US State Dept approves potential $2.19 billion sale of Tomahawk missiles to Netherlands
The principal contractor for the sale will be RTX Corp, the Pentagon said in a statement.
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The Hill
2 hours ago
- The Hill
Trump tariffs: A grocery shopper's guide
President Trump's tariffs could raise the cost of some of the most popular imports in American grocery aisles, from coffee and olive oil to wine, matcha and spices. After the 'Liberation Day' tariffs kicked in worldwide in early August, businesses and consumers alike are watching closely for when — and how much — prices tick up. Inflation data released Tuesday did not show an overall increase in food prices, but economists say that's likely to change as businesses pass more costs on to consumers. Wholesale prices surged 0.9 percent last month, the biggest monthly jump since June 2022 and a sign that inflation may not be cooling off just yet. 'Many of us anticipated ahead of time that you might see some faster movement in groceries, partly because you can't stockpile stuff right in the same way,' said Martha Gimbel, the Budget Lab at Yale's executive director. 'You can't stockpile a year's worth of avocados. That being said, the price increases that we've seen in food so far are pretty muted, so we'll just have to see what happens,' she said. Here are six iconic imported grocery products that could be impacted by Trump's tariffs. Coffee Coffee prices were already up before a 50 percent tariff on Brazil, the top coffee importer to the U.S., went into effect last week. Coffee prices sharply rose 25 percent over the past three months, according to inflation data released Tuesday. Reuters reported Tuesday that Brazilian coffee exports have started seeing postponements to their U.S. shipments. How hard your morning habit gets hit varies between brand, shop and choice of bean. Nespresso pods, for instance, are entirely produced in Switzerland, which is subject to a 40 percent tariff. Colombia, the second-largest importer of coffee to the U.S., only pays Trump's 10 percent baseline duty. 'Some importers might shift sourcing toward countries with exemptions, but in many cases the increased costs will all be passed on to you, the coffee lover,' Todd Carmichael, the co-founder of La Colombe, wrote in The Washington Post earlier this week. 'Surely, coffee is too essential and too global to put at the center of a geopolitical chess match.' Rep. Ro Khanna (D-Calif.) said Wednesday he would introduce a bill with bipartisan support to repeal tariffs on coffee. Olive oil Trump's tariffs have only added to the uncertainty facing olive oil producers, who are grappling with climate shocks. Extended droughts in Spain in 2022 slashed production, and other top production regions like Sicily and Greece have also confronted record-high temperatures. Allen Dushi, a co-founder of olive oil brand Graza, said the company has held off on increasing prices, adding that any uptick in import costs could take at least three to four months to reflect on grocery shelves. Many retailers or distributors require 60 to 90 days notice for a change, he said. The company uses Spanish olives, and production and bottling are all based in Spain. That limits the extent to which the company can keep stocks in the U.S., which would have to be finished bottles. 'We are not trying to stockpile inventory, because our priority number one is always the quality of what's inside the bottle,' Dushi said. 'That's not something we really compromise on.' Switching to American production wouldn't help, Dushi added; the company would still have to pay tariffs on Spanish olives, as American olive production doesn't meet the same standard. 'So as long as you're buying the oil, and importing the oil, you're going to be paying the tariff on that,' he said. Spain and Italy accounted for two-thirds of U.S. olive oil imports in 2024. Both are subject to the 15 percent tariff under the trade deal struck between the European Union and the U.S. in July. Other top producers are still subject to tariffs, such as Tunisia (25 percent), Turkey (15 percent) and Argentina (10 percent). Wine The July U.S.-E.U. trade deal was seen as a starting point. As negotiations have continued, the beverage industry and European officials have pushed for an exemption for wine and spirits, The Wall Street Journal reported. A group of nearly 60 associations representing wine, beer and liquor interests warned last week that the industry could face nearly $2 billion in lost sales and have to cut more than 25,000 jobs in the U.S. as a result of the tariff. The coalition, Toasts not Tariffs, pointed to products like cognac that have to be produced in a specific region and cannot be switched to a tariff-free alternative. Eric Foret is a wine buyer at Le French Wine Club, which operates several locations in New York City and Washington, D.C., alongside an online shop. He said that he had to increase his prices, although they were fairly gradual. 