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Business Times
8 minutes ago
- Business Times
Trump says countries will face tariffs ranging from 15% to 50%
[WASHINGTON] US President Donald Trump suggested that he would not go below 15 per cent as he sets so-called 'reciprocal' tariff rates ahead of an Aug 1 deadline, an indication that the floor for the increased levies was rising. 'We will have a straight, simple tariff of anywhere between 15 per cent and 50 per cent,' Trump said on Wednesday (Jul 23) at an AI summit in Washington. 'A couple of – we have 50 because we haven't been getting along with those countries too well.' Trump's comment declaring that the tariffs would begin at 15 per cent represented the latest twist in his effort to impose duties on nearly every US trading partner, and the latest indication that Trump was looking to more aggressively impose the levies on exports from countries outside the small group that so far has been able to broker trade frameworks with Washington. Trump earlier this month said that more than 150 countries would receive a letter including a tariff rate of 'probably 10 or 15 per cent, we haven't decided yet'. Commerce Secretary Howard Lutnick told CBS News on Sunday that small countries, including 'the Latin American countries, the Caribbean countries, many countries in Africa', would have a baseline tariff of 10 per cent. And at the first announcement of the tariffs in April, Trump unveiled a universal tariff of 10 per cent on nearly every country. While Trump and his advisers initially expressed hopes of securing multiple deals, the president has been touting the tariff letters themselves as 'deals' and suggesting that he is uninterested in back-and-forth negotiations. Still, he has left the door open for countries to make agreements that could lower those rates. On Tuesday, Trump announced he was reducing a threatened 25 per cent tariff on Japan to 15 per cent in exchange for the country removing restrictions on some US products as well as offering to back a US$550 billion investment fund. Other nations, including South Korea, India, and members of the European Union, are still pushing for an agreement before the heightened tariffs go into effect. On Wednesday, Trump said that he would 'have a very, very simple tariff for some of the countries' because there were so many nations that 'you can't negotiate deals with everyone'. He said talks with the European Union were 'serious'. 'If they agree to open up the union to American businesses, then we will let them pay a lower tariff,' Trump said. BLOOMBERG
Straits Times
an hour ago
- Straits Times
Sanctions, on rise, are as deadly as armed conflict, study says
Unilateral and economic sanctions imposed by the US and the European Union lead to a substantial increase in mortality. Sanctions can cause as many fatalities as armed conflict, with unilateral penalties being associated with more than half a million deaths per year, according to a new analysis. Unilateral and economic sanctions imposed by the US and the European Union lead to a substantial increase in mortality that disproportionately hurts children younger than five years old, the study published in the Lancet Global Health journal found. Sanctions can hobble public health provision and keep humanitarian organisations from operating effectively, weighing on the death toll. The researchers found that unilateral sanctions cause more than 560,000 deaths each year worldwide – falling within a range that the researchers calculated for annual deaths from armed conflict using past literature and their own calculations. 'Woodrow Wilson referred to sanctions as 'something more tremendous than war.' Our evidence suggests that he was right,' authors Francisco Rodríguez, Silvio Rendón and Mark Weisbrot wrote. 'It is hard to think of other policy interventions with such adverse effects on human life that continue to be pervasively used.' The researchers, whose work was funded by the Centre for Economic and Policy Research, a progressive think tank, looked at mortality rates by age group in sanctions episodes for 152 countries between 1971 and 2021. They used four unique econometric tools to isolate the causal relationship between categories of sanctions and higher mortality rates. Their findings were consistent across all four methods: Global, economic and unilateral sanctions are all associated with higher death tolls. United Nations sanctions are not, to any statistically significant level. The term 'global sanctions' in the study refers to all penalties, whereas 'economic sanctions' are trade and financial deterrents and 'unilateral sanctions' are imposed by either the US or the EU. Top stories Swipe. Select. Stay informed. World Trump was told he is in Epstein files, Wall Street Journal reports Opinion The US dollar is down, but it has a lot going for it Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes Singapore Singapore Oceanarium will enhance tourism while supporting sustainability: Grace Fu Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Asia Thailand recalls ambassador, expels Cambodian envoy in border row Asia Japan PM Ishiba refutes reports of imminent resignation after surprise US trade deal UN sanctions potentially have less impact given they're framed as efforts to minimise impact on civilian populations, the authors point out, while US sanctions often aim for regime change or shifts in political behavior, which deteriorates living conditions in target countries. 'Many times, a rogue regime will blame sanctions for all the problems of its country,' Mr Jeremy Paner, a sanctions lawyer at Hughes Hubbard, told Bloomberg before seeing the study. 