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Democrats seek to capitalize on Epstein uproar

Democrats seek to capitalize on Epstein uproar

The Hill25-07-2025
PRESIDENT TRUMP is hoping to leave questions about his administration's handling of the Jeffrey Epstein case in the rearview mirror as he begins his weekend trip to Scotland, while Democrats lean into the controversy and seek to leverage it for political gain.
Trump will open his third golf course in Scotland this weekend, with the newest to be named after his late mother. The president will also meet with U.K. Prime Minister Keir Starmer to 'refine' a trade deal with the U.S., while seeking to further negotiations on a trade deal with the the head of the European Commission, Ursula von der Leyen.
But the political frenzy in Washington has shown no signs of abating, driven by Trump's demands that Republicans drop the issue, the Justice Department 's new interest in Epstein associate Ghislaine Maxwell, subpoenas from Congress, and Democratic efforts to stoke an issue they hope will split Trump's MAGA base.
'The Radical Left Democrats are doing everything in their power to distract and obfuscate from our GREAT six months of service to America, results of which many are saying is the BEST six months in Presidential history,' Trump posted Friday on Truth Social, hitting 'yet another Democrat CON JOB.'
Trump has instructed Attorney General Pam Bondi to release grand jury transcripts, but a judge ruled they must remain sealed.
Speaker Mike Johnson (R-La.) said in a Thursday interview with CBS News' Major Garrett that the Epstein files are 'not a hoax.'
'They are real victims here, but that's part of a delicate — the balance that's being done here is, I tried to explain in my press conference this week, man, we want full disclosure,' Johnson added. 'If I had — if I had these things in my possession, I would have put them out a long time ago, but I would also have been very careful to protect the innocent,' the Speaker added.
Todd Blanche, the No. 2 Department of Justice (DOJ) official, has taken the unusual step of interviewing Maxwell, who is serving a 20-year sentence in federal prison on sex-trafficking charges.
Maxwell's attorney said she answered hours of questions on Thursday and thanked the government for trying to 'uncover the truth.'
Blanche continued the interview on Friday, and has said he'll share more information 'at the appropriate time.'
Trump was asked Friday if he'd consider a pardon for Maxwell if she delivers new information on the case.
'I'm allowed to do it, but it's something I have not thought about,' he said.
Maxwell's attorney David Oscar Markus responded outside the federal courthouse where the interview took place:
'We haven't spoken to the president or anybody about a pardon just yet. The president this morning said he had the power to do so and we hope he exercises that power in the right and just way.'
The House Oversight Committee subpoenaed testimony from Maxwell and will interview her next month.
Trump is eager to move on.
'People should really focus on how well the country is doing,' he told reporters before boarding a plane to Scotland.
'I have nothing to do with this guy,' he added.
The media is busy digging up old interactions between Trump and Epstein, who ran in similar social circles until Trump says he cut off contact with the disgraced financier for being a 'creep.'
Trump is suing The Wall Street Journal over a story saying he sent a risqué birthday card to Epstein. The Journal now reports that many other high-profile individuals also contributed to a birthday album for Epstein, including former President Clinton, designer Vera Wang, and billionaires Leon Black and Les Wexner.
The House approved subpoenas to compel testimony from Clinton and former Secretary of State Hillary Clinton, as well as several other senior Democrats from the Obama and Biden administrations.
A separate Journal story said Trump was informed by Bondi earlier this year that his name was one of many in the Epstein files.
'You ought to be speaking to Bill Clinton who went to the island 28 times,' Trump told reporters on Friday. 'I never went to the island.'
DEMS SEEK TO CAPITALIZE
Democrats have a sudden interest in the Epstein case now that it's become a political headache for Trump.
'It's outraged some of [Trump's] core base, I enjoy the hell out of it,' California Gov. Gavin Newsom (D) said on 'The Diary Of A CEO' podcast.
The Democratic National Committee is launching digital ads targeting a dozen Republican-held House districts calling for the release of all Epstein files.
Rep. Ro Khanna (D-Calif.) plans to attack Vice President Vance on the issue in a speech Friday to the Democratic Mayors Association.
