Report: Trump to meet with Putin as early as next week
President Donald Trump's reportedly upcoming meeting with Russian President Vladimir Putin on 'The Story.'
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Yahoo
22 minutes ago
- Yahoo
New US tariffs cloud outlook for exporters in Asia and beyond
BANGKOK (AP) — President Donald Trump's new tariff rates on U.S. imports from dozens of countries took effect Thursday, the latest chapter in the saga of Trump's reshaping of global trade. But many questions remain. Trump has threatened tariffs of up to 200% on imports of pharmaceuticals and has ordered a 100% import tax on computer chips. Most U.S. imports of copper, steel and aluminum are subject to a 50% tariff. There's still no agreement on what tariffs might apply to products shipped from China. India has no deal yet and faces a potential 50% tariff as Trump pressures it to stop buying oil from Russia. Recent data shows uncertainty is clouding the outlook for exporters around the world as a rush to beat the tariffs during a pause for negotiation tapers off. Companies are reporting billions of dollars in higher costs or losses due to the higher import duties. Global financial markets took Thursday's tariff adjustments in stride, with Asian shares and U.S. futures mostly higher. Here's where things stand in what has proven to be a fast-changing policy landscape. The tariffs taking effect this week The tariffs announced on Aug. 1 apply to 66 countries, Taiwan and the Falkland Islands. They are a revised version of what Trump called " reciprocal tariffs," announced on April 2: import taxes of up to 50% on goods from countries that have a trade surplus with the United States, along with 10% 'baseline'' taxes on almost everyone else. That move triggered sell-offs in financial markets and Trump backtracked to allow time for trade talks. The president has bypassed Congress, which has authority over taxes, by invoking a 1977 law to declare the trade deficit a national emergency. That's being challenged in court, but the revised tariffs still took effect. To keep their access to the huge American market, major trading partners have struck deals with Trump. The United Kingdom agreed to 10% tariffs and the European Union, South Korea and Japan accepted U.S. tariffs of 15%. Those are much higher than the low single-digit rates they paid last year, but down from the 30% Trump had ordered for the EU and the 25% he ordered for Japan. Countries in Africa and Asia are mostly facing lower rates than the ones Trump decreed in April. Thailand, Pakistan, South Korea, Vietnam, Indonesia and the Philippines cut deals with Trump, settling for rates of around 20%. Indonesia views its 19% tariff deal as a leg up against exporters in other countries that will have to pay slightly more, said Fithra Faisal Hastiadi, a spokesperson in the Indonesian president's office. 'We were competing against Vietnam, India, Bangladesh, Sri Lanka and China ... and they are all subject to higher reciprocal tariffs,' Hastiadi said. 'We believe we will stay competitive.' The latest situation for China and India Trump has yet to announce whether he will extend an Aug. 12 deadline for reaching a trade agreement with China that would forestall earlier threats of tariffs of up to 245%. Treasury Secretary Scott Bessent said the president is deciding about another 90-day delay to allow time to work out details of an agreement setting tariffs on most products at 50%, including extra import duties related to illicit trade in fentanyl. Higher import taxes on small parcels from China have hurt smaller factories and layoffs have accelerated, leaving some 200 million workers reliant on 'flexible work' — the gig economy — for their livelihoods, the government estimates. India also has no broad trade agreement with Trump. On Wednesday, Trump he signed an executive order placing an extra 25% tariff for its purchases of Russian oil, bringing combined U.S. tariffs to 50%. India's Foreign Ministry has stood firm, saying it began importing oil from Russia because traditional supplies were diverted to Europe after the outbreak of the Ukraine conflict, a 'necessity compelled by the global market situation.' The hardest-hit countries Struggling, impoverished Laos and war-torn Myanmar and Syria face 40-41% rates. Trump whacked Brazil with a 50% import tax largely because he's unhappy with its treatment of former Brazilian President Jair Bolsonaro. South Africa said the steep 30% rate Trump has ordered on the exporter of precious gems and metals has put 30,000 jobs at risk and left the country scrambling to find new markets outside the United States. Even wealthy Switzerland is under the gun. Swiss officials were visiting Washington this week to try to stave off a whopping 39% tariff on U.S. imports of its chocolate, watches and other products. The rate is over 2 1/2 times the 