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Politico
a minute ago
- Politico
Lindsey Graham's strategy for an end to Russia's war in Ukraine: Peace by pocketbook
Trump in early August hiked tariffs on India to 50 percent due to the country's purchasing of Russian oil. Graham claimed that it was those sanctions that drove Putin to acquiesce to the Alaska visit. And going after China — another major consumer of Russian oil — could prove even more pivotal, he said. 'If we take it to the next level and tell China you're next, then I think we can have an end to this war,' Graham said. 'The second most important person on the planet to end this war is President Xi in China. If he went to Putin and said it's time to end this war, I can't help you anymore because you're putting my country at threat, this war would end.' But Trump was far from threatening in his meeting with Putin last week. He rolled out the red carpet for the Russian leader and the two rode together in the presidential limousine. The meeting ended without a ceasefire or even concrete plans for a trilateral talk involving Ukrainian President Volodymyr Zelenskyy. But Graham was quick to attack those who suggested that meant the confab was a failure. Also on Sunday, special envoy Steve Witkoff said that Russia had consented to 'Article 5-like protections' for Ukraine at the conclusion of the war. 'To all these media analysts who say this was a bust, that's ridiculous,' he said. 'We have progress we didn't have before. We have momentum for peace. We'll see where it goes. So I'll leave it up to Trump.' Zelenskyy — and a selection of European leaders — will journey to Washington on Monday to touch base with Trump on what comes next. Graham insisted that Europe, too, must be willing to further sanction Russia in a bid to stop the fighting. 'To our European allies, up your game. Quit complaining about what we're not doing in America and do more yourself,' he said. 'Put tariffs on every country that buys Russian oil and gas cheaply to benefit Putin's war machine. Do what Trump's doing.'
New York Post
30 minutes ago
- New York Post
Pence urges Trump to take out the ‘hammer' on Russia: ‘Putin's not going to stop until he's stopped'
Former Vice President Mike Pence on Sunday urged President Trump to bring the 'hammer' down on Vladimir Putin and push for additional sanctions against Russia. Pence commended Trump for seeking peace in Ukraine following the president's Alaska summit with the Russian strongman on Friday, but implored him to ramp up the pressure in order to cut a peace deal. 'I served alongside the president for four years. I know his style in dealing with these dictators. It's the velvet glove, but I think the hammer needs to come, and it needs to come immediately,' Pence said on CNN's 'State of the Union.' '[Trump] ought to pick up the phone and ask Majority Leader John Thune to immediately pass the secondary sanctions bill that is supported by virtually everyone in the United States Senate,' he said. Pence emphasized that the Russian president is 'the bad guy' and should be treated as such during negotiations. Sens. Lindsey Graham (R-SC) and Richard Blumenthal (D-Conn.) have, for several months, championed a sanctions bill against Russia, with over 80 senators backing it. Trump shrugged off the bill as unnecessary and instead gave Putin an ultimatum, demanding the Kremlin tyrant take steps toward peace by Aug. 8 or else face severe secondary sanctions and tariffs. 3 Former Vice President Mike Pence expressed concerns that Russian leader Vladimir Putin may be trying to buy time. CNN 3 President Trump became the first US president to meet with Russian leader Vladimir Putin since the invasion of Ukraine in 2022. AFP via Getty Images Following a meeting Putin had with special envoy Steve Witkoff at the Kremlin just days before that deadline, Trump decided to call off the economic penalties and hold the Friday summit with the Russian tyrant instead. Pence warned that Putin may be attempting to 'run out the clock' and delay sanctions that could batter his country's economy as long as possible. Secretary of State Marco Rubio has swatted off criticism that the Trump administration has slow-walked economic sanctions against Russia, arguing that such a move would hamstring peace talks. 'You're saying talks are over. For the foreseeable future, for the next year or year-and-a-half, there's no more talks, because there's no one else in the world that can talk to him (Putin),' Rubio told Fox News' 'Sunday Morning Futures' about the implications of additional sanctions against Russia. 3 Mike Pence praised President Trump for pursuing peace between Russia and Ukraine. AFP via Getty Images Putin did not agree to a ceasefire during his summit with Trump, and the US president has since opted to pivot towards pursuing a full-fledged peace deal. Pence said he 'was not surprised' that the historic meeting didn't end in a ceasefire deal. 'There was an agreement by President Zelensky to a cease-fire back in February. Putin refused it. He's managed to delay the game,' the ex-VP said on CNN. 'All the while, his military has continued its brutal assault on civilian populations in Ukraine.' Trump, ahead of the summit, had told Fox News that he wouldn't be 'happy' if his Russian counterpart didn't agree to a ceasefire. Trump is set to meet with Ukrainian President Volodymyr Zelensky at the White House on Monday. A group of European leaders will join Zelensky during his trip to Washington, DC, though it is not clear if they will be present in the White House meeting. 'I'm also going to be praying that it's a productive time and a unifying time among all the leaders in the West and the president and President Zelensky,' Pence said.
