Columbia University to Pay $221 Million to End Trump Clash
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24 minutes ago
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Trump trade war could still see America come off worse
It is a trade deal that will 'rebalance, but enable trade on both sides,' said Ursula von der Leyen after the EU and US struck a trade deal in Scotland. It was not the most emphatic declaration by the president of the European Commission. The trading partnership between two of the biggest markets in the world is in significantly worse shape than it was before Donald Trump was elected, but this deal is better than nothing. As part of the agreement, European exports to the US will be hit with a 15% tariff. That's better than the 30% the bloc was threatened with but it is a world away from the type of open and free trade European leaders would like. The EU had offered tariff free trade to the US just weeks before the deal was announced. Money latest: Instead, it has accepted a 15% tariff and agreed to ramp up its energy purchases from the US. The EU tariff on US imports will remain close to zero but Europe did get some important exemptions - on aviation, critical raw materials, some chemicals and some medical equipment. That being said, the bloc did not achieve a breakthrough on steel, aluminium or copper, which are still facing a 50% tariff. It means the average tariff on EU exports to the US will now rise from 1.2 % last year to 17%. There is also confusion over the status of pharmaceuticals- an important industry to Europe. Products like Ozempic, which is made in Denmark, have flooded into the US market in recent years and Donald Trump was threatening tariffs as high as 50% on the sector. It appears that pharmaceuticals will fall under the 15% bracket, even though President Trump contradicted official announcements by suggesting a deal had not yet been made on the industry. The risk is that the implementation of the deal could be beset with differences of interpretation, as has been the case with the Japan deal that Trump struck last week. It also risks fracturing solidarity between EU states, all of which have different strategic industries that rely on the US to differing degrees. Germany's BDI federation of industrial groups said: "Even a 15% tariff rate will have immense negative effects on export-oriented German industry." The VCI chemical trade association said rates were still "too high". For German carmakers, including Mercedes and BMW, there was some reprieve from the crippling 27.5% tariff imposed by Trump. The industry is Europe's top exporter to the US but the German trade body, the VDA, warned that a 15% rate would "cost the German automotive industry billions annually". Meanwhile, François Bayrou, the French Prime Minister, described the agreement as a "dark day" for the union, "when an alliance of free peoples, gathered to affirm their values and defend their interests, resolves to submission." While the deal has divided the bloc, the greater certainty it delivers is not to be snubbed at. Markets bounced on the news, even though the deal will ultimately harm economic growth. Analysts at Oxford Economics said: "We don't plan material changes to our eurozone baseline forecast of 1.1% GDP growth this year and 0.8% in 2026 in response to the EU-US trade deal. "While the effective tariff rate will end up at around 15%, a few percentage points higher than in our baseline, lower uncertainty and no EU retaliation are partial offsets." However, economists at Capital Economics, said the economic outlook had now deteriorated, with growth in the bloc likely to drop by 0.2%. Germany and Ireland could be the hardest hit. While the US appears to be the obvious winner in this negotiation, uncertainty still hangs over the US economy. Trump has not achieved his goal of "90 deals in 90 days" and, in the end, American consumers could still bear the cost through higher prices. That of course depends on how businesses share the burden of those higher costs, with the latest data suggesting that inflation is yet to rip through the US economy. While Europe determined on Sunday that a bad deal is better than no deal, some fear that the worst is yet to come for the Americans.
