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Yahoo
27 minutes ago
- Yahoo
Trump's Trade Deals Come With Few Details to Flesh Out Big Numbers
(Bloomberg) -- President Donald Trump's flurry of trade deal announcements are so far proving light on detail — with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus Boston's Dumpsters Overflow as Trash-Strike Summer Drags On Trump touted landmark agreements with Japan and the European Union in the past week, adding to pacts with a handful of smaller economies. An extension of the US-China tariff truce is also in the works. The administration is taking a victory lap, claiming vindication for Trump's bargaining style as he prepares a raft of import-tax hikes before an Aug. 1 deadline. Follow the The Big Take daily podcast on Apple, Spotify or anywhere you listen. 'I think the trade deals are working out very well — hopefully for everybody, but for the United States they're very, very good,' the president said Tuesday while flying home to Washington from Scotland. Yet while the scale of America's tariff wall is becoming clearer, other details remain fuzzy in the extreme – especially investment promised by counterparties, which on paper exceeds $1 trillion for the EU and Japan deals alone. For Trump, these capital pledges are evidence that his protectionist agenda is on course to do what he promised it would: revive American manufacturing and create jobs. If actual investment falls short of the big numbers, tariffs could end up boosting revenue for the government – and costs for US consumers and companies – while failing to achieve those loftier goals. 'Signing Bonus' Trump's deal with Japan includes a $550 billion fund that the US called a 'foreign investment commitment,' and the president said amounts to 'a sort of signing bonus.' But Japanese officials said only 1% or 2% of the total – a maximum $11 billion — would be investment, with the rest essentially made up of loans. And they said the 90%-10% profit split in America's favor highlighted by Trump's team only applies to that smaller investment portion. At minimum, the two countries are describing the accord differently, raising the potential for future snags. 'It's not that $550 billion in cash will be sent to the US,' Japan's top trade negotiator Ryosei Akazawa said. But Commerce Secretary Howard Lutnick put it this way, speaking last week to Fox News: 'This is literally the Japanese government giving Donald Trump $550 billion.' Lutnick said Trump would increase tariffs again if Japan reneged on the fund. As for the EU deal, he acknowledged on Tuesday that there's 'plenty of horse-trading left to do.' The EU pledged $600 billion in new investments. European officials say the target is just an aggregate of promises by companies, and the bloc can't commit to a binding target. Neither side has spelled out the contents. 'Basically they're going to build the factories,' Lutnick told Fox News Monday. 'All the car companies committed they're going to build the factories. The pharmaceutical companies have gone out and said they're going to build these factories.' The EU also promised energy purchases from the US worth $750 billion over the next three years — roughly triple the current pace. That target could strain the capacity of American exporters as well as European importers, some analysts say. Aside from the tariff rates, much of the recent deals consist of 'vague promises with large numbers attached that don't have any mechanisms for follow-through,' said Alex Jacquez, who served on the Biden administration's National Economic Council. 'Nobody seems to believe that these checks as written are actually going to cash.' Russia Wildcard There's more clarity around the tariff numbers, though they're still in flux too. Trump will raise duties on most imports from Japan and the EU to 15% from the current 10%. Those partners will get a partial waiver on certain industry-specific US tariffs that carry higher rates worldwide – like for automobiles – but not on others like steel and aluminum, where talks on an exemption involving quotas continue. The revised auto tariffs on Japan and the EU are not yet finalized but are expected to take effect on Aug. 1, according to a White House official. Europeans are pushing for further exemptions, especially for its wine and spirits industry. Trump says there are more of these sectoral tariffs to come, and some of his recent deals may cause confusion by preempting yet-to-be-announced numbers. For instance, he pledged 15% tariffs for the EU on semiconductors and pharmaceuticals — two sectors where rates haven't been finalized. A senior US official also said that Trump agreed to grant Japan whatever the lowest rate is for those two categories, but that commitment isn't in the public US fact sheet. A White House official said that the lower 15% rates for pharmaceuticals and chips would only kick-in once higher levies Trump has threatened under Section 232 of the Trade Expansion Act take effect. 