
Trump announces 30% tariffs against EU, Mexico to begin August 1
BRIDGEWATER, New Jersey — U.S. President Donald Trump on Saturday announced he's levying tariffs of 30 per cent against the European Union and Mexico.
Trump announced the tariffs on two of the United States' biggest trade partners in letters posted to his social media account.
In his letter to Mexico's leader, Trump acknowledged that the country has been helpful in stemming the flow of undocumented migrants and fentanyl into the United States.
But he said the country has not done enough to stop North America from turning into a 'Narco-Trafficking Playground.'
Aamer Madhani, The Associated Press
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Trump's pivot from aid to trade leaves Africa wary as it faces tariffs and uncertainty
U.S. President Donald Trump speaks with African leaders during a lunch in the State Dining Room of the White House, Wednesday, July 9, 2025, in Washington. (AP Photo/Evan Vucci) HARARE, Zimbabwe — When U.S. President Donald Trump met five African leaders in Washington in July, his lack of familiarity with the continent was on display. He praised Liberian President Joseph Boakai's English — Liberia's official language — and gestured at another leader to wrap up remarks. But the bigger takeaway was Trump's pledge to transform U.S.-Africa relations: a shift from aid to trade, even as the region reels from steep tariffs and sweeping aid cuts. African leaders offered minerals from manganese to uranium and possibly lithium. Senegal's president even sought to leverage Trump's love of golf by inviting him to build a course. Yet many nations are anxious about Washington's new path. After slashing billions in foreign aid, including shutting down the U.S. Agency for International Development — which provided over US$12 billion in humanitarian assistance in 2025 alone — the Trump administration says it is forging a new approach: 'commercial diplomacy.' Trade, not aid, is the order of the day. 'It is now truly our policy for Africa,' said Troy Fitrell, the top U.S. diplomat for Africa, when announcing the strategy in Abidjan, Ivory Coast, in May. Ambassadors will now be judged not by aid projects but on 'how well they support' local businesses and 'how effectively they advocate for U.S. business and the number of deals they facilitate,' he said. Africa accounts for less than one per cent of U.S. goods trade, but Fitrell called it 'the world's largest untapped market,' projecting its purchasing power could surpass US$16 trillion by 2050. Early deals, lingering doubts Washington touts quick progress: 33 agreements worth US$6 billion in Trump's first 100 days, plus US$2.5 billion in commitments at a U.S.-Africa business summit in June. Projects span grain storage and digital infrastructure in Angola, energy ventures in Rwanda, Sierra Leone and Congo, and tourism in Ethiopia. Still, many worry about the costs. Job losses and economic pain from tariffs are mounting even as Washington celebrates these wins. Trump did not invent the idea of trade over aid. African leaders have pushed for this since the 1970s. The problem, critics say, is the caveat: steep tariffs and uncertainty over the African Growth and Opportunity Act (AGOA), the U.S. flagship program for trade with the continent. 'In reality, these tariffs are not about trade balances. It's economic warfare,' said the Alternative Information and Development Centre, a South African NGO. Fears that jobs could go Trump has imposed a 30 per cent tariff on selected South African goods and threatens another 10 per cent for nations aligned with the BRICS bloc of developing economies. South Africa's Automotive Business Council says vehicle exports to the U.S. have plunged over 80 per cent, warning that tariffs 'strike at the heart of South Africa's industrialization agenda.' More than 100,000 jobs, mostly in auto and agriculture, are at risk, the council says. Smaller nations are also reeling. Lesotho declared a state of disaster after being hit with 50 per cent duties — the second-highest rate after China — before Trump announced a 90-day pause. About 12,000 textile jobs hang in the balance, according to Lesotho's Minister of Trade, Industry, and Business Development, Mokhethi Shelile. From vanilla farmers in Madagascar to cocoa growers in Ivory Coast and oil exporters in Nigeria, tariffs have shaken economies and raised doubts about Washington's intent. 'The U.S. certainly can't have it both ways,' said Bester Brendon Verster, an economist at Oxford Economics Africa. 'The 'aid to trade' stance risks leaving Africa behind once the U.S. has gotten what it wanted, which will probably be critical minerals.' An agreement on the brink AGOA, enacted in 2000 and renewed in 2015, allows duty-free U.S. access for nearly 2,000 goods from 32 African nations. It expires in September, with no clear sign that it will be renewed. South Africa's trade minister warned it will be 'very difficult' to keep AGOA under current conditions. Fitrell said he is a 'big fan' of the deal but told African leaders they must do more to lobby Congress. Future arrangements may require 'much greater attention toward some form of reciprocity' to reflect Trump's push for U.S. economic interests, he said. Meanwhile, China is leveraging zero-tariff policies to expand its influence. In June, China — already Africa's biggest trading partner — said it plans to grant duty-free market access to 53 African nations. Still, Verster said some African nations might be cautious about strengthening ties with China, for fear of triggering retaliation from the U.S. 'Aligning with China … could possibly bring about more economic punishment from the U.S.," he said. --- Farai Mutsaka, The Associated Press


