New US tariffs cloud outlook for exporters in Asia and beyond
Trump has threatened tariffs of up to 200% on imports of pharmaceuticals and has ordered a 100% import tax on computer chips. Most U.S. imports of copper, steel and aluminum are subject to a 50% tariff.
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- Yahoo
Trump reportedly signs order granting another 90-day extension on harshest China tariffs
President Trump on Monday signed an executive order implementing another 90-day pause on additional tariffs on China that were set to take effect on Tuesday, reports said. The move again pushes off a deadline for imposing the harshest taxes on Chinese imports as the two sides continue negotiations on a deal. Reports from CNBC, The Wall Street Journal, and The Washington Post all said the president had signed the order, which will push the deadline for these tariffs back to Nov. 9. The White House didn't immediately respond to a request for comment. The extension appears to mean that headline rates agreed to in May of 30% on Chinese imports and 10% on American goods will continue for the immediate future and avoid a snap-back to previous triple-digit levels. Sector-specific tariffs on goods like steel and some medical supplies will keep the effective tariff rate between the two countries higher. The reported tariff agreement also comes amid an increased focus from Trump in recent days on Russia and the war in Ukraine, with Trump putting an additional 25% tariff on imports from India over that nation's consumption of Russian oil. The new pause could also increase the odds for a meeting later this year between Presidents Trump and Xi. The two men's teams have both floated the concept of a face-to-face meeting, perhaps as soon as the coming Asia-Pacific Economic Cooperation summit in South Korea at the end of October. Monday's announcement also came after three meetings of the two trade teams in recent months — gatherings that took place in Geneva in May, London in June, and Stockholm in July — resulted in signs of progress though tensions remain between the two sides. He Lifeng, China's vice premier for economic policy, has represented his country at all three meetings. A representative for He — Chinese trade negotiator Li Chenggang — said after the most recent round in Sweden that the two sides had 'candid exchanges over their economic concerns,' according to a translation. Certain issues like semiconductors, including a plan to allow the resumption of Nvidia's (NVDA) AI chip exports to China, as well as Chinese exports of rare earth minerals have been most in focus of the talks so far with a long list of issues between the two nations still to discuss. Over the weekend, the Trump administration struck a deal with Nvidia and AMD to allow those chipmakers to sell some chips into the Chinese market in exchange for a 15% cut of the sales.
Yahoo
12 minutes ago
- Yahoo
Carney and Zelenskyy speak ahead of Trump-Putin summit in Alaska
Prime Minister Mark Carney and Ukrainian President Volodymyr Zelenskyy spoke by phone Monday, reaffirming their agreement that Ukraine must be a party to any discussions about a possible end to the war in that country. Speaking in advance of the Friday meeting in Alaska between U.S. President Donald Trump and Russian President Vladimir Putin, Carney and Zelenskyy welcomed Trump's leadership in working toward a lasting peace for Ukraine. "The two leaders underscored that decisions on the future of Ukraine must be made by Ukrainians [and] international borders cannot be changed by force," said a statement detailing the discussion that was released by the Prime Minister's Office. The statement also said Ukraine's allies must continue to keep pressure on Russia to end its aggression and that any peace deal must include a "robust and credible" security guarantee. Trump announced in a social media post on Friday that he would be meeting with Putin in Alaska on Aug. 15. Russia, which launched a full-scale invasion of Ukraine in February 2022, now holds nearly a fifth of the country. In addition to Crimea, which it seized in 2014, Russia has formally claimed the Ukrainian regions of Luhansk, Donetsk, Kherson and Zaporizhzhia as its own, although it controls only about 70 per cent of the last three. Russia also holds smaller pieces of territory in three other regions, while Ukraine says it holds a sliver of Russia's Kursk region. Zelenskyy could attend second meeting, says Trump "I am grateful for Canada's support for Ukraine and our people," Zelenskyy said in a social media post after speaking with Carney. "We agreed that no decisions concerning Ukraine's future and the security of our people can be made without Ukraine's participation." Zelenskyy expressed skepticism that Putin genuinely intends to end his invasion of Ukraine, saying it's obvious "the Russians simply want to buy time." The Ukrainian president said that until his country is invited to the negotiating table and Kyiv is given security guarantees, "sanctions against Russia must remain in force and be constantly strengthened." Trump told a White House news conference Monday that his Friday meeting with Putin will be a "feel-out meeting" to gauge whether the Russian president is really willing to make a deal. "So I'm going in to speak to Vladimir Putin, and I'm going to be telling him; 'you've got to end this war. You've got to end it,'" Trump told reporters. Trump also said a future meeting between himself and Putin could include Zelenskyy. He said he would speak to European leaders soon after his talks with Putin and that his goal was a speedy ceasefire in the bloody conflict.
Yahoo
12 minutes ago
- Yahoo
‘I'll know in the first two minutes': Trump's prediction about Zelensky-less Ukraine summit with Putin in Alaska
Donald Trump claimed that he would know 'in the first two minutes' of his upcoming meeting with Vladimir Putin if a peace deal could be reached between Russia and Ukraine. 'We're going to have a meeting with Vladimir Putin, and at the end of that meeting, probably in the first two minutes, I'll know exactly whether or not a deal can be made,' the president told reporters at a press conference Monday. Asked how he would know, the president replied: 'Because that's what I do. I make deals.' However, Trump later appeared to contradict himself, after saying that it was 'not up to him' if a deal was made or not. 'I'm not going to make a deal. It's not up to me to make a deal. I think a deal should be made for both,' he said. The president is set to meet with the Russian president Friday in Alaska for the 'highly anticipated' meeting, during which the pair will discuss bringing an end to the conflict that has raged since the invasion of Ukraine by Russian forces in February 2022. Trump briefly appeared to forget the location of the meeting, telling reporters at the press conference that he would be travelling to Russia for the meeting, instead of The Last Frontier. He added that Ukrainian president Volodymyr Zelensky 'could' attend the bilateral, but also appeared to question if it would help a deal be reached. 'He wasn't a part of it,' Trump said, speaking about the setting up of the talks. 'I would say he could go, but he's been to a lot of meetings. You know, he's been there for three and a half years. Nothing happened.' He added that, should a 'fair' deal be reached, he would inform the European Union as well as Zelensky, who he would call first 'out of respect.' 'And I may say, 'lots of luck, keep fighting.' Or I may say 'we can make a deal,' he said. Either way, Trump said that a meeting between Putin and Zelensky would be necessary in the future. 'Ultimately, I'm going to put the two of them in a room. I'll be there, or I won't be there, and I think it'll get solved.' Friday's meeting will be the first between a U.S. president and Putin since 2021, when Joe Biden met him in Switzerland, and marks the first time the Russian president has set foot on American soil in a decade. His visit is due to go ahead as planned, despite the fact that he faces an arrest warrant from the International Criminal Court. Critics have also noted that Alaska was once owned by Russia, who claimed it during the 1770s and sold it back to the U.S. in 1867. Russian traditionalists have long-since demanded the return of the territory.
