The RFK megaproject promises just empty gloom. Let's try this instead.
District residents and elected officials have taken sides over the mayor's divisive proposal to replace the defunct RFK Stadium with a new, publicly subsidized arena for the Washington Commanders football team.
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South Korean President Lee will travel to Washington for Aug. 25 meeting with Trump
SEOUL, South Korea (AP) — South Korea's new President Lee Jae Myung will travel to Washington later this month to meet with U.S. President Donald Trump, Lee's office said Tuesday, for talks on trade and defense cooperation in the face of nuclear-armed North Korea and other threats. Their Aug. 25 summit will follow a July trade deal in which Washington agreed to cut its reciprocal tariff on South Korea to 15% from the initially proposed 25% and to apply the same reduced rate to South Korean cars, the country's top export to the United States. South Korea also agreed to purchase $100 billion in U.S. energy and invest $350 billion in the country, and the leaders could use their meeting to discuss expanding cooperation in key industries such as semiconductors, batteries and shipbuilding, Lee's spokesperson Kang Yu-jung said. The meeting also comes amid concerns in Seoul that the Trump administration could shake up the decades-old alliance by demanding higher payments for the U.S. troop presence in South Korea and possibly move to reduce it as Washington shifts more focus on China. Lee and Trump will discuss strengthening the allies' defense posture against growing North Korean threats, and also developing the partnership into a 'future-oriented, comprehensive strategic alliance' to address the changing international security and economic environment, according to Kang, who didn't elaborate on the specific issues to be addressed. Dating back to his first term, Trump has regularly called for South Korea to pay more for the 28,500 American troops stationed on its soil. Recent comments by key Trump administration officials, including Undersecretary of Defense Elbridge Colby, have also suggested a desire to restructure the alliance, which some experts say could potentially affect the size and role of U.S. forces in South Korea. Under this approach, South Korea would take a greater role in countering North Korean threats while U.S. forces focus more on China, possibly leaving Seoul to face reduced benefits but increased costs and risks, experts say. The Associated Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
16 minutes ago
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Trump signs order to extend China tariff truce by 90 days
US President Donald Trump on Monday ordered a delay in the reimposition of higher tariffs on Chinese goods, hours before a trade truce between Washington and Beijing was due to expire. The White House's halt on steeper tariffs will be in place until November 10. "I have just signed an Executive Order that will extend the Tariff Suspension on China for another 90 days," Trump wrote on his Truth Social platform. The truce on steeper levies had been due to expire Tuesday. While the United States and China slapped escalating tariffs on each other's products this year, bringing them to prohibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower them. As part of their May truce, fresh US tariffs targeting China were reduced to 30 percent and the corresponding level from China was cut to 10 percent. Those rates will now hold until November -- or whenever a deal is cut before then. Around the same time that Trump confirmed the new extension, Chinese state media Xinhua news agency published a joint statement from US-China talks in Stockholm saying it would also extend its side of the truce. China will continue suspending its earlier tariff hike for 90 days starting August 12 while retaining a 10-percent duty, the report said. It would also "take or maintain necessary measures to suspend or remove non-tariff countermeasures against the United States, as agreed in the Geneva joint declaration," Xinhua reported. In the executive order posted Monday to its website, the White House reiterated its position that there are "large and persistent annual US goods trade deficits" and they "constitute an unusual and extraordinary threat to the national security and economy of the United States." The order acknowledged Washington's ongoing discussions with Beijing "to address the lack of trade reciprocity in our economic relationship" and noted that China has continued to "take significant steps toward remedying" the US complaints. - Trump-Xi summit? - "Beijing will be happy to keep the US-China negotiation going, but it is unlikely to make concessions," warned William Yang, an analyst at the International Crisis Group. He believes China sees its leverage over rare earth exports as a strong one, and that Beijing will likely use it to pressure Washington. US-China Business Council president Sean Stein said the current extension is "critical to give the two governments time to negotiate an agreement" providing much-needed certainty for companies to make plans. A trade deal, in turn, would "pave the way for a Trump-Xi summit this fall," said Asia Society Policy Institute senior vice president Wendy Cutler. But Cutler, herself a former US trade official, said: "This will be far from a walk in the park." Since Trump took office, China's tariffs have essentially boomeranged, from the initially modest 10 percent hike in February, followed by repeated surges as Beijing and Washington clashed, until it hit a high of 145 percent in April. Now the tariff has been pulled back to 30 percent, a negotiated truce rate. Even as both countries reached a pact to cool tensions after high level talks in Geneva in May, the de-escalation has been shaky. Key economic officials convened in London in June as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers met again in Stockholm last month. Trump said in a social media post Sunday that he hoped China will "quickly quadruple its soybean orders," adding this would be a way to balance trade with the United States. China's exports reached record highs in 2024, and Beijing reported that their exports exceeded expectations in June, climbing 5.8 percent year-on-year, as the economic superpower works to sustain growth amid Trump's trade war. Separately, since returning