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Globe and Mail
an hour ago
- Globe and Mail
The Latest: Businesses and US trading partners worldwide react to Trump's latest tariffs
The U.S. officially began levying higher taxes on imports from dozens of countries Thursday, four months after President Donald Trump first announced plans to impose tariffs on most of the world while seeking new trade agreements across the board. Starting just after midnight, the White House said, goods from more than 60 countries and the European Union would face tariff rates of 10% or higher. Products from the European Union, Japan and South Korea will be taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh will be taxed at 20%. Trump also expects places such as the EU, Japan and South Korea to invest hundreds of billions of dollars in the U.S. The Trump White House is confident that the onset of his broad tariffs will ramp up new investments and jump-start hiring in ways that can rebalance America as a manufacturing power. But there are already warnings signs of self-inflicted wounds to the U.S. economy — as companies and consumers feel the impact of higher prices from tariffs and brace for more. Here's the latest: Beauty brand e.l.f. raises the prices of all of its products by $1 each, citing tariffs Cosmetics company e.l.f. Beauty, which makes a majority of its products in China, said on Wednesday said that it raised prices by one dollar on its entire product assortment as of Aug. 1 because of tariff costs. That marks the third price hike in its 21-year history. E.l.f. Beauty CEO Tarang Amin noted that its average selling price is now $6.50, but that that's still lower compared to nearly $9.50 for other well-established mass cosmetic brands and over $20 for upscale brands. 'I think we're just in that environment right now with the uncertainty of tariffs and the tariff impact that you will probably see more companies take pricing,' Amin told analysts on an earnings call Wednesday. 'We tend to lead, and then we will see how many more will follow us.' E.l.f.'s CFO Mandy Fields told analysts that the company is not sure whether the $1 price increases will be enough to absorb the tariff costs and will monitor what will happen on Aug. 12, when further negotiations between the U.S. and China are planned. 'I think we're just going to have to wait and see how things play out there,' she said. Alcohol trade groups ask for 'toasts not tariffs' A coalition of 57 U.S. associations and state guilds that represent businesses that make, import, distribute and sell alcohol, called the 'Toasts not Tariffs Coalition,' asked Trump for reciprocal, tariff-free trade for U.S. and European Union spirits and wines. The group estimates that the 15% tariff on EU wine and spirits could result in more than 25,000 American job losses and nearly $2 billion in lost sales. 'Many U.S. and EU spirits are recognized as 'distinctive products' and can only be made in their designated countries—Bourbon and Tennessee Whiskey in the U.S., and Cognac in France,' the group wrote. 'Similarly, wine is linked to its place of origin through American Viticultural Areas, appellations of origin or geographical indications. Consequently, production of these products cannot simply be relocated to circumvent tariffs.' Switzerland says three-fifths of its US exports will face Trump's steep 39% tariffs Roughly three-fifths of Swiss exports to the U.S. will face steep 39% tariffs that took effect on Thursday, according to Switzerland's government — with exceptions granted for key industries like pharmaceuticals, gold and chemicals. Authorities responded to the whopping customs duties by laying out some workplace protections to impacted employees in Switzerland and vowing to continue talks. After returning from Washington in a failed last-ditch effort to get the administration to back off the high tariff levels, President Karin Keller-Sutter lamented an 'extremely difficult situation' for the most affected sectors and their employees. In a briefing with reporters on Thursday, she said Switzerland wanted a 'regulated relationship' with the U.S., which she called a crucial trading partner, 'but not at any price.' She said that any final decision would rest with Trump. Vice President Guy Parmelin added that the hardest-hit sectors would be watchmaking, machinery, medical equipment, as well as food and drinks like coffee, chocolate, cheese and energy drinks. 