Trump Accuses China of Breaking Trade Deal, Markets React: Live Updates
President Donald Trump accused China Friday of violating a preliminary trade agreement between the two countries and suggested the U.S. may respond. The announcement came after a 90-day suspension of tariffs was agreed upon in May to ease tensions, but Trump says China has not followed through on its commitments. U.S. stock futures fell amid the escalating trade concerns.
What to know:
Trump claimed China broke the deal that paused retaliatory tariffs in a post on Truth Social.U.S. Trade Representative expressed serious concern about China's compliance.In an interview with Fox News on Thursday, Treasury Secretary Scott Bessent noted that trade talks with China have stalled.The 90-day tariff suspension was aimed at stabilizing trade relations.Trump called his tariff policies tough but necessary, saying China faced "civil unrest."The situation is causing uncertainty in markets ahead of further negotiations.
Stay with Newsweek for the latest.
A soldier pardoned by President Donald Trump shared an image associated with COVID conspiracy theories on his social media when thanking the president for his pardon.
Former 1st Lieutenant Mark Bashaw was discharged from the Army in 2023 after being found guilty of refusing to obey orders around COVID-19 prevention in 2022. His official offense was listed as "violation of lawful orders," and although he was convicted, he was not sent to prison.
Bashaw has been contacted for comment via email to his cryptocurrency company.
The Trump administration, which oversaw the initial response to COVID-19 in the U.S, including the rapid research and development of vaccines in 2020, has been working to reinstate military members who refused the COVID-19 vaccine, while firing transgender military personnel.
The COVID-19 pandemic has killed 1.2 million Americans since 2020 according to the World Health Organization, and approximately 300 Americans are still dying every week from COVID infections due in part to low vaccine rates and difficulties accessing medication.
Read the full story by Sophia Clark on Newsweek.
Trump said on Truth Social that China has "totally violated" a trade agreement he brokered to stabilize its economy after U.S. tariffs caused what he described as "civil unrest."
Today on CNN, anchor Rahel Solomon interviewed Reilly Stephens, senior counsel at the Liberty Justice Center, the nonprofit litigation firm representing small businesses challenging Trump's Liberation Day tariffs.
Stephens responded to a recent appeals court decision allowing the tariffs to remain in place while litigation continues, calling it a procedural delay. "We still think that the Court of International Trade's decision was incredibly strong," he said.
He argued that trade deficits do not qualify as a national emergency under the 1977 law the administration invoked, calling them "perfectly ordinary." Stephens also expressed hope the Supreme Court would reject what he called a vague and expansive interpretation of presidential power over tariffs.
Trump is holding a rally in Pennsylvania on Friday to promote a deal that will keep U.S. Steel under American control, despite the Japanese firm Nippon Steel's planned investment.
While Trump once vowed to block Nippon's $14.9 billion bid to buy the Pittsburgh-based company, he now supports what he described as a "partial ownership" arrangement. Details remain unclear; neither U.S. Steel nor Nippon has confirmed a finalized deal.
Trump said the agreement would preserve U.S. jobs and ensure American oversight, a priority for his administration as it pushes to protect domestic manufacturing. Reports suggest the arrangement would include a board led mainly by Americans and a "golden share" allowing the U.S. government to veto decisions.
Still, the United Steelworkers union and some lawmakers have voiced skepticism, questioning whether the revised plan differs meaningfully from the original proposal.
Despite the uncertainty, Trump presents the potential partnership as a win for national security and workers in key states like Pennsylvania, where the steel industry remains politically and economically significant.
Former Vice President Mike Pence has accused President Donald Trump of supplanting Congress' constitutional authority over trade and commerce, following a federal court ruling that sought to void the majority of his tariffs.
"The Constitution gives Congress the power to levy taxes and tariffs," Pence wrote on X, formerly Twitter. "Article 1, Section 8 provides that the Congress 'shall have Power To lay and collect Taxes, Duties, Imposts and Excises.'"
"The president has no authority in the Constitution to unilaterally impose tariffs without an act of Congress," he added.
Newsweek has contacted the White House for comment outside regular hours.
Read the full story by Hugh Cameron on Newsweek.
President Donald Trump will appear alongside Elon Musk at a White House event Friday afternoon, marking the end of Musk's role as a "special government employee" leading the Department of Government Efficiency.
Trump announced the 1:30 p.m. ET media event on Truth Social, praising Musk as "terrific" and saying, "he will, always, be with us, helping all the way."
Musk's 130-day term, the maximum allowed for such appointments within a calendar year, formally ended Wednesday. The Tesla and SpaceX CEO confirmed his departure in a post on X, expressing frustration over a new domestic spending package backed by Trump.
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