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Yahoo
2 hours ago
- Yahoo
State of play in Trump's tariffs, threats and delays
Dozens of economies including India, Canada and Mexico face threats of higher tariffs Friday if they fail to strike deals with Washington. Here is a summary of duties President Donald Trump has introduced in his second term as he pressures allies and competitors alike to reshape US trade relationships. - Global tariffs - US "reciprocal" tariffs -- imposed under legally contentious emergency powers -- are due to jump from 10 percent to various steeper levels for a list of dozens of economies come August 1, including South Korea, India and Taiwan. The hikes were to take effect July 9 but Trump postponed them days before imposition, marking a second delay since their shock unveiling in April. A 10 percent "baseline" levy on most partners, which Trump imposed in April, remains in place. He has also issued letters dictating tariff rates above 10 percent for individual countries, including Brazil, which has a trade deficit with the United States and was not on the initial list of higher "reciprocal" rates. Several economies -- the European Union, Britain, Vietnam, Japan, Indonesia and the Philippines -- have struck initial tariff deals with Washington, while China managed to temporarily lower tit-for-tat duties. Certain products like pharmaceuticals, semiconductors and lumber are excluded from Trump's "reciprocal" tariffs, but may face separate action under different authorities. This has been the case for steel, aluminum, and soon copper. Gold and silver, alongside energy commodities, are also exempted. Excluded too are Mexico and Canada, hit with a different set of tariffs, and countries like Russia and North Korea as they already face sanctions. - Canada, Mexico - Canadian and Mexican products were hit by 25 percent US tariffs shortly after Trump returned to office, with a lower rate for Canadian energy. Trump targeted both neighbors over illegal immigration and fentanyl trafficking, also invoking emergency powers. But trade negotiations have been bumpy. This month, Trump said Canadian goods will face a higher 35 percent duty from August 1, and Mexican goods will see a 30 percent level. Products entering the United States under the USMCA North American free trade pact, covering large swaths of goods, are expected to remain exempt -- with Canadian energy resources and potash, used as fertilizer, to still face lower rates. - China focus - Trump has also taken special aim at China. The world's two biggest economies engaged in an escalating tariffs war this year before their temporary pullback. The countries imposed triple-digit duties on each other at one point, a level described as a trade embargo. After high level talks, Washington lowered its levies on Chinese goods to 30 percent and Beijing slashed its own to 10 percent. This pause is set to expire August 12, and officials will meet for further talks on Monday and Tuesday in the Swedish capital Stockholm. The US level is higher as it includes a 20 percent tariff over China's alleged role in the global fentanyl trade. Beyond expansive tariffs on Chinese products, Trump ordered the closure of a duty-free exemption for low-value parcels from the country. This adds to the cost of importing items like clothing and small electronics. - Autos, metals - Trump has targeted individual business sectors too, under more conventional national security grounds, imposing a 25 percent levy on steel and aluminum imports which he later doubled to 50 percent. The president has unveiled plans for a 50 percent tariff on copper imports starting August 1 as well and rolled out a 25 percent tariff on imported autos, although those entering under the USMCA can qualify for a lower rate. Trump's auto tariffs impact vehicle parts too, but new rules ensure automakers paying vehicle tariffs will not also be charged for certain other duties. He has ongoing investigations into imports of lumber, semiconductors, pharmaceuticals and critical minerals that could trigger further duties. - Legal challenges - Several legal challenges have been filed against the tariffs Trump invoked citing emergencies. The US Court of International Trade ruled in May that the president had overstepped his authority, but a federal appeals court has allowed the duties to remain while it considers the case. If these tariffs are ultimately ruled illegal, companies could possibly seek reimbursements. bys/des/mlm Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 hours ago
- Bloomberg
US, China Negotiators to Meet in Stockholm to Extend Trade Truce
US and Chinese officials are meeting Monday to extend their tariff detente beyond a mid-August deadline, and haggle over other ways to further defuse trade tensions. Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent will lead the delegations through Tuesday in Stockholm — their third meeting in less than three months. The agenda includes discussions about how long the current tariff truce can be extended, as well as US levies tied to fentanyl trafficking and Chinese purchases of sanctioned Russian and Iranian oil.