'The tariffs against our country put us in an unfavorable position compared to our main economic rivals, like the United Kingdom which is at 10% and Japan and the European Union which are at 15%,' he said. Stocks rise even as Trump's latest tariffs kick in Stocks are rising on Wall Street Thursday, even as Trump's latest tariffs kicked into effect on dozens of countries. The S&P 500 was 0.5% higher in early trading and sitting just a bit below its record, which was set late last month. The Dow Jones Industrial Average was up 254 points, as of 9:31 a.m. Eastern time, and the Nasdaq composite was 0.8% higher. Worries are still high that Trump's tariffs are damaging the economy, particularly after last week's worse-than-expected report on the job market. But hopes for coming cuts to interest rates by the Federal Reserve and a torrent of stronger-than-expected profit reports have been overshadowing the concerns on Wall Street, at least for now. 'No hire/no fire' trend persists in the US labor market The number of Americans filing for jobless benefits rose modestly last week, a sign that employers still retaining workers despite economic uncertainty related to U.S. trade policy. Jobless claims for the week ending Aug. 2 rose by 7,000 to 226,000, the Labor Department reported Thursday, slightly more than the 219,000 new applications that economists had forecast. Weekly applications for jobless benefits are seen as a proxy for U.S. layoffs. The latest figure remains at a healthy level — with weekly jobless claims mostly settling in a range between 200,000 and 250,000 in recent years since COVID-19 throttled the economy in the spring of 2020. It was just the second time in eight weeks that jobless benefit applications rose. Still, while layoffs remain low by historical standards, there has been noticeable deterioration in the labor market this year. The report is the first government labor market data release since Friday's grim July jobs report sent financial markets spiraling downward, spurring Trump to fire the head of the agency that tallies the monthly jobs numbers. 'The 'no hire/no fire' theme in the labor market remains firmly intact,' analysts for Jeffries wrote in a note to clients. Tariff rate confusion in Japan Japan's Prime Minister Shigeru Ishiba told reporters that his country is asking the U.S. government to immediately correct tariffs that are not consistent with their agreement that says no additional tariff is added to items whose tariffs exceed 15%, and that tariffs for other items will be capped at 15%. Ishiba said Japan's top tariff negotiator, Ryosei Akazawa, double-checked details of the agreement between Japan and the U.S. and that the negotiator is now asking the Americans to take immediate steps to correct discrepancies in the presidential order. Ishiba's comments come after conflicting messages from top officials. Chief Cabinet Secretary Yoshimasa Hayashi said earlier there was no discrepancy between Japan and the U.S. about the understanding of the new tariff deal. But later, the ruling Liberal Democratic Party's policy affairs chief said the 15% tariff is added on top of existing rates. China's exports and imports picked up in July, helped by tariff pause China's exports surged 7.2% in July from a year earlier while its imports grew at the fastest pace in a year, as businesses rushed to take advantage of a truce in Trump's trade war with Beijing. But analysts said the improvement also reflected a low base for comparison in July 2024. And exports to the United States sank nearly 22% year-on-year, while imports from America fell almost 19%. Meanwhile, exports to Africa and Southeast Asia surged at double-digit rates as Chinese businesses diverted sales to other markets. Tariffs on Chinese goods are being considered separately from the new higher tariffs that took effect on Thursday for dozens of U.S. trading partners. U.S. imports from China are subject to tariffs of at least 30%, with some products facing much higher import duties. The two sides traded a series of sky-high levies earlier this year, but agreed to pause those to allow time for trade talks. It's unclear if the truce will be extended beyond the current Aug. 12 deadline. South Africa's leader says he spoke with Trump South Africa's leader said he spoke with Trump as some African nations hope they can still negotiate tariff rates that threaten to increase unemployment in countries already struggling with high rates of joblessness. President Cyril Ramaphosa's office said he and Trump spoke Wednesday ahead of steep 30% tariffs coming into effect on some South African exports to the U.S. on Thursday. The statement said the two leaders 'undertook to continue with further engagements.' South Africa has said it believes it can still negotiate with the U.S., even after