Trump says Vietnam trade deal is 'pretty well set'
Trump told reporters at Joint Base Andrews near Washington that he could release details of the Vietnam trade agreement, but did not think it was necessary.
The U.S. president announced earlier this month that he had struck a preliminary trade deal with the Communist country, which would cut planned U.S. tariffs on imports from Vietnam to 20% from the 46% level he had threatened in April.
At the time, Trump also said goods that Washington deemed to be illegally transshipped through Vietnam to other countries would be subject to a 40% levy.
The agreement has not been finalized and details have not been released, leaving questions over how Washington will define an illegal transshipment and how much value Vietnam must add to imported products to avoid the 40% tariff. It also remains unclear which products would fall under Trump's 20% tariff.
Vietnam has not confirmed the specific tariff rates, celebrating what it described as an agreement on a joint statement about a trade framework.
Asked if he planned to release details of the trade pact with Vietnam, Trump told reporters, "Well, I might. I don't think it matters how much you release of the deal. We have a Vietnam deal, and I would say that that deal is being pretty well set."
Vietnam has nearly tripled its exports to the United States since the start of the U.S.-China trade war in 2018, when the first Trump administration imposed wide-ranging tariffs on Beijing, pushing some manufacturers to move production south.
At the same time, Vietnam vastly expanded imports from China, with their inflow almost exactly matching the value and swings of exports to the United States, each totalling around $140 billion in 2024, data from the U.S. and Vietnam show.
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The Independent
8 minutes ago
- The Independent
Trump appointees pushed more marble in Fed building renovation White House now attacks
President Donald Trump has looked to the marble finishes and hefty price tag of the Federal Reserve headquarters to claim grounds to fire Chair Jerome Powell, with whom he has tussled for years over interest rates. But the extensive use of marble in the building is, at least in part, the result of policies backed by Trump himself. As the Fed moved forward with plans to renovate its Great Depression-era headquarters in Washington during Trump's first term, it faced concerns in 2020 during a vetting process involving Trump appointees, who called for more 'white Georgia marble' for the facade of building. The Fed's architects said the central bank had wanted glass walls to reflect the Fed as a transparent institution, but three Trump appointees to a local commission felt marble best fit the building's historic character. Marble was added as a result, according to the minutes of the Commission of Fine Arts, which advises the federal government on architecture. The marble does not explain the roughly $600 million in cost overruns for the Fed headquarters and another nearby office building, now budgeted to cost $2.5 billion, which also includes the addition of an underground parking garage and new glass atria in the building's courtyards. But the roots of its extensive use further muddies the White House 's attempts to use the renovation to paint the central banker as profligate spender as a possible pretext to removing him. 'I wouldn't be surprised if the result costs more' because of the added marble, said Alex Krieger, a Harvard University emeritus professor who was a member of the commission and participated in hearings on the Fed's proposal. Russ Vought, Trump's top budget adviser, cited 'premium marble' in a letter to Powell last week as an example of the 'ostentatious overhaul.' In a response late Thursday, Powell wrote that the project would 'use new domestic marble" for several reasons, including "to address concerns raised by external review agencies." The National Capital Planning Commission, which also reviewed and approved the Fed renovation project, has started an inquiry into how Powell oversaw the updates. 'The Federal Reserve's extravagant multi-billion dollar renovation happened on the watch of the Fed's leadership, and the Fed's leadership needs to own up for this mismanagement of taxpayer dollars – as well as its botched coverup job,' said White House spokesman Kush Desai. A Fed spokesperson declined to comment. There is an uncomfortable possibility that the fate of the U.S. central bank and its foundational role in the economy hinges on a dispute about renovation costs and architecture, one that could lead a broader legal battle as to whether Trump can dismiss a Fed chair he dislikes after the Supreme Court in May described the institution as having protections against an abrupt firing. Trump White House investigating renovation Trump, who has redecorated the Oval Office in gold leaf, has argued that inflation is not a concern, so the Fed can dramatically slash its rate to encourage more borrowing. But Powell and other Fed committee members are waiting to see whether Trump's tariffs lift inflation, which higher interest rates could help blunt. The Fed chair pushed back against criticism during a June congressional hearing that the renovation was lavish by saying some features were removed due to cost, leading the White House to speculate as to whether Powell deceived lawmakers or made changes to the renovation plans without getting additional approvals. At that hearing, Sen. Tim Scott, R-S.C., also cited 'white marble' as an example of extravagance. James Blair, a White House deputy chief of staff who was recently added to the planning commission, said Wednesday that he would send a letter to the Fed requesting any revisions to the project. His goal is to see whether Powell was accurate in his congressional testimony. 