Trump announces trade deal with Japan, including 15% tariff
In a post on Truth Social, Trump added that Japan will open to trade, including cars, trucks, rice and certain agricultural products.
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Business Insider
15 minutes ago
- Business Insider
Trump considers skipping G20 summit, slams South Africa's 'very bad' policies
United States President Donald Trump has indicated he may not attend the upcoming G20 summit scheduled to take place in South Africa this November, citing his disapproval of the country's policies. President Trump may skip the upcoming G20 summit in South Africa due to policy disagreements. Tensions between the U.S. and South Africa have escalated over issues including land reform laws, foreign policy stances, and relations with BRICS nations. Trump's potential absence highlights growing diplomatic friction, which could impact U.S.–Africa relations long-term. Trump's remarks come amid a deepening strain in U.S.–South Africa relations, fueled by long-standing disagreements over a range of issues including South Africa's land reform laws, its pro-Palestinian stance in the Israel–Gaza conflict, and its growing alignment with BRICS nations. These tensions have prompted the Trump administration to impose multiple sanctions on South Africa, including a 30% tariff on selected South African goods, a move that has further deteriorated bilateral relations. Speaking to reporters aboard Air Force One, Trump said, 'I think maybe I'll send somebody else because I've had a lot of problems with South Africa. They have some very bad policies.' South African officials have yet to issue a formal response to the statement. However, analysts warn that Trump's comments could escalate diplomatic friction ahead of the summit, which many see as a pivotal opportunity for developing countries to press for more inclusive global governance. Trump's policy dispute with South Africa Since the start of his second term in 2025, U.S. President Donald Trump has intensified tensions with South Africa, reviving a diplomatic chill driven by ideological rifts and competing global alliances. His administration has openly criticized South Africa's growing ties with Russia and China, its opposition to Western foreign policy, and its leadership role in BRICS and the Global South. The strain deepened earlier this year when US Secretary of State, Senator Marco Rubio declined an invitation to a G20 preparatory meeting in Johannesburg, citing South Africa's alignment with anti-Western regimes. Soon after, the White House instructed the U.S. Embassy in Pretoria to avoid making logistical arrangements for the G20 summit, signaling a potential boycott unless South Africa altered its stance. The friction reflects Washington's broader frustration with Pretoria's increasingly independent foreign policy, including support for Palestine, resistance to U.S.-backed sanctions, and its decision to host Russian President Vladimir Putin despite an ICC warrant. With the G20 summit now in focus, Trump's administration sees South Africa as part of a rising bloc challenging U.S. influence. What began as diplomatic friction has grown into a full-blown policy standoff that could redefine U.S.–Africa relations for years to come. Trump's potential absence from the summit could have diplomatic implications, as it would mark a rare snub of a major global economic forum hosted on African soil.


CNBC
an hour ago
- CNBC
UBS CEO: Trump tariffs will impact consumption and inflation
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CNBC
an hour ago
- CNBC
CNBC Daily Open: Time's running out before April tariffs boomerang on China
The much-anticipated U.S.-China trade talks in Sweden turned out to be a letdown after they concluded Tuesday with no trade truce extension. Why? Any decision would have to be signed off by President Donald Trump, Treasury Secretary Scott Bessent told CNBC. While Bessent told Trump on a call that the meeting with China was "very good," U.S. tariffs on Chinese goods will "boomerang" back up to their April levels if an extension is not reached by the Aug. 12 deadline, the Treasury Secretary told reporters Tuesday. The trade teams will likely meet again in another 90 days, Bessent added. Investor sentiment took a hit, with mixed corporate earnings and forecasts compounding the gloom and sending markets lower after recent gains. There were some bright spots: Boeing narrowed its quarterly losses and Starbucks' CEO Brian Niccol said the company was showing signs of a turnaround, despite reporting its sixth straight quarter of same-store sales declines. But warnings also emerged. UPS, often seen as a proxy for broader U.S. consumer activity, withheld forward guidance on revenue and operating profit, citing ongoing macroeconomic uncertainty. All eyes now turn to the Federal Reserve, which concludes its policy meeting Wednesday. Other key economic data are also on deck this week, including a reading of gross domestic product and private payroll data due out Wednesday.A powerful magnitude 8.8 quake hit Russia's far east Wednesday. It generated a tsunami of up to 4 meters (13 feet) and prompted warnings and evacuations across the Pacific. U.S.-China tariff truce extension in limbo. Treasury Secretary Scott Bessent said Tuesday that Trump would have to sign off on any deal after the two countries concluded trade talks in Sweden with no extension. But he told CNBC that the meeting was "far-reaching, far-reaching, robust and highly satisfactory." Markets fall on stalled trade talks. On Tuesday, the S&P 500 and Nasdaq Composite closed lower, retreating from their fresh record highs at the opening bell. Asia-Pacific markets traded mixed Wednesday. Corporations sound the alarm after mixed earnings. Boeing and Procter & Gamble reported earnings beats, but others missed expectations like Spotify, which posted weak guidance, while shipping giant and U.S. consumer bellwether UPS slashed its dividend. [PRO] Apple is likely to launch foldable iPhone in September 2026, predicts JPMorgan. Analyst Samik Chatterjee shared an estimated price for the new design, the revenue opportunities it could bring for Apple, and named other companies that might benefit from the latest iPhone 17 series. Chinese AI companies are already making money From startups to tech giants, Chinese companies are finding business demand for their artificial intelligence services, even as AI models elsewhere keep burning cash. The focus on business opportunities reflects a shift underway in China in capturing the AI opportunity. And that's also reflected in job applications. Zhou Yuxiang, CEO of Temasek-backed startup Black Lake Technologies, told me on Saturday that in the last few months he's been getting resumes from AI model engineers who want to shift into developing AI for specific industry applications. "Before it was hard to get AI engineers," he said in Mandarin, translated by CNBC.