Category Archives: Trump tariffs

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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Von der Leyen ducks Trump’s trade blitz – but deal exposes EU’s faultlines

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Europe may have staved off an economic clash, but the compromise leaves the bloc facing higher tariffs and internal discord

There is no doubt that Ursula von der Leyen was under intense pressure on Sunday when she sat next to Donald Trump in the ballroom at his Turnberry golf course before what EU officials knew would be a gruelling round of trade talks.

As the European Commission president emerged less than an hour later to announce that the worst of Trump’s tariff threats had been avoided, the recriminations from inside the EU began almost immediately.

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European Central Bank keeps interest rates on hold despite sluggish growth

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Central bank shuns calls to reduce borrowing costs as higher US tariffs loom

The European Central Bank has kept interest rates on hold as figures showed the eurozone economy maintaining a slow pace of economic growth.

In what was widely expected to be a pause before further cuts later in the year, the Frankfurt-based central bank shunned calls to reduce the cost of borrowing and held its main interest rate at 2% and the deposit rate at 2.15%.

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Trump announces Japan trade deal as doubt cast over future of PM Ishiba

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Tokyo’s failure to secure a US deal sooner had caused political unease and economic uncertainty in Japan

Donald Trump has announced a trade deal with Japan, potentially resolving weeks of fraught negotiations between the two allies which had caused economic uncertainty in Tokyo and mounting speculation about the future of the prime minister, Shigeru Ishiba.

“We just completed a massive deal with Japan,” the US president announced in a post online, adding: “Japan will invest, at my direction, $550 billion dollars into the United States.”

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Rubio moves to strip US visas from eight Brazilian judges in Bolsonaro battle

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Move by Marco Rubio is latest attempt by Trump administration to help former president avoid justice over alleged coup

The US secretary of state, Marco Rubio, has reportedly stripped eight of Brazil’s 11 supreme court judges of their US visas as the White House escalates its campaign to help the country’s former president Jair Bolsonaro avoid justice over his alleged attempt to seize power with a military coup.

Bolsonaro, a far-right populist with ties to Donald Trump’s Maga movement, is on trial for allegedly masterminding a murderous plot to cling to power after losing the 2022 election to his leftwing rival, Luiz Inácio Lula da Silva. Bolsonaro is expected to be convicted by the supreme court in the coming weeks and faces a jail sentence of up to 43 years.

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Trump threatens to impose drug and chip tariffs as soon as 1 August

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US president talks of low tariff to give pharmaceutical firms a year or so to build, and then making it ‘very high’

Donald Trump has threatened to impose tariffs on pharmaceutical products and semiconductors as soon as 1 August, the latest deadline for the introduction of his “reciprocal” levies on individual countries.

The US president told reporters late on Tuesday the taxes on drug imports could be announced “probably at the end of the month, and we’re going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we’re going to make it a very high tariff”.

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Trump says Indonesia to pay 19% tariffs, buy 50 Boeing jets under trade deal

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Rate is significantly below the 32% the US president had threatened but timeline for implementation of deal remains unclear

US President Donald Trump says he has struck a trade pact with Indonesia resulting in significant purchase commitments from the south-east Asian country, after negotiations to avoid steeper tariffs.

Indonesian goods entering the United States would face a 19% tariff, Trump said in a post on his Truth Social platform. This is significantly below the 32% level the president earlier threatened.

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China’s economy beats expectations in face of Trump’s trade war

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GDP grows 5.2% in second quarter as world’s second largest economy ‘front-loads’ shipments before tariffs kick in

China’s economy grew more strongly than expected in the second quarter as it proved resilient in the face of Donald Trump’s trade war.

China’s gross domestic product (GDP) grew 5.2% in April to June compared with a year earlier, slowing from 5.4% in the first quarter, but just ahead of analysts’ expectations for a rise of 5.1%.

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Trump’s latest tariffs ‘are real’ unless deals improve, economic adviser says

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Kevin Hassett says talks are ‘ongoing’ after US president announced 30% tariffs on goods from EU and Mexico

Donald Trump has seen some trade deal offers and thinks they need to be better, Kevin Hassett, the White House economic adviser, said on Sunday, adding that the president will proceed with threatened tariffs on Mexico, the European Union and other countries if they don’t improve.

“Well, these tariffs are real if the president doesn’t get a deal that he thinks is good enough,” Hassett told ABC’s This Week program. “But you know, conversations are ongoing, and we’ll see where the dust settles.“

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Macron calls on EU to ‘defend European interests resolutely’ from Trump tariffs

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French president says bloc should be ready for trade war after 30% tariff threat but other EU leaders call for calm

The French president, Emmanuel Macron, has called on the EU to “defend European interests resolutely” after Donald Trump threatened to impose 30% tariffs on nearly all imports from the EU.

It came as the EU moved to de-escalate tensions after the blunt move by Trump on Saturday. The bloc declared a further pause on €21bn of retaliatory tariffs until 1 August, dovetailing with the US president’s new deal deadline.

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