'It's a dollar here, a dollar there, a dollar here, a dollar there and then at the end, you spend ten dollars more on the bottle of wine, you don't even notice it,' he said. In addition to France, which accounted for more than one-third of U.S. wine imports last year, the EU tariff impacts shipments from Italy (33 percent of imports) and Spain (6 percent). Matcha A 15 percent tariff on Japan could impact the price of a matcha latte — already a pricey product before tax, tip and oat milk. While U.S. trade data does not specifically track matcha, Japan generally accounts for about half of American green tea imports by value each year, and Japanese origin is a selling point for many specialty matcha shops. The industry is also grappling with the impacts of record heat waves in Japan last summer that curbed harvests of tencha, the tea leaves dried and ground into matcha. Demand for the vibrant green beverage has also soared in recent years, driven by young enthusiasts and social media. David Cooper runs Spot of Tea, a Washington, D.C.-based shop with three locations selling matcha and other tea drinks. He considers himself lucky to have bought his 2025 stockpile before the tariffs and shortages hit. Now, however, 'we're looking at how much stock we have in our warehouse and then how much we're going through per month and doing the math and trying to push the suppliers to finalize the order as quickly as possible,' he said. 'It's definitely a little anxiety-inducing.' The uncertainty for the drink industry even extends to things like cups, Cooper said, which his shop sources from South Korea. 'I think on the day I was about to put the deposit down, Trump announced 25 percent tariffs for Korea. And so our supplier was basically, like, we cannot absorb all this cost,' he said. 'It's just so hard to tell at this point what percentage tariff is actually going to be applied.' Chocolate Switzerland, home to many famous chocolate brands, is facing a 39 percent duty, one of the highest in the world. Some of the country's larger manufacturers will be able to escape some tariff impacts because they already have production sites in the U.S. Lindt & Sprüngli, for example, produces the 'vast majority' of its products for the American market in New Hampshire, a company spokesperson said. That plant will still have to factor in tariff effects on raw materials like cocoa, imported from countries like Ivory Coast, Ecuador, Indonesia and Malaysia. Other companies, however, have made their brand on manufacturing in Switzerland. That's the case for Läderach, which is now figuring out how to manage 'massive additional costs,' its CEO said this week. 'I cannot change the tariffs. It is only human to get angry about them, enquire on who's guilt they are or be discouraged,' Johannes Läderach wrote in a LinkedIn post. 'But none of these options change anything, so I better pray for serenity to accept it.' Swiss leaders have attempted to negotiate with Washington on the tariff, which also impacts cheese and other exports. Swiss officials are now reportedly weighing whether to cancel an order for American F-35 fighter jets. Spices Trump shocked many observers by raising tariffs on India to 50 percent last week, citing its purchase of Russian oil. India is the top U.S. importer for spices like nutmeg, cardamom, anise, fennel, coriander, and cumin. Indonesia, another key producer, is subject to a 19 percent duty after negotiating with the White House. The American Spice Trade Association said in a Tuesday letter to Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer that many of its products could not be cultivated in the U.S.. 'The importation of spices directly supports approximately 50,000 U.S. jobs across processing, quality assurance, distribution, and product development,' the association said. Spice producer McCormick said in late June that tariffs could cost it as much as $90 million a year and that it was planning to raise some prices by the end of the year.
Yahoo
7 hours ago
- Yahoo
US cancels India trade talks scheduled for August, NDTV Profit says
(Reuters) -A planned visit by U.S. trade negotiators to New Delhi from August 25-29 has been canceled, delaying talks on a proposed bilateral trade agreement, Indian business and financial news network NDTV Profit reported on Saturday, citing people familiar with the matter. The current round of negotiations for the proposed bilateral trade agreement is now likely to be deferred to another date, the report said, dashing hopes of some relief before the Aug. 27 deadline for the additional tariff on Indian goods kicks in. Reuters could not immediately verify the report. Earlier this month, U.S. President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations. The new import tax, which will come into effect from Aug 27, will raise duties on some Indian exports to as high as 50% - among the highest levied on any U.S. trading partner. Trade talks between New Delhi and Washington collapsed after five rounds of negotiations over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. India's Foreign Ministry has said the country is being unfairly singled out for buying Russian oil while the United States and European Union continue to purchase goods from Russia. Melden Sie sich an, um Ihr Portfolio aufzurufen.
