European Union leaders on Thursday debated a new "European Competitiveness Deal" aimed at helping the 27-nation bloc close the gap with Chinese and American rivals amid fears the region's industries will otherwise be left behind for good.

In a volatile geopolitical landscape redefined by the ongoing war between Russia and Ukraine and increasing tensions in the Middle East that create new economic challenges, EU leaders believe there is an urgent need for action.

Inside the barn on the flat fields of the northern Netherlands, Jos Ubels cradles a newborn Blonde d'Aquitaine calf, the latest addition to his herd of over 300 dairy cattle.

Little could be more idyllic.

In the 45 years since the Islamic revolution in Iran, Western powers have used a punishing array of sanctions against Tehran in a bid to force a change of approach.

With Iran facing the possibility of further punitive measures after its direct attack on Israel on April 13, here is a timeline of the sanctions imposed:

Japan recorded a trade deficit for the third straight fiscal year as the costs of energy and other imports rose and the yen remained weak.

The deficit was 5.89 trillion yen ($38 billion) for the fiscal year that ended in March, according to Finance Ministry data released Wednesday.

Inflation in the U.K. fell to its lowest level in two and a half years in March after a further easing in food prices, official figures showed Wednesday, a development which could further pave the way for a welcome cut in interest rates soon.

Consumer prices rose by 3.2% in the year to March, down from 3.4% in February, the Office for National Statistics said. That's the lowest level since September 2021.

President Joe Biden is calling for a tripling of tariffs on steel from China to protect American producers from a flood of cheap imports, an announcement he planned to roll out Wednesday in an address to steelworkers in the battleground state of Pennsylvania.

The move reflects the intersection of Biden's international trade policy with his efforts to court voters in a state that is likely to play a pivotal role in deciding November's election.

Treasury Secretary Janet Yellen has warned of potential global economic damage from rising tensions in the Middle East as the Biden administration said it was readying new sanctions in response to Iran's malevolent activity in the region.

Yellen spoke out against Iran's "malign and destabilizing activity" in remarks ahead of this week's spring meetings of the International Monetary Fund and World Bank, saying Iran's weekend missile and drone attack on Israel "underscores the importance of Treasury's work to use our economic tools to counter Iran's malign activity."

Asian and European stock markets sank Tuesday after Israel's army chief vowed a response to Iran's attack on his country, with sentiment also dented by diminishing U.S. interest-rate cut hopes and mixed earnings.

After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday.

CEO Elon Musk detailed the plans in a memo sent to employees. The layoffs could affect about 14,000 of the 140,473 workers employed by the Austin, Texas, company at the end of last year.

Apple CEO Tim Cook said Tuesday that he wants to further increase investment in Vietnam a day after the company announced it would spending on suppliers in the Southeast Asian manufacturing hub.

Vietnam has become more important to Apple as the company seeks to diversify its supply chains away from China, where most of its smartphones and tablets are assembled.