Rethinking Trade Around the Globe and Satellites Far Above It
President Trump met his extended deadline of Aug. 1 to impose tariffs on a large number of countries' exports to the US — either by agreement or by unilateral action. As Fed Chair Jay Powell said this week, 'we're still a ways away from seeing whether things settle down.'
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USA Today
11 minutes ago
- USA Today
'They're trying to rig the system': Sen. Padilla says Dems should fight fire with fire
California's Democratic Sen. Alex Padilla said his party should be willing to fight fire with fire, in light of Texas' potential, controversial gerrymandering plans. "If Republicans were confident on their policy agenda, they'd be eager to defend it with the people and to defend it at the ballot box next November," Padilla said in an Aug. 3 interview on NBC's "Meet the Press." "But they know they're in trouble," he continued. "And so they're trying to rig the system to hold on to power." The California senator was referencing Texas Republicans' proposed new map of their state's congressional districts, following President Donald Trump's urging that the GOP find a way to flip as many as five seats in next year's midterm elections. "Just a very simple redrawing, we pick up five seats," Trump told reporters on July 15. Padilla likened Trump's ask of Texas Republicans to his request during his first term in office that a top Georgia official "find 11,780 votes" to put him over the top in the Electoral College for the 2020 election. Redistricting in the middle of the decade, rather than every ten years after new census data is collected, is rare. And the pushback from Democrats across the country has been widespread. Blue state leaders have threatened tit-for-tat responses, including California Gov. Gavin Newsom, who has suggested redrawing his state's map to counteract Texas' efforts. (Newsom faces the challenge of a bipartisan redistricting commission, which oversees California's maps, unlike Texas, where lawmakers dictate the boundaries.) Some California Democrats are wary, warning that a redistricting arms race could spiral and erode trust with voters. In response to those concerns, Padilla told NBC he believes it's appropriate for the Democrat-controlled state to evaluate its options. "The ideal scenario," he said, "is for Texas to stand down. They don't have to do this; they shouldn't do this. But if they were to go forward and deliver Trump his five additional Republicans ... the stakes are simply too high" for Democrats not to respond. Padilla also addressed recent comments from his fellow Democrats about the state of politics and American democracy, including Sen. Cory Booker's call for his party to "have a backbone." "It's time for us to fight. It's time for us to draw lines," Booker said from the Senate floor on July 29. Asked whether Booker's defiant approach was the appropriate stance for Democrats under the Trump administration, Padilla said, "Look, I think the extreme way in which this administration is conducting itself calls for higher and higher profile ways of pushing back." After announcing that she would not be running for California governor in 2026, former Vice President Kamala Harris appeared on CBS's "The Late Show" with Stephen Colbert. In her interview on July 31, Harris told Colbert, "Recently, I made the decision that, for now, I don't want to go back into the system. I think it's broken." Padilla agreed, in part, with Harris' take, saying, "I think the system is under duress." "Democrats are doing our part to try to stand up and push back," he added.
New York Post
11 minutes ago
- New York Post
Trump trade adviser pledges tariffs ‘pretty much set' as several countries scramble for deals
President Trump's newly unveiled tariff rates are unlikely to change much, his trade adviser and National Economic Council declared, while downplaying the risk of market turmoil. 'I know a lot of these are set rates pursuant to deals,' US Trade Representative Jamieson Greer told CBS News' 'Face the Nation' on Sunday. 'Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country.' 'These tariff rates are pretty much set. I expect I do have my phone blowing up,' he added. 'I think that we have, we're seeing truly the contours of the President's tariff plan right now with these rates.' Advertisement Trump initially unveiled a 10% baseline tariff rate against virtually every country on the planet and then a slate of customized rates on top of that during his April 2 'Liberation Day' announcement. The stock market promptly took a nosedive and Trump later announced a pause on the implementation of those tariffs to allow time for negotiations to play out. 3 Kevin Hasset ruled out the possibility of President Trump backtracking on tariffs due to market reactions. AP Advertisement 3 Trade Representative Jamieson Greer said most of the tariff deals are set. AFP via Getty Images Kevin Hassett, the director of the National Economic Council, downplayed the risks of a similar crash this time around because 'the markets have seen what we're doing.' 'I would rule it out because these are the final deals,' Hassett told NBC's 'Meet the Press' on Sunday when asked about Trump changing the tariff rates due to market reactions. During the negotiating sprint that followed 'Liberation Day,' Trump's team helped cut deals with the European Union, United Kingdom, Vietnam, the Philippines, Indonesia, Japan, South Korea, Cambodia, Thailand and more. Advertisement 'We have eight deals that cover about 55% of world GDP with our biggest trading partners, the EU and Japan and Korea and so on, and I expect that those [rates] are more or less locked in,' Hassett said. 'For the deals that aren't ready yet, they're going to get the reciprocal rates soon, and then we would expect that there might continue to be negotiations with those countries.' 3 President Trump has made overhauling US trade policy a centerpiece of his second term agenda. AP Last week, Trump's team unveiled a revised slate of customized tariff rates to be imposed against various countries, after previously delaying implementation of the 'Liberation Day' tariffs twice. Advertisement Most of those tariffs ranged from 40% to his baseline 10% rate. They will be effective on Aug. 7, per Trump's executive order. Meanwhile, Trump also has a tariff truce with China that is set to end on Aug. 12 and has given Russia until Aug. 8 to cut a peace deal with Ukraine before he implements secondary tariffs or sanctions on countries that purchase oil from Moscow. 'There are trade ministers who want to talk more and see how they can work in a different way with the United States, but I think that we have, we're seeing truly the contours of the President's tariff plan right now with these rates,' Greer assessed. Trump is also facing litigation in the courts over the legality of his tariffs, with the US Court of Appeals for the Federal Circuit hearing arguments for the administration's defense of the moves last Thursday. The president had tapped into his emergency powers to impose the sweeping tariffs, but there are legal questions about whether he has the authority to do that.
