Keyword: trade
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President Donald Trump’s sweeping new tariffs are raking in unprecedented sums for the federal government—so much, in fact, that a top budget watchdog says the revenue rivals the impact of creating a brand-new payroll tax or slashing the entire military budget by nearly one-fifth. (These are rough estimates, to be sure, conveyed to communicate the magnitude of the tariffs, not precise contributions to the budget.) But can these massive cash flows, already topping tens of billions monthly, truly put a dent in America’s $37 trillion national debt? Actually, yes, according to the Committee for a Responsible Federal Budget (CRFB), which...
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Aluminum production in the US rises due to Trump's tariffs reducing the dumping of Aluminum in the US by foreign producers. Interview of Century Aluminum CEO by Maria on Fox Business.
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Economists across the political spectrum predicted that President Donald Trump’s trade negotiations would end in disaster. Now that his August 1 deadline has passed without the sky falling — and with multiple advantageous deals completed — it’s time to seriously reevaluate the flawed arguments the experts made against his strategy. Many, it turns out, made basic errors in economic reasoning. On the left, Nobel laureate and Columbia professor Joseph Stiglitz declared in January that Trump’s policy was “very bad for America and for the world,” while University of Michigan economist Justin Wolfers called it “impressively destructive.” On the right, prominent...
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The United States' 15% tariff on EU goods could reduce the value of alcohol sales by almost $2 billion and put 25,000 U.S. jobs at risk, a group of 57 alcohol industry groups wrote in a letter sent to President Trump on Tuesday. The letter was signed by organisations representing major European producers, including Diageo and Pernod Ricard, U.S. whiskey and wine producers, as well as glass suppliers, retailers and restaurants. Washington and Brussels agreed last month to a 15% import tariff on most European Union goods after talks that halved the threatened rate and averted a bigger trade war....
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He further indicated that he would not impose retaliatory tariffs on the U.S. Brazilian President Luiz Inacio Lula da Silva has declined to personally call President Donald Trump to resolve the ongoing trade dispute, telling Reuters that to do so would be a "humiliation.""The day my intuition says Trump is ready to talk, I won't hesitate to call him," he told the outlet. "But today my intuition says he doesn't want to talk. And I'm not going to humiliate myself."He further indicated that he would not impose retaliatory tariffs on the U.S. Trump slapped the South American nation with a...
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The US plans to impose tariffs of 39% on Swiss imports as of August 7, the White House said on the night of Thursday-Friday – a rate even higher than the 31% announced by Trump in April. The tariff hike also deviates “significantly” from the draft of a joint declaration of intent which had been the result of intensive discussions between both sides in recent months, according to the Swiss government, which approved the draft on July 4. As such, a spokesman for the finance ministry spoke on Friday of “great regret” that the US intends to impose steep unilateral...
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Commerce Secretary Howard Lutnick said Wednesday that Thailand and Cambodia reached trade agreements with the U.S. just days after the Southeast Asian countries agreed to a ceasefire to end five days of deadly clashes along their border. Monday’s pause in fighting came after President Trump directly pressured both nations, warning the U.S. might not proceed with trade talks if the military conflict continued. In an interview Wednesday evening on Fox News’s “Hannity,” Lutnick praised Trump’s dealmaking approach, which the Commerce secretary said paid off particularly well with Cambodia and Thailand. The Commerce secretary noted Trump spent all day Saturday “calling...
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FOLLOWING US President Donald Trump’s tariff sledgehammer, the Indian government has kicked off an exercise to thrash out concessions across sectors that can be offered in the tariff negotiations later this month. Key economic ministries have been asked to see what they can still afford to offer to sweeten New Delhi’s deal when the US team is here on August 25. To reach an agreement, the Trump administration has been demanding much more than what the government has offered in its market access commitments, including lowering of tariffs across the board and removal of non-tariff trade barriers. As policymakers grapple...
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Shock turns into outrage. Europeans feel they’ve been duped by Donald Trump. But the trade deal merely lays bare the EU’s accelerating loss of power. Anyone familiar with German politics has long known that Ursula von der Leyen, President of the European Commission, is no political heavyweight. Her record as Germany’s family and defense minister speaks for itself. She lacks the intellectual and strategic abilities to navigate or reform complex systems. Yes, she was outplayed by Trump during the trade negotiations -- as expected. But this misses the point. What Europeans are loudly lamenting is not just a bad deal,...
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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’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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The historic trade deal between the U.S. and the European Union agreed upon in Scotland marks a significant shift in the transatlantic relations. After the 2024 triumph of the conservative patriots in the United States, the long-standing alliance between Western democracies began collapsing.European nations, well-known for their restraint in foreign policy, led the way to cautious denial of the new American vision, which President Trump called “the complete restoration of America.” It comes as a stunning change to the American people, especially given the fact that Europe’s high living standards are largely based on the U.S. support, dating back to...
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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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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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India vowed on Thursday to protect its labour-intensive agriculture sector, a central sticking point in bogged-down trade talks with the U.S., as Washington threatened 25% tariffs, triggering outrage from the opposition and a slump in the rupee. Without a deal, the rate will go into effect from Friday and single out India for harsher trade conditions than its major peers, potentially damaging the economy of a strategic U.S. partner in Asia seen as a counterbalance to Chinese influence. Though negotiations are continuing, they have hit a wall due to the United States' insistence that India open its agricultural markets. New...
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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 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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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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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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