Turkey battles wildfires, arrests suspects as heatwave grips Mediterranean
29/07/2025
Thailand and Cambodia ceasefire holds as wary displaced villagers return home
29/07/2025
Heavy rain causes flooding, evacuations and at least 38 deaths around Beijing region
29/07/2025
100-year-old Frenchman breaks skydive record with family
29/07/2025
Trump gives Putin deadline for Ukraine peace deal, prompting skepticism in Kyiv
29/07/2025
Gaza: Rights groups accuse Israel of genocide
29/07/2025
Trump warns of 'real starvation' in Gaza as aid deliveries pick up
29/07/2025
Israel begins to acknowledge Gaza's need for humanitarian aid under US pressure
29/07/2025
Trump issues new ultimatum calling on Putin to end Ukraine war in '10 or 12 days'
28/07/2025
'There is no alternative to the two-state solution to end the Israeli-Palestinian conflict'
Middle East
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France 24
9 minutes ago
- France 24
Trump unveils slew of new tariffs, punishes Canada
However, in a minor reprieve that opens the door to further negotiations, the White House said the measures will take effect in a week for most countries, not Friday as previously expected. The tariffs are a demonstration of raw economic power that Trump sees putting US exporters in a stronger position while encouraging domestic manufacturing by keeping out foreign imports. But the muscular approach has raised fears of inflation and other economic fallout in the world's biggest economy. Trump raised duties on nearly 70 economies, from a current 10 percent level imposed in April when he unleashed "reciprocal" tariffs citing unfair trade practices. The new, steeper levels listed in an executive order vary by trading partner and go as high as 41 percent. Any goods "transshipped" through other jurisdictions to avoid US duties would be hit with an additional 40-percent tariff, the order said. The American leader separately hiked tariffs on Canadian goods from 25 percent to 35 percent -- starting Friday. He had warned of trade consequences for Canada after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September. 'Tears up' rule book "Wow! Canada has just announced that it is backing statehood for Palestine," Trump wrote on Truth Social ahead of the announcement. "That will make it very hard for us to make a Trade Deal with them." But Trump gave more time to neighbor and major trading partner Mexico, delaying for 90 days a threat to increase tariffs from 25 percent to 30 percent, after holding talks with President Claudia Sheinbaum. Canada and Mexico face a separate US tariff regime. Exemptions remain, however, for imports entering the United States under a North American trade pact. With questions hanging over the effectiveness of bilateral trade deals already struck -- including with the European Union and Japan -- the outcome of Trump's overall plan remained uncertain. "No doubt about it -- the executive order and related agreements concluded over the past few months tears up the trade rule book that has governed international trade since World War II," said Wendy Cutler, senior vice president of the Asia Society Policy Institute. "Whether our partners can preserve it without the United States is an open question," she added. The elevated duties come after Washington twice postponed their implementation amid a frantic series of negotiations, alongside announcements of new duties and deals with partners. The 79-year-old Republican has made tariffs core to his protectionist brand of hard-right politics. On Thursday, he claimed the US economy had "no chance of survival or success" without tariffs. Frantic negotiations But the latest salvo came amid legal challenges against Trump's use of emergency economic powers. After a lower court said the president exceeded his authority, the US Court of Appeals heard arguments Thursday in cases against Trump's blanket tariffs targeting different countries. While the president has touted a surge in customs revenues this year, economists warn the duties could fuel inflation. Proponents of his policy argue their impact will be one-off, but analysts are awaiting further data to gauge for more persistent effects. Those who managed to strike deals with Washington to avert steeper threatened levies included Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union. Among other tariff levels adjusted in Trump's latest order, Switzerland now faces a higher 39 percent duty. The tariff on Taiwanese products was revised down to 20 percent from 32 percent, but its President Lai Ching-te vowed to seek an even lower level. In Southeast Asia, Phnom Penh and Bangkok welcomed news that they each face a 19-percent tariff -- down from initial threatened levels of 49 percent on Cambodia and 36 percent on Thailand. Britain also reached a pact with the United States, although it was not originally targeted by higher "reciprocal" tariffs. Notably excluded from the drama was China, which faces an August 12 deadline instead, when duties could bounce back to higher levels. Washington and Beijing at one point brought tit-for-tat tariffs to triple-digit levels, but both countries have agreed to temporarily lower these duties and are working to extend their truce.
