US envoy visits aid site in Gaza run by Israeli-backed group that has been heavily criticized
International experts warned this week that a 'worst-case scenario of famine' is playing out in Gaza. Israel's nearly 22-month military offensive against Hamas has shattered security in the territory of some 2 million Palestinians and made it nearly impossible to safely deliver food to starving people.
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CBC
29 minutes ago
- CBC
Here's how Trump's tariffs are starting to cost Americans
Little by little, the costs of U.S. President Donald Trump's tariffs are starting to show for American businesses and consumers. News of the tariff impact is mounting, from the Detroit Three automakers announcing they'll face extra costs this year totalling into the billions, to the stainless steel cookware manufacturer in Tennessee hit with a $75,000 (US) tariff bill on one shipment, right down to the coffee shops considering boosting the price of a cup because of tariffs on Brazil. Until recently, companies have somewhat shielded U.S. consumers from the full effects of the tariffs, either by rushing supplies into the country ahead of Trump's deadlines, or absorbing the levies as a cost of doing business. But with tariffs on imports from roughly 100 U.S. trading partners due to rise this week from their current baseline of 10 per cent, tariff-related costs are headed nowhere but up. Alex Durante, senior economist of the Tax Foundation, a Washington-based policy and advocacy group, says the tariffs are hitting a broad range of U.S. businesses that rely on imports. "I think the administration is going to have a really hard time trying to convince the American people that some of the price increases they're seeing are because of other factors not related to the tariffs," Durante said in an interview with CBC News. "I just don't think most people are going to be fooled by that," he said. WATCH | Carney's point man on tariffs takes Canada's message to U.S. television: Canadian officials confident U.S. trade deal will be reached 1 day ago Prime Minister Mark Carney and Dominic LeBlanc, the minister responsible for Canada-U.S. trade, expressed confidence a new trade deal will be reached with the United States, even after 35 per cent tariffs were imposed late last week. Trump, cabinet deny tariffs costing Americans While on a macro level the U.S. economy is generally chugging along just fine despite Trump's tactics, there's some fresh data suggesting the tariffs are acting as a drag, including: weak jobs numbers; rising core inflation; a sharp drop in orders of durable goods, such as appliances and automobiles. Trump and his cabinet members quickly brush aside any evidence that the tariffs are costing Americans, with the president even firing the head of the federal statistics agency that produces the country's employment report. "We have a lot of money coming in, much more money than the country has ever seen, by hundreds of billions of dollars," Trump said Sunday when a reporter asked about tariffs. U.S. Trade Representative Jamieson Greer flat-out denied that Trump's tariffs policies are a factor in the jobs slump. "I don't read tariff policy into that number," Greer told the CBS program Face the Nation on Sunday. But if you're willing to look around, you can find plenty of examples of U.S. businesses feeling the pinch. Reuters news agency is compiling examples of how major companies around the world are responding to Trump's tariffs, such as hiking prices and issuing profit warnings. Retailers, big brands raising prices The Reuters tracker currently shows 22 U.S. companies raising prices, including retail giants (WalMart, Best Buy), footwear brands (Nike, Crocs, Birkenstock) and big-name makers of household goods (Colgate-Palmolive, Procter & Gamble, Clorox). It's hard to imagine many American consumers haven't bought something from those businesses this year. Other big-name U.S. firms have in recent days reported tariff impacts. Tech giant Apple says it faced $800 million in tariff-related costs last quarter alone, and expects that to rise to $1.1 billion this quarter. Warren Buffett's Berkshire Hathaway blames tariffs in part for a 5.1 per cent quarterly decline in revenue in its consumer goods division, which includes brands like Fruit of the Loom and Tool manufacturer Stanley Black & Decker estimates its tariff costs will hit $800 million this year. Those corporate figures don't touch on another trend emerging in the U.S. economy: the downturn in visits by international travellers, dramatically so from Canada. Perhaps that's not exactly tariff-related, but Trump slamming other nations on trade by describing them as nasty, unfair and ripping off the U.S. is not exactly what you'd call a warm and welcoming tourism ad campaign either. WATCH | This economist says Canada has a better deal on Trump's tariffs than other countries: Economist Robert Embree on the impact of U.S. tariffs on the Canadian economy 2 days ago Higher prices could impact public opinion While some polling suggests more Americans disapprove of tariffs than approve, the issue does not appear to be a crucial source of public-opinion damage to Trump and the Republicans — at least not yet. That could change if the tariff costs on businesses accumulate so much that consumers can't help but see the impact. "We know from the most recent presidential election that voters really disliked seeing higher prices," said Durante. He sees trouble ahead whether businesses pass along all, some or none of the extra tariff costs to consumers. "If they're absorbing the price increases, that's less money that they could use to invest in their own businesses and jobs and further production," Durante said.
