Bessent reveals whether Trump will extend tariff deadlines for other countries after breakthrough with China
The Trump administration is 'highly likely' to extend next month's deadline for countries to agree one-for-one trade deals — so long as they are engaged in 'good-faith negotiations,' Treasury Secretary Scott Bessent told lawmakers Wednesday.
With a July 8 deadline looming for dozens of nations to strike lightning-quick agreements with the White House, Rep. Don Beyer (D-Va.) pressed Bessent about whether more time will be given.
'I would say, as I have repeatedly said, that there are 18 important trading partners,' Bessent told the tax-writing House Ways and Means Committee.
'It is highly likely that [with] those countries … or trading blocs in the case of the EU, who are negotiating in good faith, we will roll the day forward to continue good faith negotiations. If someone is not negotiating, then we will not.'
Advertisement
On April 2, which Trump dubbed 'Liberation Day,' he unveiled a 10% baseline tariff on virtually all imports flowing into the US and a myriad of customized rates on almost every country.
3 Treasury Secretary Scott Bessent hinted that an extension of the 'Liberation Day' tariff deadline is coming.
AP
3 President Trump hasn't said whether he will extend his tariff deadlines.
REUTERS
Advertisement
Seven days alter, Trump announced a 90-day pause on those customized rates to give time to negotiate deals.
The White House has since claimed that last week was the deadline for countries to furnish their best offers on trade.
Trump has also imposed a few other key trade deadlines, agreeing last month to delay a 50% planned tariff against the European Union until July 9 after it was set to take effect June 1.
The administration has also reached an understanding on trade with the United Kingdom and earlier Wednesday, Trump confirmed progress with China on a 'deal' for a trade negotiation framework.
Advertisement
Should Trump and Chinese leader Xi Jinping approve the agreement, it will revive key elements of a trade truce with Beijing brokered in Geneva last month.
That framework was intended to give the two economic giants until Aug. 10 to cut a more comprehensive trade arrangement.
The Geneva arrangement saw China lower its tariffs on most US goods to 10% from 125%, and the US lower its duties down from as high as 145% after the two sides penalized each other in the aftermath of 'Liberation Day.'
3 President Trump quickly paused his 'Liberation Day' tariffs to allow time for negotiations.
Advertisement
Under the latest arrangement, China will face up to 55% tariffs on most exports, according to Trump.
In addition to the 10% baseline rate and the tariffs on China, Trump has imposed a 25% rate on imports from Canada and Mexico that aren't subject to the US-Mexico-Canada Agreement, a 25% duty on foreign steel and aluminum imports, and another 25% levy on most foreign-made vehicles.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Times
32 minutes ago
- New York Times
Live Updates: Federal Agents Force Senator to Floor and Handcuff Him After He Interrupts Noem
'I'm worried about this country,' Gov. Gavin Newsom of California said on 'The Daily' for its latest episode. Gov. Gavin Newsom of California appeared on Thursday's episode of the New York Times podcast 'The Daily,' as he engaged in a tense standoff with President Trump over the military's involvement in anti-deportation protests in Los Angeles. Mr. Trump deployed nearly 5,000 National Guard troops and Marines to the city to clamp down on the protests, against Mr. Newsom's wishes, and the state of California responded by suing his administration, accusing it of an 'unprecedented power grab.' Here are six takeaways from Mr. Newsom's conversation with Michael Barbaro, the host of 'The Daily': Newsom accused Trump of inflaming the situation by mobilizing the military. Mr. Newsom argued that law enforcement officers in Los Angeles had routine experience dealing with protests, including at events as innocuous as World Series baseball games, and said that local officers had the situation under control. 'We deal with civil unrest. That's what law enforcement does,' Mr. Newsom said. 'The military's simply not needed. But what he's doing is trying to gin things up to create problems.' A small number of demonstrators have looted, vandalized and set cars on fire, and Mr. Newsom condemned those actions. But he suggested that the response from Mr. Trump was disproportionate. The arrival of the National Guard inflamed tensions, Mr. Newsom said, with protesters flocking in response. 'We had to defend the National Guard. We had to use our own law enforcement to protect them,' he said. 