The Hill
an hour ago
- The Hill
GM's quarterly results illustrate the folly of tariffs
General Motors, a cornerstone of American industry, is suffering the consequences of President Trump's unconstitutional 25 percent tariffs on imported vehicles and auto parts. In the second quarter of 2025, GM suffered a $1.1 billion tariff blow to its operating income, slashing the company's profit margin from a healthy 9 percent to just 6.1 percent. Net income plunged by 36.1 percent from the prior quarter and by a staggering 40.7 percent compared to a year ago. Although the estimated tariff impact for the full year of $4 billion to $5 billion is less than 3 percent of GM's overall revenue, that cost represents more than half of the typical annual income for the company over the past decade. The consequences extend far beyond GM's balance sheet. Tariffs, paid by importers to the federal government, are partly absorbed by companies and partly passed to consumers. We've especially seen this in import-sensitive sectors including furnishings, appliances, clothes and toys. Men's shirts and sweaters, for instance, rose 4.9 percent in June alone. When businesses 'eat' the cost, as GM tried to do last quarter, the fallout is no less severe. Diminished earnings mean less capital for investment in better technology or expanded operations, slowing broader economic growth, fewer resources for pay raises or new jobs — hardly the boon for workers that tariff advocates promise. The data confirms this. Nationwide, 14,000 manufacturing jobs disappeared in the past two months, erasing all gains in 2025. In June, real average weekly earnings dropped by 0.4 percent, an annualized loss of nearly 5 percent. Shareholders are also feeling the pinch. Stock valuations track a company's expected future earnings. Since 2012, GM's stock price increased by more than 200 percent. GM's price-to-earnings ratio today stands at 6.83, almost identical to 2012 levels. Stock prices increased alongside earnings. A sustained $5 billion annual hit, wiping out over half of GM's annual net income, could erase more than $20 billion in market capitalization if valuations adjust. With tariffs eroding profits, is it any wonder that GM's stock has slid 8 percent since its post-2024 election peak and now languishes 13 percent off its 2021 highs? This affects millions of middle-class Americans and retirees with pensions and savings invested. More broadly, lower dividends and diminished returns discourage investment, starving companies of the capital needed to expand. The result: slower growth, fewer jobs and weaker wage gains. GM, to its credit, is fighting to offset 30 percent of this burden by boosting U.S. production, cutting costs and increasing domestic content to comply with the USMCA trade agreement's labyrinthine rules. Yet even if successful, the net impact of $2.8 billion to $3.5 billion will devour a significant slice of GM's already thin margins. Profit margins at GM — as in most other sectors — are far less than conventional wisdom. GM's net profit margin over the past decade has averaged less than 5 percent. In other words, a $30,000 vehicle yields less than $1,500 in profit. GM's plans to shift some production to U.S. plants and rework supply chains is a testament to private enterprise's resilience. But make no mistake: These shifts sacrifice efficiency for compliance. Restructuring operations in a free market in pursuit of efficiency yields more profit, consumer benefit and economic growth. Doing so under duress to escape arbitrary tariffs may result in survival, but without these benefits. Resources that could have fueled innovation or lowered prices are now squandered on navigating artificial trade barriers. As an important sidenote, roughly half the tariff's cost stems from GM's South Korean operations, a stark reminder of the folly of taxing trade with allies. Rather than strengthening ties with democratic partners through bold free-trade agreements, these tariffs risk pushing nations like South Korea toward China, America's chief adversary. Far from economic strategy, it is geopolitical shortsightedness. Politicians sometimes prefer tariffs to other forms of taxation because they are less visible than taxes on income or sales. This makes it easier to dodge accountability by blaming 'greedy' corporations. For this reason, Trump called Jeff Bezos to deter Amazon from listing tariff costs on purchases. The White House press secretary labeled this a 'hostile and political act by Amazon.' Regardless, protectionism is not cost-free. Sustained tariffs will raise prices, shrink profits, erode real wages and slow economic growth. GM's quarterly results are a warning.