Trump has been especially critical of the country. The Trump administration said it has stopped aid and assistance to Africa's most diverse economy over what it calls its anti-white and anti-American policies. South African neighbors Botswana and Lesotho have also said they still hope to negotiate better tariff rates. Lesotho, a tiny mountainous country, was threatened with a huge 50% tariff rate before it was reduced to 15%. It says that is still high enough to threaten thousands of jobs and businesses in its crucial clothing sector, which makes and exports well-known brands like Levi's and others to the American market. Swiss tech firms condemn 'horror scenario' A leading association of tech companies in Switzerland is decrying a 'horror scenario' from 39% U.S. tariffs on Swiss goods that took effect Thursday, lamenting how a 'strong commitment' from the Swiss government failed to get the Trump administration to back off. The association, Swissmem, says tens of thousands of jobs in the wealthy Alpine country are at risk from such high tariffs and the knock-on effect could impact the tourism, healthcare and infrastructure sectors. 'If this horrendous tariff burden persists, the Swiss tech industry's export business to the U.S. will effectively be dead — especially given the significantly lower tariffs for competitors from the EU and Japan,' Swissmem said in a statement Thursday. That alluded to 15% tariff rates that the U.S. has set on goods from the European Union and Japan, which would put Swiss tech products at a price disadvantage in the United States. Swissmem President Martin Hirzel called on the Swiss government to continue to reach out to the U.S. administration, 'because the winds in Washington can change at any time.' South Korea braces for uncertainty despite deal with U.S. South Korea's trade minister warned Thursday of continued trade uncertainty despite a last-minute tariff deal with the Trump administration, calling for swift support for vulnerable sectors and long-term efforts to diversify trade networks and enhance the competitiveness of key industries. During a meeting with business leaders and trade experts, Hankoo Yeo said South Korea must reset its trade strategy to address the global rise in protectionism, which he called the 'new normal,' as participants discussed follow-up measures to last week's trade deal with the United States, his ministry said. Under the deal, Washington agreed to cut its reciprocal tariff on South Korea to 15% from the initially proposed 25% and to apply the same reduced rate to South Korean cars, the country's top export to the United States. South Korea also agreed to purchase $100 billion in U.S. energy resources and commit $350 billion to U.S. investments, though the two countries have offered differing interpretations of how the investment fund would be structured and managed. In a separate radio interview, Yeo insisted that South Korea's major chipmakers — Samsung Electronics and SK Hynix — would be unaffected by the 100% tariffs that Trump has vowed to eventually impose on semiconductor imports. Yeo said Washington, under the recent tariff deal, agreed to designate Seoul as one of its most favored trade partners, shielding it from such rates. Swiss officials meet to tackle high tariffs The Swiss executive branch, the Federal Council, was expected to hold an extraordinary meeting Thursday afternoon after President Karin Keller-Sutter and other top Swiss officials returned from a hastily arranged trip to Washington, which initially appeared to produce few results, in a bid to avert steep 39% U.S. tariffs on Swiss goods. On her X account, Keller-Sutter posted photos of meetings with U.S. Secretary of State Marco Rubio — with whom her team discussed tariffs and other issues — as well as with American and Swiss business leaders. Despite Keller-Sutter's diplomatic push, the United States as of Thursday went ahead with the 39% rate, her office said. Toyota profit takes a dive Toyota's profit plunged 37% in the April-June quarter, the company said Thursday, cutting its full year earnings forecasts largely because of Trump's tariffs. The Japanese automaker said it based its report on the assumption that Trump's tariffs on exports from Japan, including autos, would be 12.5% starting this month. As of now they stand at 15%. Toyota said the tariffs cost its quarterly operating profit 450 billion yen ($3 billion). Cost reduction efforts and the negative impact of an unfavorable exchange rate also hurt its bottom line. 