Secretary Lutnick: Trade deals for 'the world' will be 'done by Friday,' but China will take longer
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The Hill
25 minutes ago
- The Hill
Lutnick: ‘plenty of horse-trading left to do' with EU on trade deal
Commerce Secretary Howard Lutnick said during a recent interview that there is still 'plenty of horse-trading left to do' when it comes to certain aspects of the trade framework between the U.S. and the European Union (EU). 'And do I expect to continue to be talking to the European Commission's trade people? Yeah, they called me this morning to talk about, what are other things to talk about, digital services, taxes and the attack on our tech companies. That is going to be on the table. It wasn't on the table today,' Lutnick said during his Tuesday appearance on CNBC's 'Squawk Box.' 'There are other things that they would like, like steel and aluminum that were not included in this deal, that will be on the table. There's plenty of horse-trading still to do, but the fundamentals of their $20 trillion economy are set. We sell to them without a tariff. They sell to us for 15 percent, but they protect themselves on autos, they protect themselves on pharma. They protect themselves on semiconductors.' President Trump and the European Commission President Ursula von der Leyen outlined a trade deal over the weekend, with most EU goods being hit with a 15 percent tariff. Trump said the EU will buy $750 billion in American energy and the EU agreed to invest $600 billion into the U.S. Previously, Trump threatened to impose a 30 percent tariff on EU goods. The U.S.-EU trade pact was criticized by France as an act of 'submission' by the EU. Lutnick said 'protections' on automobiles, pharmaceuticals and semiconductors were 'fundamental' for the European Commission and argued that 'anybody who picks on them is going to learn over the next two weeks why the people who did that deal were really smart to get the deal done with Donald Trump.'
Newsweek
26 minutes ago
- Newsweek
Chinese Special Forces Train With New Ally in Europe
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Photos released on Tuesday show China and Serbia—Beijing's new "friend" in Europe—conducting joint military exercises between their special forces in the East Asian country. The event, code-named Peace Guardian 2025, took place in Hebei Province, near China's capital city, in the second half of July, the Chinese military previously announced. Newsweek reached out to the Chinese Defense Ministry for comment via email. Why It Matters China, a quasi-ally of Russia, has maintained close ties with Serbia, with the Balkan nation's leader, President Aleksandar Vučić, describing Beijing as his country's "most precious friend" during a meeting with Chinese President Xi Jinping in Moscow in May. While Serbia adopts a policy of military neutrality, refraining from joining collective defense organizations, it focuses on developing cooperation with individual partners, having acquired Chinese weapons, including drones and surface-to-air missile systems. The deepening ties between China and Serbia have raised concerns in the European Union about Belgrade's path toward European integration. Serbia has been a candidate country for EU membership since 2012 and is obliged to align its foreign policy with that of the EU. What To Know According to the Serbian Defense Ministry, the country's 72nd Special Operations Brigade conducted joint training with a Chinese military special operations unit from July 19 to 28. Officially released photos show participating soldiers engaged in a range of activities during Peace Guardian 2025, including shooting drills, indoor and outdoor maneuvers, and the use of unmanned ground and aerial vehicles at an undisclosed location in Hebei Province. "During the ten-day training, mixed combat teams carried out tactical tasks in urban and rural areas with support from unmanned platforms," the Serbian Defense Ministry said, adding that the event focused on the use of drones in the execution of special forces tasks. The joint training served as an opportunity to exchange experiences, compare knowledge, and improve skills in tactics, techniques, and procedures, according to Belgrade, which said the Chinese side "showed an exceptional level of organization and professionalism." The Serbian Foreign Ministry said the joint military activity boosted military cooperation and enhanced coordination in conducting missions alongside foreign militaries and in international environments, Radio Free Europe/Radio Liberty reported on Wednesday. Vuk Vuksanovic, a researcher at the Belgrade Centre for Security Policy, told Radio Free Europe/Radio Liberty that Serbia's cooperation with China aligns with Belgrade's foreign policy, which aims to maximize its independence by partnering with various global actors. What People Are Saying The Serbian Defense Ministry, in a press release on Tuesday: "The training in China was the first joint training of the armies of the two countries. Its successful implementation has given an impetus to the strengthening of military-military cooperation and improved mutual understanding and the ability of combat teams to carry out tasks with foreign armed forces and in the international environment." Senior Colonel Jiang Bin, spokesperson for China's Defense Ministry, announced on July 14: "[Peace Guardian 2025] will be the first joint training between Chinese and Serbian militaries. It will help strengthen combat capabilities of participating troops and deepen cooperation between the two militaries." What Happens Next It remains to be seen whether China will conduct joint military activities with Serbia regularly in the future. China previously deployed troops to Belarus for combat training.
