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Business Insider
25 minutes ago
- Business Insider
Trump's former Commerce Secretary, Wilbur Ross, says the US-China deal is still far from comprehensive
President Donald Trump's former Secretary of Commerce doesn't think the trade deal between the US and China is close to being "done." "It looks as though they made a fairly modest deal, mostly focusing on export controls on both the US side and the China side," Wilbur Ross, who was part of the first Trump administration, told Business Insider. "So it's far from a comprehensive deal." On Wednesday morning, Trump said on Truth Social that the deal with China is now "done." "It seems more or less to be reiterating the deal they thought they had set a few weeks ago," Ross said of the deal. China and the US reached a trade framework agreement on Tuesday, after their respective negotiation teams held two-day talks in London. The current Secretary of Commerce, Howard Lutnick, is part of the US trade talk team. "Full magnets, and any necessary rare earths, will be supplied, up front, by China," Trump added in all caps in the post. "Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)." Ross said that the deal has not addressed many important issues, including intellectual property, so it may be too soon to call this a victory. "The Chinese side has been very careful to say it still needs to be approved by President Xi," said Ross. "When we negotiated with the China side last time, it wasn't unusual for the trade negotiators to agree to something, and then they would go back to Xi, and he would not go along with it." This year in duties on imports from China reached up to 245% on some goods. On May 14, many of the tariffs on China were reduced to 30% for 90 days, with a deadline of August 12. A 10% baseline tariff is still in place on the rest of the world, while additional higher tariffs on 75 countries have been paused until July 9. Ross said that it would be important to complete at least a few deals with key trading partners before the tariff pause on 75 countries expires. "I think that will help clear the air for the stock market because it'll start to show a direction and that there is a way to get all these things resolved," he said. "It's very important from a bond market point of view and from an equity market point of view."
Yahoo
27 minutes ago
- Yahoo
Trump Treasury Secretary Suddenly Backtracks on Major Tariff Deadline
Treasury Secretary Scott Bessent indicated that Donald Trump is again intending to move the goalposts for his global tariff policy. The United States is fast approaching the end of the president's 90-day pause on his sweeping global tariffs on July 9, but while testifying before the House Ways and Means Committee on Wednesday, Bessent said that 'Liberation Day' Part 2 may not come to pass so soon. 'I would say, as I have repeatedly said, that there are 18 important trading partners. We are working toward deals on those. And it is highly likely that those countries that are negoti—or trading blocs, in the case of the EU—who are negotiating in good faith, we will roll the date forward to continue good-faith negotiations,' Bessent said. 'If someone is not negotiating, then we will not,' he added. The Trump administration has not even vaguely approached its initial promise to crack 90 deals in 90 days, only announcing two unfinished deals, with the U.K. and China. Crucially, Trump's paltry set of terms with China isn't even a deal. China referred to it as merely a 'framework,' while Commerce Secretary Howard Lutnick said it was a 'handshake for a framework' that both Trump and Chinese President Xi Jinping need to approve. Trump seems intent on running the country's economic policy in 90-day increments, prolonging economic uncertainty that has roiled the markets and sent prices rising. But the president's failure should hardly come as a surprise, as the stated purpose of his tariffs—not to ensure economic prosperity but to bring U.S. trading partners to their knees—defies all logic and reason. With only two half-deals made, and a suddenly unclear horizon, it's not clear how TACO Trump will ever reach the goal of 200 trade deals he'd claimed to have made in April. Especially considering that there aren't even that many countries.
Wall Street Journal
32 minutes ago
- Wall Street Journal
Judge Blocks Detention of Mahmoud Khalil Under Foreign-Policy Provision
A federal judge in New Jersey on Wednesday blocked the Trump administration from detaining Mahmoud Khalil under a seldom-used provision of immigration law related to foreign-policy interests, putting the former Columbia student a step closer to being able to stay in the U.S. The ruling from U.S. District Judge Michael Farbiarz doesn't mean Khalil will immediately be released from an immigration detention facility in rural Louisiana.
