects in the current year are utilised effectively within the same financial year.
Detailed discussions were also held on projects planned to be implemented jointly by multiple institutions, including the importance of holding consultations with all relevant agencies to reach final decisions and the need to clearly define responsibilities for each institution in both implementation and maintenance phases of the projects.
Attention was drawn to key initiatives such as the Kelani River flood control project, water management projects in Colombo city and the Beira Lake restoration project. The need for a dedicated programme for low-income housing in areas such as Ratmalana and Moratuwa was also highlighted. During the discussion, Minister of Transport, Highways and Urban Development Bimal Rathnayake underscored the importance of introducing a structured management framework for the effective coordination of certain projects.
Deputy Minister of Urban Development, Eranga Gunasekara, Secretary to the Ministry of Transport, Highways and Urban Development, Senior Professor Kapila C.K. Perera, Chairman of the Urban Development Authority (UDA), M.G. Hemachandra and the Heads representing the Urban Settlement Development Authority (USDA), Sri Lanka Land Development Corporation (SLLDC), National Physical Planning Department (NPPD) and the Condominium Management Authority (CMA) were also present at the meeting.
(PMD)
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Prime Minister off to the United Kingdom to participate in the 22nd Annual Commonwealth Education Forum
Prime Minister Dr. Harini Amarasuriya departed on an official visit to the United Kingdom to participate in the 22nd Annual Commonwealth Education Forum and the Commonwealth of Learning (COL) 2026 Board of Governors Meeting.
During the visit, the Prime Minister is scheduled to participate in several high-level academic and diplomatic engagements aimed at strengthening cooperation in the fields of education, development studies, research collaboration, and international partnerships.
As part of the visit, the Prime Minister will meet with Ms.Bridget Phillipson, Secretary of State for Education of the United Kingdom, at the UK Department for Education, to discuss areas of cooperation in education and related sectors. She is also expected to meet Ms.Yvette Cooper, Foreign Secretary of the United Kingdom, for discussions on matters of bilateral interest and cooperation between Sri Lanka and the United Kingdom.
In addition, the Prime Minister is expected to meet Ms.Shirley Ayorkor Botchwey, Secretary-General of the Commonwealth, on the sidelines of the 22nd Annual Commonwealth Education Forum and the Commonwealth of Learning (COL) 2026 Board of Governors Meeting.
During the visit, the Prime Minister will attend a public event at the Institute of Development Studies at the University of Sussex and she will also take part in the ceremony marking the 60th Anniversary of the Institute of Development Studies. The Prime Minister is also scheduled to address a session at the Oxford School of Global and Area Studies at the University of Oxford, followed by a question-and-answer session with scholars and students.
The visit is expected to strengthen Sri Lanka’s engagement with academic institutions, international development partners, and Commonwealth member states, particularly in the areas of education, research, policy dialogue, and capacity building.
[Prime Minister’s Media Division]
Latest News
Steps initiated to safeguard Sri Lanka’s Maritime Heritage
Taking a decisive step towards safeguarding Sri Lanka’s maritime heritage, a high-level discussion was held today (18) at the Ministry of Environment.
Jointly chaired by the Deputy Minister of Environment Anton Jayakody and Deputy Minister of Defence Aruna Jayasekara, the meeting focused on the urgent need to prevent environmental pollution and protect the coastal waters around the northern seas and their adjacent islands.
The discussion was attended by senior naval officers, Secretary to the Ministry of Environment K.R. Uduwawala, Chairman of the Marine Environment Protection Authority (MEPA) Samantha Gunasekara, Director General of the Coast Conservation and Coastal Resource Management Department Prof. Turny Pradeep Kumara, and Conservator General of Forests along with several other officials from the Department of Wildlife Conservation and the Ministry of Environment, and the senior ecologists from IUCN.
The discussion placed a strong emphasis on enhancing environmental threats and accelerating the declaration of new Marine Protected Areas (MPAs) in the northern region. Officials emphasized that protecting this marine zone is crucial for conserving biodiversity, securing the livelihoods of local fishing communities, and enhancing Sri Lanka’s strategic maritime profile on the global stage.
Primary attention was drawn to the severe ecological destruction caused by Illegal, Unreported, and Unregulated (IUU) fishing. The Ministers highlighted the grave threats these unlawful activities pose to both marine biodiversity and the economic stability of local fishermen, stressing the immediate need for comprehensive surveillance and stricter enforcement mechanisms. Furthermore, extensive discussions took place on how to divest a strategic destructive fishing practices—such as dynamite fishing, unauthorized spearfishing, and the use of banned fishing gear—which inflict irreversible damage on fragile coral reef systems and endangered fish species.
The meeting also addressed infrastructure and governance gaps within fishing harbors, identifying the lack of proper management and formal regulatory mechanisms as key vulnerabilities. As a progressive step forward, suitable islands and surrounding marine zones in the Northern Province have been identified for official declaration as Marine Protected Areas. It was clarified that establishing these MPAs will not restrict the livelihoods of local communities; instead, they are designed to protect and promote sustainable fishing and eco-tourism. Moving forward, these protected zones will be developed into premier eco-tourism destinations, creating new economic opportunities for the region. Ultimately, declaring these Marine Protected Areas will bring international recognition and strategic importance to Sri Lanka’s northern islands. By establishing these zones, Sri Lanka aligns itself strongly with global biodiversity commitments, showcasing its role on the international stage as a responsible custodian of the Indian Ocean’s rich marine resources.
During this discussion, it was proposed to establish a working group comprising experts from the Ministry of Tourism, the Ministry of Fisheries, the Ministry of Defence, the Ministry of Environment, and the Ministry of Justice to implement a joint mechanism for protecting the country’s coastal and marine resources, with the Ministry of Environment taking the lead in this initiative.
This conservation initiative marks yet another milestone in the country’s ongoing journey toward achieving a sustainable biosphere and an evergreen future.
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