'Just think about how perverse that is.' He questioned the president's mental acuity. Some of the sparring between Mr. Trump and Mr. Newsom this week has centered on their communication — or lack thereof — about the National Guard deployment. They spoke early Saturday morning, a conversation in which Mr. Trump has said he brought up the National Guard. (Mr. Newsom said that was false, calling the president a 'stone-cold liar.') But Mr. Trump then told reporters he called Mr. Newsom a second time, on Monday, to admonish him. Mr. Newsom says a Monday call never happened. The president 'starts making up all these things he claimed he told me about, which honestly starts to disturb me on a different level,' Mr. Newsom said. 'Maybe he actually believed he said those things, and he's not all there. I mean that.' Mr. Newsom added: 'He claimed he had another conversation with me. So there's something going on here.' Mr. Trump, days from his 79th birthday, has not faced the same degree of criticism over his age and cognitive ability as his predecessor, former President Joseph R. Biden Jr., but some of Mr. Trump's rambling speeches have drawn scrutiny. Newsom grew emotional as he talked about his daughter. Responding to comments from the federal border czar, Tom Homan, Mr. Trump said on Monday that he thought the idea of arresting Mr. Newsom over his handling of the protests was 'great.' Mr. Newsom has said Mr. Homan should 'come after me. Arrest me.' But on 'The Daily,' Mr. Newsom revealed that the threat had hit home. 'I have a 15-year-old who quite literally came home from school crying because she was told on her last day of school — God as my witness — because she was told her daddy was getting arrested,' Mr. Newsom said. 'And I said, 'That doesn't matter. That doesn't matter. What matters is what's happening with the military out on the streets. I can handle that, I'll be fine,'' Mr. Newsom said, his voice rasping with emotion. ''But I'm worried about you, I'm worried about this country.'' Mr. Barbaro chimed in: 'I'm sensing some emotion in your voice here.' 'Yeah,' Mr. Newsom replied, momentarily seeming at a loss for words. He said Mr. Trump had 'authoritarian tendencies,' but did not back down from overtures to conservatives. Mr. Newsom has always been willing to joust with Mr. Trump, but lately has seemed more apt to cast the president as an existential threat, and has called the deployment of the military in a domestic setting a crossing of a 'red line.' Referring to a televised speech on Tuesday in which he said 'democracy is under assault,' Mr. Newsom told 'The Daily' that people needed to 'wake up' and resist. 'I just pray that people don't give in — and this was the final words I said — to cynicism, to their own fear and anxiety,' he said. 'They're the antidote to that, as long as they don't give up.' Still, Mr. Newsom, seen as a likely 2028 Democratic presidential hopeful, struck a conciliatory tone toward conservatives after November's election loss and, on his podcast, hosted right-wing figures like Stephen K. Bannon and Charlie Kirk. And Mr. Newsom maintained that Democrats could learn from them how to win back working-class voters. 'At a certain point, divorce is not an option,' he said. 'I'm learning from these guys — I learn a lot. I listen to Steve Bannon' about economic populism, the governor said. He deplored ICE's tactics but highlighted his work with the agency, reflecting an immigration dilemma. Mr. Newsom endorsed comprehensive immigration reform, and highlighted the fear some families are feeling from U.S. Immigration and Customs Enforcement officials. 'You had a nine-month pregnant woman arrested,' Mr. Newsom said. 'A 4-year-old that's gone. People are disappearing. People are disappearing. Disappearing.' But Mr. Newsom also said that California Democrats had criticized him for working with ICE, 'which I've done over 10,500 times since I've been governor.' And he distanced himself from the policy of sanctuary cities like Los Angeles, which refuse to coordinate with federal immigration officials. Mr. Newsom pointed out that as mayor of San Francisco, in 2008, he enacted a policy that referred undocumented minors charged with felonies to federal immigration officials. The contrast reflected the dilemma Democrats face on immigration, an issue where voters have increasingly aligned with Republicans in demanding stricter border control measures. Newsom dialed back a threat to withhold federal tax dollars. Even before the conflict over military deployment, Mr. Trump threatened to cut federal funding to California, citing a transgender girl's success in high school track. Mr. Newsom responded by suggesting that California could withhold the taxes its residents pay the federal government. But how the state would do so is not clear, and Mr. Newsom said on 'The Daily' that he would not encourage residents to simply not file federal tax returns. 'That puts those taxpayers at risk — I would never do that,' he said. But how creative, Mr. Barbaro asked, was Mr. Newsom willing to get to carry out this threat? 'Well, I'm trying to be creative, and we're looking,' Mr. Newsom said. 'I have a team of people looking creatively.' Watch their full conversation below, or listen to it here.
