The last week of April 2026 saw Donald Trump on 1 May 2026 announcing that he will increase tariffs on imports of automobiles from the European Union (EU) to 25 per cent. The US president accused the EU of "not complying with our fully agreed-to trade deal" in a post on Truth Social, but did not explain how. Meanwhile, China announced zero-tariff treatment for all African countries that maintain diplomatic ties with Beijing. More details on this in the article.
India and Italy, on 30 May 2026, held bilateral talks for strengthening their defence ties and exchanging a Bilateral Military Cooperation Plan (MCP) for 2026-27. India's Defence Minister Rajnath Singh and his Italian counterpart Guido Crosetto in New Delhi emphasised boosting defence industrial cooperation under India’s Atmanirbhar Bharat initiative and Italy’s defence collaboration framework.
Top 5 World Current Affairs This Week
1. Russia's Soyuz-5 Rocket Maiden Launch
Why in news? Russia successfully conducted the test launch of hte Soyuz-5 rocket on 30 April 2026 from the Baikonur Cosmodrome. Developed by Russia's space agency Roscosmos, the Soyuz-5 is a next-gen medium-lift launc vehicle that can carry upto 17 tonnes to low Earth orbit. The first stage utilizes the powerful RD-171MV liquid-fuelled engine.
2. France's 2050 Deadline to End Fossil Fuels
Why in news? France, in April 2026, launched a roadmap to fully exit fossil fuels by 2050. It has become one of the first countries to set clear deadlines for phasing out fossil fuels, starting with coal 2030, oil by 2045, and natural gas by 2050. Under the roadmap, France has also reaffirmed its target of reducing greenhouse emissions by 5 per cent annually between 2024 and 2028, and achieving carbon neutrality by 2050.
3. China's Zero Tariff for 53 African Nations
Why in news? China, on 1 May 2026, announced zero-tariff treatment for 53 African countries maintaining diplomatic ties with Beijing. For 20 African countries that are not classified as Least Developed Countries (LDCs), the policy will be implemented from 1 May 2026, to 30 April 2028, through preferential tariff rates.
4. UAE Exits OPEC Amid US-Israel-Iran War
Why in news? The United Arab Emirates (UAE), on 29 April 2026, announced its exit from OPEC and OPEC+ effective 1 May 2026. The decision comes amid the US-Israel war. the UAE is leaving OPEC to meet its national interests and free itself from the obligations to meet oil production demands under the OPEC agreement. The UAE has ambitious goals of achieving 5 million barrels of oil per day capacity by 2027, and the country seeks more freedom to pursue that goal.
5. India-New Zealand FTA to Boost Duty-Free Trade
Why in news? India and New Zealand, on 27 April 2026, signed a landmark Free Trade Agreement (FTA), securing 100 per cent duty-free access for Indian exports to New Zealand. Meanwhile, India will reduce or eliminate tariffs on 95 per cent of imports from New Zealand. The FTA will lower tariffs on key products such as kiwifruit, apples, textiles, apparel, leather, pharmaceuticals, engineering products, gems and jewellery, and ceramics.
