Trump Plans to Give up to 12 Days for Putin to Agree to Ukraine Deal
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Boston Globe
19 minutes ago
- Boston Globe
Trump's latest tariff deadline is approaching. Here are the trade deals the US has announced so far.
Advertisement But three months later, only two deals emerged: with the U.K. and Vietnam. A separate 'framework' for a deal was hashed out with China. And by early July, Trump began sending warning letters that higher tariffs would be imposed against dozens of countries on Aug. 1. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Since then, the U.S. has announced more trade frameworks. But, key details remain sparse — or not immediately captured in writing. Here's what we know about the agreements so far, in the order of those most recently announced. South Korea The U.S. president said he The countries have also agreed for South Korea to buy $100 billion in energy resources from the U.S. and for South Korea to give to the U.S. $350 billion for 'investments owned and controlled by the United States, and selected by myself, as president,' Trump said. Advertisement European Union The U.S. and the EU announced a trade framework But some key details require more work. The headline of the agreement, unveiled July 27, is that the 15% tariff rate will apply to 70% of European goods brought into the U.S. — with the EU later confirming that that rate applies to pharmaceuticals, semiconductors, and car and car parts. But the remaining 30% of those imports is still open for negotiations. European Commission President Ursula von der Leyen said that both sides had agreed to zero tariffs for a range of 'strategic' goods. Meanwhile, Trump pointed to heightened investments from European companies in the U.S. — including what Trump said was $750 billion (638 billion euros) worth of natural gas, oil and nuclear fuel over three years, as well as an additional $600 billion (511 billion euros) under a political commitment that isn't legally binding, officials said. Japan On July 22, Trump announced a trade framework The newly-agreed on 15% tariff rate also applies to Japanese cars — marking a welcome relief for automakers like Toyota Motor Corp. and Honda — which, like other automakers, have faced a 25% levy on key parts and finished vehicles going into the U.S. since earlier this year. But car companies in other countries, including U.S. competitors, worry that this could put them at a disadvantage. Advertisement Philippines Shortly after a July 22 meeting with Philippine President Ferdinand Marcos, Jr., Trump announced that he would In return, Trump said on Truth Social, the U.S. would not pay tariffs on American goods it shipped to the Philippines. But additional details remained unclear. Marcos said his country was considering options such as having an open market without tariffs for U.S. automobiles, but emphasized details were still left to be worked out. Indonesia On July 15, Trump again took to social media to announce that he's agreed to lower his planned tariffs on Indonesian goods to 19% — down from a previously-threatened levy of 32% — while American goods sent to the southeast Asian country will face no tariffs. A fact sheet from the White House later confirmed that 'over 99% of U.S. products' exported to Indonesia would be sent duty-free. Indonesian President Prabowo Subianto said he will continue to negotiate with Trump, in hopes of further lowering the coming U.S. tariffs. Vietnam On July 2, Trump announced a trade deal with Vietnam that he said would allow U.S. goods to enter the country duty-free. Vietnamese exports to the U.S., by contrast, would face a 20% levy. That's less than half the 46% 'reciprocal' rate Trump proposed for Vietnamese goods back in April. But in addition to the new 20% tariff rate, Trump said the U.S. would impose a 40% tax on 'transshipping'' — targeting goods from another country that stop in Vietnam on their way to the United States. Washington complains that Chinese goods have been dodging higher U.S. tariffs by transiting through Vietnam. Advertisement United Kingdom On May 8, Trump When the deal was announced, for example, the British government notably said that the U.S. agreed to exempt the U.K. from its then-universal 25% duties on foreign steel and aluminum — which would have effectively allowed both metals from the country to come into the U.S. duty-free. But the timing for when those cuts would actually take effect stayed up in the air for almost a month. It wasn't until early June, when Trump hiked his steel and aluminum tariffs to a punishing 50% worldwide, that the U.S. acknowledged it was time to implement the agreement. And even then, U.S. tariffs on British steel and aluminum did not go to zero. The U.K. was the only country spared from Trump's new 50% levies, but still faces 25% import taxes on the metals. China At its peak, Trump's new tariffs on Chinese goods totaled 145% — and China's countertariffs on American products reached 125%. But on May 12, the countries agreed to their own 90-day truce to roll back those levies to 30% and 10%, respectively. And in June, details began trickling in about a tentative trade agreement. Advertisement U.S. Treasury Secretary Scott Bessent said that China had agreed to make it easier for American firms to acquire Chinese magnets and rare earth minerals critical for manufacturing and microchip production. Meanwhile, the Chinese Commerce Ministry said that the U.S. would 'lift a series of restrictive measures it had imposed on China.' Other key details of the deal remain murky — including the timing of implementation for these terms. On July 29, China's top trade official said the two sides had