'Despite a challenging external environment, we have continued to make comprehensive investments, as well as improvements such as increased unit sales, cost reductions and expanded value chain profits,' Toyota said in a statement that outlined its efforts to minimize the impact of the tariffs. Analysts say Toyota is likely among the worst hit by the tariffs among global companies, even compared with other Japanese automakers. Tariffs to affect more than half of Indian exports to the US A top body of Indian exporters said Thursday that the latest U.S. tariffs will impact nearly 55% of the country's outbound shipments to America and lead to exporters losing long-standing clients. 'Absorbing this sudden cost escalation is simply not viable. Margins are already thin,' S.C. Ralhan, president of the Federation of Indian Export Organisations, said in a statement. The tariffs effectively impose a cost burden, placing Indian exporters at a competitive disadvantage with countries that have lesser import taxes, he added. In 2024, the U.S. ran a $45.8 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the U.S. Census Bureau. American consumers and businesses buy pharmaceutical drugs, precious stones, and textiles and apparel from India, among other goods. Modi vows to defend farmers' interests Prime Minister Narendra Modi on Thursday said that India will never compromise the interests of farmers. 'For us, the interests of farmers are a top priority. I know I will have to personally pay a heavy price for it, but I am ready,' Modi said at a conference in what was seen as a message to the U.S. administration, which has been seeking greater access to India's agriculture and dairy sectors. India and the U.S. have had five rounds of negotiations on a bilateral trade agreement, but haven't been able to clinch one so far. On Wednesday, Trump signed an executive order to place an additional 25% tariff on India for its purchases of Russian oil. The order would go into effect in 21 days and bring the combined tariffs imposed on India to 50%. Sony profits are up Japanese entertainment and electronics company Sony said Thursday its profit surged 23% in the last quarter from the year before, as damage from Trump's tariffs was less than it had expected. Sony raised its forecast for its profit in the full fiscal year until March 2026 to 970 billion yen ($6.6 billion), from an earlier forecast of 930 billion yen ($6.3 billion). The revised projection is still lower than what it earned in the previous fiscal year at 1 trillion yen.
Globe and Mail
an hour ago
- Globe and Mail
The Latest: Wall Street and US trading partners worldwide react to Trump's latest tariffs
The U.S. officially began levying higher taxes on imports from dozens of countries Thursday, four months after President Donald Trump first announced plans to impose tariffs on most of the world while seeking new trade agreements across the board. Starting just after midnight, the White House said, goods from more than 60 countries and the European Union would face tariff rates of 10% or higher. Products from the European Union, Japan and South Korea will be taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh will be taxed at 20%. Trump also expects places such as the EU, Japan and South Korea to invest hundreds of billions of dollars in the U.S. The Trump White House is confident that the onset of his broad tariffs will provide clarity about the path of the world's largest economy. Now that companies understand the direction the U.S. is headed, the Republican administration believes they can ramp up new investments and jump-start hiring in ways that can rebalance the U.S. economy as a manufacturing power. But there are signs of self-inflicted wounds to the U.S. economy as companies and consumers feel the impact of higher prices from tariffs and brace for more. Economic data has offered some warnings over recent months. Here's the latest: Switzerland says three-fifths of its US exports will face Trump's steep 39% tariffs Roughly three-fifths of Swiss exports to the U.S. will face steep 39% tariffs that took effect on Thursday, according to Switzerland's government — with exceptions granted for key industries like pharmaceuticals, gold and chemicals. Authorities responded to the whopping customs duties by laying out some workplace protections to impacted employees in Switzerland and vowing to continue talks. After returning from Washington in a failed last-ditch effort to get the administration to back off the high tariff levels, President Karin Keller-Sutter lamented an 'extremely difficult situation' for the most affected sectors and their employees. In a briefing with reporters on Thursday, she said Switzerland wanted a 'regulated relationship' with the U.S., which she called a crucial trading partner, 'but not at any price.' She said that any final decision would rest with Trump. Vice President Guy Parmelin added that the hardest-hit sectors would be watchmaking, machinery, medical equipment, as well as food and drinks like coffee, chocolate, cheese and energy drinks. 