Battle Lines: Israel's new offensive to seize 'all' of Gaza
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23 minutes ago
Trump admin live updates: Trump, Schumer trade barbs over Senate nominations
The Senate voted on some of Trump's nominations before the August recess. 2:17 The Senate on Saturday considered some of President Donald Trump's nominations before the August recess. Earlier this week, Trump issued an executive order slapping tariffs on many of America's trading partners but the new duties are set to go into effect in seven days. Trump also continues to face questions over his administration's handling of the Jeffrey Epstein files and his relationship with the accused sex trafficker. Latest headlines: 3 minutes ago Johnson makes last-minute visit to Israel 57 minutes ago Greer suggests Aug. 12 tariff deadline for China could slide 1 hour and 37 minutes ago Texas state House set to consider new congressional maps on Monday Here's how the news is developing. 46 Updates Jul 28, 2025, 10:00 AM EDT Trump says he is 'allowed' to pardon Ghislaine Maxwell, but it's 'inappropriate' to discuss When asked by reporters if he would pardon Ghislaine Maxwell -- the convicted associate of deceased sex offender Jeffrey Epstein -- President Donald Trump said he is "allowed to give her a pardon" but "nobody's approached me with it." "Nobody's asked me about it. Right now, it would be inappropriate to talk about it," Trump said on Monday. He said he hasn't been "overly interested" in the Epstein files, and called the 'whole thing a hoax' in regard to whether his name is in the files. Jul 28, 2025, 9:56 AM EDT Starmer says he has a 'very good relationship' with Trump British Prime Minister Keir Starmer said he has a "very good personal relationship" with President Donald Trump, emphasizing that the United Kingdom and the United States have "always stood together." In terms of best interests for the two countries, Starmer added that he and Trump have a "huge amount of common ground." Trump says he is 'not interested in talking' to Putin President Donald Trump said he has "always gotten along" with Russian President Vladimir Putin, but on Monday, he said he is "not interested in talking" to him. "Russia could be so rich right now. But instead, they spend everything on war. I really thought this was going to end. Every time I think it's going to end, he kills people," Trump said. Earlier on Monday, Trump said he would reduce the 50-day window for Russia to agree to a peace deal with Ukraine. Jul 28, 2025, 9:37 AM EDT Trump says Powell 'has to' cut interest rates While meeting British Prime Minister Keir Starmer, President Donald Trump said Fed Chair Jerome Powell "has to" cut interest rates. "He should cut. A smart person should cut," Trump said. This comes after Trump visited the Federal Reserve on Thursday, repeating calls for lower interest rates while standing alongside Powell.
Newsweek
2 hours ago
- Newsweek
Trump Economic Adviser Says Tariffs 'Locked In' Despite Market Volatility
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Kevin Hassett, director of the National Economic Council, said on Sunday that President Donald Trump's administration will hold onto its current tariff rates on other countries despite market volatility, describing the measures as "final deals." Why It Matters Since the first introduction in early April, the Trump administration's tariffs have sparked widespread criticism from both sides of the aisle. They have also triggered sharp declines in financial markets and increased global economic uncertainty, with major indexes falling and international partners warning of reprisals. Hassett's statements during his interview appearance on NBC News' Meet the Press shows that the White House intends to hold steady on its tariffs even as economic data raises concerns about the impact they may have on growth, prices, and job creation as well as lasting consequences for global trade. What To Know Hassett confirmed to host Kristen Welker on Sunday that tariffs on America's largest trading partners—including the European Union (EU), Japan, and South Korea—were "more or less locked in," covering approximately 55 percent of global gross domestic product (GDP). "The president will decide what the president decides. But the president likes those deals. The Europeans like those deals, and they're absolutely historically wonderful deals," the economic adviser said. Hasset continued: "We've got Europe agreeing to open their markets to our products, so our farmers, our small businessmen, can sell stuff in Europe like they never could before, and they're letting us charge a 50 percent tariff, which is going to raise maybe about $100 billion a year." Asked whether market turmoil could prompt Trump to reconsider or adjust tariff rates, Hassett replied, "No, I would rule it out. Because these are the final deals." He dismissed the notion that financial market backlash or investor uncertainty would trigger a policy reversal, saying in part that "the markets have seen what we're doing and celebrated it." Hassett added: "So I don't see how that would happen." These comments come on the heels of Trump dramatically widening the trade war, imposing new tariffs ranging from 10 to 41 percent on 60 countries. Key trading partners lacking bilateral agreements faced sharply higher rates. Meanwhile, Japan, South Korea, and the EU secured negotiated rates. Meanwhile, the most recent jobs report showed U.S. employers adding 73,000 jobs in July, far lower than expected. This followed a disappointing trend in the latest months, as May and June job gains were also sharply downgraded. On Thursday, Trump signed an executive order reimposing the "reciprocal tariffs" that were first announced on April 2 or "Liberation Day." Markets have reacted negatively, with the S&P 500 closing down 1.6 percent on Friday—the worst drop since May, according to The New York Times. National Economic Council Director Kevin Hassett speaks to reporters after attending a meeting at the U.S. Capitol Building on April 28 in Washington, D.C. National Economic Council Director Kevin Hassett speaks to reporters after attending a meeting at the U.S. Capitol Building on April 28 in Washington, D.C. Photo byDeals Made