Category Archives: Trump tariffs

Nvidia and AMD agree to pay 15% of China chip sale revenues to US

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Chipmakers agree to deal amid Trump trade war as condition for obtaining export licences for Chinese market

The chipmakers Nvidia and AMD have agreed to give the US government 15% of their revenue from advanced chips sold to China in return for export licences to the key market, in an unprecedented move amid Donald Trump’s trade war with China.

The move, an apparent reversal of US national security restrictions on the chip sales, signalled an easing in the US-China trade war.

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Farmers displaced by $1.5bn Trump golf course reportedly being offered rice and cash

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White House denies suggestions resort in Vietnam presents conflict of interest amid row over compensation rates

Villagers whose farms in Vietnam will be bulldozed to make way for a $1.5bn golf resort backed by the Trump family have reportedly been offered rice provisions and cash compensation of as little as $12 for a square metre of land by state authorities.

Thousands of villagers will be offered compensation based on land size and location, according to a report by Reuters. The agency spoke to elderly farmers who said they feared they would struggle to find a stable livelihood.

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Top US diplomat in Brazil summoned to foreign ministry over Bolsonaro trial comments

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US embassy accused supreme court judge of persecuting ex-president, currently on trial for alleged coup attempt

Brazil’s foreign ministry has summoned the US chargé d’affaires after the embassy posted comments about the trial of former president Jair Bolsonaro, as relations between the two countries continue to deteriorate.

On Thursday, the embassy published a social media post in Portuguese criticising the supreme court justice Alexandre de Moraes, who is overseeing the cases against Bolsonaro, who is on trial over an alleged coup attempt.

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Shares in European drug companies hit four-month low as Trump tariffs loom

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President repeats threat to bring in levies ‘within next week or so’ in attempt to get companies to move production to US

Shares in European pharmaceutical companies have sunk to a four-month low, after Donald Trump repeated his threats to introduce tariffs on drug imports “within the next week or so”.

Europe’s Stoxx Health Care index slid by 2.8% on Wednesday, falling to its lowest level since mid-April, shortly after the US president’s initial “liberation day” tariff announcements.

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US steps up efforts to help Bolsonaro avoid jail over alleged coup plot

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State department condemns judge’s decision to place former Brazil president under house arrest as trial proceeds

The US has intensified its campaign to help Jair Bolsonaro avoid punishment for allegedly masterminding a failed coup, with the state department denouncing the decision to place Brazil’s former president under house arrest.

“Let Bolsonaro speak!” the department’s bureau of western hemisphere affairs tweeted on Monday night after the far-right populist was confined to his mansion in the capital, Brasília, and police seized his mobile phone.

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Swiss president under fire after Trump call leads to US tariffs shock

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Karin Keller-Sutter accused of mishandling talks as shares dive after Switzerland hit with 39% tariff

The Swiss stock market has plunged, the cabinet has been holding emergency talks and President Karin Keller-Sutter has been accused of mishandling a vital phone call with the White House after Donald Trump hit the country with a shock 39% export tariff.

Switzerland, home to some of the world’s best-known luxury brands, was left stunned after the US president on Friday imposed one of the highest tariff rates in his global trade reset. Industry associations warned that tens of thousands of jobs were at risk.

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White House officials rush to defend Trump after shaky economic week

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US trade representative says ‘the president is the president’ after firing of labor statistics chief amid slow job growth

Donald Trump administration officials fanned out on Sunday’s US political shows to defend the president’s policies after a bruising week of poor economic, trade and employment numbers that culminated with the firing of labor statistics chief Erika McEntarfer.

The US trade representative, Jamieson Greer, said Trump had “real concerns” about the jobs numbers that extend beyond Friday’s report that showed the national economy added 73,000 jobs in July, far below expectations. Job growth numbers were revised down by 285,000 for the two previous months as well.

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India to still buy oil from Russia despite Trump threats, say officials

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No pause on Russian imports by Indian oil firms who base decisions on ‘price, grade of crude, logistics and economic factors’

Indian oil refineries will continue to buy oil from Russia, officials have said, before threatened US sanctions next week against Moscow’s trading partners over the war in Ukraine.

Media reports on Friday had suggested India, a big energy importer, would stop buying cheap Russian oil. Trump later told reporters that such a move would be “a good step” if true.

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India to still buy oil from Russia despite Trump threats, say officials

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No pause on Russian imports by Indian oil firms who base decisions on ‘price, grade of crude, logistics and economic factors’

Indian oil refineries will continue to buy oil from Russia, officials have said, before threatened US sanctions next week against Moscow’s trading partners over the war in Ukraine.

Media reports on Friday had suggested India, a big energy importer, would stop buying cheap Russian oil. Trump later told reporters that such a move would be “a good step” if true.

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India to still buy oil from Russia despite Trump threats, say officials

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No pause on Russian imports by Indian oil firms who base decisions on ‘price, grade of crude, logistics and economic factors’

Indian oil refineries will continue to buy oil from Russia, officials have said, before threatened US sanctions next week against Moscow’s trading partners over the war in Ukraine.