'The tariffs against our country put us in an unfavorable position compared to our main economic rivals, like the United Kingdom which is at 10% and Japan and the European Union which are at 15%,' he said. Stocks rise even as Trump's latest tariffs kick in Stocks are rising on Wall Street Thursday, even as Trump's latest tariffs kicked into effect on dozens of countries. The S&P 500 was 0.5% higher in early trading and sitting just a bit below its record, which was set late last month. The Dow Jones Industrial Average was up 254 points, as of 9:31 a.m. Eastern time, and the Nasdaq composite was 0.8% higher. Worries are still high that Trump's tariffs are damaging the economy, particularly after last week's worse-than-expected report on the job market. But hopes for coming cuts to interest rates by the Federal Reserve and a torrent of stronger-than-expected profit reports have been overshadowing the concerns on Wall Street, at least for now. 'No hire/no fire' trend persists in the US labor market The number of Americans filing for jobless benefits rose modestly last week, a sign that employers still retaining workers despite economic uncertainty related to U.S. trade policy. Jobless claims for the week ending Aug. 2 rose by 7,000 to 226,000, the Labor Department reported Thursday, slightly more than the 219,000 new applications that economists had forecast. Weekly applications for jobless benefits are seen as a proxy for U.S. layoffs. The latest figure remains at a healthy level — with weekly jobless claims mostly settling in a range between 200,000 and 250,000 in recent years since COVID-19 throttled the economy in the spring of 2020. It was just the second time in eight weeks that jobless benefit applications rose. Still, while layoffs remain low by historical standards, there has been noticeable deterioration in the labor market this year. The report is the first government labor market data release since Friday's grim July jobs report sent financial markets spiraling downward, spurring Trump to fire the head of the agency that tallies the monthly jobs numbers. 'The 'no hire/no fire' theme in the labor market remains firmly intact,' analysts for Jeffries wrote in a note to clients. Tariff rate confusion in Japan Japan's Prime Minister Shigeru Ishiba told reporters that his country is asking the U.S. government to immediately correct tariffs that are not consistent with their agreement that says no additional tariff is added to items whose tariffs exceed 15%, and that tariffs for other items will be capped at 15%. Ishiba said Japan's top tariff negotiator, Ryosei Akazawa, double-checked details of the agreement between Japan and the U.S. and that the negotiator is now asking the Americans to take immediate steps to correct discrepancies in the presidential order. Ishiba's comments come after conflicting messages from top officials. Chief Cabinet Secretary Yoshimasa Hayashi said earlier there was no discrepancy between Japan and the U.S. about the understanding of the new tariff deal. But later, the ruling Liberal Democratic Party's policy affairs chief said the 15% tariff is added on top of existing rates. China's exports and imports picked up in July, helped by tariff pause China's exports surged 7.2% in July from a year earlier while its imports grew at the fastest pace in a year, as businesses rushed to take advantage of a truce in Trump's trade war with Beijing. But analysts said the improvement also reflected a low base for comparison in July 2024. And exports to the United States sank nearly 22% year-on-year, while imports from America fell almost 19%. Meanwhile, exports to Africa and Southeast Asia surged at double-digit rates as Chinese businesses diverted sales to other markets. Tariffs on Chinese goods are being considered separately from the new higher tariffs that took effect on Thursday for dozens of U.S. trading partners. U.S. imports from China are subject to tariffs of at least 30%, with some products facing much higher import duties. The two sides traded a series of sky-high levies earlier this year, but agreed to pause those to allow time for trade talks. It's unclear if the truce will be extended beyond the current Aug. 12 deadline. South Africa's leader says he spoke with Trump South Africa's leader said he