Yahoo
2 hours ago
- Yahoo
AOC isn't radical enough for the anti-Israel Left. It's a sinister sign of the future
'AOC funds genocide in Gaza', announced a sign posted outside the Bronx campaign office of progressive New York Democratic Congresswoman Alexandria Ocasio-Cortez. In a particularly chilling gesture, the office's windows were splattered with red paint, including a splotch big enough to blot out an image of her face. An anti-Israel group called the 'Boogie Down Liberation Front' took responsibility for Monday night's act of vandalism in a message to a local journalist, stating 'The Bronx is sick and tired of people like AOC … using us as a stepping stone for their own political careers'. It added that their community 'stands with the people of Palestine and we denounce the hypocrisy of AOC who voted to fund Israel's ongoing genocide and starvation campaign in Gaza.' At immediate issue was Ocasio-Cortez's vote last Friday against an amendment to a military spending bill that would have cut millions in aid to Israel for its air defence systems. The amendment, which only six Congressmen supported, was proposed by Ocasio-Cortez's polar political opposite, Marjorie Taylor Greene, a Republican Congresswoman from Georgia, whose apparent motivation was her belief that Israel no longer requires American taxpayer assistance due to its successful military operations earlier this year. Greene's amendment was also supported by noted anti-Israel Congresswomen Rashida Tlaib of Michigan and Ilhan Omar of Minnesota. Ocasio-Cortez has argued that the amendment would have done 'nothing to cut off offensive aid to Israel nor end the flow of US munitions being used in Gaza'. She maintains that she still believes Israel is committing genocide, but that it should not be denied defensive weapons. That was not enough for some increasingly extreme factions on the Left, however, which consider approving any amount of support for Israel to be unacceptable. It should go without saying that nobody should be cheering on the vandalism of any politician's campaign office. Ocasio-Cortez's campaign has also revealed that she has received an increased number of death threats in recent days – a disturbing reminder that political violence is never far from the surface in American politics today. It also says something very concerning about where the American Left is heading that she should become a target of their vitriol. Back in 2018, she had a roaring start on the Left-wing of the Democratic Party. A one-time barmaid who claimed to speak progressive, working class truth to corporate power, regardless of party, she rode the anti-incumbency trend in the midterm elections of Donald Trump's first presidency to become the youngest woman ever to sit in the US Congress. She went on to be one of the very few American politicians so well known that her initials often supersede her name, a distinction usually reserved for presidents of the order of FDR or JFK. In office, AOC emerged as the best known member of the 'Squad', a small group of Left-wing Congresswomen whom many progressives hailed as the future of US politics. Her radical agenda made her a role model for young Democrats who distrust their party's older and more moderate leadership, and a bugbear for flustered Republicans who only made her more popular in constant media attacks. In recent years, however, AOC seems to have lost her progressive lustre, even if her politics haven't really changed. Last year, her stance on Israel caused the Democratic Socialists of America – a national progressive organisation that had backed her since her first standing for office – to withdraw its endorsement, accusing her of 'deep betrayal'. AOC clearly retains substantial popularity among Democrats – at over $15 million, her campaign contributions in 2025 exceed those of all other members of Congress this year as she considers greater ambitions, possibly including a primary challenge to fellow Democrat Chuck Schumer for his New York Senate seat. Some 72 per cent of those funds came from outside her congressional district. But the vandalism at her office – alongside other trends, like the emergence of Zohran Mamdani as the Democrat nominee for mayor of New York City – suggests that the Left is beginning to turn in a far more sinister direction. Paul du Quenoy is a historian and president of the Palm Beach Freedom Institute. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