Miami Herald
36 minutes ago
- Miami Herald
Fund manager has blunt words on Apple and its products
Apple (AAPL) has been in full focus since it disappointed both fans and investors at the Worldwide Developers Conference (WWDC). Tech developers and Apple enthusiasts alike typically look forward to this event every year, as it often includes the unveiling of new products or innovations. But this year, the highly anticipated event resulted in AAPL stock falling hard as investors reacted negatively to a disappointing update regarding one of Apple's flagship products. Don't miss the move: Subscribe to TheStreet's free daily newsletter When Apple software chief Craig Federighi took the stage at WWDC, he discussed the progress the company has made with Apple Intelligence, its artificial intelligence (AI) platform. But as he moved on to providing an update on Apple's virtual assistant Siri, things quickly took a turn for the worse, as he revealed that its AI revamp isn't coming yet. This news disappointed both Apple investors and consumers, resulting in harsh criticism from multiple financial experts. The past month has brought numerous complications for Apple, primarily from Capitol Hill. President Donald Trump has made it clear that he doesn't want the company to build iPhones in India, despite CEO Tim Cook's plans to invest $500 billion in manufacturing in the U.S. over the coming years. Related: Analyst has blunt words on Trump's iPhone tariff plans Trump seems intent on strong-arming Apple into building its flagship product on U.S. soil, no matter how many experts argue that it isn't possible, due to economic factors and a lack of labor. This list includes Wedbush Securities analyst Daniel Ives, a noted tech expert who describes Trump's vision as a "fairy tale" with almost no chance of happening. Since the underwhelming WWDC, though, many people have sounded off, expressing their disappointment in the company's execution and failure to innovate. Apple's slow approach to AI isn't news, but now it may be causing investors to lose confidence in the consumer tech leader. A well-known AAPL stock bull, Ives noted that the event revealed "slow and steady improvements" but still described it as "overall a yawner," highlighting the popular consensus that its lack of exciting updates is working against the company. He isn't the only one to raise these points. Leading the wealth management firm Gerber Kawasaki, CEO Ross Gerber is known for his blunt takes on tech stocks. He also expressed strong disdain for Apple's strategy. Gerber shared a post from an X user showing a photo of the new iPhone Control Center, with a 100% emoji, indicating that he agreed with the caption "Steve Jobs would have fired everyone." Shortly thereafter, Gerber reiterated this point, sharing an article on the disappointing WWDC, stating, "Apple is falling far from the tree." These posts imply that he believes Apple is departing from the legacy set by Steve Jobs, the company's founder and the man credited with helping make the company an industry leader. More Apple News: Apple analyst raises alarm about earnings, revenue growthShocking China news sends Apple stock surging todayApple users will hate the latest news from Capitol Hill At first glance, this may seem like wordplay designed to highlight a recent Apple news story. But given Apple's recent decisions and the controversy they've sparked, Gerber's statement could point to bigger problems that lie ahead, with the potential to compromise AAPL stock's growth. To understand the argument that Jobs "would have fired everyone," it is important to note that Apple's legacy centers around products designed with simplicity and user ease, two things that Jobs emphasized in his work leading the company. Related: Apple WWDC underwhelms fans in a crucial upgrade As CEO, he oversaw the company's progress in many areas, including the rollout of the iPod and iPhone, two products that helped change the face of modern consumer technology. If Apple is indeed falling far from the tree, as Gerber suggests, it could end up disappointing its customers even more, particularly as Jobs remains a beloved figure in the minds of many people. That said, other experts have a more positive outlook on Apple's chances of a rebound than Ives and Gerber. Wall Street veteran Chris Versace recently laid out his team's outlook in a note for TheStreet Pro, stating: "Our thinking is that as the company continues to enhance Apple Intelligence and other AI efforts, it will foster an extended upgrade cycle across its massive install base. That should trigger accelerated EPS growth, especially as Apple Silicon and the higher-margin Services business account for a larger portion of its revenue mix." Related: Heavily shorted AI stock is rapidly climbing the Fortune 500 The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
