Keyword: tariffs
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SummaryUS announces 39% tariff on imports from Switzerland Swiss manufacturers say tens of thousands of jobs at risk Talks to continue ahead of August 7 introduction RUETLI, Switzerland, Aug 1 (Reuters) - Swiss manufacturers warned on Friday that tens of thousands of jobs were at risk after U.S. President Donald Trump hit them with one of the highest tariff rates in his global trade reset, even if there was some relief for now for the key drugs sector. The government said it was "disappointed" and would decide how to proceed after Trump set a 39% tariff on the export-reliant country...
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President Trump’s executive order carved out a special tariff on goods shipped indirectly to the United States by way of other countries.Ever since President Trump began raising tariffs on goods from China during his first term, Chinese companies have raced to set up warehouses and factories in Southeast Asia, Mexico and elsewhere to bypass U.S. tariffs with indirect shipments to the American market via other countries.But on Thursday, Mr. Trump took aim at all indirect American imports, which he blames for part of the $1.2 trillion U.S. trade deficit. The president imposed 40 percent tariffs on so-called transshipments, which will...
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President Donald Trump warned that reaching a new trade deal with Canada will be “very hard” after the country moved to recognize Palestinian statehood — just one day before a key tariff deadline. “Wow! Canada has just announced that it is backing statehood for Palestine,” Trump posted on social media July 31. “That will make it very hard for us to make a Trade Deal with them.”Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh’ Canada!!!(TS: 31 Jul 00:29 ET)…— Trump...
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U.S. manufacturing contracted for a fifth straight month in July and factory employment dropped to the lowest level in five years amid tariffs that have raised prices of imported raw materials. The Institute for Supply Management (ISM) said on Friday that its manufacturing PMI dropped to 48.0 last month from 49.0 in June. A PMI reading below 50 indicates contraction in manufacturing, which accounts for 10.2% of the economy. Economists polled by Reuters had forecast the PMI edging up to 49.5. The weak PMI reading is consistent with economists' expectations for a slowdown in activity in the third quarter as...
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WASHINGTON (AP) — Appellate court judges expressed broad skepticism Thursday over President Donald Trump’s legal rationale for his most expansive round of tariffs. Members of the 11-judge panel of the U.S. Court of Appeals for the Federal Circuit in Washington appeared unconvinced by the Trump administration’s insistence that the president could impose tariffs without congressional approval, and it hammered its invocation of the International Emergency Economic Powers Act to do so. “IEEPA doesn’t even mention the word ‘tariffs’ anywhere,” Circuit Judge Jimmie Reyna said, in a sign of the panel’s incredulity to a government attorney’s arguments. Brett Shumate, the attorney...
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President Trump, on Thursday, extended the tariff pause on Mexico for another 90 days, in the hopes that a larger trade deal can be made. Mexico's President agreed to immediately suspend non-tariff trade barriers to secure the extended pause. The tariff rate will remain, with a 25 percent "fentanyl" tariff, a 25 percent tariff on cars, and a 50 percent tariff on steel, aluminum, and copper. .@PressSec: "Mexico has agreed to immediately terminate its non-tariff trade barriers, of which there are many. As the President said, we will continue to talk to Mexico over the next 90 days with the...
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Donald Trump and Mexican president Claudia Sheinbaum have spoken on the phone this morning as Mexico seeks an agreement with its biggest trading partner ahead of Trump’s 1 August deadline. “Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper. Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many,” Trump said in a Truth Social post. Trump said his administration would continue talking to Mexico over the next 90 days (“or longer”) with the goal of signing a trade deal. He...
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US President Donald Trump announced a new trade deal with South Korea, which calls for 15% tariffs on goods from there, after the country scrambled to secure an agreement ahead of the Friday deadline. “The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself,” he said in a Truth Social post on Wednesday. Goods from South Korea briefly faced a 25% “reciprocal” tariff in April, before Trump paused levies impacting dozens of nations. The pause was set to expire on August 1....
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President Donald Trump's 25% tariffs on Indian goods will do little to slow the role of the Asian country as a key hub for manufacturing iPhones, even when it means more expensive smartphones for U.S. consumers, analysts and industry executives said. Apple has realigned its India exports to almost exclusively serve the U.S. market, with nearly all the $3.2 billion-worth iPhones exported by Foxconn from India going to the United States between March and May. It's "too early to say" if recent events or future changes in Trump's stance will alter Apple's manufacturing plans in India, an industry executive familiar...
