Trump reiterates his stance by pledging to hit the EU with tariffs, while stating that a 10 percent duty on Chinese imports could be implemented as soon as February 1.

The eurozone economy faces mounting challenges and the prospect of a trade war with the US adds to the uncertainty.

Iran’s finance minister says the country is prepared for any economic scenario under Trump.

IMF forecasts show Iran’s GDP will increase by $29 billion to $463 billion in 2025.

Europe’s prominent carmakers called on the EU to help prevent a “trade conflict” with the US through negotiating a “grand bargain”, days before Donald Trump officially assumes presidency.

The Comprehensive Strategic Partnership Agreement, to be signed by Russian President Vladimir Putin and Iranian President Masoud Pezeshkian in Moscow on Friday, marks an unprecedented alignment between the two countries.

Recent data from the Palestinian Central Bureau of Statistics have shown a severe contraction in the gross domestic product (GDP) of the Gaza Strip.