Media reports on Friday had suggested India, a big energy importer, would stop buying cheap Russian oil. Trump later told reporters that such a move would be “a good step” if true.

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Trump steps up attacks on Fed’s independence amid interest rates row

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US president called on top Fed officials to seize control from chair Jerome Powell if he fails to cut interest rates

Donald Trump called on top Federal Reserve officials to seize control from its chair, Jerome Powell, if he fails to cut interest rates, stepping up his extraordinary attacks on the central bank’s independence.

The US president called Powell “a stubborn MORON” in a series of critical social media posts on Friday, days after the Fed held rates steady for the fifth consecutive time.

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US adds just 73,000 jobs in July amid pressure from trade war and ‘increasing signs of fragility’ in labor market

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July jobs growth slowed amid rising signs that Trump’s tariffs are weighing on trade, prices and hiring

The US economy added 73,000 jobs in July, far lower than expected, amid ongoing concerns with Donald Trump’s escalating trade war.

Forecasters surveyed by Bloomberg had predicted the July jobs report would show a drop in added jobs to around 109,000. The unemployment rate rose to 4.2% from 4.1% in June.

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‘Classic tinpot dictator’: Trump exports his assault on democracy to Brazil

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US president seems to be weaponizing tariffs to punish Brazil for its coup trial against his ally Bolsonaro

Over the past six months, Donald Trump has been accused of rapidly dragging the largest democracy in the Americas towards authoritarianism. Now, the US president seems bent on undermining the region’s second largest democracy too.

Since early July, Trump has launched an extraordinary attack on Brazil’s institutions, slapping 50% tariffs on imports from the South American country and sanctions on a supreme court judge – partly in retribution for what he called the political persecution of his ally, Jair Bolsonaro, who is on trial for allegedly masterminding a failed coup.

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Canada braces as tariff deadline looms and talks with US ‘chaos machine’ drag

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Ottawa is still trying to find a trade deal with Washington to avoid heavy tariffs as 1 August deadline approaches

After months of tariff threats from the US and escalating trade tensions that have sowed anger in Canada and fractured a once-close alliance, the country is now fast approaching a 1 August deadline to reach a deal with the Trump administration – which has shown no signs of backing down.

And observers are keeping a close eye on negotiations this week to determine whether too large a chasm has grown between the countries, resulting in what could be an explosive end to what was decades of free-flowing trade.

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Trump threatens Canada on trade deal after Carney moves to recognise Palestine

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Trump says recognising Palestine statehood ‘rewards Hamas’ and US deal with Canada would now be ‘very hard’

Donald Trump has threatened Canada after it moved to recognise a Palestinian state, reacting to Mark Carney’s announcement by saying that signing a US trade deal would now be “very hard”.

The Canadian prime minister said on Wednesday that if the Palestinian Authority promised to meet certain conditions, including demilitarising and holding elections without Hamas, Canada would join France, the UK and other allies in formally recognising a state of Palestine at the UN general assembly in New York in September.

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US to impose 15% tariffs on South Korea as part of trade deal, Donald Trump says

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President Lee Jae Myung says deal puts South Korea on an equal or better footing than other countries

President Donald Trump has said the US will charge a 15% tariff on imports from South Korea as part of an agreement with the key Asian trading partner and ally that avoids even higher levies.

The arrangement, announced shortly after Trump met with Korean officials at the White House, came during a blizzard of trade policy announcements ahead of a self-imposed 1 August deadline.

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White House to end US tariff exemption for all low-value overseas packages

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Under Trump order, parcels valued at or under $800 outside of international postal network to face ‘all applicable duties’

The United States is suspending a “de minimis” exemption that allowed low-value commercial shipments to be shipped to the United States without facing tariffs, the White House said on Wednesday.

Under an executive order signed by Donald Trump on Wednesday, packages valued at or under $800 sent to the US outside of the international postal network will now face “all applicable duties” starting on 29 August, the White House said.

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President Lula hits back as Trump tariffs threaten US-Brazil trade showdown

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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 after the former lost the 2022 presidential election.

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US and China poised to extend tariff truce after failing to find resolution at talks

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Trump will need to approve pause, say US representatives after negotiations end with sides failing to break deadlock on trade terms

US and Chinese negotiators have agreed in principle to push back the deadline for escalating tariffs, although America’s representatives said any extension would need Donald Trump’s approval.

Officials from both sides said after two days of talks in Stockholm that while had failed to find a resolution across the many areas of dispute they had agreed to extend a pause due to run out on 12 August.

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John Swinney urges Trump to exempt scotch whisky from 10% tariffs

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First minister says there is ‘window of opportunity’ as he holds talks with US president at Aberdeenshire golf resort

Scotland’s first minister has urged Donald Trump to exempt scotch whisky from 10% tariffs as the leaders met before a lavish opening ceremony for a second golf course at the US president’s Aberdeenshire resort.

John Swinney said he believed there was “a window of opportunity” to look at the specific tariff, which is believed to be costing the scotch whisky industry £4m a week.

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