Trump Escalated His Feud With Brazil
The Trump administration also announced new sanctions against a Brazilian Supreme Court justice overseeing the criminal case against Jair Bolsonaro, the former president who was accused of orchestrating an attempted coup after losing the 2022 elections. Trump has described the prosecution of Bolsonaro as a 'witch hunt.'
The moves were a sharp escalation of the feud between Trump and Latin America's largest nation, as well as an apparent rebuke of Brazil's president, Luiz Inácio Lula da Silva. In an interview with The Times before the tariffs were imposed, Lula accused Trump of trying to push Brazil around and ignoring offers to negotiate.
'We are treating this with the utmost seriousness,' Lula said. 'But seriousness does not require subservience.' Read excerpts from the interview and watch my colleague Jack Nicas explain Brazil's difficult position.
In other trade news:
Trump said he would impose a 25 percent levy on imports from India starting Friday, as well as a penalty tariff for purchases of Russian oil.
Trump ended the 'de minimis exemption' that allowed goods worth under $800 to enter the country without paying duty. The exemption had been eliminated for Chinese goods in May.
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Nebraska Republican congressman booed over Trump's 'big, beautiful bill'
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Yahoo
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Stock market today: Dow, S&P 500, Nasdaq waver as Wall Street eyes earnings, trade tensions
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Yahoo
2 minutes ago
- Yahoo
Countries push for last-minute deals as Thursday tariff deadline looms; Trump claims 'people love the tariffs'
A dizzying array of trade crosscurrents continued Tuesday with a push for last-minute deals, lingering fuzziness on previously announced trade commitments, and indications that a deal to delay tariffs on China is "close." It all comes as global importers brace for a first deadline coming Thursday morning, when Donald Trump promises to implement a central plank of his trade agenda in the form of a tiered approach to "reciprocal" tariffs from 10% to 50%. The president has repeatedly said he's full-speed ahead on his plans and that no delays are likely — even teasing on CNBC Tuesday morning that he probably won't run for president again but that he'd like to, in part because, in his view, "people love the tariffs." (Trump is, of course, barred by the Constitution from running for a third term, but he's often floated the idea.) Some countries clearly aren't big fans at the moment and find themselves on the outside looking in — particularly Switzerland and India. Those two nations face notably divergent situations right now, with the Swiss president announcing she is flying to Washington, D.C., today to try to find last-minute concessions to avert a 39% tariff on goods from her nation. India, meanwhile, has seen its chances of a deal dwindle, with top aides for Indian Prime Minister Narendra Modi also reportedly traveling this week — but to Moscow. Trump downplayed the chances of major concessions with Switzerland during his call with CNBC Tuesday morning and added regarding India that "we settled on 25% [tariffs], but I think I am going to raise that very substantially over the next 24 hours." Trump also weighed in Tuesday morning on talks with China. Markets are closely watching for any signs of an agreement to delay a tariff snapback scheduled for Aug. 12, with Trump saying, "We're getting very close to a deal." The president also added that new sector-specific tariffs on semiconductors and pharmaceuticals are likely and that at least those pharmaceutical tariffs could be announced "within the next week or so." Read more: What Trump's tariffs mean for the economy and your wallet New details for some nations — and a focus on India and Switzerland Meanwhile, there is also some new clarity on some technical details around how the new tariff landscape will likely work beginning at 12:01 a.m. ET on Thursday. US customs officials this week offered additional technical guidance in a new document about how it'll handle some tariff exemptions. The news there may give some select importers a short-term breather. But with a full tally, according to Bloomberg Economics, the average US tariff rate is now expected to rise to 15.2% if duties go forward as planned. That's a jump from current rates of 13.3% and another jump from the 2.3% duties seen in 2024 before Trump took office. That overall landscape set to be in effect Thursday will cover nearly every country on the globe. It also comes after Trump and his team set "bespoke" rates largely based on the trade deficit, with many of America's top trading partners seeing a key new standard of 15% tariff, while others will see higher rates. Read more: 5 ways to tariff-proof your finances Countries from the European Union to South Korea to Japan also struck deals at that 15% rate, but open questions remain. Japan's top trade negotiator is also reportedly due in Washington, D.C., this week for talks to ensure that a plan proceeds to cut auto tariffs to 15%. Likewise, talks with the EU continue as negotiators there are reportedly still pushing for exemptions, such as on wine and spirits. Other Asian countries have struck deals in the 19%-20% range. Trade Representative Jamieson Greer recently said on CBS that the published rates included many agreements, "some of these deals are announced, some are not," with other nations simply being dictated tariffs based on the level of the trade deficit. Switzerland is one nation for which the US has dictated tariffs. Its delegation will be in Washington on Tuesday, set to push for lower rates. But on Tuesday morning, Trump suggested that it would be an uphill climb and that a recent call with the country didn't go well because "they essentially pay no tariffs," even as talks are clearly set to continue there. Meanwhile, any immediate offramp with India appears unlikely because of that nation's connections with Russia and Russian oil. A note Tuesday from Capital Economics suggested that India could, in theory, offer concessions to diversify its energy sources, "but we doubt that India would make a wholehearted effort to wean itself off Russian oil [as it could upset relations and] it would not play well to be seen caving to Trump's demands." At the same time, reports from Bloomberg and the Times of India revealed that two top aides to Indian Prime Minister Narendra Modi are traveling not to the US but to Russia in the coming days and weeks, even amid Trump's ever-escalating threats. Trump on Tuesday morning suggested talks are on ice for now and will be complicated when they resume, adding that "the sticking point with India is that tariffs are too high." Ben Werschkul is a Washington correspondent for Yahoo Finance. 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