According to prepared remarks obtained by Politico Playbook, Khanna plans to draw on Vance's past remarks demanding transparency in the case.
'Your silence has been pretty deafening,' Khanna will say at the summit in Vance's home-state of Ohio.
Khanna and Rep. Thomas Massie (R-Ky.) are cosponsoring a bill seeking to force the release of the Epstein files.
Democratic strategist James Carville said Trump could face 'political catastrophe' with his MAGA base, which has long fixated on Epstein as a symbol of elite corruption.
Axios reports that the House Democratic messaging arm sent an alert to members this week urging them to 'amplify' the Journal story connecting Trump and Epstein.
But not all Democrats think they should be gleefully leaning into the controversy. Some members say they should be spending summer recess focusing on the core issues most important to voters, such as the economy.
'Candidly, this whole thing is just such bulls—,' one Democratic member told Axios.
💡 Perspectives:
• Vox: Why didn't Biden release the Epstein files?
• The Hill: Gabbard sets Trump's base up for the next disappointment.
• Wall Street Journal: How to end the Epstein's follies.
• RealClearPolitics: The damage caused by the Russia hoax.
• Trump's trip to Scotland: What to know.
• Republicans back Graham, Cornyn's call for Obama special counsel.
• GOP leaders submarined by Epstein uproar.
• Dems pressure Schumer, Senate to hold line on GOP spending bills.
• W.H. mulling a rare tool to block spending without Congress.
CATCH UP QUICK:
Former Rep. George Santos (R-N.Y.) reported to prison on Friday, capping a dramatic rise and fall in politics that saw him ascend as a GOP trailblazer before plunging to disgrace.
NEWS THIS AFTERNOON
Culture wars dominate national politics
The culture wars are burning across the country on everything from immigration to education and media.
Here's the latest…
• The Federal Communications Commission (FCC) approved an $8 billion merger agreement between Paramount and Skydance.
The approval comes after Paramount agreed to pay $16 million toward President Trump 's future presidential library to settle a lawsuit he brought against CBS News. The president accused '60 Minutes' of editing an interview with former Vice President Kamala Harris to cast her in a better light.
In addition, FCC Chair Brendan Carr said Skydance agreed to 'root out the bias that has undermined trust in the national news media.'
'These commitments, if implemented, would enable CBS to operate in the public interest and focus on fair, unbiased, and fact-based coverage,' he said.
Democrats and many in the media are furious over the settlement, which they see as capitulation to the government and a bribe to secure the merger.
'Bribery is illegal no matter who the president is,' Sen. Elizabeth Warren (D-Mass.) posted on X.
Since then, CBS announced the 'Late Show with Stephen Colbert' would end next year.
Colbert is a Trump critic and his show often features interviews with Democrats, provoking further outrage from the left, although CBS says the cancellation was 'strictly financial.' Media reporting indicates the show was losing tens of millions of dollars every year.
Paramount was in the headlines again this week after reaching a billion-dollar deal with the creators of 'South Park,' who went on to skewer Trump in a new episode.
• Commerce Secretary Howard Lutnick warned TikTok would go dark unless China agrees to a deal in which American owners take control of it.
'You can't have Chinese control and have something on a hundred million American phones. That's just not OK,' Lutnick told CNBC's 'Squawk on the Street.'
'If it's in American control, China can have a little piece, or ByteDance, the current owner, can keep a little piece,' he added. 'But basically Americans will have control, Americans will own the technology and Americans will control the algorithm.'
The Trump and Biden administrations both declined to enforce a law passed by Congress requiring TikTok's parent company ByteDance to divest from the app or be banned in the U.S.
• The Department of Justice (DOJ) filed a lawsuit against New York City challenging its law protecting undocumented migrants.
The lawsuit alleges the city 'released thousands of criminals on the streets to commit violent crimes against law-abiding citizens due to sanctuary city policies.'
The DOJ is also accusing city leaders, including Mayor Eric Adams (I), of 'efforts to thwart federal immigration enforcement.'
'If New York City won't stand up for the safety of its citizens, we will,' the lawsuit states.
