And the European Commission urged not to ban 'sausage' and 'burger' patties for non-meat alternatives.
Good morning and welcome to your Monday summary of international business and political news from the weekend.
First up, a Ukrainian drone strike has ignited fires at one of Russia’s Black Sea ports, ahead of fresh talks to end the war.
Two people were wounded in the attack on the port of Taman, in the Krasnodar region, on Sunday local time, the AP and ABC reported.
The strike resulted in damage to an oil storage tank, warehouse and terminals. Meanwhile, falling debris from Russian drones damaged civilian and transport infrastructure in Ukraine’s Odesa region, causing disruption to the power and water supply.
Chinese President Xi Jinping has targeted domestic demand as a main source of economic growth. China should “coordinate efforts to boost consumption and expand investment and fully leverage the advantages of China’s super-large-scale market,” Xi said in a speech, Bloomberg reported.
Xi said China would remain committed to innovation‑driven development and accelerate new growth drivers. “We must focus on improving people’s livelihoods and boosting future growth, stabilising investment,” he said.
The blueprint laid out by Xi made clear China was bracing for more uncertainty overseas, after recording a record trade surplus despite trade tariff issues with the United States.
Meanwhile, US President Donald Trump is reportedly planning to scale back some of his trade tariffs on steel and aluminium goods. The Financial Times said the Trump administration was reviewing the list of products affected by the tariffs and planned to exempt some of those items.
The US would instead launch more targeted national security investigations into specific goods. US trade officials thought the tariffs were hurting consumers by raising prices for goods within the US, the Guardian reported.