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"The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the phone call on June 5th and the consensus reached at the Geneva meeting."

A federal court has determined that President Donald Trump does not have the authority to unilaterally impose tariffs, dealing a sweeping blow to the president's main weapon in his ongoing global trade war. A panel of judges on the U.S. Court of International Trade found the tariffs were unlawful and permanently vacated them.

@RandPaul Only in Washington does a “budget” mean spending more. [Video linked in Tweet] Paraphrasing/Notes: I supported the tax cuts. I support making them permanent I support spending cuts even though they're wimpy [in the bill]. The problem is the math doesn't add up. They're exploding the debt... The deficit will be $2.2 trillion. We used to say that's Biden spending, Biden-omics. There has to be someone left in Washington that says debts and deficits are Wrong. This is just not a serious proposal. Regarding the 'free' stuff (Medicare, Medicaid and SNAP), we're borrowing the money, which means more inflation....

Calling the trade talks a stalemate, US President Donald Trump has threatened to impose a 50% tariff on the EU on June 1. European markets took an immediate tumble following Trump's social media post. US President Donald Trump announced on Friday that he is recommending a 50% tariff on goods from the European Union, citing a stalemate in trade talks. "Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025," he wrote on social media. In a post on Truth Social, Trump reiterated his criticism of...

SummaryShipping firms, port operators, retailers welcome progress Industry experts say 30% tariffs remain a risk for US consumers Shipping rates could rise with a cargo rush BERLIN/LOS ANGELES, May 12 (Reuters) - The container shipping industry on Monday welcomed an agreement between the United States and China to temporarily slash punishing tariffs, saying it expected to be buoyed by a resulting recovery in bookings from China to the U.S.The United States will cut extra tariffs it imposed on Chinese imports in April to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the...

The US and China have agreed a deal that will significantly cut the import tariffs, or taxes, both sides have imposed on one another for a 90-day period. US Treasury Secretary Scott Bessent said both countries would lower their reciprocal tariffs by 115% for 90 days. The announcement came after the two countries held intensive talks in Switzerland over the weekend.

The White House says President Trump is “determined” to maintain at least a 10% tariff on all imports, meaning all nations should expect a baseline tax on their goods even if they negotiate trade pacts with the U.S. Dozens of trading partners are scrambling to negotiate down sky-high levies that Mr. Trump imposed, then paused, in early April. It’s a fluid process, but this much should be clear: Mr. Trump will only go so low.“The president is determined to continue with that 10% baseline tariff. I just spoke to him about it earlier,” White House press secretary Karoline Leavitt said...

There’s a lie we’ve been telling ourselves for decades: That free trade with China would civilize them. Make them richer, freer, better. It didn’t. It made them bolder. Hungrier. More dangerous. What the West called “economic engagement,” China saw as an opportunity for weaponization. And now, the bill is coming due—for everyone. They’ve used the profits of global trade to fund: - Re-education camps - A high-tech surveillance state - Mass internment of minorities - And a military machine backed by the promise of global domination All while selling us the cheap plastic they use to buy time. And what...

Brazilian President Luiz Inacio Lula da Silva on Friday slammed U.S. President Donald Trump's trade policies and sweeping tariffs, saying they harm multilateralism as he met with his Russian counterpart Vladimir Putin in Moscow. -snip- "The latest decisions by the U.S. president to unilaterally put tariffs on trade with all countries in the world undermine the great idea of free trade and strengthening multilateralism," Lula said during a bilateral meeting with Putin. The leftist leader said he intends to strengthen Brazil's strategic partnership with Russia, citing "political, commercial, cultural, scientific and technological interests" as he sees room to increase trade.

Canadian exports to the United States are beginning to decrease in light of the trade war. Statistics Canada announced that exports to the United States, Canada’s largest trading partner, declined 6.6% during the first month of tariffs while imports from the United States fell 2.9%. March 2025 was the second-highest recorded monthly increase in non-US trade for Canada. Exports to nations outside the US rose 24.8%. Overall exports in March 2025 reached $69.9 billion, a slight decrease from February’s $70.04 billion posting, yet volume rose by 1.8%. The United Kingdom has been purchasing unwrought (crude) gold exports from Canada this...

Ford Motor has hiked prices on three of its Mexico-produced models effective May 2, becoming one of the first major automakers to adjust sticker prices following U.S. President Donald Trump's tariffs. Prices on the Mustang Mach-E electric SUV, Maverick pickup and Bronco Sport will increase by as much as $2,000 on some models, according to a notice sent to dealers, which was reviewed by Reuters. Ford earlier this week said Trump's trade war would add about $2.5 billion in costs for 2025, but it expects to reduce that exposure by around $1 billion. Rival General Motors said last week that...