spoke with Trump as some African nations hope they can still negotiate tariff rates that threaten to increase unemployment in countries already struggling with high rates of joblessness. President Cyril Ramaphosa's office said he and Trump spoke Wednesday ahead of steep 30% tariffs coming into effect on some South African exports to the U.S. on Thursday. The statement said the two leaders 'undertook to continue with further engagements.' South Africa has said it believes it can still negotiate with the U.S., even after Trump has been especially critical of the country. The Trump administration said it has stopped aid and assistance to Africa's most diverse economy over what it calls its anti-white and anti-American policies. South African neighbors Botswana and Lesotho have also said they still hope to negotiate better tariff rates. Lesotho, a tiny mountainous country, was threatened with a huge 50% tariff rate before it was reduced to 15%. It says that is still high enough to threaten thousands of jobs and businesses in its crucial clothing sector, which makes and exports well-known brands like Levi's and others to the American market. Swiss tech firms condemn 'horror scenario' A leading association of tech companies in Switzerland is decrying a 'horror scenario' from 39% U.S. tariffs on Swiss goods that took effect Thursday, lamenting how a 'strong commitment' from the Swiss government failed to get the Trump administration to back off. The association, Swissmem, says tens of thousands of jobs in the wealthy Alpine country are at risk from such high tariffs and the knock-on effect could impact the tourism, healthcare and infrastructure sectors. 'If this horrendous tariff burden persists, the Swiss tech industry's export business to the U.S. will effectively be dead — especially given the significantly lower tariffs for competitors from the EU and Japan,' Swissmem said in a statement Thursday. That alluded to 15% tariff rates that the U.S. has set on goods from the European Union and Japan, which would put Swiss tech products at a price disadvantage in the United States. Swissmem President Martin Hirzel called on the Swiss government to continue to reach out to the U.S. administration, 'because the winds in Washington can change at any time.' South Korea braces for uncertainty despite deal with U.S. South Korea's trade minister warned Thursday of continued trade uncertainty despite a last-minute tariff deal with the Trump administration, calling for swift support for vulnerable sectors and long-term efforts to diversify trade networks and enhance the competitiveness of key industries. During a meeting with business leaders and trade experts, Hankoo Yeo said South Korea must reset its trade strategy to address the global rise in protectionism, which he called the 'new normal,' as participants discussed follow-up measures to last week's trade deal with the United States, his ministry said. Under the deal, Washington agreed to cut its reciprocal tariff on South Korea to 15% from the initially proposed 25% and to apply the same reduced rate to South Korean cars, the country's top export to the United States. South Korea also agreed to purchase $100 billion in U.S. energy resources and commit $350 billion to U.S. investments, though the two countries have offered differing interpretations of how the investment fund would be structured and managed. In a separate radio interview, Yeo insisted that South Korea's major chipmakers — Samsung Electronics and SK Hynix — would be unaffected by the 100% tariffs that Trump has vowed to eventually impose on semiconductor imports. Yeo said Washington, under the recent tariff deal, agreed to designate Seoul as one of its most favored trade partners, shielding it from such rates. Swiss officials meet to tackle high tariffs The Swiss executive branch, the Federal Council, was expected to hold an extraordinary meeting Thursday afternoon after President Karin Keller-Sutter and other top Swiss officials returned from a hastily arranged trip to Washington, which initially appeared to produce few results, in a bid to avert steep 39% U.S. tariffs on Swiss goods. On her X account, Keller-Sutter posted photos of meetings with U.S. Secretary of State Marco Rubio — with whom her team discussed tariffs and other issues — as well as with American and Swiss business leaders. Despite Keller-Sutter's diplomatic push, the United States as of Thursday went ahead with the 39% rate, her office said. Toyota profit takes a dive Toyota's profit plunged 37% in the April-June quarter, the company said Thursday, cutting its full year earnings forecasts largely because of Trump's tariffs. The Japanese automaker said it based its report on the assumption that Trump's tariffs on exports from Japan, including autos, would be 12.5% starting this month. As of now they stand at 15%. Toyota said the tariffs cost its quarterly operating profit 450 billion yen ($3 billion). Cost reduction efforts and the negative impact of an unfavorable exchange rate also hurt its bottom line. 