'He's either telling the truth or he isn't,' Blair told The Associated Press. 'If he's telling the truth, he can prove it by just submitting all the plans and revisions.' Trump said Wednesday that he's 'highly unlikely' to try to fire Powell unless there was what he deemed as 'fraud.' The attempt to remove Powell before his May 2026 term as chair ends could unleash a devastating financial blowback, as financial markets expect the Fed, with its mission of stabilizing prices and maximizing employment, to be free of White House politicking. The perception that the central bank would use its powers to serve Trump's political ends could lead to higher interest rates on the U.S. debt and mortgages, instead of the declines being promised by the president. Trump appointees push for more marble The 115-year old Commission of Fine Arts reviewed the plans for the renovation three times in 2020. Duncan Stroik, who was appointed to the commission in 2019 during Trump's first term, 'proposed an amendment requesting that the next submission include an alternative design in white Georgia marble, the same material used for the five existing buildings along the north side of Constitution Avenue,' the minutes of a Jan. 16, 2020, meeting said. Stroik 'does not think the proposed additions defer to the historic buildings as great marble edifices on an important street,' the minutes added. Stroik's amendment was voted down, but the commission didn't fully endorse the Fed's plans. The architects presented new plans in May 2020, though those didn't appear to satisfy Trump's appointees. Some commissioners 'continued to object to the addition as a glass box that is reminiscent of a commercial office building, glowing at night, that would present an unacceptable contrast to the solid masonry architecture of the historic building in its monumental context,' the commission wrote in a May 2020 letter to a Fed official. By July 2020, however, the Fed's architects came back with a new proposal, which included 'panels of white Georgia marble" which would be used for the 'base, cornice, and other details, consistent with the historic building," the commission's minutes said. Neoclassical vs. modern designs Stroik, now a professor of architecture at the University of Notre Dame, said in an interview that 'stone buildings don't necessarily have to cost a fortune.' But he acknowledged that the commission had not discussed expenses, which has not been part of its mission. 'If they wanted to play the cost game, you do a marble facade and you do the glass facade and you compare the cost,' Stroik said. 'And you know, they never did that." Krieger, the former commission member, noted that the body's discussions became much more contentious after the Trump administration removed several members and replaced them with Stroik and James McCrery, a professor at Catholic University, whom he said often echoed the sentiments in a then- draft executive order from Trump that extolled classical architecture. 'At the time, it was a fierce battle over how literal to the original design should the renovations be,' Krieger said. 'Normally, that attitude does add costs to the construction project.' McCrery declined to comment. Trump issued the executive order in December 2020, which criticized modernist architecture and expressed a preference for 'beautiful" classical buildings with more traditional designs. Biden revoked the order, and Trump reissued it the first day of his second term. The commission did not fully approve the Fed's project until September 2021, after McCrery and another Trump appointee, Justin Shubow, had been removed by then President Joe Biden. __
The Independent
8 minutes ago
- The Independent
CBS staff in turmoil over ‘Trump shakedown' after Stephen Colbert and The Late Show are canceled
CBS staffers aren't buying the network's claims that the cancellation of Stephen Colbert's top-rated, late-night show was purely a 'financial decision,' but rather a continuation of the 'Trump shakedown' that began with parent company Paramount's settlement of the 60 Minutes lawsuit, according to multiple sources. Despite The Late Show averaging 2.4 million total viewers on a nightly basis and handily beating rival networks' late-night competition, Paramount and CBS executives announced in a joint statement Thursday that Colbert's long-running program would come to an end next year. 'T he Late Show With Stephen Colbert will end its historic run in May 2026 at the end of the broadcast season. We consider Stephen Colbert irreplaceable and will retire The Late Show franchise at that time,' the announcement – signed by Paramount co-CEO George Cheeks, CBS Entertainment president Amy Reisenbach and CBS Studios president David Stapf – noted. 'We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television.' Calling it an 'agonizing decision,' the executives added: 'This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, content or other matters happening at Paramount.' The news dropped like a lead balloon for fans, who immediately groaned and booed when Colbert revealed on his show Thursday night that he would be wrapping up for good next May. 'I share your feelings,' he said to the disappointed studio audience. While the corporate bosses insist the decision was merely due to late-night television becoming unprofitable because of dwindling ad revenues and high production costs, it cannot be ignored that it comes amid Paramount's pending $8.4 billion merger with Skydance, the media and film production giant, which requires approval from the Trump administration. Additionally, Colbert has been highly critical of Paramount's settlement with Trump, agreeing with lawmakers and journalism groups that the $16 million payment to the president to drop a lawsuit that legal experts said was 'frivolous' and akin to bribery. 