Monitoring tariff situation every day: Fertiglobe CEO
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Yahoo
20 minutes ago
- Yahoo
Countries push for last-minute deals as Thursday tariff deadline looms
An array of trade crosscurrents continued in Tuesday afternoon. There has been a push for last-minute deals, continued fuzziness on previously announced trade commitments—and an indication from President Trump that a deal to delay tariffs on China is "close." It all comes as global importers brace for the Thursday morning deadline. That's when President Trump promises to implement a central plank of his trade agenda: a tiered approach to "reciprocal" tariffs from 10% to 50%. Meanwhile, talks continued on varied fronts. For example, the Swiss president announced she would fly to Washington to try to win last-minute concessions. She added Tuesday that "the aim is to present a more attractive offer to the United States" to avert a 39% tariff on goods from her nation. Meanwhile India faces a divergent situation, with Trump telling CNBC Tuesday morning "we settled on 25% [tariffs], but I think I am going to raise that very substantially over the next 24 hours." India has slammed Trump's threats as unjustified and has seen its chances of a deal dwindle with top aides for Indian Prime Minister Narendra Modi also reportedly traveling this week — but not to the US but instead to Moscow. It's part of flurry of last minute moves and a message from Trump that he's full-speed ahead with no plans to delay a tariff increase starting Thursday. For rolling updates on tariffs, check out our liveblog > He even teased during the CNBC appearance 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.) Switzerland and India are two countries currently on the outside looking in but even nations that recently struck a trade deal continued to try and prepare for the tariff piece to take effect. 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. 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." Trump also suggested it was likely that "at some point in the not too distant future" he would meet with President Xi Jinping. 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 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. 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. As for India, any immediate offramp 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." This story has been updated with additional developments. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Sign in to access your portfolio
USA Today
22 minutes ago
- USA Today
Trump plans drug tariffs of up to 250%
President Donald Trump threatened to levy tariffs of up to 250% on pharmaceuticals imported into the United States. The president told CNBC on Aug. 5 that he plans to announce new tariffs "within the next week or so" on imports of pharmaceutical and semiconductor imports. He said he plans to launch a smaller tariff on drug imports before increasing the duties over 12 to 18 months to a maximum amount. Trump would start with an "initially small tariff on pharmaceuticals," he said. "But in one year, one-and-a-half years maximum, it's going to go to 150%, and then it's going to go to 250%, because we want pharmaceuticals made in our country." He said other nations "make a fortune" on pharmaceuticals, citing drugs imported from China and Ireland. Trump has said several times in recent months that there could be trade actions for the pharmaceutical industry, which has globalized since the 1990s with a drug supply chain that stretches from Europe to China and India. In July, Trump said his administration planned pharmaceutical-specific tariffs of up to 200%, though drug companies would have time to establish U.S.-based drug manufacturing. In April, Trump said he planned to impose tariffs on pharmaceuticals made overseas, a move he said would prompt drug companies to move their operations to the U.S. On July 31, Trump sent letters to 17 drug companies urging them to lower U.S. drug prices by Sept. 29 to "most favored nation" amounts paid by other nations. In the letters, Trump urged drug companies to adopt such pricing on drug for Medicaid, the federal-state health insurance program for low-income residents. He also requested drug companies lower U.S. prices to the same levels charged in Europe and elsewhere for newly-launched drugs for people on Medicare, Medicaid and private insurance plans. Trump also urged drug companies to lower pharmaceutical prices for U.S. consumers and businesses that directly purchase from drug companies. "Make no mistake: a collaborative effort towards achieving global pricing parity would be the most effective path for companies, the government and American patients," Trump said in the letters. "But if you refuse to step up, we will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices."
NBC News
22 minutes ago
- NBC News
Trump says Treasury Secretary Bessent 'does not want' to be Fed chair, but 4 others in running
President Donald Trump told CNBC on Tuesday that he has narrowed the field of potential future Federal Reserve chairs to four candidates, a list that does not include Treasury Secretary Scott Bessent. While the president did not disclose who is in contention, he revealed that Bessent, previously considered a leading candidate, has taken himself out of contention. 'Well, I love Scott, but he wants to stay where he is,' Trump said during a ' Squawk Box ' interview. 'I asked him just last night, 'Is this something you want?' [Bessent said], 'Nope, I want to stay where I am. He actually said, 'I want to work with you.' It's such an honor. I said, 'That's very nice. I appreciate that.'' The news follows Fed Governor Adriana Kugler's surprise announcement Friday that she is resigning effective this Friday. The move allows Trump to install another of his appointees to the Fed Board of Governors at a time when the White House is aggressively pushing the central bank to lower interest rates. Among the likely candidates remaining are former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director and a key Trump advisor. Both have advocated for lower rates. Fed Governor Christopher Waller also is thought to be in the running. 'Both Kevins are very good, and there are other people that are very good, too,' Trump said, adding that Kugler's resignation 'was a pleasant surprise.' Current Chair Jerome Powell 's term ends in May 2026. He has been a frequent target of Trump's criticism, and there has been speculation that the president would name a 'shadow chair' who could help undermine Powell until his term expires. Trump did not commit to taking that approach but conceded that it is 'a possibility.' Trump nominated Powell for the Fed job in 2017, during his first term as president. The Senate then confirmed Powell the following February. Trump alleged Tuesday that Powell told him, 'Sir, I'll keep interest rates so low. I'm a low interest rate person.' The Fed last week voted to hold its benchmark interest rate steady in a range between 4.25%-4.5%. Markets expect the Fed to approve its next cut in September. The central bank lowered its policy rate a full percentage point from September through December 2024, moves that Trump has said were politically motivated to help Democratic presidential nominee Kamala Harris. Click here to watch the CNBC TV livestream.