South Korea will face a 15 percent tariff on its exports to the U.S. Trump announced a framework deal with Japan on July 22, including a 15 percent tariff on Japanese goods, down from a rate of 25 percent. The president said Japan would invest $550 billion into the U.S. and "open" its economy to American autos and rice. The U.S. and EU announced a deal on July 27 that includes a 15 percent tariff on 70 percent of EU goods entering the U.S., down from 30 percent. Trade officials from the U.S. and China, Asia's largest economy and the world's second-largest, met for two days in Stockholm last month after which China's top trade official said the two sides had agreed to work on extending an August 12 deadline. Trump's tariffs on Chinese goods previously totaled 145 percent and China's counter-tariffs on U.S. products reached 125 percent. Under a deal announced on May 8, the United Kingdom will face a 10 percent baseline tariff on its goods while Trump agreed to cut tariffs on British autos, steel and aluminum, among other pledges. The U.K. promised to reduce levies on U.S. products like olive oil, wine and sports equipment. A July 22 deal with the Philippines includes a 19 percent tariff. Under a July 15 agreement with Indonesia, its goods will face a 19 percent tariff. Vietnamese goods will face a 20 percent U.S. tariff under a deal announced on July 2. U.S. goods will enter Vietnam duty free. Canada and Mexico Shortly before the August 1 deadline, Trump said he would enter a 90-day negotiating period with Mexico, one of America's largest trading partners, with the current 25 percent tariff rates staying in place, down from the 30 percent he had threatened earlier. For Canada, the tariffs on its U.S.-bound products not covered by the U.S.-Mexico-Canada trade agreement will rise to 35 percent from 25 percent, the White House said, as it blamed the higher tariffs on the smuggling of fentanyl over the northern border. However, Canada rebukes this, saying only tiny amounts of the drug are smuggled into the U.S. What People Are Saying President Donald Trump in his executive order on Thursday: "Other trading partners, despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters." He continued: "There are also some trading partners that have failed to engage in negotiations with the United States or to take adequate steps to align sufficiently with the United States on economic and national security matters." Nate Silver, statistician and author, said in the Silver Bulletin on Sunday: "But for now, Republicans are the incumbent party — and if you ask me, tariffs and an economic slowdown are a far bigger threat to Trump's political capital than the distractions that often dominate the news cycle from day to day. We have more evidence now that the economy is slowing down, probably because of tariffs. And Trump's actions on Friday suggest he's scared to face the consequences." Jeffrey Frankel, economist and professor at the Harvard Kennedy School, told Newsweek Saturday: "Regarding policies enacted, Trump's tariffs may go down in history because the effects will be so bad and, much as the Smoot-Hawley tariff of 1930 did, may teach a generation or two about the harms of tariffs and the value of listening to warnings from professional economists, when they are virtually unanimous." What Happens Next? The tariff rates are set to go into effect on August 7.
Yahoo
3 hours ago
- Yahoo
US trade advisor says Trump tariff rates unlikely to change
New US tariff rates are "pretty much set" with little immediate room for negotiation, Donald Trump's trade advisor said in remarks aired Sunday, also defending the president's politically driven levies against Brazil. Trump, who has wielded tariffs as a tool of American economic might, has set tariff rates for dozens of economies including the European Union at between 10 and 41 percent come August 7, his new hard deadline for the duties. In a pre-taped interview broadcast Sunday on CBS's "Face the Nation," US Trade Representative Jamieson Greer said "the coming days" are not likely to see changes in the tariff rates. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," Greer said. "These tariff rates are pretty much set." Undoubtedly some trade ministers "want to talk more and see how they can work in a different way with the United States," he added. But "we're seeing truly the contours of the president's tariff plan right now with these rates." Last Thursday, the former real estate developer announced hiked tariff rates on dozens of US trade partners. They will kick in on August 7 instead of August 1, which had previously been touted as a hard deadline. Among the countries facing steep new levies is Brazil. South America's largest economy is being hit with 50 percent tariffs on exports to the United States -- albeit with significant exemptions for key products such as aircraft and orange juice. Trump has openly admitted he is punishing Brazil for prosecuting his political ally Jair Bolsonaro, the ex-president accused of plotting a coup in a bid to cling to power. The US president has described the case as a "witch hunt." Greer said it was not unusual for Trump to use tariff tools for geopolitical purposes. "The president has seen in Brazil, like he's seen in other countries, a misuse of law, a misuse of democracy," Greer told CBS. "It is normal to use these tools for geopolitical issues." Trump was "elected to assess the foreign affairs situation... and take appropriate action," he added. Meanwhile White House economic advisor Kevin Hassett said that while talks are expected to continue over the next week with some US trade partners, he concurred with Greer's tariffs assessment in that the bulk of the rates "are more or less locked in." Asked by the host of NBC's Sunday talk show "Meet the Press with Kristen Welker" if Trump could change tariff rates should financial markets react negatively, Hassett said: "I would rule it out, because these are the final deals." Legal challenges have been filed against some of Trump's tariffs arguing he overstepped his authority. An appeals court panel on Thursday appeared skeptical of the government's arguments, though the case may be ultimately decided at the Supreme Court. mlm/des Sign in to access your portfolio