Miami Herald
42 minutes ago
- Miami Herald
US workers to pay the biggest price in trade war
President Donald Trump promised "liberation" when he officially debuted his tariff plan in April. Manufacturers and importers had been speculating for months about the tariffs' appearance, with the best-case scenario being that they would be "reciprocal." However, those best-case scenario fantasies soon evaporated as the U.S. escalated the trade war, eventually imposing 150% tariffs on Chinese imports. Related: EU and US automakers both lose big in latest tariff deal Middle-market or midsize firms, commonly defined as companies with annual revenues between $10 million and $1 billion, import 21% of their goods from China and account for a third of all U.S. private-sector employment and revenue, according to a recent JPMorgan note. Thankfully for those businesses, and the U.S. economy as a whole, the U.S. and China recently gave themselves another 90-day extension to continue negotiating a tariff deal. Luckily for the president's agenda, the public initially seemed to be on his side. A consumer sentiment report from Bloomberg-Harris showed that 72% of adults surveyed in March, about a month after the tariffs were implemented, were concerned about tariffs. However, "most are blaming businesses for price hikes over policymakers," according to Harris Poll CEO John Gerzema. However, while importers have paid an additional $55 billion in tariffs this year, they have so far refused to pass along those costs. As more trade deals are announced, that practice is expected to end, and the true cost of the tariffs will likely to be passed on to consumers. Image source: Somodevilla/Getty Images While many people have commented on the effects of tariffs on small businesses and consumers, manufacturers have been left out of the conversation. But a new report shows that while tariffs are designed to spur domestic manufacturing, that industry may be the most exposed to the downside of tariffs. "Our analysis finds that U.S. manufacturing industries are clearly more exposed to tariffs on intermediate inputs compared to other U.S. industries, undermining a key Trump administration argument about the effectiveness of tariffs," study author Christopher Bangert-Drowns said. "Manufacturing industries - including the politically and economically sensitive vehicle production sector - will face increased input costs imposed by the very tariff regime intended to boost their competitiveness with imported final goods (finished cars, in the vehicle production example)." Related: Another automaker is forced to shift strategy due to tariffs According to the report, manufacturing is likely the most vulnerable industrial category. Of the top 25 subsectors of the U.S. economy, 19 are in manufacturing. Most manufacturing industries are facing cost increases of between 2% and 4.5%. The repair and maintenance industry, which includes auto repair, is also vulnerable. Construction, repair and maintenance, and manufacturing are all considered upstream in the U.S. economy, meaning their output is often used as input for other industries downstream. Nearly 13 million people are employed in manufacturing, representing 1 in 10 U.S. workers. Workers in midwestern states are especially vulnerable to the tariffs as manufacturing and other tariff-exposed industries make up between 15% and 20% of all jobs in states like Minnesota, Nebraska, Kansas, Louisiana, Texas, Oklahoma, Wisconsin, and Indiana. There could be political fallout as well if things get too bad. "These high tariff costs could put pressure on many workers and their families in these politically important states, where votes on the margin have swung elections for one candidate or another in recent elections," Bangert-Drowns said. The Trump administration has come to preliminary terms with Japan and the European Union in recent weeks. But the U.S. still doesn't have an agreement with China, our largest trade partner. The U.S. economy has paid the price as a result. Real gross domestic product decreased at an annual rate of 0.2% in the first quarter, according to the U.S. Bureau of Economic Analysis. This is a steep reversal from the 2.4% GDP growth in the fourth quarter. The decrease in GDP was due to increased imports during the quarter, as merchants did all they could to avoid President Trump's tariffs before they went into effect, and a deceleration of consumer spending. Despite that deceleration, consumer spending and gross private fixed income rose 2.5% in the quarter, revised down from a 3% estimate. Meanwhile, gross domestic prices increased 3.3% as personal consumption expenditures increased 3.6%. Related: Tariff repeal couldn't come at a better time for US businesses The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