The Intercept
36 minutes ago
- The Intercept
Josh Hawley Blames Nonprofits for 'Bankrolling Civil Unrest' in LA Without Evidence
As protests against immigration crackdowns spread from Los Angeles to cities around the United States this week, Sen. Josh Hawley, R-Mo., leveraged the perceived unrest to target nonprofits supporting the very communities the Trump administration has put under siege. President Donald Trump deployed the National Guard and the Marines, while the Los Angeles Police Department carried out a brutal response to protests objecting to workers' arbitrary detention by masked ICE agents in Los Angeles. After fueling the chaos in support of Trump's deportation regime, Republicans used the moment to target nonprofit leaders and discredit protesters as 'bought and paid-for flash mobs.' In a letter to multiple nonprofit organizations serving immigrant and Latino communities — including the Coalition for Humane Immigrant Rights of Los Angeles, also known as CHIRLA, and Unión del Barrio — Hawley accused the organizations of 'aiding and abetting criminal conduct' by 'bankrolling civil unrest.' 'Credible reporting now suggests that your organization has provided logistical support and financial resources to individuals engaged in these disruptive actions,' wrote Hawley, who chairs the Senate Subcommittee on Crime and Counterterrorism, in one version of the letter. 'Let me be clear: bankrolling civil unrest is not protected speech. It is aiding and abetting criminal conduct. Accordingly, you must immediately cease and desist any further involvement in your organization funding, or promotion of these unlawful activities.' The letter demands that the organizations preserve a large number of records from November 5, 2024, onward, including 'donor lists,' 'media or public relations strategies,' and all internal communications and financial documents related to protests. Hawley did not elaborate on any sources for his claims, and he did not immediately respond to The Intercept's request for comment. But in an interview on Fox News, he doubled down on his accusations. 'These aren't spontaneous at all. They're about as authentic as astroturf. They are bought and paid-for flash mobs, and I want to know who's doing the buying and the paying. That's why today I've launched an investigation,' Hawley said on Wednesday. CHIRLA denied fueling violence, saying the group won't be intimidated by the Missouri senator. 'Our mission is rooted in non-violent advocacy, community safety, and democratic values,' wrote CHIRLA executive director Angelica Salas in a statement reported by LAist. 'We will not be intimidated for standing with immigrant communities and documenting the inhumane manner that our community is being targeted with the assault by the raids, the unconstitutional and illegal arrests, detentions, and the assault on our first amendment rights.' The inquiry marks the latest chapter of the GOP's war on progressive-aligned nonprofits. Other Republicans have attempted to target CHIRLA and other nonprofits focused on immigrant rights. On Thursday, House Homeland Security Committee Chair Mark Green, R-Tenn., and Subcommittee Chair Josh Brecheen, R-Okla., launched an investigation into more than 200 nonprofit organizations, including CHIRLA, alleging that they 'helped fuel the worst border crisis in our nation's history.' The congressmen also accused the organizations of 'actively advising and training illegal aliens on strategies to avoid cooperation with immigration officials.' In addition to CHIRLA, the House subcommittee called out Catholic Charities USA and Southwest Key Programs for their resettlement efforts. The letter demands that organizations provide a full accounting of federal grants, contracts, and payments received during the Biden administration, as well as information on whether they've sued the federal government and the services they provide to immigrants.
