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USA Today
5 minutes ago
- USA Today
Trump's trade talks intensify with tariff deadline fast approaching
TACO or tariffs? An August 1 deadline looms after the European Union became the latest of the top US trading partners to reach a deal with Trump. WASHINGTON — With President Donald Trump's Aug. 1 tariff deadline fast approaching, countries whose exports are facing stiff fees have been in a scramble to ink trade deals with the United States that preserve as much access as possible to American markets. The European Union and its 27 member nation bloc became the latest of the United States' top trading partners to come to an agreement with Trump over the weekend, joining the Philippines, Japan and Indonesia in announcing deals during July. The United Kingdom and Vietnam have also reached agreements with Trump. Canadian Prime Minister Mark Carney said this week that his country was in the "intense phase" of the complex negotiations, as it sought to avert a promised 35% tariff on imports that fall outside of an existing trade pact with the United States. More: Trump's trade deal with the EU: What it means for your wallet "There is a landing zone that's possible but we have to get there. We'll see what happens," Carney told reporters during a July 28 news conference. 'No more extensions,' Trump administration warns A baseline tariff of 10% is currently in place for most countries, some two dozen of which received letters from Trump this month informing them that higher rates are on the way. They include Brazil, which Trump says he'll hit with a 50% tariff, and India, which he said he'll apply a 26% rate to, as well as Canada, at 35%, and Mexico, which faces a 30% tariff. Mexico, Canada and EU are the the largest exporters of goods to the United States along with China, which is in separate trade talks with the Trump administration and faces a later deadline in August. First announced on April 2 by Trump in the Rose Garden, the implementation of the so-called 'reciprocal tariffs' were twice extended to stabilize the markets and give the president's team more time to conduct negotiations. The constant deadline shifting has given birth to an acronym: TACO, for Trump Always Chickens Out, mocking the second-term president's on-again-off-again tariff policies. More: Trump threatens 35% tariff for Canada amid flurry of letters threatening hikes But countries hoping for another reprieve won't be so fortunate, Commerce Secretary Howard Lutnick said on July 27. 'No extensions, no more grace periods. Aug. 1, the tariffs are set, they'll go into place. Customs will start collecting the money, and off we go,' Lutnick said on 'Fox News Sunday.' EU latest to strike trade deal with Trump Just ahead of the deadline, on July 27, the European Union struck a deal with Trump. European Commission President Ursula von der Leyen and Trump finalized the agreement in person while the U.S. president was in Scotland. The deal includes a 15% tariff on most European exports to the United States, a reduction from the 30% Trump threatened to impose earlier in July. 'We just had a very big trade deal, the biggest of them all yesterday,' Trump said during a bilateral meeting in Scotland on July 28 with U.K. Prime Minister Kier Starmer at Trump Turnberry golf course. The agreement includes $600 billion in EU investments in the U.S. and the purchase of $750 billion worth of U.S. energy. Tariffs on steel and aluminum will remain at 50%. On July 22, Trump also announced a 'massive deal' with Japan under which the United States would impose a 15% tariff on Japanese imports. Trump had previously threatened a 24% tariff on Japan. He said Japan would invest $550 billion in the United States and America would receive 90% of the profits, without offering any details. Trump's announcement also said Japan had agreed to open its markets to imports of vehicles, rice and other agricultural products from the United States. The U.K. was the first country to reach a trade agreement with the United States in May. A reciprocal tariff of 10% remains in effect, in keeping with the baseline tariff rate. More: Trump considers 'rebates' to US taxpayers from tariff income Under the deal, the first 100,000 vehicles imported into the U.S. by U.K. car manufacturers each year are subject to the reciprocal rate of 10% and any additional vehicles each year are subject to 25% rates, the White House says. The U.K is one of the only countries with whom the U.S. has a trade surplus. Trump has also announced deals with Indonesia, Vietnam and the Philippines. 'We've made the big ones,' says Trump Pakistan's foreign minister said on July 25 after a meeting with Secretary of State Marco Rubio that his country was "very close" to reaching a deal with the United States and one could emerge in days. South Korean officials were also in Washington on July 25, for negotiations with Lutnick and other Trump administration officials. Trump signaled during his meeting with Starmer on July 28 that he'd landed most of the deals he expected to and his patience was waning for individual talks. "We're going to be setting a tariff for essentially the rest of the world and that's what they're going to pay if they want to do business in the United States. Because you can't sit down and make 200 deals," Trump declared. "But we've made the big ones." One of the last outstanding agreements of significance is an unfinished deal with China. After rounds of tit-for-tat tariffs that saw the U.S. hike fees on imports to 145% and China put tariffs of 125% on U.S. goods, the nations two called a truce in May, agreeing to a 90-day suspension of the levies. Negotiators from both countries met in Stockholm on July 28 for another round of discussions, with the clock ticking toward the Aug. 12 expiration of the temporary truce between the top economies. "We have a good relationship with China, but China is tough," Trump during his meeting with Starmer in Scotland.