• The Department of Education announced the conclusion of investigations into five Northern Virginia school districts, finding district policies accommodating transgender students violate federal law.
Meanwhile, The Hill's Lexi Lonas reports:
'Columbia University's settlement with the Trump administration is making waves across higher education as the White House indicates it wants the agreement to be a roadmap for other colleges. Advocates are angry at Columbia's cooperation while President Trump's supporters cheer what they consider much needed reforms after the school agreed to pay a $220 million fine and change multiple policies in exchange for all federal investigations into it to be dropped and a restoration of funding.'
💡 Perspectives:
• New York Times: Inside the rise of the multiracial right.
• The Liberal Patriot: In praise of code-switching.
• USA Today: Columbia deal will reshape higher learning.
• Crypto lobbyists mine for influence under Trump 2.0.
• Trump signs order on 'pay-for-play' in college sports.
• Trump signs order to push cities to curb homeless sleeping on streets.
• Ethics panel directs Ocasio-Cortez to make more payments for Met Gala 'Tax the Rich' outfit.
IN OTHER NEWS
Roundup: Gaza ceasefire talks crumble
The Trump administration pulled out of Gaza ceasefire talks in Qatar, blaming Hamas for failing to engage in good faith as the humanitarian crisis worsens.
Steve Witkoff, Trump's special envoy to the Middle East, said the U.S. is considering 'alternative options to bring the hostages home and try to create a more stable environment for the people of Gaza.'
Meanwhile, top U.S. officials blasted France for becoming the first member of the Group of Seven nations to recognize Palestinian statehood.
It's a largely symbolic move that French President Emmanuel Macron described as part of a commitment to 'a just and lasting peace in the Middle East.'
Secretary of State Marco Rubio responded on X: 'This reckless decision only serves Hamas propaganda and sets back peace. It is a slap in the face to the victims of October 7th.'
The U.S. will skip an upcoming United Nations conference aimed at reaching a two-state solution between Israel and Palestine next week.
ELSEWHERE…
The U.S. military carried out a raid in Syria on Friday, killing a senior Islamic State (ISIS) leader and two of his adult sons, according to the United States Central Command (CENTCOM).
CENTCOM said U.S. forces killed Dhiya' Zawba Muslih al-Hardani, a senior ISIS leader, along with his two sons, Abdallah Dhiya al-Hardani and Abd al-Rahman Dhiya Zawba al-Hardani, who CENTCOM said are affiliated with ISIS.
'These ISIS individuals posed a threat to US and Coalition Forces, as well as the new Syrian Government,' CENTCOM said in a statement.
💡 Perspectives:
• The Guardian: Trump's Alice in Wonderland style of justice. • The Atlantic: Why China won't stop the fentanyl trade.
• Iran says it's ready for nuclear talks with the US.
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Trump tariffs live updates: India hit with 50% tariffs as Trump's sweeping trade measures roll out
Trump tariffs live updates: India hit with 50% tariffs as Trump's sweeping trade measures roll out

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Trump tariffs live updates: India hit with 50% tariffs as Trump's sweeping trade measures roll out

President Trump on Wednesday signed an executive order imposing an additional 25% tariff on India over its purchases of Russian oil. The new tariff, which will come into effect in 21 days, is set to "stack" on top of an existing country-specific tariff of 25%. In doing so, Trump is set to make good on a threat for higher tariffs on India, as he has accused the country of effectively financing the Russian war in Ukraine. "They're fueling the war machine," he charged in a CNBC interview. India's first 25% levy takes effect Thursday, part of scores of new duties that will see importers paying between 10% to 50% as they bring in goods from nearly 200 countries around the globe. Outside of India, Switzerland is the developed nation whose goods face a whopping increase: up to 39%. You can see the new rates Trump is set to levy in the graphic below: Trump also said this week that he would soon announce tariffs on semiconductor and pharmaceutical imports, as he prepares to add more sectoral duties to his mix of tariffs. He said duties on pharma could eventually balloon as high as 250%. In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline: Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs. Trump hiked tariffs on Canadian imports to 35%, though goods contained in the US-Mexico-Canada agreement are exempt, keeping this hike's impact limited so far. The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports. Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1. The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29. Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ). The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Trump hits India with additional 25% tariff over Russia oil buys President Trump has hit India with an additional 25% tariff due to India's purchase of Russian oil. The US president threatened India with higher tariffs earlier this week, which India's Prime Minister Narendra Modi called "unjustified," also calling out the US for its double standard over Russia. In an interview with CNBC on Tuesday, Trump said that India was helping to fuel the war machine. 'They're fueling the war machine. And if they're going to do that, then I'm not going to be happy,' Trump said. In the early days of trade negotiations, relations between the US and India appeared more friendly, with both sides saying they would reach a deal within days. However, over recent months ,things seem to have turned sour as neither side can agree on some of the finer details within the deal, which concern dairy and agricultural products. As a result, a trade war seems to have developed between the two sides, and now with this additional 25% tariff gift from Trump to Modi, the two seem further away from reaching an agreement than ever before. Modi's rival blasts 'bully' Trump as public opinion hardens Rahul Gandhi, Narendra Modi's most recognizable political rival, has come out to call President Trump a "bully" for his negotiation tactics. Bloomberg reports: Read more here. Trump order lowering tariffs on EU autos still days away: source European automakers will have to hold on a little while longer before President Trump lowers auto tariffs as EU-US negotiations continue. Reuters reports: Read more here. Alcohol groups say tariffs put $2B in sales and 25,000 jobs at risk In a letter to President Trump, a group comprising of 57 alcohol industry firms have said that Trump's tariffs of 15% on EU goods could reduce the value of alcohol sales by almost $2B and put 25,000 jobs at risk. Reuters reports: Read more here. Carney says he'll look at opportunities to remove tariffs on US Canadian Prime Minister Mark Carney said that he will look to assess ways in which he can remove some counter-tariffs against the US. Carney's statement seems at odds with his earlier commitments to fight back against President Trump's trade war. Bloomberg News reports: Read more here. Trump says Japan to import Ford's huge F-150 pickup trucks President Trump said that Japan has agreed to accept imports of Ford's F-150 pick up trucks. This latest news is seen as a sign that the two sides may not be on the same page when it comes to their understanding of the trade agreement reached last month. Bloomberg News reports: Read more here. US investments under trade deal will be determined by benefits for Tokyo: Japan Reuters reports: Read more here. Honda Q1 operating profit halves on tariffs Shares in Honda Motor (HMC) rose 2% premarket on Wednesday after the automaker reported a 50% drop in first-quarter operating profit. A stronger yen and the impact of President Trump's tariffs took their toll, but the company raised its full-year forecast. Reuters reports: Read more here. China draws red lines on US chip tracking with Nvidia meeting China is pushing back against the US over chips despite their overall trade truce. Last week, Beijing summoned Nvidia (NVDA) staff over security concerns with H20 chips, signaling opposition to the US plans to track advanced semiconductors. Analysts view China's latest move as a warning that it will not allow the US to dominate the chip sector. Bloomberg News reports: Read more here. Trump says he's readying more tariffs on Russian energy buyers Bloomberg News reports: Read more here. Canada to help lumber industry cope with US tariffs: Carney Prime Minister Mark Carney has announced that Canada will provide funds to help the lumber industry prepare for tariffs. Reuters reports: Read more here. Starbucks under pressure again as Brazilian tariffs hike coffee costs Starbucks (SBUX) may soon hike prices on its pumpkin spice lattes and bottled Frappuccinos as it faces cost pressure from the 50% tariff on Brazilian coffee imports, which takes effect on Aug. 6. Yahoo Finance's Francisco Velasquez reports: Read more here. EU continues to press for tariff exemption on wine, spirits as part of US deal The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month. The WSJ reports: Read more here. Countries push for last-minute deals as Thursday tariff deadline looms Global importers are bracing for President Trump's next tariff deadline on Thursday