Category Archives: Tariffs

Trump hiked tariffs on US imports. Now he’s looking at exports – sparking fears of ‘dangerous precedent’

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Experts warn of destabilized trading relations after White House strikes deal with Nvidia to take a 15% cut of certain AI chip sales to Chinese companies

Apple CEO Tim Cook visited the White House bearing an unusual gift. “This box was made in California,” Cook reassured his audience in the Oval Office this month, as he took off the lid.

Inside was a glass plaque, engraved for its recipient, and a slab for the plaque to sit on. “The base was made in Utah, and is 24-karat gold,” said Cook.

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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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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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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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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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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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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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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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