'While I was on vacation, my parent corporation, Paramount, paid Donald Trump a $16 million settlement over his '60 Minutes' lawsuit,' Colbert said Monday after returning from a multi-week break. 'As someone who has always been a proud employee of this network, I am offended. And I don't know if anything will ever repair my trust in this company, but just taking a stab at it, I'd say $16 million would help,' he quipped, adding that the 'technical name in legal circles' for the settlement is 'a big, fat bribe.' Several network sources told The Independent that while they understand that Colbert's program had become costly to run over the years, and was potentially a drain on the network's bottom line, many people working at CBS don't fully believe the narrative coming from upper brass about the cancellation. One senior staffer at CBS, for instance, said that no one at the network 'is buying that it's a financial decision,' adding that the demise of the CBS flagship left 'everyone stunned,' including 'famous comedians' that the source said they knew. Indeed, responding to the news that his late-night rival would soon be out of a job, ABC star Jimmy Kimmel posted on Instagram: 'Love you, Stephen. F*** you and all your Sheldons, CBS.' Another network staffer said they were told the show had been 'on the chopping block' for a few years because it was 'very expensive to produce.' At the same time, though, this insider said that they didn't believe this was the reason behind the sudden announcement on Thursday. 'Many of us think this was part and parcel of the Trump shakedown settlement,' the staffer declared. Meanwhile, The Independent has also learned that staffers at Comedy Central's The Daily Show, which is also owned by Paramount, are expressing concern that their program could be next. The Independent has reached out to Paramount and CBS for comment. Earlier this month, after Paramount reached its settlement with Trump, Status News' Oliver Darcy reported that the upcoming merger with Skydance – which is led by pro-Trump billionaires Larry and David Ellison – could result in the cancelations of Colbert and Daily Show host Jon Stewart, both vocal critics of the president. Stewart, like Colbert, has also pilloried Paramount for paying off Trump. 'What better gift could [the Ellisons] give Trump than to get rid of Colbert and Stewart?' one media insider told Status. Stewart, meanwhile, recently noted on his podcast that he 'unfortunately' hasn't spoken with soon-to-be new corporate boss David Ellison or any other Skydance brass, amid rumors that he could soon be booted. 'I've been kicked out of sh*ttier establishments than that. We'll land on our feet,' he said. Amid the fallout over the Colbert announcement, Democratic lawmakers are sounding alarm bells that the move could be politically motivated. 'If Paramount and CBS ended 'The Late Show' for political reasons, the public deserves to know,' Democratic Senator Adam Schiff, of California, who was a guest on Colbert's show Thursday night, posted on social media. Echoing Schiff's sentiments, Massachusetts Senator Elizabeth Warren – who had previously warned Paramount that it could face congressional probes for violating anti-bribery statutes – noted that the decision came 'just THREE DAYS after Colbert called out CBS parent company Paramount for its $16M settlement with Trump.' 'America deserves to know if his show was canceled for political reasons,' she added. Whether this move was made to appease Trump or not, the president made it clear that he was pleased with the result either way. 'I absolutely love that Colbert got fired,' Trump gloated on Truth Social on Friday. 'His talent was even less than his ratings. I hear Jimmy Kimmel is next. Has even less talent than Colbert! Greg Gutfeld is better than all of them combined, including the Moron on NBC who ruined the once great Tonight Show.'
The Independent
8 minutes ago
- The Independent
Esta rules, phone searches and simple travel hacks: Everything you need to know about US travel in 2025
The US is on sale this summer. Even the most guarded aviation executive concedes that bookings for transatlantic flights are 'soft'. At a time when airlines would hope to charge upwards of £1,000 for a round-trip from the UK to the US, prices are being slashed to fill seats. From London Heathrow to New York JFK on 1 August for a fortnight, Virgin Atlantic wants only £549 return. For a much longer trip on British Airways from Heathrow to Denver, I paid just £620. These are absurd fares for peak summer flights. The catch is: when you touch down, things may be rather different from your last visit. As soon as Donald Trump returned to the White House, he signed an executive order demanding that foreigners should be 'vetted and screened to the maximum degree possible' on arrival. Since then, some high-profile deportations of travellers deemed not suitable for admission have taken place. LGBTQ+ travellers, as well as those who are politically active, may have particular concerns. These are the key questions and answers. Will I be able to get an Esta without too much trouble? Probably – and even if you have no immediate plans to visit the US you should consider enrolling as soon as possible for the Electronic System for Travel Authorization (Esta), to swerve an impending price rise. After a 50 per cent price hike in 2022, the current $21 (£16) fee is set almost to double to $40 (£30), though no date has yet been set. The Esta scheme came into effect in 2009. These essential online permits are usually granted within a few hours. An Esta gives permission to travel to the United States for business or tourism for stays of up to 90 days without a visa. Note that it does not guarantee entry; as the Australian government advises its citizens: 'You can be refused entry if you provide false information