Euronews
an hour ago
- Euronews
'Liberation Day' 2.0: What's coming and who will feel it the most
After a series of pauses and extensions, the 'Liberation Day' country-specific tariffs unveiled in April are set to snap back into force on 1 August. Aside from a few countries who negotiated deals before the deadline, many nations will see US levies revert to their original rates. The Liberation Day tariffs were announced on 2 April, after President Trump branded the US trade deficit a national emergency. Far more goods were flowing into the country than American products were being sold abroad. By invoking the International Emergency Economic Powers Act (IEEPA), Trump proceeded to sign executive orders that imposed what the government branded as "reciprocal tariffs". Namely, they were meant to counteract or reciprocate damaging trade practices and trade barriers. This is despite the fact that many analysts have attributed the US trade deficit to the strength of the dollar and consumer demand for foreign products. Countries like Myanmar and Lesotho had some of the highest tariff rates threatened on 2 April, at 44% and 50% respectively. In terms of trade volume affected and product reliance, countries like China at 34% or the EU bloc at 20% were — however — the biggest shocks to global markets and trade flows. For countries that weren't given a specific rate, a blanket tariff of 10% came into force on 5 April. On 9 April, the reciprocal tariffs were supposed to go into effect. First suspension After the initial announcement sent markets tumbling, Trump signed a 90-day suspension of the higher, country-specific reciprocal tariffs, which was set to expire on 9 July. The 10% baseline tariff based on IEEPA powers stayed in force. China, which had introduced a matching retaliatory tariff of 34% on the US, then got slapped with an additional 50% US tariff on April 9 — one they also then imposed back on the US. At this point, the US rate on Chinese goods came to 84%, not including an extra 20% fentanyl levy. In a tit-for-tat between the two biggest economies in the world, the US then raised the Chinese tariff rate to 145% (including the fentanyl levy). China responded with a total tariff rate of 125%, but said they would ignore future tariff increases. 'Even if the US continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,' the Chinese Foreign Ministry said at the time. On 12 May, an agreement was reached to reduce the tariff rates, bring the US levy on Chinese goods to 30% and the Chinese levy on American goods to 10%. Both sides said they would re-assess the situation after 90 days. Negotiations for a comprehensive agreement are currently underway. Peter Navarro, Trump's counsellor on trade issues, told Time magazine that the US was open to negotiating individual deals with countries and that '90 deals in 90 days' — referring to the 90-day delay windows everyone received — was possible. The country has fallen far short of that, although a number of deals were sealed last-minute. Deals struck so far The UK was the first to secure a trade framework with the US on 16 June that kept the 10% baseline in place, with exceptions for some industries. Vietnam reached a deal on 2 July after facing a rate of 46% in the original "Liberation Day" package. It now faces a 20% tariff, excluding goods that travel through Vietnam from third countries and are destined for the US. Thailand and Cambodia, who struck deals shortly before the deadline, both received a 19% duty, from 36% and 49% respectively. Second suspension A second tariff delay was announced on 9 July, postponing the return of the Liberation Day tariffs until 1 August. Deals were subsequently struck with Indonesia, lowering the tariff rate to 19% from the original 32% rate, and the Philippines struck a preliminary agreement that would lower its rate to 19% as well. Japan and South Korea both announced that trade deals had been reached toward the end of July, both securing rates of 15%. That's a reduction from 24% for Japan and 25% for South Korea. An agreement was reached with Pakistan that would see the US develop its oil reserves in return for lowering the tariff rates to 19%. Previously, Pakistan was subject to a 29% rate. The EU reached an agreement with Trump on 27 July, lowering the rate to 15%. What about pre-Trump trade agreements? The United States–Mexico–Canada Agreement (USMCA) was signed by Trump in his first mandate to replace NAFTA, the previous trade agreement between the three countries. On the 1 August, Canada is set to see tariffs on its US exports rise to 35%, although White House officials have suggested the new rate will only apply to goods not covered under the USMCA. Nearly 90% of Canadian goods imported into the US are exempted under the free trade deal. Mexico, meanwhile, was expecting to face a 30% tariff until Trump proposed a 90-day negotiating period on Thursday. Trump, posting on his Truth Social platform, said a phone conversation he had with Mexican leader Claudia Sheinbaum was 'very successful in that, more and more, we are getting to know and understand each other". The Republican president said that goods from Mexico imported into the US would continue to face a 25% tariff that he has ostensibly linked to fentanyl trafficking. He said that autos would face a 25% tariff, while copper, aluminium and steel would be taxed at 50%. He said that Mexico would end its 'Non Tariff Trade Barriers', but he didn't provide specifics. Some goods will continue to be protected from the tariffs by the USMCA. Steel, aluminium, copper, Brazil and India Meanwhile, a 50% universal tariff was imposed on steel and aluminium products on 4 June. The UK faces only a 25% steel and aluminium tariff, and negotiations are underway for that to be possibly lowered further. On 30 July, Trump announced semi-finished copper products such as rods and sheets and copper-intensive products such as cables and electrical components will face a 50% tariff starting on Friday. Ahead of Friday's tariff package, Trump announced that a 25% tariff would be imposed on India along with another unspecified penalty for importing Russian oil and weapons despite US sanctions. President Donald Trump also signed an executive order on Wednesday to place a 50% tariff on Brazil, setting a legal rationale that Brazil's policies and criminal prosecution of former far-right President Jair Bolsonaro constitute an economic emergency under a 1977 law. Trump had threatened the tariffs on 9 July in a letter to President Luiz Inacio Lula da Silva. But the legal basis of that threat was an earlier executive order premised on trade imbalances being a threat to the US economy. The US nonetheless ran a $6.8 billion (€5.8bn) trade surplus last year with Brazil, according to the US Census Bureau, undermining the original basis for the Liberation Day tariffs. Russia, anyone? Russia was not part of the initial Liberation Day tariffs, a move some saw as an indicator of Trump's alleged soft spot for Russian President Vladimir Putin. Yet due to sanctions that carried over from the administration of President Joe Biden, the trade volume with Russia had dropped significantly following the full-scale invasion of Ukraine in 2022. On 14 July, Trump gave Putin a 50-day deadline to broker a ceasefire with Ukraine or else it would face a 100% tariff targeting nations that purchase oil and gas from Russia. During his recent trip to Scotland, he said he was "probably" shortening the deadline to 10-12 days, stating: "Because I think I already know the answer what's going to happen." Republican Senator Lindsey Graham introduced a bill in Congress that, if passed, would see countries that import Russian gas, such as India, face a whopping 500% tariff. So what happens on 1 August? Legally, because the previous tariff suspensions were temporary, all countries that have not negotiated a separate trade deal will see their Liberation Day rates re-imposed. For nations not given a country-specific rate, the minimum tariff for imports has been set at 10%, a relief for those who feared that the baseline may double. Trump has also included a 40% penalty for transshipped goods intended to avoid duties.