'Despite a challenging external environment, we have continued to make comprehensive investments, as well as improvements such as increased unit sales, cost reductions and expanded value chain profits,' Toyota said in a statement that outlined its efforts to minimize the impact of the tariffs. Analysts say Toyota is likely among the worst hit by the tariffs among global companies, even compared with other Japanese automakers. Tariffs to affect more than half of Indian exports to the US A top body of Indian exporters said Thursday that the latest U.S. tariffs will impact nearly 55% of the country's outbound shipments to America and lead to exporters losing long-standing clients. 'Absorbing this sudden cost escalation is simply not viable. Margins are already thin,' S.C. Ralhan, president of the Federation of Indian Export Organisations, said in a statement. The tariffs effectively impose a cost burden, placing Indian exporters at a competitive disadvantage with countries that have lesser import taxes, he added. In 2024, the U.S. ran a $45.8 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the U.S. Census Bureau. American consumers and businesses buy pharmaceutical drugs, precious stones, and textiles and apparel from India, among other goods. Modi vows to defend farmers' interests Prime Minister Narendra Modi on Thursday said that India will never compromise the interests of farmers. 'For us, the interests of farmers are a top priority. I know I will have to personally pay a heavy price for it, but I am ready,' Modi said at a conference in what was seen as a message to the U.S. administration, which has been seeking greater access to India's agriculture and dairy sectors. India and the U.S. have had five rounds of negotiations on a bilateral trade agreement, but haven't been able to clinch one so far. On Wednesday, Trump signed an executive order to place an additional 25% tariff on India for its purchases of Russian oil. The order would go into effect in 21 days and bring the combined tariffs imposed on India to 50%. Sony profits are up Japanese entertainment and electronics company Sony said Thursday its profit surged 23% in the last quarter from the year before, as damage from Trump's tariffs was less than it had expected. Sony raised its forecast for its profit in the full fiscal year until March 2026 to 970 billion yen ($6.6 billion), from an earlier forecast of 930 billion yen ($6.3 billion). The revised projection is still lower than what it earned in the previous fiscal year at 1 trillion yen.
Toronto Sun
an hour ago
- Toronto Sun
Cambodia formally nominates Trump for Nobel Peace Prize
Published Aug 07, 2025 • 1 minute read U.S. President Donald Trump speaks during a meeting in the Oval Office of the White House in Washington, D.C., June 27, 2025. Photo by ANDREW CABALLERO-REYNOLDS / AFP / Getty Images Cambodia formally nominated President Donald Trump for the Nobel Peace Prize after the U.S. leader threatened to halt trade deals unless the Southeast Asian nation agreed to a ceasefire with Thailand in a recent armed conflict. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account In a letter dated Aug. 7 to the Norwegian Nobel Committee, Cambodian Prime Minister Hun Manet said Trump's intervention in the conflict helped avert 'a potentially devastating conflict' and restored peace along the two countries' shared border. He credited Trump's 'visionary and innovative diplomacy' for the breakthrough. Trump had used his favored bargaining tool of trade deals and tariffs to get Cambodia and Thailand to agree to the truce last month. The ceasefire came after five days of clashes that included airstrikes and artillery shelling, which left dozens dead and displaced over 300,000 people along the roughly 800-kilometre (500-mile) border. The U.S. president has repeatedly said he deserves the Nobel Peace Prize for his role in mediating conflicts, including between Pakistan and India and Iran and Israel. Pakistan also nominated Trump for the prize, although India has consistently said Trump played no role in securing the truce. Recipients of the peace prize typically don't lobby for the award. Columnists Celebrity Editorial Cartoons Sunshine Girls World