Yahoo
34 minutes ago
- Yahoo
Looking ahead to the race for Rhode Island attorney general
The campaign to replace term-limited Attorney General Peter Neronha will be one of the most-watched races in the state next year. Solve the daily Crossword
Yahoo
34 minutes ago
- Yahoo
I Asked ChatGPT How Trump's Tax Cuts Could Impact My Family Budget — Here's the Breakdown
President Donald Trump's One Big Beautiful Bill Act, which he signed on July 4, will impact millions of households, from their student loan repayments to their access to Medicaid and other social safety net programs. I, however, was most concerned with how the legislation's sweeping changes to U.S. tax law might impact my obligations to the IRS. Since my tax attorney charges by the quarter-hour for phone calls, I went with the next-best thing — ChatGPT. I asked the AI platform how Trump's tax cuts could impact my family budget. Here's what it told me. Find Out: Read Next: Many Households — Including Mine — Will Save Money The AI platform began with a bulleted list of benefits that will help many families lower their tax bill. It relied on sources such as the Bipartisan Policy Center and the Tax Policy Center to generate the section, which it titled, 'What You'll Likely Save.' This is its word-for-word synopsis of the potential savings for my family and others. Extended 2017 TCJA benefits — no major tax increases that were scheduled to take effect in 2026. Higher standard deduction — receives a $2,000 extra (married) or $1,000 (single) until 2028 on top of inflation adjustment. (CTC) — boosted to $2,500 per child through 2028, then reverts to $2,000. New tax benefits — exemption from federal tax on tips and overtime income (under $160K), a $40K state-and-local-tax (SALT) cap and a one-time $1K 'Trump account' per child. Learn More: Have a Little, Get a Little; Have a Lot, Get a Lot Next, my unofficial AI accountant used a Tax Policy Center analysis and a CBS News report to surmise that most families would see at least some benefit, with an average household tax bill reduction of $2,900 in 2026. However, it generated the following bulleted list, cited here verbatim, which showed that the 'haves' stand to gain more than the 'have-nots.' Bottom quintile households (≤ $35K income): ~$150 saved (~0.8% of income) Top quintile (≥ $217K income): ~$12,540 saved (~2.5%). Middle-income families fall in between, likely saving several hundred to a few thousand dollars annually. Taxes Aren't the Only Thing That Impact Family Budgets The platform then outlined how what it called the 'offsetting effects' of the tax cuts could shake up my family's — or anyone's — finances. This, too, is in ChatGPT's own words. Cuts to Medicaid, food stamps (SNAP) — billions in savings, but may reduce public benefits your family relies on. Reduced social safety nets — tougher work requirements; lower-income families could see net income decline despite tax cuts. Growing deficit — adds $3-$5 trillion to federal debt over 10 years, increasing future borrowing costs and potential for inflation/higher interest rates. Which Provisions Impact Which Families the Most? It included the following table to break down how different aspects of the legislation will impact different income groups. Income Level Estimated Annual Savings Key New Provisions Watch-Outs Low Income ~$150 Child Tax Credit, tip/overtime exemption Less SNAP/Medicaid Middle Income (~$50K-$100K) $500-$1,500 Standard SALT deduction bump, CTC, SALT cap Social cuts, inflation High Income (>$200K) $5K-$12K+ All above, plus SALT/ deduction benefits Future tax, interest pressure Make Your Situation as Big and Beautiful as Possible It concluded with a numbered list titled 'How To Maximize Benefits,' which outlined steps that my family and others can take to get the most out of the new changes. Use enhanced standard deduction — reduces taxable income directly. Claim full child tax credit if eligible — $2,500 per child. Take advantage of tip/overtime deductions — especially if you receive a lot of tips or extra hours. Monitor public benefits changes — if your household receives Medicaid or SNAP, check whether new work requirements or eligibility changes impact your budget. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 10 Genius Things Warren Buffett Says To Do With Your Money 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on I Asked ChatGPT How Trump's Tax Cuts Could Impact My Family Budget — Here's the Breakdown
