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Time of India
30 minutes ago
- Time of India
Trump tariffs aim to settle scores with countries, no matter their size
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads President Donald Trump added Wednesday to his growing list of countries that would face steep tariffs in the coming weeks if they fail to reach trade agreements with the United States, as he threatens to drag nations large and small into his trade his social media account, the president posted form letters informing countries -- including the Philippines, Sri Lanka, Moldova, Brunei, Libya, Iraq and Algeria -- that they should prepare for double-digit tariff rates. Except for the name of the country and the tariff rate, the letters were identical to those he posted Monday, which targeted 14 Wednesday afternoon, Trump issued another threat to impose a 50% tariff on products from Brazil. His letter implied that the higher rate was partly in response to what Trump described as a "witch hunt" against former President Jair Bolsonaro, who is facing trial for attempting a and the other trading partners that Trump targeted Wednesday join a growing list of countries that will face additional tariffs Aug. 1, including Japan and South Korea. The president's renewed threats against both large and small trading partners suggests that he is hewing to a global tariff strategy he announced in early April that punishes countries broadly for a variety of trading practices and policies he has deemed issuing his threat to Brazil, which was more sharply worded than the previous form letters, Trump cited the country's "insidious attacks on Free Elections, and the fundamental Free Speech Rights of Americans (as lately illustrated by the Brazilian Supreme Court, which has issued hundreds of SECRET and UNLAWFUL Censorship Orders to U.S. Social Media platforms, threatening them with Millions of Dollars in Fines and Eviction from the Brazilian Social Media market)."As part of his attack, Trump also directed his trade representative, Jamieson Greer, to begin investigating Brazil's digital trade policies, which could result in further week's threats essentially seek to replace steep tariffs the president announced in April, when he singled out roughly 60 countries that sell more goods to the United States than they buy from it. He said that those trade imbalances were evidence that foreign countries had long mistreated the United States, an assertion economists have president had originally set July 8 as the last day for countries to sign trade deals with the United States to avoid those tariffs. At the urging of some of his advisers, on Monday he pushed the deadline back to Aug. countries are racing to try to sign trade deals, including major trading partners like the European Union and India. In April, Peter Navarro, the president's top trade adviser, promised to sign 90 trade deals in 90 days. But it remains impractical for the United States to negotiate simultaneously with all of the countries the president has threatened with tariffs, something he acknowledged at the White House on Tuesday."We can't meet with 200 countries," he some investors have doubted whether Trump would follow through with his threats, the president insists that the Aug. 1 deadline will not be delayed further. If that is the case, stiff tariffs will go into effect on imports from dozens of additional a meeting Wednesday with a group of African leaders at the White House, Trump said that tariffs would be "a great thing for our country," and that Brazil would also be receiving a tariff letter soon."We've taken in hundreds of billions of dollars in tariffs, hundreds of billions, and we haven't even started yet," he said. He added that the United States "really haven't had too many complaints because I'm keeping them at a very low number. Very conservative."Trump's letters repeatedly mentioned the bilateral trade deficits that the United States runs with other countries, calling them "unsustainable" and "a major threat" to the nation's economic economists believe that the overall U.S. trade deficit with the world is problematic, because it means that fewer factories in the U.S. employ Americans. But many economists have criticized the president's focus on the trade deficits with individual countries as a measure for U.S. trading argue that bilateral deficits with various countries occur for all kinds of reasons. The most important is simply that foreign countries may specialize in producing certain products that Americans prefer to buy -- cars, gold, chocolate -- which is not something a foreign government can or would want to also seems unlikely that the United States could eliminate these trade deficits by encouraging foreign countries to buy American products. While such sales could help to partly balance trade and benefit U.S. exporters, there's little reason to think other countries would buy the same amount of products that the United States, often the wealthier country, demands from the rest of the example, the president has said that a trade deal between the United States and Vietnam would open Vietnamese markets and lead to sales of American vehicles. "It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," Trump wrote on Truth Social last analysts have pointed out that Vietnamese streets are much tinier than American ones, and the per capita annual income in Vietnam is only $4,000, about a tenth of the cost of a midsize SUV.
