Rajab's Ramp: A skateboarder's call from a starving Gaza
28/07/2025
Russia: Numerous flights cancelled after massive cyberattack
28/07/2025
Impact of US tariffs varies across European Union
28/07/2025
Trump says many are starving in Gaza, vows to set up food centres
28/07/2025
Thailand and Cambodia agree to ceasefire to end deadly border row
28/07/2025
Starmer–Trump meeting: US president sees signs of 'real starvation' in Gaza"
28/07/2025
REPLAY: Trump says Gaza ceasefire 'possible' amid Starmer talks
28/07/2025
Food arrives in Gaza after Israel pauses some fighting
28/07/2025
Thailand and Cambodia agree truce after five days of fighting
28/07/2025
Turkey: Firefighters battle wildfires amid strong winds
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France 24
7 minutes ago
- France 24
US second quarter GDP growth to reflect tariff turbulence
The world's biggest economy is anticipated to expand at an annual rate of 2.5 percent in the April to June period, according to a consensus forecast by This marks a reversal of a 0.5 percent decline, annualized, seen in the first three months of the year. But cost pressures from tariffs, among other factors, could later bog down investment and consumption -– a key driver of the US economy. "It's very much distorted by the trade flows and inventory," said Nationwide chief economist Kathy Bostjancic, referring to second quarter growth. At the start of the year, businesses rushed to stock up on products in an effort to avoid Trump's threatened tariff hikes -- but this build-up is now unwinding. The imports surge ahead of tariff hikes in the first quarter led to the largest drag on GDP growth from net exports on record, analysts at Goldman Sachs said in a recent note. This means a bounce back is expected once imports cool. But the acceleration is not sustainable, Bostjancic told AFP. Trump had raised the idea of across-the-board tariffs targeting trading partners during election campaigning last year, and since returning to the US presidency in January he has rolled out wave after wave of fresh duties. These included a 10 percent levy on almost all US partners, higher duties on steel, aluminum and auto imports, as well as separate actions against Canada and Mexico over illegal immigration and illicit fentanyl flows. In April, the Trump administration separately took aim at the world's number two economy, China, as Beijing pushed back on US tariffs. Both countries ended up imposing tit-for-tat tariffs on each other's products, reaching triple-digit levels and bringing many trade flows to a halt before Washington and Beijing reached a temporary agreement to lower duties. After two days of talks in the Swedish capital of Stockholm this week, negotiators from both countries signaled there could be an extension of the truce -- although the final call depends on Trump. 'Clear deceleration' Bostjancic expects that underlying activity driving US gross domestic product will be moderating, although not collapsing. "The US economy continues to navigate a complex set of crosscurrents, obscuring a clear reading of its underlying momentum," said EY chief economist Gregory Daco in a note. But he added that one trend is evident, which is that "economic activity is decelerating even as inflationary pressures are reemerging." "Tariff-induced cost pressures, persistent policy uncertainty, severely curtailed immigration, and elevated interest rates are collectively dampening employment, business investment and household consumption," Daco said. Analysts are closely eyeing the impact of Trump's tariffs on inflation, with economists warning that the duties could fuel price increases. They expect to learn more from data in the summer months. All of this could impact consumer spending -- a key economic driver. "The trend in GDP growth is best analyzed by considering the first and second quarters together," said Samuel Tombs, chief US economist at Pantheon Macroeconomics. "The likely average growth rate of about 1.5 percent over these two quarters represents a clear deceleration from the 3 percent rates in the previous two years," he added. He said in a note that the US economy would probably "lose more momentum" in the third quarter, when consumer prices for imported goods likely will rise sharply. And "adverse consequences" of economic policy uncertainty will also start to materialize when it comes to business investment, Tombs said. Analysts have noted that companies tend to hold off major decisions during times of uncertainty, given the risk of sudden policy shifts. "We continue to expect GDP growth to average just 1 percent in the second half of this year," Tombs said.