'Always Willing' Other already-announced deals have raised questions too – like the one with Vietnam earlier this month, which appears to have surprised officials in Hanoi with a tariff of 20%, higher than they were said to have agreed to. US and Chinese negotiators, after two days of talks in Sweden this week, said they're on track to extend the tariff truce between the two countries. A wildcard there is Trump's threat to impose new charges on countries that buy energy from Russia. China is the biggest buyer of Russian oil — followed by India. Trump announced a 25% tariff rate for India in a social media post early Wednesday, 'PLUS A PENALTY' due to its energy purchases from Moscow, starting on Aug. 1. He didn't specify the size of the extra charge. The fate of the two biggest US trade partners also seems to be headed down to the wire. Trump has downplayed the chance of a deal with Canada, though Canadian Prime Minister Mark Carney shrugged that off. Both Canada and Mexico face tariff hikes this week, but they won't apply across the board. Goods compliant with the USMCA trade pact are poised to maintain their current exemption, a major relief for both countries. Some critics say the administration's deal-by-deal approach to tariff rates risks ending up as a patchwork that lacks coherence. US auto companies, for example, objected to the Japan agreement, saying imported cars that don't have any US content are set to be taxed less than North American-built models that do. For all the unresolved questions, the administration is casting Aug. 1 as something of a milestone in setting rates after months of threats. It's just not likely to be the final word in Trump's rolling dealmaking. Several more pacts are very close, and tariff rates will either be agreed or imposed by Aug. 1, Kevin Hassett – head of the White House National Economic Council – said on Tuesday. But even after that, 'people can continue to negotiate,' he said. 'The president is always willing to negotiate.' --With assistance from Jennifer A. Dlouhy and John Harney. (Updates throughout with India tariff rate, more EU talks) It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Burning Man Is Burning Through Cash Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts Russia Builds a New Web Around Kremlin's Handpicked Super App ©2025 Bloomberg L.P. Sign in to access your portfolio
New York Times
30 minutes ago
- New York Times
Trump Threatens India With Steep Tariffs, Including ‘Penalty' Over Russian Oil
President Trump announced Wednesday morning that imports from India into the United States would be subject to a 25 percent tariff as of Friday, as he berated the country over trade barriers and its purchases of energy and military equipment from Russia. A 25 percent tariff would be just one percentage point lower than what the president threatened India with on April 2, when he announced plans for sweeping tariffs on dozens of countries. It's also significantly higher than the rates Mr. Trump has settled on for other Asian nations like Indonesia, the Philippines, Vietnam and Japan — all of which have been 20 percent or less. In recent years, some companies have been moving factories out of China to India, making it a base of production for electronics, pharmaceuticals and other products for the U.S. market. Industry analysis shows that this year India is making more smartphones than China, or any other country. But if a 25 percent tariff were to apply long term, that could encourage businesses to set up export operations in other Asian countries instead. 'WE HAVE A MASSIVE TRADE DEFICIT WITH INDIA,' Mr. Trump wrote on Truth Social. He followed quickly with another post, saying that the United States had done 'relatively little business' with India over the years 'because their Tariffs are far too high.' Mr. Trump also criticized India's economic ties with Moscow, saying it was 'Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE.' The announcement comes as the Trump administration prepares to finalize higher tariffs on many countries globally as of Friday. On Wednesday, Mr. Trump wrote that the deadline 'STANDS STRONG, AND WILL NOT BE EXTENDED.' Want all of The Times? Subscribe.
CNN
an hour ago
- CNN
Panicked sea lions dive into water during earthquake
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CNN's Jeremy Diamond explains video circulated on social media that shows the gunman firing a hand gun in the vicinity of where Hathalin was said to be killed. 01:36 - Source: CNN Fans in England celebrate Women's Euro 2025 final win Fans celebrate in London as England has been crowned champion of Europe for the second successive time after defeating Spain 3-1 on penalties in the Women's Euro 2025 final. 00:30 - Source: CNN Breaking down Israel's aid drops into Gaza In the midst of a hunger crisis in Gaza, Israel and other countries have begun dropping aid by plane into the area. CNN's Nic Robertson breaks down how much effect this measure can offer, while the UN calls for substantial relief to come from aid trucks moving in quickly through open corridors. 01:15 - Source: CNN People fight for scraps of food in Gaza CNN's Nic Robertson reports on the scarce food conditions in Gaza, with children and mothers fighting off starvation as soup kitchens face shortages. 01:46 - Source: CNN 18 people dead after Peru bus accident At least 18 people have died and 24 were injured after a bus overturned in the Province of Junín, in Central Peru. The cause of the accident is still being investigated. 00:28 - Source: CNN Rare snow leopard baby born at UK zoo Video released by Chester Zoo in the United Kingdom shows a rare snow leopard cub taking its first steps. The baby was the first of its kind born at the facility in its 94-year history. 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CNN's Will Ripley explains how the conflict has escalated. 01:32 - Source: CNN CNN reports from Gaza aid crossing CNN's Nic Robertson is on the scene at the Kerem Shalom border crossing as aid agencies warn of rampant hunger caused by Israel's blockade of Gaza. Gaza's health ministry said on Tuesday that 900,000 children are going hungry, and 70,000 already show signs of malnutrition. Israel denies it is at fault and accuses Hamas of 'engineering' food shortages. 