15% rate on European Union goods exported to the United States. Canada and Mexico have their own arrangements Goods that comply with the 2020 United States-Mexico-Canada Agreement that Trump negotiated during his first term are excluded from the tariffs. Even though U.S. neighbor and ally Canada was hit by a 35% tariff after it defied Trump, a staunch supporter of Israeli Prime Minister Benjamin Netanyahu, by saying it would recognize a Palestinian state, nearly all of its exports to the U.S. remain duty free. Canada's central bank says 100% of energy exports and 95% of other exports are compliant with the agreement since regional rules mean Canadian and Mexico companies can claim preferential treatment. The slice of Mexican exports not covered by the USMCA is subject to a 25% tariff, down from an earlier rate of 30%, during a 90-day negotiating period that began last week. The outlook for businesses Surveys of factory managers offer monthly insights into export orders, hiring and other indicators of how businesses are faring. The latest figures in the United States and globally mostly showed conditions deteriorating. In Japan, factory output contracted in July, purchasing activity fell and hiring slowed, according to the S&P Global Manufacturing PMI. But the data were collected before Trump announced a trade deal that cut tariffs on Japanese exports to 15% from 25%. Similar surveys show a deterioration in manufacturing conditions worldwide, as a boost from 'front loading' export orders to beat higher tariffs faded, S&P Global said. Similar measures for service industries have remained stronger, reflecting more domestic business activity. In Asia, that includes a rebound in tourism across the region. Corporate bottom lines are also taking a hit. Honda Motor said Wednesday that it estimates the cost from higher tariffs at about $3 billion. On top that, the U.S. economy — Trump's trump card as the world's biggest market — is starting to show pain from months of tariff threats. ___ Associated Press writer Niniek Karmini in Jakarta and Aniruddha Ghosal in Hanoi contributed. Elaine Kurtenbach, The Associated Press Sign in to access your portfolio
Yahoo
22 minutes ago
- Yahoo
The Latest: Trump's tariffs go into effect
The U.S. began officially levying higher taxes on imports from dozens of countries Thursday, four months after President Donald Trump first announced plans to impose tariffs on most of the world while seeking new trade agreements across the board. The White House said that starting just after midnight goods from more than 60 countries and the European Union would face tariff rates of 10% or higher. Products from the European Union, Japan and South Korea will be taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh will be taxed at 20%. Trump also expects places such as the EU, Japan and South Korea to invest hundreds of billions of dollars in the U.S. The Trump White House is confident that the onset of his broad tariffs will provide clarity about the path of the world's largest economy. Now that companies understand the direction the U.S. is headed, the administration believes they can ramp up new investments and jump-start hiring in ways that can rebalance the U.S. economy as a manufacturing power. But so far, economic data has shown a U.S. economy that began flagging after Trump's initial rollout of tariffs in April. Here's the latest: Modi vows to defend farmers' interests Prime Minister Narendra Modi on Thursday said India will never compromise the interests of farmers. 'For us, the interests of farmers are a top priority. I know I will have to personally pay a heavy price for it, but I am ready,' Modi said at a conference in what was seen as a message to the U.S. administration, which has been seeking greater access to India's agriculture and dairy sectors. India and the U.S. have had five rounds of negotiations on a bilateral trade agreement, but haven't been able to clinch one so far. On Wednesday, Trump signed an executive order to place an additional 25% tariff on India for its purchases of Russian oil. The order would go into effect in 21 days and bring the combined tariffs imposed on India to 50%. Sony profits are up Japanese entertainment and electronics company Sony said Thursday its profit surged 23% in the last quarter from the year before, as damage from U.S. President Donald Trump's tariffs was less than it had expected. Sony raised its forecast for its profit in the full fiscal year until March 2026 to 970 billion yen ($6.6 billion), from an earlier forecast of 930 billion yen ($6.3 billion). The revised projection is still lower than what it earned in the previous fiscal year at 1 trillion yen. Sony now estimates the impact of the additional U.S. tariffs on its operating income at 70 billion yen ($476 million), much better than the initial estimate of 100 billion yen ($680 million).