President Trump appeared to acknowledge Wednesday that toy shortages are possible as his tariff hikes ripple through the economy. The CEOs of Walmart, Target and Home Depot privately warned him last week about the likelihood of product shortages and price spikes. "Somebody said, 'oh, the shelves are gonna be open,'" Trump told reporters Wednesday. "Well, maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls will cost a couple of bucks more."

House Speaker Mike Johnson (R-LA) backs President Donald Trump on tariffs, he made clear during an appearance at an Axios News Shapers event this week. Trump has the backing of Johnson, who said according to Axios that the tariffs “are working.” “I think the executive has a broad array of authority that’s been recognized over the years,” Johnson said. “If it gets close to where the imbalance is there, then we would step in.” However, if it came to that, Johnson said the first line of defense would be calling Trump directly. “But I think the first protocol, to be...

Tariffs are not just an economic issue—they are an existential necessity... America has run global trade deficits every year since 1974. The cumulative value of these deficits is over $25 trillion in today’s dollars. Americans have also invested $6.68 trillion abroad, building factories, laboratories and infrastructure in foreign countries. To add insult to injury, foreigners have stolen almost $10 trillion worth of American intellectual property and technology. This has been catastrophic for America’s industrial base. To begin with, over 60,000 factories have been relocated to China, Mexico, and Europe. This caused job loss on an unprecedented scale—America has lost over...

The U.S. economy shrank in the first quarter despite underlying strength in consumer and business spending. Gross domestic product contracted at an annualized rate of 0.3 percent, the Department of Commerce said on Wednesday. The decline in U.S. gross domestic product marks a sharp reversal from the 2.4 percent growth rate recorded at the end of last year. This was the lowest rate of growth since 2022, when the economy avoided an official recession but contracted for two consecutive quarters. Final sales to private domestic purchasers, a closely watched measure of business and consumer health, expanded at a healthy pace...

The U.S. economy contracted in the first three months of 2025, as businesses rushed to stock up on imports ahead of tariffs and consumers eased their pace of spending. The Commerce Department said U.S. gross domestic product—the value of all goods and services produced across the economy—fell at a seasonally and inflation adjusted 0.3% annual rate in the first quarter. That was the steepest decline since the first quarter of 2022. The reading fell short of the 0.4% growth that economists surveyed by The Wall Street Journal expected. The decline in GDP in the first quarter reflected front-running ahead of...

If we’re serious about saving America, we need a leader who’s willing to be hated by the pundits, pollsters, and even some short-term-minded Americans to do what’s right.The country has been suffering for decades economically, culturally and politically — and the propaganda press wants you to care about approval ratings. As President Donald Trump marks his first 100 days in office, headlines scream about “record-low” poll numbers. But here’s the thing: polls don’t fix nations — leaders do. The same media that tried to convince us seven months ago that then-Vice President Kamala Harris had a legitimate chance to take...

Sen. Rand Paul, R-Ky., reportedly said he is "a Republican and a supporter of President Donald Trump," but said he has the votes in the Senate to strip the presidential authority on tariffs to give it to what Trump says is a do-nothing Congress.Trump has frequently warned Congress about reducing the authority of the president and forcing America to do nothing as Congress has for decades – failing to balance free-and-fair foreign trade or rooting out waste, fraud, and abuse in massive government spending that Paul himself is against."This resolution would undermine the administration's efforts to address the unusual and...

Mexico will no longer deny Texas farmers the lifeblood of their business, according to the Trump administration. Under a 1944 treaty, Mexico is obligated to send Texas water from the Rio Grande while the U.S. sends Mexico water from the Colorado River. The current five-year deal calls for about 490 billion gallons from the U.S. to flow to Mexico each year, while 570 billion gallons from Mexico is to head north, according to CNN. Because Mexico has been far behind in its obligations, the State Department denied a request for water for Tijuana, marking the first U.S. denial since the...

"GOP Sen. Rand Paul says he expects to have enough votes in Senate to pass resolution to effectively block Trump’s tariffs. But Paul, who expects the vote Wednesday, attacked Speaker Johnson’s move to block such resolutions as “dishonesty.”" *** The background to this, via Politico: The White House warned that Trump will veto a bipartisan Senate resolution that would terminate his sweeping global “Liberation Day” tariffs. The statement of administration policy from the Office of Management and Budget, sent to congressional offices Monday, comes ahead of an expected vote this week forced by several Democrats led by Sen. Ron Wyden...