Canada News.Net
an hour ago
- Canada News.Net
Trump warns of more tariffs, but India will keep buying Russian oil
NEW DELHI, India: India has made it clear that it will continue purchasing crude oil from Russia despite escalating threats from U.S. President Donald Trump. The Ministry of External Affairs described India's relationship with Moscow as "steady and time-tested," insisting it should not be interpreted through "the prism of a third country." Foreign ministry spokesperson Randhir Jaiswal, speaking at the ministry's weekly press briefing on Friday, stressed that India's approach to energy security is driven by practical considerations — chiefly, the availability of oil in global markets and prevailing international conditions. His remarks came in response to Trump's recent statement that he intends to impose a 25 percent tariff on Indian goods, plus an additional import tax, citing New Delhi's continued purchases of Russian oil. Trump's warning is part of his increasingly tough stance toward Moscow, which he accuses of stalling efforts to reach a ceasefire in Ukraine. The U.S. president has threatened fresh economic sanctions against Russia if progress is not made. India's oil imports from Russia have surged dramatically since early 2022. In January of that year, India was importing around 68,000 barrels per day (bpd) from Russia. By June, that figure had jumped to 1.12 million bpd, peaking at 2.15 million bpd in May 2023. At one point, Russian oil accounted for nearly 40 percent of India's crude imports, making Russia India's largest single supplier, according to data from analytics firm Kpler cited by the Press Trust of India. India consumes roughly 5.5 million barrels of oil per day, with about 88 percent of that demand met through imports. While India historically sourced most of its crude from Middle Eastern countries, the landscape shifted dramatically following Russia's full-scale invasion of Ukraine in February 2022. As Western nations imposed sanctions and shunned Russian energy, Moscow began offering steep discounts on crude deals that India, the world's third-largest oil importer after China and the U.S., found hard to ignore. By taking advantage of discounted Russian supplies, India has sought to cushion itself against global price volatility and secure its energy needs in an uncertain geopolitical environment. Despite growing pressure from Washington, New Delhi shows no sign of changing course, underscoring the complex balancing act it maintains between long-standing ties with Russia and its expanding strategic partnership with the United States.
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
Trump pressures China and India to stop buying cheap Russian oil
U.S. President Donald Trump is pushing China and India to stop buying oil from Russia and helping fund the Kremlin's war against Ukraine. Trump is raising the issue as he seeks to press Russian President Vladimir Putin to agree to a ceasefire. But cheap Russian oil benefits refiners in those countries as well as meeting their needs for energy, and they're not showing any inclination to halt the practice. Three countries are big buyers of Russian oil China, India and Turkey are the biggest recipients of oil that used to go to the European Union. The EU's decision to boycott most Russian seaborne oil from January 2023 led to a massive shift in crude flows from Europe to Asia. Since then China has been the No. 1 overall purchaser of Russian energy since the EU boycott, with some $219.5 billion worth of Russian oil, gas and coal, followed by India with $133.4 billion and Turkey with $90.3 billion. Before the invasion, India imported relatively little Russian oil. Hungary imports some Russian oil through a pipeline. Hungary is an EU member, but President Viktor Orban has been critical of sanctions against Russia. The lure of cheaper oil One big reason: It's cheap. Since Russian oil trades at a lower price than international benchmark Brent, refineries can fatten their profit margins when they turn crude into usable products such as diesel fuel. Russia's oil earnings are substantial despite sanctions The Kyiv School of Economics says Russia took in $12.6 billion from oil sales in June. Russia continues to earn substantial sums even as the Group of Seven leading industrialized nations has tried to limit Russia's take by imposing an oil price cap. The cap is to be enforced by requiring shipping and insurance companies to refuse to handle oil shipments above the cap. Russia has to a great extent been able to evade the cap by shipping oil on a 'shadow fleet' of old vessels using insurers and trading companies located in countries that are not enforcing sanctions. Russian oil exporters are predicted to take in $153 billion this year, according to the Kyiv institute. Fossil fuels are the single largest source of budget revenue. The imports support Russia's ruble currency and help Russia to buy goods from other countries, including weapons and parts for them.