'It's easy to blame the US or Brussels.' Mr Paner, who previously served as lead sanctions investigator at the Treasury Department's Office of Foreign Assets Control, was skeptical of the study's conclusion, emphasising that the office works to ensure that humanitarian groups can work in sanctioned countries effectively. 'The point of sanctions is to further foreign policy and American values, including humanitarian work,' he said. Mr Rodríguez, the study's lead author and an expert on sanctions and the crisis in Venezuela, countered that even if humanitarian aid is allowed into sanctioned countries, there are formidable obstacles to delivery. Banks and nonprofits often avoid interactions with the sanctioned nation regardless of the exceptions for aid. 'Saying, 'I'm going to block your oil exports, but I'm going to allow you to continue importing humanitarian goods,' is almost like saying to somebody who has just lost their job, 'Don't worry, you can still go into the store and buy whatever you want,'' Mr Rodríguez said in an interview. For decades, academics have debated how sanctions affect mortality, but have struggled to prove such a relationship. Ms Joy Gordon, who focuses on sanctions at Loyola University in Chicago, said the Lancet study offers a 'compelling argument, supported by rigorous methodology, that sanctions directly impact mortality' across age groups. The researchers urged policymakers to exercise restraint with sanctions, especially as the tool's use has ballooned. Some 25 per cent of countries were sanctioned by the US, EU or UN between 2010 and 2022 – up from 8 per cent of countries in the 1960s, according to the study, which cited Global Sanctions Database figures. 'Sanctions have their origins in economic warfare strategies such as blockade, which aimed to starve civilians,' sanctions expert Nicholas Mulder said. 'For sanctioning governments, pure intentions are no guarantee of clean hands.' BLOOMBERG
Straits Times
5 hours ago
- Straits Times
US, EU trade talks boosted by Trump's agreement with Japan
FILE PHOTO: Stacked containers and cranes are shown at the Port of Los Angeles in Los Angeles, California, U.S., November 22, 2021. REUTERS/Mike Blake/File Photo BRUSSELS/WASHINGTON - The European Union and the U.S. are heading for a potential trade deal that includes a 15% U.S. baseline tariff on EU goods and possible exemptions, two European diplomats said on Wednesday, potentially moving President Donald Trump closer to securing another major trade agreement hours after he unveiled one with Japan. European negotiators were hoping to reach an agreement to dodge the 30% tariff rate Trump has said he would impose on imports from the 27-nation bloc on August 1. The rate, which could also extend to cars, would mirror the framework agreement the U.S. has struck with Japan, which Trump announced late on Tuesday. The deal could include exemptions for some EU goods, the diplomats said. As talks continued, the European Commission said it would press on with potential counter-measures in case a deal was not reached. EU member states were set to vote on 93 billion euros of counter-tariffs on U.S. goods on Thursday, European diplomats said. A broad majority of members support using anti-coercion instruments if there is no deal, they said. Trump was hoping for a boost from the complicated deal reached with Japan, the largest foreign investor in the U.S., which included a $550 investment and loan pledges from Japan and its commitment to buy 100 Boeing airplanes and boost purchases of U.S. agricultural products. Tariffs on Japan's auto sector will drop from 27.5% to 15% as part of the agreement, reviving hopes for a similar deal for EU cars. Top stories Swipe. Select. Stay informed. Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes World In landmark opinion, World Court says countries must address climate change threat Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore Male victim of fatal Toa Payoh fire was known to keep many things, say residents Sport Bukayo Saka the difference as Arsenal beat AC Milan at National Stadium Singapore HDB launches 10,209 BTO and balance flats, as priority scheme for singles kicks in Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Singapore Cyclist charged after allegedly hitting elderly pedestrian, killing him Asian and European stock markets rallied as investors cheered that agreement, but U.S. stocks showed a more modest rise and earnings reports were gloomy. U.S. businesses making everything from chips to steel reported downbeat results on Wednesday, revealing how the Trump administration's chaotic trade policy has hurt profits, added to costs, upended supply chains and weighed on consumer confidence. Trump said late on Tuesday that other countries would be coming for talks this week and governments were scrambling to close trade deals before next week's deadline that the White House has repeatedly pushed back under pressure from markets and intense lobbying by industry. AUTO TARIFFS Automobile stocks led the climb of European shares after the Japan deal spurred hopes that the U.S. was budging over tariffs on EU cars. EU officials have previously said Washington has shown little sign of doing so. U.S. Treasury Secretary Scott Bessent said in an interview with Bloomberg Television that Japan received the 15% rate on auto tariffs "because they were willing to provide this innovative financing mechanism" that he did not think other countries could replicate. Trump, however, has appeared open to a range of options as the U.S. negotiates trade deals. "I will only lower tariffs if a country agrees to open its market," Trump wrote in a social media post on Wednesday. In addition to talks in Washington, the European Trade Commissioner Maros Sefcovic planned to speak with U.S. Commerce Secretary Howard Lutnick on Wednesday from Brussels. REUTERS