LeMonde
2 hours ago
- LeMonde
US and China agree to work on extending the deadline for new tariffs in trade talks
The United States and China have agreed to work on extending a deadline for new tariffs on each other after two days of trade talks in Stockholm concluded on Tuesday, July 29, according to Beijing's top trade official. China's international trade representative Li Chenggang said the two sides had "in-depth, candid and constructive" discussions and agreed to work on extending a pause in tariffs beyond an August 12 deadline for a trade deal. "Both sides are fully aware the importance of maintaining a stable, healthy China-US economic and trade relations," Li said, without elaborating how the extension would work. US Treasury Secretary Scott Bessent described the talks as a "very fulsome two days with the Chinese delegation." He said they touched on US concerns over China's purchase of Iranian oil, supplying Russia with dual-use tech that could be used on the battlefield, and manufacturing goods at a rate beyond what is sustained by global demand. "We just need to de-risk with certain, strategic industries, whether it's the rare earths, semiconductors, medicines, and we talked about what we could do together to get into balance within the relationship," Bessent said. He stressed that the US seeks to restore domestic manufacturing, secure purchase agreements of US agricultural and energy products, and reduce trade deficits. The latest round of talks opened Monday in Stockholm to try to break a logjam over tariffs that have skewed the pivotal commercial ties between the world's two largest economies. The two sides previously met in Geneva and London to address specific issues – triple-digit tariffs that amounted to a trade embargo and export controls on critical products – China's chokehold on rare earth magnets, and US restrictions on semiconductors. A possible Trump-Xi meeting Monday's discussions lasted nearly five hours behind closed doors at the office of Swedish Prime Minister Ulf Kristersson. Before the talks resumed Tuesday, Kristersson met with Bessent and US Trade Representative Jamieson Greer over breakfast. The talks in Stockholm unfolded as President Donald Trump is mulling plans to meet Chinese President Xi Jinping, a summit that could be a crucial step toward locking in any major agreements between their two countries. "I would say before the end of the year," Trump told reporters aboard Air Force One on Tuesday. On his Truth Social media platform, Trump insisted late Monday that he was not "seeking" a summit with Xi, but may go to China at the Chinese leader's invitation, "which has been extended. Otherwise, no interest!" Help us improve Le Monde in English Dear reader, We'd love to hear your thoughts on Le Monde in English! Take this quick survey to help us improve it for you. Take the survey Bessent told reporters the summit was not discussed in Stockholm but that they did talk about "the desire of the two presidents for the trade team and the Treasury team to have trade negotiations with our Chinese counterparts." Greer said the American team would head back to Washington and "talk to the president about" the extension of the August deadline and see "whether that's something that he wants to do." Striking tariff deals The US has struck deals over tariffs with some of its key trading partners – including Britain , Japan and the European Union – since Trump announced earlier in July elevated tariff rates against dozens of countries. China remains perhaps the biggest challenge. "The Chinese have been very pragmatic," Greer said in comments posted on social media by his office late Monday. "We have tensions now, but the fact that we are regularly meeting with them to address these issues gives us a good footing for these negotiations." Since China vaulted into the global trading system more than two decades ago, Washington has sought to press Beijing to encourage more consumption at home and offer greater market access to foreign, including American-made goods. Bessent said the "overall tone of the meetings was very constructive" while Li said the two sides agreed in Stockholm to keep close contact and to "communicate with each other in a timely manner on trade and economic issues." Flagpoles at the prime minister's office were festooned with the American and Chinese flags.
France 24
3 hours ago
- France 24
Trump says Epstein 'stole' Mar-a-Lago spa staff, causing fallout
Donald Trump said Tuesday that he fell out with Jeffrey Epstein because the convicted sex offender had poached staff from his club's spa, including the woman at the center of an underage sex scandal involving Prince Andrew. The White House has said previously that Trump threw Epstein out of his Mar-a-Lago club two decades ago "for being a creep" and US media has reported that they became estranged over a Florida real estate deal. Speaking to reporters on Air Force One while flying home from Scotland, Trump gave some of his most expansive public comments yet about his falling out with Epstein, the wealthy and well-connected financier who died in a New York jail in 2019 while awaiting trial for sex trafficking underage girls. "People were taken out of the (Mar-a-Lago) spa, hired by him, in other words gone," Trump said. "When I heard about it, I told him, I said, 'Listen, we don't want you taking our people.' "And then not too long after that, he did it again. And I said, 'Out of here.'" Trump also confirmed that one of the Mar-a-Lago spa attendants taken by his longtime friend Epstein was Virginia Giuffre, who brought a civil case against Epstein friend Prince Andrew, accusing him of sexually assaulting her when she was 17. Giuffre, who accused Epstein of using her as a sex slave, committed suicide at her home in Australia in April. "I think she worked at the spa," Trump said. "I think that was one of the people. He stole her." Before taking office in January, Trump promised to release more information about Epstein, who right-wing conspiracy theorists allege trafficked young girls for VIPs. Trump infuriated some of supporters, however, when the FBI and Justice Department announced in early July that they had not discovered any new elements warranting the release of additional information about Epstein. Scrutiny has been intensifying ever since on Trump's own relationship with Epstein. 'Clemency' Seeking to tamp down the furor, the Justice Department has sought the release of grand jury transcripts from the investigation into Epstein and interviewed Ghislaine Maxwell, Epstein's imprisoned accomplice, last week. Deputy Attorney General Todd Blanche -- who is also Trump's former personal attorney -- met with Maxwell over two days but declined to say what was discussed in the highly unusual meetings between a convicted felon and a top Justice Department official. 02:17 Maxwell, 63, who is serving a 20-year prison sentence after being convicted in 2021 of recruiting underage girls for Epstein, offered meanwhile to testify before a House of Representatives committee but only if granted immunity. Maxwell's lawyers, in a letter to the House committee which has subpoenaed her to testify next month, said she would be prepared to do so "if a fair and safe path forward can be established." "If Ms Maxwell were to receive clemency, she would be willing -- and eager -- to testify openly and honestly, in public," they said. Without clemency, the former British socialite would only testify if granted immunity. "Ms Maxwell cannot risk further criminal exposure in a politically charged environment without formal immunity," her lawyers said. Maxwell would also need to see potential questions in advance and would not agree to be interviewed at the Florida prison where she is being held, they said. Finally, her lawyers said, any testimony could only come after the Supreme Court decides whether or not to hear Maxwell's appeal seeking to have her conviction overturned. They said that if the conditions could not be met Maxwell would invoke her Fifth Amendment rights against self-incrimination.