Yahoo
22 minutes ago
- Yahoo
More Ukrainians now want a negotiated end to the war with Russia, new Gallup poll shows
WASHINGTON (AP) — After more than three years of war, Ukrainians are increasingly eager for a settlement that ends the fight against Russia's invasion, according to a new Gallup poll published Thursday — although only about a quarter of Ukrainians surveyed expect the guns to fall silent within the next 12 months. The enthusiasm for a negotiated deal is a sharp reversal from 2022 — the year the war began — when Gallup found that about three-quarters of Ukrainians wanted to keep fighting until victory. Now only about one-quarter hold that view, with support for continuing the war declining steadily across all regions and demographic groups. The findings were based on samples of 1,000 or more respondents ages 15 and older living in Ukraine. Some territories under entrenched Russian control, representing about 10% of the population, were excluded from surveys conducted after 2022 due to lack of access. Since the start of the full-scale war, Russia's relentless pounding of urban areas behind the front line has killed more than 12,000 Ukrainian civilians, according to the United Nations. On the 1,000-kilometer (620-mile) front line snaking from northeast to southeast Ukraine, where tens of thousands of troops on both sides have died, Russia's bigger army is slowly capturing more land. The poll came out on the eve of U.S. President Donald Trump's Friday deadline for Russia to stop the killing or face heavy economic sanctions. In the new Gallup survey, conducted in early July, about 7 in 10 Ukrainians say their country should seek to negotiate a settlement as soon as possible. Ukrainian President Volodymyr Zelenskyy last month renewed his offer to meet with Russia's Vladimir Putin, but his overture was rebuffed as Russia sticks to its demands, and the sides remain far apart. Most Ukrainians do not expect a lasting peace anytime soon, the poll found. Only about one-quarter say it's 'very' or 'somewhat' likely that active fighting will end within the next 12 months, while about 7 in 10 think it's 'somewhat' or 'very' unlikely that active fighting will be over in the next year. Approval of U.S. falls, approval of Germany rises Ukrainian views of the American government have cratered over the past few years, while positive views of Germany's leadership have risen, according to Gallup. Three years ago, about two-thirds of Ukrainians approved of U.S. leadership. That's since fallen to 16% in the latest poll, reflecting new tensions between the two countries since Trump took office in January. But although the dip from last year was substantial — approval of U.S. leadership was 40% in 2024 — positive views of U.S. leadership were already dropping before Trump took office, perhaps related to the antipathy that prominent Republican politicians showed toward billions of dollars in U.S. support for Ukraine. Germany has grown more popular among Ukrainians over the past few years, rising to 63% approval in the new poll. Hope for NATO, EU acceptance has fallen Ukrainians are much less optimistic that their country will be accepted into NATO or the European Union in the next decade than they were just a few years ago. In the new poll, about one-third of Ukrainians expect that Ukraine will be accepted into NATO within the next 10 years, while about one-quarter think it will take at least 10 years, and one-third believe it will never happen. That's down from 2022, when about two-thirds of Ukrainians thought acceptance into NATO would happen in the coming decade and only about 1 in 10 thought it would never happen. Hope for acceptance into the EU is higher but has also fallen. About half, 52%, of Ukrainians now expect to be part of the EU within the next decade, down from 73% in 2022. ___ Hatton reported from Lisbon, Portugal. ___ Follow AP's coverage of the war in Ukraine at