Yahoo
42 minutes ago
- Yahoo
Oil Holds Near Six-Week High as US Targets Russia, Iran Trade
(Bloomberg) -- Oil steadied after closing at the highest in almost six weeks as President Donald Trump threatened to penalize India for buying Russian crude and his administration tightened a crackdown on supplies from Iran. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus We Should All Be Biking Along the Beach Brent traded above $73 a barrel and is up more than 7% so far this week, while West Texas Intermediate was near $70. The US president said he would impose a tariff on India's exports and a penalty for its energy purchases from Russia from Aug. 1. He later added the two sides were still in talks. It's unclear what the penalty is and India's refiners are seeking clarity from the government in New Delhi. Trump threatened tariffs on Moscow this week unless there's a swift truce to the war in Ukraine, which his advisers have cast as secondary sanctions on countries buying Russian oil. Meanwhile, the US implemented its most sweeping Iran-related sanctions in seven years. The measures toward Tehran and India have raised concerns about tightening supply and a potential knock-on effect to products such as diesel, with oil on track for its biggest monthly gain since September 2023. The market is keeping a close watch on the US deadline to nail down more trade deals by Aug. 1, with Trump also announcing a 15% tariff on South Korean goods. OPEC+ is scheduled to convene a meeting over the weekend to decide on supply policy for September, with most expecting another bumper increase. Separately, US crude stockpiles expanded by 7.7 million barrels last week, the biggest build since the end of January, according to government data. Inventories of distillates — a category that includes diesel — increased for a third week. Supplies still remain well below the seasonal average. --With assistance from Rob Verdonck. Russia Builds a New Web Around Kremlin's Handpicked Super App Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P.
Yahoo
an hour ago
- Yahoo
Australia's fresh shot at Trump on tariffs
Treasurer Jim Chalmers has taken a fresh shot at the Trump administration's tariffs, boasting Australia's lower interest rates show hiking import taxes is 'bad for the American economy'. A chipper Mr Chalmers fronted morning shows on Thursday to spruik the latest inflation data. The figures, released on Wednesday, showed the annual inflation rate fell to 2.1 per cent for the June quarter – the lowest rate since 2021. The result has all-but guaranteed the Reserve Bank will cut interest rates next month. In his morning appearances, Mr Chalmers was eager to highlight that the progress on inflation came despite 'uncertainty' gripping the global economy. Much of that uncertainty stems from Donald Trump's tariffs, which the US President is threatening to continue hiking. Asked by the ABC if he was expecting Australia to be hit with a higher baseline rate, Mr Chalmers said the Albanese government had not 'heard differently from the 10 per cent baseline that's been levied on Australia'. 'Obviously, we continue to engage with the Americans on this,' he told the national broadcaster. 'It's one of the main issues playing out in the global economy. 'It's a major source of uncertainty in the economy, whether it's what's been said overnight about India, whether it's the back and forth between the US and China or the tariffs levied directly on Australia.' Pressed on whether he expected that rate to move, he was hesitant to make a call. 'These tariff announcements are a moving feast, but our understanding, our expectation is we get the baseline,' Mr Chalmers said. 'We think that the best outcome is zero because these tariffs are an act of economic self‑harm. 'We see inflation is going up in the US. 'Earlier in the year they had slowing growth, interest rates on hold again in the US overnight, they've got higher interest rates than we do in Australia.' Mr Chalmers went on to say the 'tariffs are bad for the American economy, certainly bad for the global economy'. 'We're better placed and better prepared than most countries to deal with that, but we won't be immune,' Mr Chalmers said. 'We'll continue to engage with the Americans on it.' Error in retrieving data Sign in to access your portfolio Error in retrieving data