Newsweek
12 minutes ago
- Newsweek
Trump Economic Adviser Says Tariffs 'Locked In' Despite Market Volatility
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Kevin Hassett, director of the National Economic Council, said on Sunday that President Donald Trump's administration will hold onto its current tariff rates on other countries despite market volatility, describing the measures as "final deals." Why It Matters Since the first introduction in early April, the Trump administration's tariffs have sparked widespread criticism from both sides of the aisle. They have also triggered sharp declines in financial markets and increased global economic uncertainty, with major indexes falling and international partners warning of reprisals. Hassett's statements during his interview appearance on NBC News' Meet the Press shows that the White House intends to hold steady on its tariffs even as economic data raises concerns about the impact they may have on growth, prices, and job creation as well as lasting consequences for global trade. What To Know Hassett confirmed to host Kristen Welker on Sunday that tariffs on America's largest trading partners—including the European Union (EU), Japan, and South Korea—were "more or less locked in," covering approximately 55 percent of global gross domestic product (GDP). "The president will decide what the president decides. But the president likes those deals. The Europeans like those deals, and they're absolutely historically wonderful deals," the economic adviser said. Hasset continued: "We've got Europe agreeing to open their markets to our products, so our farmers, our small businessmen, can sell stuff in Europe like they never could before, and they're letting us charge a 50 percent tariff, which is going to raise maybe about $100 billion a year." Asked whether market turmoil could prompt Trump to reconsider or adjust tariff rates, Hassett replied, "No, I would rule it out. Because these are the final deals." He dismissed the notion that financial market backlash or investor uncertainty would trigger a policy reversal, saying in part that "the markets have seen what we're doing and celebrated it." Hassett added: "So I don't see how that would happen." These comments come on the heels of Trump dramatically widening the trade war, imposing new tariffs ranging from 10 to 41 percent on 60 countries. Key trading partners lacking bilateral agreements faced sharply higher rates. Meanwhile, Japan, South Korea, and the EU secured negotiated rates. Meanwhile, the most recent jobs report showed U.S. employers adding 73,000 jobs in July, far lower than expected. This followed a disappointing trend in the latest months, as May and June job gains were also sharply downgraded. On Thursday, Trump signed an executive order reimposing the "reciprocal tariffs" that were first announced on April 2 or "Liberation Day." Markets have reacted negatively, with the S&P 500 closing down 1.6 percent on Friday—the worst drop since May, according to The New York Times. National Economic Council Director Kevin Hassett speaks to reporters after attending a meeting at the U.S. Capitol Building on April 28 in Washington, D.C. National Economic Council Director Kevin Hassett speaks to reporters after attending a meeting at the U.S. Capitol Building on April 28 in Washington, D.C. Photo byDeals Made South Korea will face a 15 percent tariff on its exports to the U.S. Trump announced a framework deal with Japan on July 22, including a 15 percent tariff on Japanese goods, down from a rate of 25 percent. The president said Japan would invest $550 billion into the U.S. and "open" its economy to American autos and rice. The U.S. and EU announced a deal on July 27 that includes a 15 percent tariff on 70 percent of EU goods entering the U.S., down from 30 percent. Trade officials from the U.S. and China, Asia's largest economy and the world's second-largest, met for two days in Stockholm last month after which China's top trade official said the two sides had agreed to work on extending an August 12 deadline. Trump's tariffs on Chinese goods previously totaled 145 percent and China's counter-tariffs on U.S. products reached 125 percent. Under a deal announced on May 8, the United Kingdom will face a 10 percent baseline tariff on its goods while Trump agreed to cut tariffs on British autos, steel and aluminum, among other pledges. The U.K. promised to reduce levies on U.S. products like olive oil, wine and sports equipment. A July 22 deal with the Philippines includes a 19 percent tariff. Under a July 15 agreement with Indonesia, its goods will face a 19 percent tariff. Vietnamese goods will face a 20 percent U.S. tariff under a deal announced on July 2. U.S. goods will enter Vietnam duty free. Canada and Mexico Shortly before the August 1 deadline, Trump said he would enter a 90-day negotiating period with Mexico, one of America's largest trading partners, with the current 25 percent tariff rates staying in place, down from the 30 percent he had threatened earlier. For Canada, the tariffs on its U.S.-bound products not covered by the U.S.-Mexico-Canada trade agreement will rise to 35 percent from 25 percent, the White House said, as it blamed the higher tariffs on the smuggling of fentanyl over the northern border. However, Canada rebukes this, saying only tiny amounts of the drug are smuggled into the U.S. What People Are Saying President Donald Trump in his executive order on Thursday: "Other trading partners, despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters." He continued: "There are also some trading partners that have failed to engage in negotiations with the United States or to take adequate steps to align sufficiently with the United States on economic and national security matters." Nate Silver, statistician and author, said in the Silver Bulletin on Sunday: "But for now, Republicans are the incumbent party — and if you ask me, tariffs and an economic slowdown are a far bigger threat to Trump's political capital than the distractions that often dominate the news cycle from day to day. We have more evidence now that the economy is slowing down, probably because of tariffs. And Trump's actions on Friday suggest he's scared to face the consequences." Jeffrey Frankel, economist and professor at the Harvard Kennedy School, told Newsweek Saturday: "Regarding policies enacted, Trump's tariffs may go down in history because the effects will be so bad and, much as the Smoot-Hawley tariff of 1930 did, may teach a generation or two about the harms of tariffs and the value of listening to warnings from professional economists, when they are virtually unanimous." What Happens Next? The tariff rates are set to go into effect on August 7.