morning, when the president's tiered approach to tariffs is expected to take effect. Yet some of the details around trade agreements remain fuzzy. Yahoo Finance's Ben Werschkul reports: Read more here. Trump's copper tariffs apply to $15B of products so far President Trump's copper (HG=F) tariffs are due to hit imports valued at more than $15B in 2024, highlighting the potential inflationary impact on American manufacturers. Trump's unveiling of 50% import duties rattled the global copper market last week, because the US president provided a surprise exemption to key forms of wiring metal. But it still leaves significant trade volumes subject to tariffs. Bloomberg News reports: Read more here. Trump threatens EU with increased tariffs if it doesn't meet investment pledge President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US. "A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion," Trump said during a CNBC interview. "And that's a gift, that's not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests. Trump says pharma duties could go to 250% President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so." "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. He said semiconductor and chip tariffs would be in a "different category." US tariff on EU goods set at flat 15% The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. India hits back at Trump's tariff threat India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. President Trump has hit India with an additional 25% tariff due to India's purchase of Russian oil. The US president threatened India with higher tariffs earlier this week, which India's Prime Minister Narendra Modi called "unjustified," also calling out the US for its double standard over Russia. In an interview with CNBC on Tuesday, Trump said that India was helping to fuel the war machine. 'They're fueling the war machine. And if they're going to do that, then I'm not going to be happy,' Trump said. In the early days of trade negotiations, relations between the US and India appeared more friendly, with both sides saying they would reach a deal within days. However, over recent months ,things seem to have turned sour as neither side can agree on some of the finer details within the deal, which concern dairy and agricultural products. As a result, a trade war seems to have developed between the two sides, and now with this additional 25% tariff gift from Trump to Modi, the two seem further away from reaching an agreement than ever before. Modi's rival blasts 'bully' Trump as public opinion hardens Rahul Gandhi, Narendra Modi's most recognizable political rival, has come out to call President Trump a "bully" for his negotiation tactics. Bloomberg reports: Read more here. Rahul Gandhi, Narendra Modi's most recognizable political rival, has come out to call President Trump a "bully" for his negotiation tactics. Bloomberg reports: Read more here. Trump order lowering tariffs on EU autos still days away: source European automakers will have to hold on a little while longer before President Trump lowers auto tariffs as EU-US negotiations continue. Reuters reports: Read more here. European automakers will have to hold on a little while longer before President Trump lowers auto tariffs as EU-US negotiations continue. Reuters reports: Read more here. Alcohol groups say tariffs put $2B in sales and 25,000 jobs at risk In a letter to President Trump, a group comprising of 57 alcohol industry firms have said that Trump's tariffs of 15% on EU goods could reduce the value of alcohol sales by almost $2B and put 25,000 jobs at risk. Reuters reports: Read more here. In a letter to President Trump, a group comprising of 57 alcohol industry firms have said that Trump's tariffs of 15% on EU goods could reduce the value of alcohol sales by almost $2B and put 25,000 jobs at risk. Reuters reports: Read more here. Carney says he'll look at opportunities to remove tariffs on US Canadian Prime Minister Mark Carney said that he will look to assess ways in which he can remove some counter-tariffs against the US. Carney's statement seems at odds with his earlier commitments to fight back against President Trump's trade war. Bloomberg News reports: Read more here. Canadian Prime Minister Mark Carney said that he will look to assess ways in which he can remove some counter-tariffs against the US. Carney's statement seems at odds with his earlier commitments to fight back against President Trump's trade war. Bloomberg News reports: Read more here. Trump says Japan to import Ford's huge F-150 pickup trucks President Trump said that Japan has agreed to accept imports of Ford's F-150 pick up trucks. This latest news is seen as a sign that the two sides may not be on