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(Bloomberg) -- Australia’s economy picked up the pace in the final three months of the year, boosted by a revival in household spending, though the outlook remains clouded by persistent inflation at home and mounting trade tensions abroad.Most Read from BloombergHow Upzoning in Cambridge Broke the YIMBY MoldRemembering the Landscape Architect Who Embraced the CityRepublican Mayor Braces for Tariffs: ‘We Didn’t Budget for This’NYC’s Finances Are Sinking With Gauge Falling to 11-Year LowUS Tent Fa

(Reuters) -Oil prices declined for a third day on Wednesday, as investors worried about OPEC+ plans to proceed with output increases in April, and U.S. President Donald Trump's tariffs on Canada, China and Mexico escalated trade tensions. U.S. West Texas Intermediate (WTI) crude declined $1.77, or 2.6%, to $66.49 a barrel. The contracts settled near multi-month lows the previous day, weighed down by expectations the U.S. tariffs and counter-tariffs by the affected countries will slow economic growth and reduce fuel demand.

(Bloomberg) -- Oil prices in the Middle East tumbled as the prospect of higher supplies from OPEC+ sparked a selloff in the region’s crudes.Most Read from BloombergHow Upzoning in Cambridge Broke the YIMBY MoldRemembering the Landscape Architect Who Embraced the CityRepublican Mayor Braces for Tariffs: ‘We Didn’t Budget for This’NYC’s Finances Are Sinking With Gauge Falling to 11-Year LowUS Tent Facility is Holding Migrant Families Longer Than RecommendedThe cost of Oman crude on the Gulf Mercan

Members of OPEC+ are planning to gradually unwind production curbs in April, which would add supply and could lead to lower prices.

(Bloomberg) -- Federal Reserve Bank of New York President John Williams said he anticipates tariffs will contribute to inflation, but emphasized there is a lot of uncertainty about how the economy will respond to President Donald Trump’s levies. Most Read from BloombergHow Upzoning in Cambridge Broke the YIMBY MoldRemembering the Landscape Architect Who Embraced the CityNYC’s Finances Are Sinking With Gauge Falling to 11-Year LowUS Tent Facility is Holding Migrant Families Longer Than Recommende

NEW YORK (Reuters) -Federal Reserve Bank of New York President John Williams said Tuesday he expects Trump administration tariffs to drive up inflation to some degree, while reckoning that for now, central bank interest rate policy is in the right place and does not need to be changed. “My view is, based on what we know today, given all the uncertainties around that, I do factor in some effects from tariffs now on inflation, on prices, because I think we will see some of those effects later this year,” Williams said at an event held by Bloomberg in New York. The official noted that tariffs that hit consumer goods could flow though quickly to inflation while other parts of the economy might see a slower moving impact.

A U.S. economy praised for its surprising resilience to a pandemic, high inflation, and rapid interest rate hikes faces a new challenge from President Donald Trump's self-declared trade war, seen by economists as a recipe for fewer jobs, slower growth, and higher prices. The fallout, assuming Trump does not backtrack in the face of falling stock markets and cracks to consumer and business sentiment, is expected to be broad, deep and time-consuming as the world's largest economy adjusts to the overnight shock of a 25% tariff on most goods coming from Mexico and Canada, both close trading partners and geographic neighbors, and an additional 10% duty on imports from China. Canada and China have announced retaliatory tariffs on U.S. imports, while Mexico is expected to do so this coming weekend.