or can't satisfy the officials you're visiting for a valid reason.' The authorities may ask to see your return ticket or one onward to a country that is not Canada, Mexico or a Caribbean nation, and demand proof you have enough money to support yourself during your stay. What if I have been to Cuba? It depends when you were on the island. At the end of his first term, on 12 January 2021, President Trump designated Cuba a 'state sponsor of terrorism'. Anyone who is found to have visited Cuba on or after this date is not eligible for Esta and must apply for a visa. Getting a US visa is a long, cumbersome and expensive process. Travellers with fresh passports have not reported any problems. Any other 'no-go' countries? Iran, Iraq, Libya, North Korea, Somalia, Sudan, Syria and Yemen; any visit since March 2011 disqualifies you from Esta. What if I am a transgender person? In an Executive Order, President Trump instructed: 'It is the policy of the United States to recognise two sexes, male and female. These sexes are not changeable and are grounded in fundamental and incontrovertible reality. 'Gender ideology' replaces the biological category of sex with an ever-shifting concept of self-assessed gender identity, permitting the false claim that males can identify as and thus become women and vice versa.' It is widely believed that arrivals must have travel documents corresponding to their birth gender. But the Customs and Border Protection agency (CBP) says: 'A foreign traveler's gender as indicated on their passport and their personal beliefs about sexuality do not render a person inadmissible.' How onerous is the arrival process? Many people find it slower (I waited 90 minutes at New York JFK in May) and more thorough than before. Immediately upon taking office, President Trump ordered much tougher controls on 'all aliens seeking admission to the United States,' demanding they are 'vetted and screened to the maximum degree possible'. Paul Charles, chief executive of travel consultancy The PC Agency, has flown several times in the last two months to different US ports of entry: Miami, Chicago and New York. He says: 'Surprisingly, I was straight through – and I wasn't first off the plane. It was very smooth. Now, that's in a slightly less busy period. If you're travelling during July and August, it's peak, so chances are you will have to wait longer when you arrive at immigration. They're asking more questions.' More in-depth questioning takes up time, which helps explain some very long waits. Paul Charles says one time-saving practice has been adopted: 'They're not stamping passports really anymore because they have all your details digitally from your Esta application.' Bear in mind that if you are transiting to another country, for example flying London-Miami-Lima, you must clear CBP checks as though you were planning to stay in the US for months. Will I have my phone examined? 'Officials may ask to inspect your electronic devices, emails, text messages, and social media activity,' the Foreign Office warns. 'If you refuse, they can delay or deny your entry.' Last year there was a one in 10,000 chance of having your social media history examined. That means from every 30 wide-bodied jets arriving from abroad to the US, one passenger will have their social media scrutinised. The proportion has probably increased. Customs and Border Protection (CBP) says: 'Officers may search a traveler's mobile phone, computer, camera, or other electronic devices during the inspection process. 'All travelers are obligated to present their electronic devices and the information resident on the device in a condition that allows for the examination of the device and its contents. If the electronic device cannot be inspected because it is protected by a passcode or encryption or other security mechanism, that device may be subject to exclusion, detention, or other appropriate action or disposition. 'Additionally, the traveler may face longer processing times to allow for CBP to access the contents of the device.' There are two levels of search, according to the CBP: 'A basic search generally entails an officer reviewing the contents of the device manually without the assistance of any external equipment. 'An advanced search is any search in which an officer connects external equipment to an electronic device not merely to gain access to the device, but to review, copy, and/or analyse its contents.' The CBP says only 10 per cent of device searches are 'advanced'. Any hacks to make the experience easier? Travel to the US via Ireland. At Dublin and Shannon airports, passengers bound for the US are ' pre-cleared ' by CBP officials. You check in as usual, go through one universal security check and a separate enhanced inspection, and then are examined at what is effectively the US frontier. Any problems can be addressed while you are still on Irish soil, rather than at a US airport where you are at risk of deportation. If you are going to be rejected, better for this to happen before you have taken off. The vast majority of travellers will be passed for boarding, and at the end of the transatlantic are treated as domestic arrivals – with no wait, unlike the tired masses queuing for CBP checks. Some good news? For flights from US airports, it is no longer necessary to remove your shoes at security. The Homeland Security secretary, Kristi Noem, said: 'Ending the 'Shoes-Off' policy is the latest effort DHS is implementing to modernize and enhance traveler experience across our nation's airports. 'We expect this change will drastically decrease passenger wait times at our TSA checkpoints, leading to a more pleasant and efficient passenger experience. 'This initiative is just one of many the Trump administration is pursuing to usher in the President's vision for a new Golden Age of American travel.'
