Gaza, 'Taco Trump', Musk ‘overboarded', Macron's ‘le slap'
It's been the week that Elon Musk said goodbye to the Trump Administration and left his role at the White House. The world's richest man said his time has come to an end at the department of government efficiency just days after his public critique of Trump's so called Big Beautiful tax bill, calling it too expensive and undermining the point of Doge. Washington insiders say it was his time, quoting sources suggesting he'd been seen as a bit of nuisance in the Trump inner circle. White House officials tell reporters he was quote 'off boarded' on Wednesday night.
And it was a week that created an inadvertent legacy moment for Emmanuel Macron, on manoeuvres in south east Asia. A moment likely to be included in every future look back at the President's career. A push in the face from the First Lady. Pay no attention to the couple behind the plane's curtain. 'Play fighting' said the President.
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France 24
an hour ago
- France 24
Clock ticks on US tariff hikes as Trump broadens blitz
As the clock ticked down on a Friday deadline for higher levies to take effect on goods from various trading partners, Trump announced a trade deal with South Korea and separate duties on Brazilian and Indian imports. He also signed an order Wednesday to impose previously-threatened 50 percent tariffs on certain copper products and end a tariff exemption for low-value shipments from abroad. The tariff hikes due Friday were initially announced in April as part of a package where Trump slapped a 10 percent levy on goods from almost all trading partners -- citing unfair trade practices. This rate was set to rise to varying levels for dozens of economies like the European Union, Japan and others, but Washington twice postponed their implementation as financial markets gyrated. So far, Britain, Vietnam, Japan, Indonesia, the Philippines, the EU and South Korea have reached initial deals with Washington to secure less punishing conditions. While the United States and China earlier slapped escalating tariffs on each other's products, both sides are working to further a truce maintaining duties at lower levels. 'Big day' But Trump has been pushing ahead in his efforts to reshape global trade. The US leader insisted Wednesday that the August 1 deadline "will not be extended" any further. In a Truth Social post, he vowed that this would be "a big day for America." Although Trump has promised a surge in government revenues from his duties, economists warn that higher tariffs can fuel an uptick in inflation and weigh on economic growth. This could change consumption patterns. Already, consumers face an overall average effective tariff rate that is the highest since the 1930s, according to a recent analysis by The Budget Lab at Yale University. The effect on consumer prices has been limited so far. But analysts cautioned this could become more pronounced as businesses run down on existing inventory and pass on more costs to buyers. Tariff blitz, delays Among Trump's latest announcements were a 25 percent duty on Indian goods to begin Friday -- slightly lower than previously threatened -- after talks between Washington and New Delhi failed to bring about a trade pact. India would face an unspecified "penalty" over purchases of Russian weapons and energy as well, Trump said. He also unveiled a 50 percent tariff on Brazilian goods, saying its government's policies and actions threaten US national security. But he delayed its implementation from Friday to August 6 and crucially exempted many products from the prohibitive levy, including orange juice, civil aircraft, iron ore and some energy products. Trump inked an order too for a 50 percent tariff to kick in Friday on goods like copper pipes and wiring, making good on an earlier vow to impose these duties. But the levy, which came after a Commerce Department probe on national security grounds, was less sweeping than anticipated. It left out products like copper ores, concentrates and cathodes, bringing some relief to industry. Meanwhile, Seoul landed a deal with Trump in which South Korean products would face a 15 percent tariff when entering the United States -- significantly below a 25 percent level threatened.
France 24
3 hours ago
- France 24
Trump says US to impose 15% tariff on South Korean goods
"South Korea will give to the United States $350 Billion Dollars for Investments," Trump said in a post on his Truth Social platform, adding that the country would buy $100 billion in liquefied natural gas or other energy products. The 15 percent rate is below a 25 percent rate that Trump had threatened earlier, and was equivalent to levies determined from US trade deals with Japan and the European Union. Trump added that an additional unspecified "large sum of money" will be invested by Seoul. "This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting," Trump said, offering congratulations to his South Korean counterpart for his "electoral success." 'Overcome a major hurdle' The meeting will be their first since Lee assumed the presidency in June. In a statement posted to Facebook, Lee called the deal "the first major trade challenge" since his administration took power, adding: "We have overcome a major hurdle." "Through this deal, the government has eliminated uncertainty surrounding export conditions and ensured that US tariffs on our exports are either lower than or equal to those imposed on our major trade competitors," Lee said. Lee was elected in a snap vote last month following the impeachment of his predecessor, Yoon Suk Yeol, over his disastrous martial law declaration in December. Now at the helm of Asia's fourth-largest economy, which is heavily reliant on exports, the trade deal marks an early victory for Lee's tenure. "This agreement represents the convergence of US interests in revitalizing its manufacturing sector and our determination to strengthen Korean companies' competitiveness in the American market," Lee's statement continued. Since returning to the White House in January, Trump has imposed a sweeping 10 percent tariff on allies and competitors alike -- with rates set to increase for dozens of economies on August 1 -- alongside steeper levels on steel, aluminum and autos. In contrast with the 15 percent tariff for South Korea, Trump on Wednesday also placed 25 percent tariffs on imports from India and 50 percent on those from Brazil. The latter rate was determined in part as retaliation for what Trump has called a "witch hunt" against his far-right ally Jair Bolsonaro, Brazil's former president who is currently undergoing a criminal trial.
Euronews
5 hours ago
- Euronews
Macron says the EU-US trade deal's not yet done
French President Emmanuel Macron has called on the EU Commission to rebalance EU's trade relationship with the US, particularly in the services sector, just days after a deal was reached between EU Commission President Ursula von der Leyen and US President Donald Trump. 'To be free, one must be feared. We haven't been feared enough,' Macron said during a meeting of the French council of ministers, French media reported, calling for 'relentless efforts to rebalance trade, particularly in the services sector.' 'This is not the end of the story, and we will not stop here,' the French president added, as the EU Commission is still negotiating exemptions to the 15% US tariffs on EU imports agreed on 27 July. Since the beginning of the tariff war with the US, France has consistently favoured a hardline approach, brandishing the threat of the anti-coercion instrument — an EU tool that allows foreign companies to be denied access to public procurement, licenses, or intellectual property rights. The tool would enable the EU to target US services, where the bloc runs a trade deficit with the US, unlike in goods. Countermeasures The EU has also adopted a package of countermeasures worth €95 billion targeting US products, but these were suspended until 4 August. The Commission is now awaiting a US executive order confirming that a 15% blanket tariff will apply to imports of EU goods as of 1 August. 'Of course the measures are there,' an EU official said, adding: 'They have been approved by the member states. So if there was a need, we could always bring them back on Tuesday [4 August]. But that is not the assumption from which we start this next phase in transatlantic relations.' The French President acknowledged that negotiations with the US had been difficult, and welcomed exemptions secured for the aerospace sector, considered strategic for Paris. France also hopes that the Commission will manage to negotiate an exemption for wine and spirits, which represent France's leading export market to the US. 'We are continuing to negotiate with the Americans so that, if possible, spirits, perhaps wine, and other sectors can be exempted. It's a work in progress," French Economy Minister Éric Lombard told French radio on Wednesday. On top of aircraft, Von der Leyen on Sunday announced that zero-for-zero tariffs will apply to certain chemicals, generic drugs, semiconductor-making equipment, some agricultural products (but with the exclusion of all sensitive products like beef, rice, ethanol, sugar or poultry), some natural resources and critical raw materials.