Yahoo
24 minutes ago
- Yahoo
Darren Walker's new book is still hopeful despite growing inequality as he leaves Ford Foundation
NEW YORK (AP) — Darren Walker needed to be convinced of his new book's relevance. The outgoing Ford Foundation president feared that 'The Idea of America," set to publish in September just before he leaves the nonprofit, risked feeling disjointed. In more than eight dozen selected texts dating back to 2013, he reflects on everything from his path as a Black, gay child from rural Texas into the halls of premiere American philanthropies to his solutions for reversing the deepening inequality of our 'new Gilded Age." 'To be clear, not everything I said and wrote over the last 12 years is worthy of publication," Walker said. A point of great regret, he said, is that he finds American democracy weaker now than when he started. Younger generations lack access to the same 'mobility escalator' that he rode from poverty. And he described President Donald Trump's administration's first six months as 'disorienting' for a sector he successfully pushed to adopt more ambitious and just funding practices. Despite that bleak picture, Walker embraces the characterization of his upcoming collection as patriotic. 'My own journey in America leaves me no option but to be hopeful because I have lived in a country that believed in me,' he said. Walker recently discussed his tenure and the book's call for shared values with the Associated Press inside his Ford Foundation office — where an enlarged picture of a Black child taken by Malian portrait photographer Seydou Keïta still hangs, one of many underrepresented artists' works that populated the headquarters under his leadership. This interview has been edited and condensed for clarity. Q: Upon becoming Ford Foundation's president, you suggested that 'our most important job is to work ourselves out of a job' — a 2013 statement you include in the book. How would you grade your efforts? A: The past 12 years have been both exhilarating and exhausting. Exhilarating because there's never been a more exciting time to be in philanthropy. And exhausting because the political, socioeconomic dynamics of the last 12 years are very worrisome for our future. Philanthropy can play a role in helping to strengthen our democracy. But philanthropy can't save America. I would probably give myself a B or a B-. I don't think where we are as a nation after 12 years is where any country would want to be that had its eye on the future and the strength of our democracy. Q: Is there anything you would do differently? A: In 2013 and those early speeches, I identified growing inequality as a challenge to the strength of our democracy. And a part of that manifestation of growing inequality was a growing sense of disaffection — from our politics, our institutions, our economy. For the first time, a decade or so ago, we had clear evidence that working class white households were increasingly downwardly mobile economically. And the implications for that are deep and profound for our politics and our democracy. We started a program on increasing our investments in rural America, acknowledging some of the challenges, for example, of the trends around the impacts of the opioid epidemic on those communities. I underestimated the depth and the collective sense of being left behind. Even though I think I was correct in diagnosing the problem, I think the strategy to respond was not focused enough on this population. Q: Many people credit you for using Ford Foundation's endowment to increase grantmaking during the pandemic. Is that sort of creativity needed now with the new strains faced by the philanthropic sector? A: One of the disappointments I have with philanthropy is that we don't take enough risk. We don't innovate given the potential to use our capital to provide solutions. I do think that, in the coming years, foundations are going to be challenged to step up and lean in in ways that we haven't since the pandemic. The 5% payout is treated as a ceiling by a lot of foundations and, in fact, it's a floor. During these times when there's so much accumulated wealth sitting in our endowments, the public rightly is asking questions about just how much of that we are using and towards what end. Q: Where do you derive this sense of 'radical hope' at the end of your book? A: As a poor kid in rural Texas, I was given the license to dream. In fact, I was encouraged to dream and to believe that it will be possible for me to overcome the circumstances into which I was born. I've lived on both sides of the line of inequality. And I feel incredibly fortunate. But I'm also sobered by the gap between the privileged and the poor and the working-class people in America. It has widened during my lifetime and that is something I worry a lot about. But I'm hopeful because I think about my ancestors who were Black, enslaved, poor. African Americans, Black people, Black Americans have been hopeful for 400 years and have been patriots in believing in the possibility that this country would realize its aspirations for equality and justice. That has been our North Star. Q: Heather Gerken, the dean of Yale's law school, was recently named as your successor. Why is it important to have a leader with a legal background and an expertise in democracy? A: She is the perfect leader for Ford because she understands that at the center of our work must be a belief in democracy and democratic institutions and processes. She is also a bridge builder. She is a coalition builder. She's bold and courageous. I'm just thrilled about her taking the helm of the Ford Foundation. It is a signal from the Ford Foundation Board of Trustees that we are going to double down on our investment and our commitment to strengthening, protecting and promoting democracy. Q: Youtold AP last year that, when you exited this building for the last time, you'd only be looking forward. What does 'forward' mean to you now? A: I have resolved that I don't want to be a president or a CEO. I don't need to be a president of CEO. I think leaders can become nostalgic and hold onto their own history. Now there's no doubt, I know, that my obituary is going to say, 'Darren Walker, the president of the Ford Foundation." That's the most important job I'll ever have. But hopefully I'll be able to add some more important work to that. ___ Associated Press coverage of philanthropy and nonprofits receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP's philanthropy coverage, visit James Pollard, The Associated Press
Yahoo
24 minutes ago
- Yahoo
Tacoma mayor candidates join forums to debate top issues. Here's what they said