France 24
2 hours ago
- France 24
Stocks struggle as Trump's new tariff sweep offsets earnings
With hours to go before the US president's deadline for governments to make toll-averting deals, he unveiled a list of sweeping levies he had decided to impose upon those still in talks. However, he did provide a minor reprieve by saying the measures will take effect next Friday. Governments around the world have been scrambling to cut agreements with the White House since Trump unveiled his bombshell "Liberation Day" tariffs on April 2, which included 10 percent across the board and then targeted "reciprocal" ones. He then delayed implementation of the reciprocals until July 9, and then August 1, and next week. Some countries reached deals, including Japan, the European Union, Britain and recently South Korea, but most are yet to do so. China remains in talks with Washington to extend a fragile truce in place since May. For those in the crosshairs of the latest outburst, the measures range from 10 percent to 41 percent. Canada was singled out for a 35 percent hit, with Trump earlier hitting out at its failure to deal cross-border drugs issues and Ottawa's plan to recognise a Palestinian state. Taiwan faces 20 percent "temporary" duties, with its President Lai Ching-te saying there was a possibility of reductions should an agreement be reached, while Cambodia welcomed a 19 percent rate as it was well down from the initial 36 percent initially threatened. Asian equities mostly fell as they contemplate the impact on the global economy. Tokyo, Hong Kong, Shanghai, Sydney, Wellington and Taipei were all down. Seoul dived more than three percent as the South Korean government considers higher taxes on corporations and stock investors to shore up revenue. There were gains in Singapore, Manila and Jakarta. "Overall, the tariffs are relatively expected for Asia," said Lorraine Tan, Morningstar director of equity research in Asia. "The fact that the larger export countries such as Korea and Japan are at 15 percent and the Southeast Asian countries are at 19 percent is a fairly reasonable outcome especially after the initial April 2 shock. Hence we think the markets should shrug this news off." The losses tracked a sell-off on Washington, where traders' hopes for a September interest rate cut were dented by data showing the Federal Reserve preferred gauge of inflation rose more than expected last month and topped forecasts. The figures came a day after the central bank appeared guarded about the outlook, even as Trump puts pressure on boss Jerome Powell to reduce borrowing costs. "US interest rate traders have lowered the implied probability for a cut from the Fed in September... and as such, the central position is progressively leaning to the Fed keeping rates on hold in the September (policy) meeting," Chris Weston of Pepperstone said. The tariff uncertainty overshadowed earnings from major tech titans this week that saw Apple on Thursday post double-digit quarterly revenue growth that beat expectations. And Amazon said quarterly profits jumped 35 percent as key major investments in AI technology pay off, though its outlook for the next three months disappointed. Google, Microsoft and Meta have also posted bumper results for the period. "Massive results seen by Microsoft and Meta further validate the use cases and unprecedented spending trajectory for the AI Revolution on both the enterprise and consumer fronts," Wedbush tech analyst Dan Ives said in a note to investors. On currency markets the Taiwan dollar spiked above 30 to the greenback for the first time since June, while the yen remained under pressure as the Bank of Japan holds off hiking rates and Fed expectations sink. Key figures at around 0300 GMT Tokyo - Nikkei 225: DOWN 0.4 percent at 40,9914.66 (break) Hong Kong - Hang Seng Index: FLAT at 24,775.34 Shanghai - Composite: FLAT at 3,573.01 Euro/dollar: DOWN at $1.1412 from $1.1421 on Thursday Pound/dollar: DOWN at $1.3196 from $1.3208 Dollar/yen: UP at 150.78 yen from 150.68 yen Euro/pound: UP at 86.49 pence from 86.43 pence West Texas Intermediate: DOWN 0.1 percent at $69.26 per barrel Brent North Sea Crude: DOWN 0.1 percent at $71.65