the same page when it comes to their understanding of the trade agreement reached last month. Bloomberg News reports: Read more here. President Trump said that Japan has agreed to accept imports of Ford's F-150 pick up trucks. This latest news is seen as a sign that the two sides may not be on the same page when it comes to their understanding of the trade agreement reached last month. Bloomberg News reports: Read more here. US investments under trade deal will be determined by benefits for Tokyo: Japan Reuters reports: Read more here. Reuters reports: Read more here. Honda Q1 operating profit halves on tariffs Shares in Honda Motor (HMC) rose 2% premarket on Wednesday after the automaker reported a 50% drop in first-quarter operating profit. A stronger yen and the impact of President Trump's tariffs took their toll, but the company raised its full-year forecast. Reuters reports: Read more here. Shares in Honda Motor (HMC) rose 2% premarket on Wednesday after the automaker reported a 50% drop in first-quarter operating profit. A stronger yen and the impact of President Trump's tariffs took their toll, but the company raised its full-year forecast. Reuters reports: Read more here. China draws red lines on US chip tracking with Nvidia meeting China is pushing back against the US over chips despite their overall trade truce. Last week, Beijing summoned Nvidia (NVDA) staff over security concerns with H20 chips, signaling opposition to the US plans to track advanced semiconductors. Analysts view China's latest move as a warning that it will not allow the US to dominate the chip sector. Bloomberg News reports: Read more here. China is pushing back against the US over chips despite their overall trade truce. Last week, Beijing summoned Nvidia (NVDA) staff over security concerns with H20 chips, signaling opposition to the US plans to track advanced semiconductors. Analysts view China's latest move as a warning that it will not allow the US to dominate the chip sector. Bloomberg News reports: Read more here. Trump says he's readying more tariffs on Russian energy buyers Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Canada to help lumber industry cope with US tariffs: Carney Prime Minister Mark Carney has announced that Canada will provide funds to help the lumber industry prepare for tariffs. Reuters reports: Read more here. Prime Minister Mark Carney has announced that Canada will provide funds to help the lumber industry prepare for tariffs. Reuters reports: Read more here. Starbucks under pressure again as Brazilian tariffs hike coffee costs Starbucks (SBUX) may soon hike prices on its pumpkin spice lattes and bottled Frappuccinos as it faces cost pressure from the 50% tariff on Brazilian coffee imports, which takes effect on Aug. 6. Yahoo Finance's Francisco Velasquez reports: Read more here. Starbucks (SBUX) may soon hike prices on its pumpkin spice lattes and bottled Frappuccinos as it faces cost pressure from the 50% tariff on Brazilian coffee imports, which takes effect on Aug. 6. Yahoo Finance's Francisco Velasquez reports: Read more here. EU continues to press for tariff exemption on wine, spirits as part of US deal The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month. The WSJ reports: Read more here. The EU is pushing for its wine and spirit exports to be exempt from US tariffs, while both sides work towards refining the deal they agreed last month. The WSJ reports: Read more here. Countries push for last-minute deals as Thursday tariff deadline looms Global importers are bracing for President Trump's next tariff deadline on Thursday morning, when the president's tiered approach to tariffs is expected to take effect. Yet some of the details around trade agreements remain fuzzy. Yahoo Finance's Ben Werschkul reports: Read more here. Global importers are bracing for President Trump's next tariff deadline on Thursday morning, when the president's tiered approach to tariffs is expected to take effect. Yet some of the details around trade agreements remain fuzzy. Yahoo Finance's Ben Werschkul reports: Read more here. Trump's copper tariffs apply to $15B of products so far President Trump's copper (HG=F) tariffs are due to hit imports valued at more than $15B in 2024, highlighting the potential inflationary impact on American manufacturers. Trump's unveiling of 50% import duties rattled the global copper market last week, because the US president provided a surprise exemption to key forms of wiring metal. But it still leaves significant trade volumes subject to tariffs. Bloomberg News reports: Read more here. President Trump's copper (HG=F) tariffs are due to hit imports valued at more than $15B in 2024, highlighting the potential inflationary impact on American