CTV News
28 minutes ago
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Trump says big trade deals to be announced soon
U.S. President Donald Trump listens with U.S. Trade Representative Jamieson Greer, right, during a lunch with African leaders at the White House in Washington on July 9, 2025. (Evan Vucci / AP Photo) WASHINGTON - U.S. President Donald Trump said on Friday the U.S. government has some 'big' trade deals to announce soon. 'When I send out the paper that you're paying 35 per cent or 40 per cent tariffs, that's a deal,' he said at the signing of a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens, or so-called 'stablecoins.' 'Then they'll call and see if they can make a little bit different kind of a deal, like opening up their country to trade.' (Reporting by Andrea Shalal, writing by Maiya Keidan)


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Trump signs stablecoin law as crypto industry aims for mainstream adoption
President Donald Trump speaks during a meeting with NATO Secretary General Mark Rutte in the Oval Office of the White House, Monday, July 14, 2025, in Washington. (AP Photo/Evan Vucci) U.S. President Donald Trump on Friday signed a law to create a regulatory regime for U.S.-dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money. The bill, dubbed the GENIUS Act, passed by 308 to 122, receiving support from nearly half the Democratic members and most Republicans. The law is a huge win for crypto supporters, who have long lobbied for such a regulatory framework in a bid to gain greater legitimacy for an industry that began in 2009 as a digital Wild West famed for its innovation and speculative chaos. 'This signing is a massive validation of your hard work and pioneering spirit,' said Trump at a signing event that included several crypto executives. Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, notably by crypto traders moving funds between tokens. The industry hopes they will enter mainstream use for sending and receiving payments instantly. The new law requires stablecoins to be backed by liquid assets - such as U.S. dollars and short-term Treasury bills - and for issuers to disclose publicly the composition of their reserves monthly. Crypto companies and executives have argued such legislation will enhance stablecoins' credibility and make banks, retailers and consumers more willing to using them to transfer funds instantly. The stablecoin market, which crypto data provider CoinGecko said is valued at more than US$260 billion, could grow to US$2 trillion by 2028 under the new law, Standard Chartered bank estimated earlier this year. The law's passage culminates a long lobbying effort by the industry, which donated more than US$245 million in last year's elections to aid pro-crypto candidates including Trump, according to Federal Election Commission data. The Republican president, who has since launched his own coin, in turn aligned himself with the industry and told a crypto conference during his presidential campaign that he would make the U.S. 'the crypto capital of the planet.' But Democrats and critics have said the law should have blocked big tech companies from issuing their own stablecoins, which could increase the clout of an already powerful sector, contained stronger anti-money laundering protections and prohibited foreign stablecoin issuers. Could boost demand for T-Bills Big U.S. banks are internally debating an expansion into cryptocurrencies as regulators give stronger backing to digital assets, but banks' initial steps will be cautious, centering on pilot programs, partnerships or limited crypto trading, Reuters reported in May. Meanwhile, several crypto firms including CircleCRCL.N and Ripple are seeking banking licenses. This would enable the companies to settle payments faster and cut costs by bypassing intermediary banks, as well as enhancing their legitimacy. Backers of the bill have said it could potentially give rise to a new source of demand for short-term U.S. government debt, or T-bills, because stablecoin issuers will have to purchase more T-bills to back their assets. But others worry this activity could increase volatility in the Treasury bills market. In an April research note, JPMorgan analysts estimated that stablecoin issuers could become the third-largest buyer of Treasury bills in the coming years. Trump creates bitcoin reserve Trump has sought to broadly overhaul U.S. cryptocurrency policies, signing an executive order in March establishing a strategic bitcoin reserve. The president has moved personally into digital assets, launching a meme coin called $TRUMP in January and partly owning crypto company World Liberty Financial. Democrats in Congress grew increasingly critical of Trump and his family members promoting their personal crypto projects, and their ire threatened to derail the legislation at one point. The White House has said there are no conflicts of interest for Trump and that his assets are in a trust managed by his children. --- Reporting by Hannah Lang in New York; Editing by Cynthia Osterman and Pete Schroeder