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Business Standard
41 minutes ago
- Business Standard
Trump announces 50% tariff on copper imports; experts warn of price surge
US President Donald Trump on Thursday announced a 50 per cent tariff on copper imports, effective August 1, citing national security risks and the need to rebuild what he described as a 'decimated' American copper industry. 'Copper is necessary for semiconductors, aircraft, ships, ammunition, data centres, lithium-ion batteries, radar systems, missile defence systems, and even hypersonic weapons,' Trump wrote in a post on Truth Social. 'Copper is the second most used material by the Department of Defence! Why did our foolish (and sleepy!) 'Leaders' decimate this important industry?... this is, after all, our golden age!' Copper tariff to hit downstream sectors The tariff, floated earlier this week following a US Cabinet meeting, has already triggered volatility in US commodity markets. Copper prices surged 13 per cent on Tuesday, hitting record highs in anticipation of the formal announcement. Copper is a critical raw material in sectors ranging from electronics and automobiles to infrastructure and defence. It is widely used in wiring, plumbing, radiators and appliances, and is a key input for the electric grid. US economists and manufacturers have warned that the new tariff could raise input costs for everything from electric vehicles and air conditioners to home repairs and consumer electronics. 'This is going to hit manufacturers across the board,' Peter Logan, metals analyst at Morgan Stanley, told CBS News. 'We're expecting inflationary pressure across housing, transport and renewable sectors. Maintaining the electric grid alone could become significantly costlier.' The US depends on copper imports The United States relied on imports to meet 53 per cent of its copper demand in 2024, according to Morgan Stanley. Chile is the largest supplier, followed by Canada and a handful of other countries, including India. Trump's move is the latest in a string of protectionist trade policies. Earlier this week, he indicated that a 200 per cent tariff on pharmaceutical imports may be implemented in the next 12 to 18 months. The copper tariff follows broader duties already imposed this year, including a near-universal 10 per cent tariff on all imports and sector-specific tariffs on steel, aluminium and automobiles. Limited impact of copper tariffs on India India exported $2.1 billion worth of copper in 2024, with the US accounting for over 15 per cent of that total. However, the impact on Indian exporters is expected to be minimal, according to industry officials. 'India is a copper-deficient country, and most of our production is consumed domestically, especially with rising demand from renewable energy, EVs and other copper-intensive sectors,' said industry expert A Karmarkar, as earlier reported by Business Standard. 'The US tariff will not have any material effect on Indian firms.' Coal and Mines Minister G Kishan Reddy also said on Wednesday that the government will engage with the US to understand the broader ramifications, but stated that domestic consumption remains the priority for Indian producers. US to collect $300 billion in tariff revenues US Treasury Secretary Scott Bessent said this week that tariff collections have already crossed $100 billion this year. He expects the figure to rise to $300 billion by the end of 2025 as the full impact of new trade measures kicks in. 'Major collections began in the second quarter, when the universal 10 per cent import duty was implemented and sectoral tariffs were raised,' Bessent said in a White House meeting. The Trump administration maintains that the tariff will strengthen domestic supply chains and national defence capabilities. Earlier today, the White House also sent out letters to nations with new tariffs. Brazil has already stated that it will look into retaliatory measures.
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Business Standard
41 minutes ago
- Business Standard
Trump slaps 50% tariff on Brazil over Bolsonaro 'witch hunt' trial
US President Donald Trump on Wednesday imposed a sweeping 50 per cent tariff on all Brazilian imports, citing what he described as a politically motivated 'witch hunt' against former president Jair Bolsonaro. The move, announced through a confrontational letter to President Luiz Inácio Lula da Silva, marks a direct intervention in Brazil's internal judicial affairs and has escalated tensions between the two nations. Trump accused the Lula government of persecuting Bolsonaro and violating free speech. 'Due in part to Brazil's insidious attacks on Free Elections, and the fundamental Free Speech Rights of Americans,' he wrote on Truth Social, 'I will be charging Brazil an extra 50 per cent tax on any goods it exports to the US.' What will the new tariff on Brazil cover? The 50 per cent tariff will apply to all Brazilian exports and is scheduled to take effect from August 1. Trump hinted at further economic measures and said the current rate was 'far less than what is needed to have the Level Playing Field we must have.' How has Brazil responded to Trump's tariff? President Lula swiftly rejected Trump's claims and accused him of overreach. 'Brazil is a sovereign nation with independent institutions and will not accept any form of tutelage,' Lula said, calling the move 'abuse.' Brasília summoned US Ambassador Gabriel Escobar twice on Wednesday and announced reciprocal trade measures under Brazil's Economic Reciprocity Law. In light of the public statement made by U.S. President Donald Trump on social media on the afternoon of Wednesday (9), it is important to highlight the following: Brazil is a sovereign nation with independent institutions and will not accept any form of tutelage. The judicial… — Lula (@LulaOficial) July 9, 2025 What is the Bolsonaro trial about? Bolsonaro lost the October 2022 election to Lula by a narrow margin and refused to concede. His supporters stormed key government buildings in January 2023 in an alleged coup attempt. Prosecutors allege Bolsonaro conspired to invoke a 'state of siege,' plotted arrests of top judges, and discussed poisoning Lula. He and 33 others were indicted in February 2025 and are currently on trial before Brazil's Supreme Court. What has Bolsonaro said about the charges? Bolsonaro maintains his innocence. On Wednesday, he posted, 'Jair Bolsonaro is persecuted because he remains alive in the popular consciousness… That's why they try to annihilate him politically, morally, and judicially.' Trump, drawing parallels with his own legal troubles, reposted Bolsonaro's statement and added, 'Leave the Great Former President of Brazil alone. WITCH HUNT!!!' Does the US really have a trade deficit with Brazil? Trump claimed the US–Brazil trade relationship is 'very unfair,' but data suggests otherwise. According to the Office of the US Trade Representative, the US ran a $7.4 billion trade surplus with Brazil in 2024, exporting $49.7 billion and importing $42.3 billion. Why is Trump probing Brazil's digital policies? Trump's letter also accused Brazil of censoring US tech platforms. He ordered a new trade investigation into Brazil's digital regulations, citing court rulings that allegedly affect US-based media companies. The move comes after Trump's media firm filed a lawsuit in February against Brazilian Supreme Court Justice Alexandre de Moraes, who is presiding over Bolsonaro's case.
