Current Affairs of 17 April 2025

National and International Current Affairs - April 17, 2025

International Relations

• IMF Lowers Global Growth Forecast: The International Monetary Fund announced a significant reduction in its global growth projections, citing escalating trade tensions, particularly due to new U.S. tariffs on China. While a global recession is not anticipated, inflation is expected to rise in some countries, and financial markets could face increased stress. The IMF is revising its bi-annual World Economic Outlook in response to these developments.
• Italy-U.S. Trade Discussions: Italian Prime Minister Giorgia Meloni met with U.S. President Donald Trump following his suspension of proposed 20% tariffs on European exports. Meloni extended an official invitation to Trump to visit Italy and acted as an informal representative of the EU. Trump downplayed imminent trade deals, indicating no urgency. Concurrently, the European Central Bank cut interest rates for the seventh time amid global trade tensions.
• U.S.-Iran Nuclear Talks Progress: On April 12, 2025, Iran and the United States began indirect talks aimed at reaching a nuclear peace agreement. Each delegation was in separate rooms, with messages relayed through Omani mediators. The talks lasted more than two and a half hours and were described as productive. Discussions are scheduled to continue next week.

Economy

• ECB Cuts Interest Rates: The European Central Bank reduced its main interest rate for the seventh time in a year, citing ""exceptional uncertainty"" and the negative economic impact of rising tariffs, particularly those levied by the U.S. ECB President Christine Lagarde emphasized the need for resilience and data-driven policy amid ongoing uncertainty.
• U.S. Federal Reserve Maintains Rates: The U.S. Federal Reserve signaled a hawkish stance, indicating a prolonged hold on interest rate adjustments to manage inflation risks driven by ongoing trade tensions. Fed Chair Jerome Powell emphasized that tariffs could cause persistent inflation, dismissing expectations of immediate rate cuts despite a tech-led market downturn.

Science & Technology

• Potential Biosignatures Detected on Exoplanet K2-18b: Scientists have detected large quantities of dimethyl sulfide and dimethyl disulfide in the atmosphere of exoplanet K2-18b, located 124 light-years away. On Earth, these compounds are only known to be produced by life, marking the strongest evidence to date for biological activity beyond our solar system.

Environment

• Climate Activists Disrupt BP's AGM: Climate activism disrupted BP’s Annual General Meeting amid criticism over its energy policy and links to geopolitical conflicts. Activists expressed concerns about the company's environmental impact and its role in global energy dynamics.