Philippines goods to face 19% tariff, Trump says
Trump said his goal with instituting tariffs was to push countries to drop policies he saw as unfair to the US. His plans set off a flurry of trade talks with countries around the world. He has since announced a handful of deals, including with the UK, China and Indonesia. But the agreements so far have kept in place high tariffs, with key issues unresolved or unconfirmed by both parties.With Trump now threatening a new round of higher duties to go into effect 1 August, some of America's biggest and most important trade partners, including the European Union and Canada, remain in limbo.As hopes for a deal dim, officials in Europe are increasingly rallying around plans for potential retaliation.In Canada on Tuesday, Prime Minister Mark Carney said that "complex negotiations" were continuing but was noncommittal on the prospect of reaching a deal by Trump deadline next week. "We'll see," he told reporters after meeting with premiers in Ontario. "The Americans objectives are multiple, they change over time ... but what is clear is that the Canadian government will not accept a bad agreement. The objective is not to have an agreement at any cost."
Trump's tariff plans sparked widespread financial turmoil when he announced them originally in April, putting forward a plan that would leave the US with its highest duties since the early 1900s.He subsequently suspended some of the plan's most aggressive measures, while leaving in place a universal 10% tariff on most goods and separately hitting certain items, such as cars, copper, steel and aluminium, with higher duties.But in recent weeks, as markets have calmed and the US economy held steady, Trump has returned to plans for higher duties, sending letters to countries outlining plans for new tariffs that he says will go into force on 1 August. In a letter to leaders in the Philippines this month, he had said he would charge a 20% tariff on the country's goods. That was up from 17% rate he had threatened in April.The Philippines is a relatively small trade partner with the US, sending about $14.2bn worth of goods to the America last year. That included car parts, electric machinery, textiles and coconut oil. Meanwhile for companies, the cost of the new tariffs is increasing. General Motors on Tuesday said tariffs had cost it more than $1bn over three months. That followed an earlier disclosure from rival Stellantis, maker of Jeep, which said the measures had cost it €300m (£259.6m, $349.2m).
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North Wales Chronicle
16 minutes ago
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Taoiseach Micheal Martin also said the deal offered 'overall ceilings' on tariff rates and would mean they are not 'stacked' upon another. Despite suggestions from US President Donald Trump, he said his understanding was that the 15% tariff on pharmaceutical exports also represented 'a ceiling' rate. Speaking to the media at Government Buildings in Dublin on Monday, Mr Martin said the US tariffs are 'not Brexit' and the approach for supporting businesses had to be 'strategic and not a handout'. He said what effect the new trading arrangements would have on October's budget would be decided closer to the time. 'It's important to say that Europe never sought tariffs, or never sought to impose tariffs, and fundamentally, we are against tariffs: we believe in an open trading economy,' he said. 'New realities are in play and so at a broader level, the stability and predictability that this agreement brings is important for businesses, is important for consumers and indeed patients when it comes to the manufacturing and distribution of medicines,' he said. 'In essence, we have avoided a trade conflict here which would have been ruinous, which would have been very damaging to our economy, and to jobs in particular. 'The challenge now for Europe is to work on its own inefficiencies, to reduce barriers within the single market, to press ahead more ambitiously and more proactively on trade diversification and trade deals with other countries that would facilitate that market diversification that is required. 'Meanwhile, there is much to be negotiated in the aftermath of this framework agreement.' The EU is to have 15% tariffs imposed on most of its goods including cars, semiconductors and pharmaceuticals entering the US, with no new tariffs on US goods coming into the bloc. There will be 'zero for zero' tariffs on a number of products including aircraft, some agricultural goods and certain chemicals – as well as EU purchases of US energy worth 750 billion dollars (£560 billion) over three years. There is a mixed reaction to the deal across the EU, with French minister Benjamin Haddad calling the deal 'unbalanced' and Hungarian Prime Minister Viktor Orban stating that Donald Trump 'ate European Commission President Ursula) von der Leyen for breakfast'. Ireland's junior minister at the Department of Foreign Affairs, Neale Richmond, said the deal was the least worst option. 'We're not exactly celebrating this, it's not a case that this is a good thing but it's probably the least bad option based on what we were facing a couple of days ago, the prospect of a 30% tariff,' he told the BBC. Asked about mixed reactions to the deal from heads of government across Europe, Mr Martin said: 'Nobody is welcoming tariffs with open arms. 