White House Wins Court Ruling to Exclude the Associated Press
In a one-page order on Tuesday, the US Court of Appeals for the DC Circuit left in place an earlier decision that let White House officials exclude the Associated Press from a rotating pool of reporters and photographers who cover the president's daily movements while an underlying legal fight goes forward.
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Yahoo
18 minutes ago
- Yahoo
EU Readies €100 Billion No-Deal Plan to Match US 30% Tariff
(Bloomberg) -- The European Union plans to quickly hit the US with 30% tariffs on some €100 billion ($117 billion) worth of goods in the event of no deal and if US President Donald Trump carries through with his threat to impose that rate on most of the bloc's exports after Aug. 1. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital As a part of a first wave of countermeasures, the EU would combine an already approved list of tariffs on €21 billion of US goods and a previously proposed list on an additional €72 billion of American products into one package, a European Commission spokesman said on Wednesday. The US exports, which include industrial goods such as Boeing Co. aircraft, US-made cars and bourbon whiskey, would face a levy that matches Trump's 30% threat, according to people familiar with the matter. The threatened retaliation from Brussels would hit about one-third of American exports to the EU, based on the €335 billion worth of US goods shipped to the bloc last year. The tariffs would be prepared to come into force next month but only if there is no deal and the US implements its levies after the August deadline, said the people who spoke on condition of anonymity to discuss private deliberations. The euro extended a fall after the report, down 0.3% at $1.1723, leading losses among major currencies. German bonds trimmed an earlier decline. The plans come as EU member states, including Germany, have hardened their positions in response to the US stiffening its negotiating stance. Berlin would be willing to even support the activation of the EU's anti-coercion instrument, or ACI, in a no-deal scenario, a government official said on condition of anonymity. This tool would come into play only if a deal fails to materialize. Trump announced two tariff deals on Tuesday — one with the Philippines and another with Japan, and both featured across-the-board duties on their imports that were lower than initially threatened. Also noteworthy was the 15% US levy on Japanese autos that was lower than the current 25% rate on major car exporters including the EU. European leaders are in Tokyo and Beijing this week for talks with some of the the bloc's biggest trading partners in Asia. US Treasury Secretary Scott Bessent, speaking with Bloomberg Television on Wednesday, said the EU hasn't yet brought anything as innovative as the Japanese offer. 'Talks are going better than they had been,' he said in the interview. 'I think that we are making good progress with the EU, but as I've said before, the EU has a collective action problem with 27 countries.' Explainer: All About the EU's Trade Weapon of Last Resort The EU's most potent trade tool is the ACI, and a growing number of member states is pushing for its use if a deal isn't reached. The instrument is primarily designed as a deterrent and is currently not on the table, with its activation requiring a qualified majority of member states to support the move. The ACI would enable the EU to launch a broad range of retaliatory actions, including new taxes on US tech giants, targeted curbs on US investments, and limiting access to the EU market. 'We are now approaching the decisive phase in the tariff dispute with the USA — we need a fair, reliable agreement with low tariffs,' German Chancellor Friedrich Merz told reporters in Berlin on Tuesday after a meeting with his Czech counterpart Petr Fiala. 'Without such an agreement, we risk economic uncertainty at a time when we actually need exactly the opposite.' The Commission, the EU's executive arm, is discussing the instrument with member states, the people said. While some capitals having been pushing to use the tool, most want to wait to see how the situation develops beyond Aug. 1 before progressing discussions further to try to achieve the required majority, they added. The overwhelming preference is to keep negotiations with Washington on track in a bid for an outcome to the impasse ahead of next month's deadline. EU and US negotiators are scheduled to continue talks on Wednesday. The US is now seen to want a near-universal tariff on EU goods higher than 10%, with increasingly fewer exemptions limited to aviation, some medical devices and generic medicines, several spirits, and a specific set of manufacturing equipment that the US needs, Bloomberg previously reported. The two sides have also discussed a potential ceiling for some sectors, as well as quotas for steel and aluminum and a way to ring-fence supply chains from sources that oversupply the metals. Any agreement would need Trump's sign off – and his position isn't clear. The US president wrote to the EU earlier in the month, warning of a 30% tariff on most of its exports from Aug. 1. Alongside a universal levy, Trump has hit cars and auto parts with a 25% customs tax, and steel and aluminum with double that. He's also threatened to target pharmaceuticals and semiconductors with new duties as early as next month, and recently announced a 50% duty on copper. Hoped-For Extension Before Trump's letter, the EU had been hopeful it was edging toward an initial framework that would allow detailed discussions to continue on the basis of a universal rate of 10% on many of the bloc's exports. While most capitals and officials accept that any agreement would be asymmetrical in favor of the US and see the EU facing higher than 10% rates, the bloc has been seeking wider exemptions than the US is offering, as well as looking to shield the bloc from future sectoral tariffs. The EU's €100 billion list would cover its response to Trump's universal duties as well as his tariffs on metals and cars. The level of pain that member states are prepared to accept varies, and some are open to landing on a higher 15% levy if enough exemptions are secured and the scope of the duty was clear, the people said. In addition to the tariffs on goods, the bloc's executive arm is also working on measures that could see export controls as well as restrictions on some services and public procurement contracts introduced in future, they said. --With assistance from Greg Ritchie and Annmarie Hordern. (Adds detail on US exports in fourth paragraph, Bessent comments in 11th) Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
18 minutes ago
- Yahoo
Trump tariffs live updates: Trump strikes deal with Japan, but EU digs in with over $100B counterattack
The European Union said on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event the two sides cannot reach a trade deal by Aug. 1. Bloomberg News reported the European Commission will combine $24 billion in approved tariffs with a proposed $83 billion US goods list into one countermeasure package that would hit everything from American whiskey to cars to Boeing (BA) planes. As the EU digs in, President Trump announced two more deals and finalized a third, most notably a pact with Japan. 'I just signed the largest deal in history with Japan," Trump said during the meeting. The president said the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Earlier on Tuesday, Trump said the US had also struck a trade deal with the Philippines, which will see the country's imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal. The White House also unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance's Ben Werschkul reported that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any 'transhipped' goods. US officials said no tax would apply to "99%" of US imports. The deal developments come as prospects for larger pacts with India, the EU, and Canada look increasingly in doubt. Trump has threatened 25% to 35% tariffs on those larger trade partners. Trump has also said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. EU readies €100B no-deal plan to match US 30% tariff The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The tariffs would be prepared to come into force next month but only if there is no deal and the US implements its levies after the August deadline, said the people who spoke on condition of anonymity to discuss private deliberations. Bloomberg News reports: Read more here. The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The tariffs would be prepared to come into force next month but only if there is no deal and the US implements its levies after the August deadline, said the people who spoke on condition of anonymity to discuss private deliberations. Bloomberg News reports: Read more here. 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
18 minutes ago
- Bloomberg
Bessent Says ‘No Rush' to Choose Successor to Fed Chair Powell
Treasury Secretary Scott Bessent said that there's 'no rush' to identify a successor to Federal Reserve Chair Jerome Powell, and that a nominee could potentially come from current board members or the heads of the district banks. 'There are a lot of strong candidates, including several who are on the main board and perhaps regional bank presidents,' Bessent said on Bloomberg Television's Surveillance program Wednesday. He didn't identify any specific names.