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Luiz Inácio Lula da Silva says he won’t be cowed by Trump ahead of 50% tariffs set to hit Brazil Brazil’s president, Luiz Inácio Lula da Silva, has said he does not fear getting on the wrong side of Donald Trump, as South America’s largest economy braces for the introduction of 50% tariffs.Trump announced plans to slap Brazil with tariffs on 1 August earlier this month, partly in retaliation for a supposed political “witch-hunt” against his far-right ally Jair Bolsonaro. The former Brazilian president faces decades in jail for allegedly plotting a military coup to stop Lula from taking office...
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The Big Money Show' panel discusses the Fed's interest rate plan and the success of President Donald Trump's tariff strategy as more economic wins roll in for the nation.
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I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President. Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products and, further, South Korea has agreed to invest a large sum of money for their Investment purposes. This sum will be announced within the next two weeks when the President of...
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President Donald Trump said on Wednesday the United States will impose a 25% tariff on goods imported from India starting on Aug. 1. He said India, which has the world's fifth largest economy, will also face an unspecified penalty on Aug. 1, but did not elaborate on the amount or what it was for. "While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote in...
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US president Donald Trump on Wednesday announced that India will have to pay 25 per cent tariff from August 1. Trump also said that India will have to pay an additional penalty for buying energy and arms from Russia. The 25% tariff rate announced for India is 1% less than the 26% declared by Trump in his April 2 'Liberation Day' conference. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious...
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No economy rises or falls for just one reason, even a shock as big as Donald Trump’s trade policy, says Ruchir Sharma for the Financial Times.At the beginning of the year, the world was in striking agreement on one point: If Donald Trump went ahead with tariffs, it would strengthen the dollar and trigger stagflation. Chief executives, investors and commentators all said the same. Economists estimated that every percentage point increase in the tariff rate would shave 0.1 per cent off US growth and add 0.1 per cent to inflation. But so far, the consequences have been far less disruptive...
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As President Donald Trump enters the final days before his global trade deadline, tariff revenues have climbed to a record $150 billion so far this year. The U.S. collected nearly $28 billion in customs duties in July, the highest monthly total so far this year, according to the Treasury Department’s "Customs and Certain Excise Taxes" data. The July figures, based on data through July 25, have already surpassed June’s monthly record of $27 billion. In January, tariff revenues hovered around $7.9 billion and more than doubled in April to $16.3 billion. The revelation comes as Trump enters the final week...
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Donald Trump’s administration has denied permission for Taiwan’s President Lai Ching-te to stop in New York en route to Central America, after China raised objections with Washington about the visit. Lai planned to transit the US in August en route to Paraguay, Guatemala and Belize, which recognise Taiwan as a country. But the US told Lai he could not visit New York on the way, according to three people familiar with the decision. ***** The White House’s decision will deepen concerns among Taiwan’s supporters in Washington that Trump is taking a softer stance on China as he pushes to hold...
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President Donald Trump's tariffs, scheduled to increase on August 1, could result in significantly higher prices for a range of food groups. This is according to an analysis published Monday by the bipartisan Tax Foundation, which found that these will impact nearly 75 percent of U.S. food imports, which it said will "likely lead to higher food prices for consumers." Newsweek reached out to the White House via email for comment. Why It Matters It has repeatedly been warned that the higher import taxes implemented as a result of the Trump administration's economic agenda will increase costs for U.S. businesses...
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The president’s vision for reshaping global trade is falling into place, but he is embarking on an experiment that economists say could still produce damaging results.Over the last six months, the United States has left behind the global trade order that persisted for decades in favor of something drastically different and largely untested. Formidable economies like the European Union and Japan have abruptly made peace with higher tariffs on their exports, acquiescing to President Trump’s demands in order to avoid damaging trade wars and to coax even steeper U.S. duties down just a little bit. As major economies fall in...
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WASHINGTON/TAIPEI, July 28 (Reuters) - Taiwan's President Lai Ching-te is set to delay a diplomatically sensitive trip his team had floated to the Trump administration for August that would have included stops in the United States, according to three people familiar with the matter. Such a trip was bound to infuriate Beijing at a time when U.S. President Donald Trump is trying to negotiate a deal on trade with China. China claims democratically governed Taiwan as its own territory, a claim Taiwan rejects, and regularly denounces any shows of support for Taipei from Washington. The trip, which could have included...
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