'I think we've been consistent in saying that we don't agree with tariffs, that we prefer if there weren't tariffs, but we have to deal with realities. 'I understand people criticising, but given the balance and the options here … in my view, I would appreciate the work of the (European) Commission in this regard, and the avoidance of a trade war is preferable, in my view, and that's the key issue.' He added: 'It's easy to put the chin out in life, but sometimes it's wiser to box more cautiously and to negotiate wisely and to think of the bigger picture, and I think that's what President von der Leyen and Maros Sefcovic have done on this occasion.' Asked about whether the 9.4 billion euro that the government announced last week would be spent in the budget would be cut back, Mr Martin said they would better understand the implications closer to the budget being unveiled in October. 'It's difficult at this early stage to calculate the impact of these tariffs in terms of government revenues, or indeed in terms of the prospects for 2026, so we will do further analysis of that.' He said he did not believe Irish companies would lose access to the US market as a result of the tariff rate. He added: 'This is not Brexit, and I would caution in terms of just creating funds in themselves. 'I think more importantly, we have to take decisions now that would create the opportunity or the landscape for companies to grow and to develop strongly, to become more energy efficient, in terms of research and development supports. 'It has to be a strategic approach, not a handout approach.' Responding, chief executive of business group Ibec Danny McCoy said he believed Europe had 'capitulated' to get a deal, but said if they had negotiated harder 'we could have damaged ourselves a lot more than we anticipated'. He said there would be 'hard cases' and job losses in Ireland under a 15% tariff, and was 'surprised' the government was not open to Brexit or Covid-level supports for businesses. 'It's not going to be a catastrophe, we're more resistant than that, but for some industries, going back to the point around the Brexit-type adjustment fund, you need to be sensitive there will be some areas that actually could find this devastating.' Mr Martin said it was 'vital' that the EU pushes ahead with the expansion of the European single market to reduce barriers in a number of sectors that 'are way beyond the value of the tariffs'. He said it was not clear yet what impact the tariff differential on the island of Ireland would have, as there is a 10% tariff in place in Northern Ireland. 'In terms of the north-south, again, the detail will be important here and its early days yet to be reading too much into that differential, because ours are not stacked, whereas some in the north would be, so these are complex issues that have to be worked out.'
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Daily Record
16 minutes ago
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Donald Trump says he 'wants to see Scotland thrive' during visit
The US President – whose mother was born in the Outer Hebrides – spoke of his 'love' for the country during a visit to his golf course in Ayrshire. Donald Trump has said he wants to see Scotland 'thrive' during his visit to the country. The US President – whose mother was born in the Outer Hebrides – spoke of his 'love' for the country during a visit to his golf course in Ayrshire. Flanked by Prime Minister Sir Keir Starmer, the 79-year-old was asked if changes could be made to the UK-US trade deal, which would benefit Scotland. He said: 'I have great love for Scotland.' Speaking of his mother, the President said she would 'religiously' return home every year. He jokingly added: 'When we do our trade deal, a lot of it comes to Scotland, maybe all of it should go to Scotland.' He continued: 'We deal with the UK, but a lot of it comes to Scotland. I was very particular, because this is a part of the world I want to see thrive.' Despite the trade deal agreed between the two countries, a 10% tariff remains on Scotch whisky, one of the country's biggest exports. Asked earlier if that tariff could be dropped or eliminated as a result of the meeting with the Prime Minister, Mr Trump said: 'We'll talk about that, I didn't know whisky was a problem. I'm not a big whisky drinker, but maybe I should be.' Scottish First Minister John Swinney is expected to raise the issue when he meets the President during his visit to his second course in Aberdeenshire before he returns to the US. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. 'Tariffs are very important for the Scottish economy and obviously Scotch whisky is a unique product,' he told BBC Breakfast on Monday. 'It can only be produced in Scotland. It's not a product that can be produced in any other part of the world. So there's a uniqueness about that, which I think means there is a case for it to be taken out of the tariffs arrangement that is now in place. 'Obviously, the trade deal with the United States provides a degree of stability for economic connections with the United States, but the application of tariffs is increasing the costs for the Scotch whisky industry. 'So one of my objectives will be to make the case to President Trump that Scotch whisky should be exempted from those tariffs.