manufacturers. Trump's unveiling of 50% import duties rattled the global copper market last week, because the US president provided a surprise exemption to key forms of wiring metal. But it still leaves significant trade volumes subject to tariffs. Bloomberg News reports: Read more here. Trump threatens EU with increased tariffs if it doesn't meet investment pledge President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US. "A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion," Trump said during a CNBC interview. "And that's a gift, that's not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests. President Trump threatened to hike tariffs on the European Union back to 35% if the bloc fails to live up to a pledge to invest some $600 billion in the US. "A couple of countries came [and said], 'How come the EU is paying less than us?' And I said well, because they gave me $600 billion," Trump said during a CNBC interview. "And that's a gift, that's not like, you know, a loan," he said, claiming that the terms allow the US to direct where the EU invests. Trump says pharma duties could go to 250% President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so." "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. He said semiconductor and chip tariffs would be in a "different category." President Trump said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so." "We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it's going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview. He said semiconductor and chip tariffs would be in a "different category." US tariff on EU goods set at flat 15% The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. India hits back at Trump's tariff threat India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Trump's Asia tariffs takes a massive hit on Bitcoin miners
Trump's Asia tariffs takes a massive hit on Bitcoin miners

Yahoo

time25 minutes ago

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Trump's Asia tariffs takes a massive hit on Bitcoin miners

Trump's Asia tariffs takes a massive hit on Bitcoin miners originally appeared on TheStreet. As per the latest report by The Block, President Donald Trump's latest order on global tariffs seems to be becoming a pain in the neck for the Bitcoin mining community in the U.S. As the 90-day tariff pause deadline neared, Trump announced a slew of new global tariff rates on July 31. Among the worst-hit are the key centers of mining rig manufacturing in Southeast Asia. For those unfamiliar, crypto mining is the process of using high-tech hardware to validate and secure transactions on a blockchain network. Ethan Vera, the COO of a Bitcoin mining technology and services company, Luxor Technology, shared a document with The Block as per which the latest directive imposes 21.6% tariffs, including a 19% "reciprocal tariff," on imports of application-specific integrated circuits (ASICs) from Indonesia, Malaysia, and Thailand beginning Aug. are chips that are designed to execute a specific task extremely efficiently such as crypto mining, as opposed to general-purpose processors like central processing units (CPUs) or graphics processing units (GPUs). As per the report, U.S. tariffs on imports from China, a major hub of mining rig manufacturing, stand at a staggering 57.6%, which includes a 10% baseline reciprocal tariff and an additional country‑specific tariff of 20%. Anyway, the tariff pause deadline between the two countries is set to expire on Aug. 12, and there has been no breakthrough so far. While still lower than earlier rates, the current tariffs are significantly higher than the 2.6% tariffs on ASICs imported from the Southeast Asian countries before Trump's second term. However, Chinese machines even earlier used to face an additional 25% ad valorem said, "At 21.6% tariffs, the U.S. is now one of the least competitive jurisdictions to bring machines in, and miners are looking at Canada and other markets to expand too." Opportunity for domestic manufacturers However, the new trade conditions could also lead to a rise in the prices of U.S.-based used ASIC machines in the face of high tariffs on imported rigs, he explained. Though Luxor is excited about the production of mining rigs in the U.S., it warned fully onshoring the manufacturing could take years because most of the raw materials are still imported from Asia. The mining company expected the Trump administration to exempt the mining equipment from tariff hikes in order to encourage the domestic crypto industry. Trump's Asia tariffs takes a massive hit on Bitcoin miners first appeared on TheStreet on Aug 6, 2025 This story was originally reported by TheStreet on Aug 6, 2025, where it first appeared.

