No Deal On China Tariff Truce Extension Till Trump Agrees, US Canned Military Talks With Taiwan
After two days of 'constructive' talks in Stockholm, US and Chinese officials on July 29 agreed to work toward extending their 90-day tariff truce The talks were aimed at defusing an escalating trade war between the world's two largest economies that threatens global growth n18oc_world n18oc_crux
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Hindustan Times
a few seconds ago
- Hindustan Times
'US totally prepared': Donald Trump orders nuclear submarines moved after Russian statements
US President Donald Trump on Friday said the United States is 'totally prepared' to respond to nuclear threats, following what he called 'highly provocative statements' from former Russian President Dmitry Medvedev. US President Donald Trump(AFP) In a pointed warning, Donald Trump said he had ordered the repositioning of two US nuclear submarines 'in the appropriate regions' as a precautionary measure. Donald Trump's remarks came hours after Medvedev, now deputy chairman of Russia's Security Council, warned that recent Washington's '50 days or 10' ultimatums could escalate into a direct conflict between the two nuclear powers. Talking to reporters later in the evening as Trump departed the White House for a weekend at his New Jersey estate, he said, 'When you talk about nuclear, we have to be prepared… And we're totally prepared.' He was responding to questions on where exactly he had ordered the positioning of the said nuclear subs, when he added, 'I do that on the basis of safety for our people… We're gonna protect our people,' the Associated Press reported. He did not clarify where the submarines were being moved. Earlier in the day, the Republican President said, 'Based on the highly provocative statements from Medvedev, I have ordered two Nuclear Submarines to be positioned in the appropriate regions, just in case these foolish and inflammatory statements are more than just that.' Trump emphasized the gravity of such rhetoric, adding, 'Words are very important, and can often lead to unintended consequences, I hope this will not be one of those instances.' US-Russia tensions escalate over Ukraine The sharp exchange comes as Washington continues to push for a ceasefire in Russia's war on Ukraine. Trump has sent special envoy Steve Witkoff to Moscow and warned that new economic sanctions will be imposed unless there is progress within a newly shortened 10-day deadline—down from the earlier 50-day window. That period expires next week. The latest flare-up began earlier in the week after Medvedev mocked Trump's ultimatum strategy in a social media post: 'Trump's playing the ultimatum game with Russia: 50 days or 10,' he wrote. 'He should remember 2 things: 1. Russia isn't Israel or even Iran. 2. Each new ultimatum is a threat and a step towards war. Not between Russia and Ukraine, but with his own country,' Medvedev added. Trump hit back early Thursday, calling Medvedev a 'failed former President of Russia' and advising him to 'watch his words.' Medvedev later replied, 'Russia is right on everything and will continue to go its own way.'
Mint
a few seconds ago
- Mint
Businesses continue to face uncertainty after latest US tariff blitz, ICC says
Businesses around the world are still seeking clarity on the barriers they will face as exporters to the U.S., with many pausing big decisions on investment and hiring, according to the deputy head of the International Chamber of Commerce. President Trump raised tariffs on scores of countries late Thursday, but delayed their implementation until Aug. 7. That came after his trade-deal deadline for many countries to clinch agreements or face tariff hikes expired. However, the tariff announcements lacked detail, adding to uncertainties that include decisions that have yet to be taken on key sectors, as well as continuing talks with China and others, and the legal status of the new duties. 'Last night's announcement provides confirmation that the administration is set on applying generally higher tariff rates," said Andrew Wilson, deputy secretary-general of the ICC. 'But at a more practical level, we still see companies struggling to understand how the country specific rates will apply in practice." Wilson said a particular issue is whether the new tariffs outlined in Trump's executive order will be added to existing duties—stack in trade jargon—or replace them. 'The Executive Order only states the headline tariff rate, with no specifics as regards their implementation aside from the E.U. deal," he said. Uncertainty about the tariff framework dates back to Trump's victory in the November election, although it ratcheted up when he announced a series of huge increases on April 2 and then suspended those rises pending negotiations. The deadline for those talks was then extended, but, despite Thursday's announcements, questions remain. Still, figures released earlier this week showed the eurozone's economy avoided a forecast contraction during the second quarter, while the U.S. returned to expansion after a first-quarter contraction. Data published last month pointed to continued strong growth in China during the second quarter. 'We've certainly avoided the biggest risk that we saw several months ago, which was widespread tit-for-tat retaliation and a global rise in protectionism," Wilson said in an interview with The Wall Street Journal. But Wilson said it is likely too early to draw any firm conclusions about the impact of tariff rises on the global economy. 'There are still so many uncertainties, so many delays in decision making that it may be too early to tell," he said. The uncertainty relates not just to the level at which tariffs will settle, but also whether they are legal. Federal appeals judges on Thursday pushed back against the president's claims that a 1977 law addressing economic emergencies gives him the ability to rewrite the tariff schedule. 'What we have heard major executives say is that, if you don't know what the tariff rate is going to be next week, let alone next month, let alone in three years' time, how on earth can you make an investment that will take eight to ten years, possibly even more, to pay off," Wilson said. For the ICC, which represents 45 million businesses in 170 countries, it is at least clear that the Trump administration is determined to push tariffs sharply higher, and that the TACO jibe—which asserts that Trump Always Chickens Out—has little truth. 'The conclusion we've come to is that essentially this administration is looking at how far it can push the effective rate, in the first instance without freaking out the financial markets," Wilson said. Equity markets fell back Friday in response to the new announcement of higher tariffs, but to a much smaller degree than after the April 2 surprise.
Mint
a few seconds ago
- Mint
Trump fires ‘Biden-appointee' top labour statistics official Erika McEntarfer after weak jobs report: 'Must be fair…'
President Donald Trump has dismissed the head of the Bureau of Labor Statistics just hours after a disappointing jobs report was released, sparking concern among economists and policymakers over the future credibility of the agency's data. In a statement posted on social media on Friday, Trump announced he had instructed his team to sack Erika McEntarfer — a Biden appointee — 'IMMEDIATELY.' He added, 'Important numbers like this must be fair and accurate, they can't be manipulated for political purposes.' Not long after Trump posted about firing the BLS chief on Truth Social, Chavez-DeRemer chimed in on X, naming deputy commissioner William Wiatrowski as acting head of the agency. 'I agree wholeheartedly with @POTUS that our jobs numbers must be fair, accurate, and never manipulated for political purposes,' she wrote, echoing Trump's unfounded claims. Vice President JD Vance and Labor Secretary Lori Chavez-DeRemer sought to put a positive spin on weak jobs numbers hours before their boss, President Donald Trump, fired the person who oversees the data, claiming without evidence that the dour report was politically motivated. Vance reposted a graphic on X that showed the number of native-born workers increased while employment of foreign-born workers declined, suggesting that was a result of Trump administration immigration policy. Friday's report from the Bureau of Labor Statistics showed payrolls increased 73,000 in July and that the prior two months were revised down by nearly 260,000. In the past three months, employment growth has averaged 35,000 — the worst since the Covid-19 pandemic.
