Elon Musk says he'll be spending less time in Washington slashing government costs and more time running Tesla after his electric vehicle company reported a big drop in profits.

Musk said on a conference call with analysts Tuesday that "now that the major work of establishing Department of Government Efficiency is done," that he will be "allocating far more of my time to Tesla" starting in May. Musk said he now expects to spend just "a day or two per week on government matters"

The outlooks for the U.S. and global economies have significantly worsened in the wake of President Donald Trump's tariffs and the uncertainty they have created, the International Monetary Fund said Tuesday.

The IMF said that the global economy will grow just 2.8% this year, down from its forecast in January of 3.3%, according to its latest World Economic Outlook. And in 2026, global growth will be 3%, the fund predicts, also below its previous 3.3% estimate.

U.S. Vice President JD Vance on Tuesday called for enhanced engagement with India and said that the South Asian country should buy more defense equipment and energy from the U.S. and allow Washington greater access to its market, lending momentum to an expected bilateral trade deal.

Vance, who is on a four-day visit to India, said that he and Prime Minister Narendra Modi made progress on trade talks during their discussions on Monday, and confirmed that both sides had finalized the terms of reference for the trade negotiation — a vital step towards setting the road map for the final agreement.

China on Monday warned other countries against making trade deals with the United States to China's detriment.

Governments including those of Taiwan, Japan and South Korea have begun negotiations with Washington after President Donald Trump announced sweeping tariffs against almost all of America's trading partners on April 2. The import taxes were quickly paused against most countries after markets panicked, but he increased his already steep tariffs against China.

The European Central Bank cut interest rates Thursday for the seventh time to counter worries about economic growth fueled by President Donald Trump's tariff onslaught.

The bank's move should support economic activity in the 20 countries that use the euro currency by making credit more affordable for consumers and businesses.

Egypt's revenue from the Suez Canal plunged by almost two thirds last year, officials said Wednesday, attributing the sharp drop to regional tensions and wars in the Middle East that have impacted traffic through the key waterway.

The canal is a major source of foreign currency for the Egyptian government, with about 10% of world trade flowing through the waterway in recent years.

Turkey's central bank raised its key interest rate by 3.5 percentage points on Thursday, halting a three‑month easing streak as it confronts stubborn inflation, financial turbulence following the arrest of Istanbul's mayor and aftershocks of global tariffs.

The Monetary Policy Committee lifted the benchmark one‑week repo rate to 46% from 42.5% and pushed the overnight lending and borrowing rates to 49% and 44.5%, respectively.

The Treasury Department imposed sanctions Wednesday on a Chinese refinery accused of purchasing more than $1 billion worth of Iranian oil, saying the proceeds help finance both Tehran's government and Iran's support for militant groups.

The sanctioned refinery in China's Shandong province received dozens of shipments of crude oil from Iran worth more than $1 billion, the Trump administration said. Some of the petroleum came from a front company for Iran's paramilitary Revolutionary Guard, U.S. authorities said.

Global benchmarks mostly rose Tuesday, echoing a rally on Wall Street after President Donald Trump appeared to let up on some of his tariffs and as stress from within the U.S. bond market seemed to be easing.

Still, the Trump administration took further steps toward imposing more tariffs, saying it was investigating the national security implications of imports of pharmaceuticals, computer chips and related products.

Japan's chief trade negotiator will visit the United States this week for talks aimed at convincing U.S. President Donald Trump to remove tariff measures against the East Asian country, officials said Tuesday.

Economic Revitalization Minister Ryosei Akazawa will be in Washington from Wednesday to Friday for talks with U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, according to Japanese Chief Cabinet Secretary Yoshimasa Hayashi.