01:39 - Source: CNN Reopening the ancient tunnels 75 feet under Rome CNN's Ben Wedeman was given an exclusive tour of ancient tunnels underneath Rome's Capitoline Hill. The tunnels, which archeologists say were once filled with ancient Roman shops and taverns, are set to open to the public in late 2026 or early 2027. 02:02 - Source: CNN Ukraine sees first major anti-government protests since start of war Hundreds took to the streets after Ukrainian President Volodymyr Zelensky signed a new law limiting the autonomy of anti-corruption agencies in his government. 01:03 - Source: CNN Peruvian police use superhero disguise during drug raid An agent in the Peruvian police force disguised themselves as the Mexican superhero character El Chapulín Colorado during a drug raid in the nation's capital of Lima. Police said six members of a criminal gang were captured and that cocaine paste, marijuana, cell phones, and money were seized. 00:38 - Source: CNN Distressing images show starvation in Gaza Distressing video footage shows a 41-year-old man in Gaza who died of starvation as humanitarian organizations urge for Israel to end its blockade of the enclave. CNN's Jeremy Diamond reports. 01:57 - Source: CNN Small Irish town confronts its dark past Excavations of the remains of nearly 800 babies have begun at a former so-called mother and baby home in Tuam, Ireland. At least 9,000 infants and children died in more than a dozen of these institutions over the course of eight decades. 02:11 - Source: CNN Fire tornado rips through Turkish forest Turkey's forestry ministry has released video of a fire tornado tearing through the country's woodland. Hundreds of wildfires have gripped Turkey this summer, as well as Greece and other Mediterranean countries. 00:33 - Source: CNN Concerns grow over Australia's toxic algae bloom A harmful algae bloom off the coast of South Australia, caused by high sea temperatures and runoff from flooding, is poisoning marine life and depleting oxygen in the water. 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The United States of America. 01:11 - Source: CNN Child flees Israeli strike on Gaza refugee camp Video shows a child running away as Israeli munitions struck near a UNRWA school in Bureij Refugee Camp behind her. 00:36 - Source: CNN China cracks down on fake "Lafufu" Labubus Fake Labubu plush toys, dubbed "Lafufu," have gained popularity due to shortages of the original dolls made by China's Pop Mart. 02:05 - Source: CNN Jair Bolsonaro denies coup charges as police raid home Police in Brazil raided the home of former Brazilian President Jair Bolsonaro and enforced a ruling from the country's Supreme Court that Bolsonaro wear an electronic ankle tag. Bolsonaro is being accused of plotting to overturn the results of the 2022 presidential election. 01:17 - Source: CNN Taiwan conducts 10-day military drill The Taiwanese government is preparing for a war they hope will never happen. 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Reuters reported more than 16 inches of rain fell in one area in just 24 hours, citing the country's Interior and Safety Ministry. 00:48 - Source: CNN Brazil's Lula tells Christiane Amanpour: Trump 'Was not elected to be emperor of the world' Brazilian President Luiz Inácio Lula da Silva tells CNN's Christiane Amanpour in an exclusive interview it was 'a surprise' to see President Donald Trump's letter posted to Truth Social, threatening Brazil with a crippling tariff of 50% starting August 1st. Lula says that he initially thought the letter was 'fake news.' Watch the full 'Amanpour' interview on CNN. 01:33 - Source: CNN Gaza's only Catholic church hit by Israeli strike Gaza's only Catholic church was struck by an Israeli tank, killing three and injuring many more, church officials said. It became internationally recognized after reports emerged that the late Pope Francis used to call the church daily. CNN's Nada Bashir reports 00:53 - Source: CNN Prince Harry recreates his mother's historic landmine walk Following in his mother's footsteps, Prince Harry visited Angola's minefields just as Princess Diana did 28 years ago. The Duke of Sussex was in Angola with The Halo Trust as part of the group's efforts to clear landmines. 00:39 - Source: CNN Massive fire destroys Tomorrowland's main stage Tomorrowland's main stage went up in flames just days ahead of the festival's opening in Boom, Belgium. 00:38 - Source: CNN How Trump's image is changing inside Russia Once hailed as a pro-Kremlin figure, President Donald Trump's image is changing inside Russia. It comes after Trump vowed further sanctions on the country if a peace agreement with Ukraine is not reached in 50 days. CNN's Chief Global Affairs Correspondent is on the ground in Moscow with the analysis. 01:41 - Source: CNN Who are the armed groups clashing in Syria? Dozens were killed in Syria this week after clashes between government loyalists and Druze militias in the southern city of Suwayda, prompting Syrian forces to intervene. That, in turn, triggered renewed Israeli airstrikes. 01:57 - Source: CNN Syrian anchor takes cover from airstrike live on TV An airstrike on the Syrian Ministry of Defense was captured live on Syria TV, forcing the anchor to take cover. Israel has been carrying out airstrikes on Syria as part of its commitment to protect the Druze, an Arab minority at the center of clashes with government loyalists. 00:30 - Source: CNN