Is the US headed toward a recession? Experts weigh in
Is the US headed toward a recession? Experts weigh in

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time25 minutes ago

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Is the US headed toward a recession? Experts weigh in

A weak jobs report in recent days raised alarm among some analysts that the U.S. economy may be slipping toward a recession. Hiring slowed sharply over the summer, federal government data showed. The jobs report came days after fresh gross domestic product data indicated average annualized growth of 1.2% over the first half of 2025, well below 2.8% growth last year. Analysts who spoke to ABC News said the economy could dip into a downturn but the outlook remains uncertain. They differed sharply on the likelihood of a recession, ranging from dire warnings to skepticism about whether the recent data suggests significant cause for concern. "It's too early to see whether this is a trend," Harry Holzer, a professor of economics at Georgetown University and a fellow at the Brookings Institution, told ABC News. "The likelihood of a recession went up because of these job numbers, but it could be a one-time adjustment or a bump down that avoids negative growth." The economy added an average of about 35,000 jobs over three months ending in July, which marks a major slowdown from roughly 128,000 jobs added monthly over the prior three months, U.S. Bureau of Labor Statistics data on Friday showed. Employers are hiring at their slowest pace since 2020. Hours after the release of the report on Friday, President Donald Trump fired BLS Commissioner Erika McEntarfer, an appointee of former President Joe Biden who was confirmed by a bipartisan vote in the Senate in 2024. In a social media post, Trump volleyed sharp criticism and baseless accusations at McEntarfer, claiming without evidence that the data had been "manipulated." The jobs report featured revisions of previous months' data, which is a routine practice. McEntarfer did not immediately reply to ABC News' request for comment. "It has been the honor of my life to serve as Commissioner of BLS alongside the many dedicated civil servants tasked with measuring a vast and dynamic economy," McEntarfer said in a social media post after her dismissal. "It is vital and important work and I thank them for their service to this nation." William Beach, a former commissioner of the Bureau of Labor Statistics, who was appointed by Trump, condemned the firing of McEntarfer. "The totally groundless firing of Dr. Erika McEntarfer, my successor as Commissioner of Labor Statistics at BLS, sets a dangerous precedent and undermines the statistical mission of the Bureau,' Beach posted on X. Trump, meanwhile, touted his economic performance in a social media post: "The Economy is BOOMING under 'TRUMP' despite a Fed that also plays games, this time with Interest Rates." Some analysts disagreed. The hiring cooldown hit a wide swath of industries, including manufacturing and the federal government. The overall unemployment rate of 4.2% continued to hover near a historically low level, but unemployment rose among Black workers, which can foretell job losses among other groups. "The risks are increasingly high that we're going into recession," Mark Zandi, chief economist at Moody's Analytics, told ABC News. "We're not there yet – and maybe this thing gets turned around. But that's increasingly becoming hard to do with each passing week." Zandi largely faulted the rollout of Trump's tariffs for the apparent cooldown. In recent months, Trump has imposed a slew of far-reaching levies on dozens of countries and some specific products, such as steel, aluminum and cars. Tariffs place a tax burden on importers, raising their costs and risking elevated prices for consumers, Zandi said. "Tariffs weigh on economic growth," Zandi added. The Trump administration has touted tariffs as part of a wider set of "America First economic policies," which have "sparked trillions of dollars in new investment in U.S. manufacturing, technology, and infrastructure," according to the White House's website. The economy would likely need to slow further to be considered a recession. Many observers define a recession through the shorthand metric of two consecutive quarters of decline in a nation's inflation-adjusted gross domestic product. The National Bureau of Economic Research, or NBER, a research organization seen as an authority on measuring economic performance, uses a more complicated definition that takes into account several indicators that must convey "a significant decline in economic activity spread across the economy, lasting more than a few months," the group says. While acknowledging the tepid numbers, other analysts said warnings about a recession are premature. The economy has largely averted the type of widespread job losses that often accompany a recession. Consumer spending, which accounts for about two-thirds of economic activity, ticked higher over three months ending in June. Corporate earnings have remained robust. The jobs report sent stocks tumbling but markets have since recovered. "It seems to me people are anchoring on the jobs report and using it to telegraph a recession. I'm not sure it does that," Mark Blyth, a professor of political economy at Brown University, told ABC News. "Nobody knows and everybody is doing wish fulfillment," Blyth added. "If you don't like the administration's policies, you're willing it to be a recession and if you like them, you're saying, 'no.'" MORE: What $4 trillion in debt from Trump's spending measure could mean for future generations To be sure, recession forecasts are hardly bulletproof. A surge of inflation in 2021 -- and an interest-rate hike soon afterward -- unleashed a flood of recession warnings, but no downturn came to pass. More recently, Wall Street banks predicted a possible recession after Trump's "Liberation Day" tariff announcement, before pulling back their assessments after Trump dialed back the levies. "Recessions tend to be unforecastable," Claudia Sahm, chief economist at New Century Advisors and a former Fed official, told ABC News. "Often there's an event that causes people to lose confidence, change behavior and start a downward spiral. Those events are very hard to predict." Still, Sahm added, the available data indicates a weakened economy. "A slow-growing economy is not a good economy," Sahm said. "We want to avoid a recession but avoiding a recession is a low bar. We want an economy that's better than that." 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