Ahead of the Aug. 5 primary election, candidates running to become Tacoma's next mayor have joined several candidate forums to discuss issues like housing, homelessness, public safety, business and more. According to the state's public disclosure commission, the city's mayoral race has been the seventh-most expensive race in the state so far, with close to $300,000 in expenditures across all candidates. The King County executive and Seattle mayoral races lead the way. John Hines, currently representing district 1 on the Tacoma city council, has raised the most money with $174,564.42. He is closely followed by former district 1 city council member Anders Ibsen at $167,427.84. Candidates Whitney Stevens, Steve Haverly and Jesus 'Jesse' Carlos follow, with $21,658.16, $13,601.41, and $10,109.71 in funds raised, respectively. Candidate Anthony (Tony) Ginn follows, having reported zero expenditures and contributions. The News Tribune attended and watched mayoral candidate forums this month so you don't have to. Here's a roundup of some of what candidates had to say on housing, public safety, the city's budget and business. Housing and homelessness Housing and homelessness were top of mind for forum attendees and candidates alike. In a housing-themed forum co-sponsored by groups like Tacoma For All, United Food and Commercial Workers 367 and the Tacoma Ministerial Alliance, mayoral candidates discussed their tactics to address homelessness in Tacoma, housing affordability and tenants rights. Candidates at the forum — which all but Ginn attended — separated into a few different camps in response to questions about Tacoma's Tenant Bill of Rights. Stevens and Carlos both said they were renters-turned-homeowners and small landlords in Tacoma, and both expressed concerns about how Tacoma's Tenant Bill of Rights could deter small landlords in the city. 'We want more [Accessory Dwelling Units],' Stevens said at the forum. 'We want more small individual landlords. We need to make sure that the system in place is allowing that type of housing to exist.' Haverly said the city needed to find a 'happy medium' that eliminates landlords who are abusive to tenants, and tenants who take advantage of landlords. Hines said he wasn't a proponent of the Tenant Bill of Rights, and said he felt it pushed existing affordable housing out of the market, which he said was the city's bigger problem. Ibsen, on the other hand, said the measure had room for improvement in the realm of licensing, potentially requiring landlords to have business licenses for their rentals. 'I'm speaking a little bit, actually, as a bit of a traitor to my class. I'm actually a landlord who's not endorsed by the landlord lobby, running for this position. One of my opponents is, though,' Ibsen said, likely of Hines, who is endorsed by the Rental Housing Association of Washington. Public safety Candidates seemed to somewhat converge on their stances on public safety. In response to a question in TV Tacoma's mayoral forum — which Haverly and Carlos were absent from — about how they would improve community relations with the Tacoma Police Department, 'community policing' and improving response times was a popular refrain. Ibsen was among that group, as was Hines, who added that he wanted to solicit feedback from community members to find out what the department could do to help Tacoma residents feel more safe. Ginn also suggested encouraging officers to spend time in the communities they work for. Stevens outlined similar plans, emphasizing transparency and increased communication with Tacoma residents and Tacoma police officers to identify their needs. 'Accountability starts at the top. It means that the mayor, the city manager, whatever form of government, those leaders, the police chief, are talking about this every single day,' Stevens said at the forum. Business Business was top of mind for attendees at Tacoma Rising's mayoral forum and watch party, in which candidates answered questions in a pre-recorded video and answered follow-up questions at the forum. The discussion, particularly that around the proposed Workers Bill of Rights, drew clear lines between candidates. Organizers with the Tacoma Democratic Socialists of America and the United Food and Commercial Workers Union 367 recently took the next step in getting the proposal on the ballot, which could among other things set a $20 minimum wage in Tacoma. Ginn said he supported it, and Carlos said he didn't. Ibsen and Hines said they were in favor of the sentiment behind it but could not support it 'as it's written.' Haverly made the same argument he made at the housing forum regarding the Tenant Bill of Rights — that both employers have been abusive to their employees and employees have taken advantage of employers, and that the city needs to come up with a plan for both to meet in the middle. Stevens, on the other hand, said she was the only candidate who signed the petition to put the Workers Bill of Rights on the ballot — 'not because I endorse it, and not because I even know if I'm voting for it, but because I understand the motivations behind it,' she said at the forum. Tacoma's budget As the city of Tacoma faces a budget deficit, questions about cutting costs and boosting revenues were among the top subjects of discussion at mayoral forums. Ibsen and Hines both appeared to agree that the city will likely need to put another property tax hike on the ballot after the recent failures of Tacoma's streets initiative and a levy-lid lift for the city's fire department. Hines emphasized that putting effort into drawing more businesses to the city could boost its revenues, and Ibsen said the city would need to look for non-traditional revenue sources, like having Tacoma Public Utilities rent out empty space to local businesses. Haverly said the city will have to rely increasingly on the state government to help boost Tacoma's revenues, given instability at the level of the federal government. In response to a question about how to address the city's budget deficit, Ginn said he wants to focus on Tacoma's youth, and ensuring they get the education they need. Stevens took a different approach as she has in other forums, making the case that the city can address its revenue shortfalls by making childcare more accessible to allow for more parents to join the workforce. She also said police accountability is also a budgetary issue, given the amount of money the city has spent on lawsuits related to police conduct. 'That should stop, because that is money we cannot afford to lose,' she said at the TV Tacoma forum. Carlos, at the mayoral forum on housing, said the city needs to 'democratize the capital' that it needs to invest in new programs, like efforts to encourage affordable housing in Tacoma. 'I know that people have their feelings about what NFTs and blockchain technology can do,' he said at the forum, drawing audible surprise from audience members. 'I'm serious. I teach it at Harvard, and it really is a way to democratize the funding of social housing projects.' Solve the daily Crossword