Yahoo
9 hours ago
- Yahoo
Natural Gas Could Be Angola's Next Big Money Maker
Angola is betting big on natural gas developments as a short-term increase in oil production is not expected to last despite the West African country leaving OPEC over capped production. Companies operating in Angola have recently started up two oil projects, but they have also begun to target non-associated offshore gas plays, hoping that a massive gas resource could be waiting to be tapped. Despite the recent oil project startups, Angola's oil production is expected to drop to about 1 million barrels per day (bpd) in 2027, from over 1.1 million bpd now, officials at the national oil and gas agency ANPG have told Reuters. At the same time, natural gas output is set to jump by 2030, per ANPG estimates. Increased gas output will raise Angola's LNG exports as developers offshore Africa bet big on natural gas to export to Europe and Asia. A recent large gas discovery year could be one of many gas plays that could underpin a jump in LNG exports and state revenues from gas. Last month, Azule Energy, a joint venture of international majors BP and Eni, discovered a major natural gas reservoir offshore Angola in the first gas-targeting exploration well in the oil-producing country. Initial assessments suggest gas volumes in place could exceed 1 trillion cubic feet, with up to 100 million barrels of associated condensate, Azule Energy said, adding that these results 'confirm the presence of a working hydrocarbon system and open new exploration opportunities in the area.' Azule Energy CEO, Adriano Mongini, commented: 'This is a landmark moment for gas exploration in Angola. Gajajeira-01 is the country's first dedicated gas exploration well, and its success reinforces our confidence in the potential of the Lower Congo Basin.' More recently, Mongini told Reuters that 'Given that Angola has a couple of prolific basins, I can imagine that we will be able to find much more reserves of gas.' BP's EVP production & operations, Gordon Birrell, highlighted the Angola discovery and its potential on the Q2 earnings call. 'Under the Azule brand, we had a discovery in Gajajeira in block 1/14, pretty close to shore, very developable. So West Africa remains an exciting area for us in terms of exploration,' Birrell told analysts. The exciting gas discovery comes as Angola struggles to materially boost oil production even after exiting OPEC in January 2024, following a spat with the OPEC and OPEC+ members about production quotas. Angola's oil production peaked in 2008 at about 2 million bpd. Output has declined in recent years, due to underinvestment in offshore resources due to higher development costs, which have prompted many companies to overlook the African oil producer as an investment destination. Azule Energy and TotalEnergies started up new oil projects last month, but these may not be enough to offset a decline in maturing fields. Azule Energy announced at the end of July the successful startup and first oil production from the Agogo FPSO. Combined, the Agogo and the Ndungu fields have estimated reserves of about 450 million barrels, with projected peak production of 175,000 barrels per day, produced via two FPSOs (Agogo and Ngoma). Also at the end of July, TotalEnergies launched oil production from the BEGONIA and CLOV Phase 3 offshore projects via subsea tiebacks to FPSOs to add a total of 60,000 barrels a day of new production. Still, Angola's oil revenues have dropped this year due to falling oil prices. Revenues from oil declined by 4% from the first quarter to $5.6 billion in the second quarter, according to government data. LNG and gas exports meanwhile, earned $755 million in the second quarter. Now the BP-Eni Azule venture is close to launching first gas from the New Gas Consortium (NGC) project after completing early this year the Quiluma and Maboqueiro offshore platforms in a 'significant step forward in Angola's first non-associated gas development.' The NGC project is a joint venture between Azule Energy, Sonangol E&P, Chevron, and TotalEnergies. 'Development of (NGC's) Quiluma and Maboqueiro fields, due to launch around end-2025, is the real litmus test for gas monetisation in Angola,' Jimmy Boulter, an analyst at Enverus, told Reuters. By Tsvetana Paraskova for More Top Reads From this article on Sign in to access your portfolio