to the presidency in January, Trump has slapped a 10-percent "reciprocal" tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair. This surged to varying steeper levels last Thursday for dozens of economies. Major partners like the European Union, Japan and South Korea now see a 15-percent US duty on many products, while the level went as high as 41 percent for Syria. The "reciprocal" tariffs exclude sectors that have been targeted individually, such as steel and aluminum, and those that are being investigated like pharmaceuticals and semiconductors. They are also expected to exclude gold, although a clarification by US customs authorities made public last week caused concern that certain gold bars might still be targeted. Trump said Monday that gold imports will not face additional tariffs, without providing further details. The president has taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil. Canada and Mexico come under a different tariff regime. bur-bys/sla/bjt Sign in to access your portfolio
Yahoo
16 minutes ago
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Trump's trade war with China in 2025
By Liz Lee and Shi Bu BEIJING (Reuters) -U.S. President Donald Trump has targeted top economic rival China with a cascade of tariff orders on billions of dollars of imported goods aimed at narrowing a wide trade deficit, bringing back lost manufacturing and crippling the fentanyl trade. The timeline below shows the development of the U.S.-China trade war this year: January 21 - A day after taking office, Trump threatens 10% punitive duty on Chinese imports, citing fentanyl flowing from China. February 1 - Trump imposes 10% on goods from China along with 25% on Mexico and Canada, demanding they curb the flow of fentanyl and illegal immigrants into the U.S. February 4 - China responds with a wide range of measures targeting U.S. businesses including Google, farm equipment makers and the owner of fashion brand Calvin Klein. Beijing also slaps levies of 15% on imports of U.S. coal and LNG and 10% for crude oil and some autos, beginning February 10. It also restricted exports of five metals used in defence, clean energy and other industries. March 3 - The U.S. doubles fentanyl-related tariffs on all Chinese imports, increasing levies to 20%, effective March 4. March 4 - China hits back with 10-15% retaliatory levies on U.S. agriculture exports, affecting about $21 billion in U.S. exports. Beijing also imposed export and investment curbs on 25 U.S. firms, on grounds of national security and banned imports of genetic sequencers from U.S. medical equipment maker Illumina. April 2 - Trump escalates global trade friction with sweeping "liberation day" tariffs, announcing a baseline 10% across all imports and significantly higher duties on some countries. Trump levies 34% on all Chinese goods, to take effect on April 9. The Trump administration also decides to end duty-free access for low-value shipments from China and Hong Kong, known as "de minimis" exemptions, from May 2. April 4 - China announces retaliatory tariffs of 34% on all U.S. imports from April 10 and export curbs on some rare earths. It imposed restrictions on about 30 U.S. organisations, mostly in defence-related industries. Beijing also suspends sorghum, poultry and bone meal shipments from some U.S. firms. April 8 - The U.S. raises tariff on all Chinese imports to 84% from 34%. April 9 - China raises its levies on U.S. imports to 84% too, and added 12 U.S. companies to a control list that prohibits exports of dual-use items and another six to its "unreliable entities" list, which allows Beijing to take punitive actions against foreign entities. The U.S. further hikes tariffs on Chinese imports to 125% from 84%. China later on the day issued risk warnings to its citizens against travelling to the U.S. April 10 - China announces it would immediately restrict imports of Hollywood films. April 11 - China also raises levies on imports of U.S. goods to 125%, dismissing the Trump tariff strategy as "a joke" and indicated it will ignore any further U.S. "numbers game with tariffs". April 15 - U.S. chipmaker Nvidia discloses that U.S. officials had informed it that its H20 chip would require an export license for sales to China. May 10-12 - Beijing and Washington hold high-stakes trade talks over the weekend in Geneva. Both sides released a joint statement agreeing to a 90-day pause on their steep tariffs. The temporary truce meant U.S. tariffs on China will fall to 30% from 145%, while China tariffs on the U.S. drop to 10% from 125%. China also committed to removing non-tariff countermeasures imposed against the United States since April 2. May 28-29 - U.S. says will start "aggressively" revoking visas of Chinese students. It also orders a broad swathe of companies to stop shipping goods covering semiconductors, design software and aviation equipment to China. May 31 - Trump says China violated the agreement reached in Geneva to mutually roll back tariffs and ease Chinese curbs on critical minerals exports. China rejects the accusation, saying U.S. had introduced multiple "discriminatory restrictive" measures against China. June 5 - Chinese President Xi Jinping and Trump hold an hour-long phone call. June 9-10 - U.S. and China hold a new round of trade talks in London and reach a framework agreement. June 11-12 - Some Chinese rare earths magnet producers begin to receive export licences. Trump says trade truce is back on track. June 27 - Treasury Secretary Scott Bessent says U.S. and China have resolved issues around rare earth minerals and magnets shipments to U.S. July 6 - Trump threatens an additional 10% tariff on countries he said were aligning themselves with the "Anti-American policies" of BRICS, which includes China. July 15 - U.S. Commerce Secretary Howard Lutnick says Nvidia plans to resume sales of its advanced AI H20 chips to China is part of U.S. negotiations on rare earths, reversing a U.S. export ban in April. July 28-29 - U.S. and Chinese officials agree to seek an extension of their 90-day tariff truce after two days of talks in Stockholm. Both sides described the talks as constructive, but no major breakthroughs were announced. August 1 - Bessent says believed that Washington has the makings of a deal with China and that he is "optimistic" about the path forward. August 8 - U.S. starts issuing licenses to Nvidia to export its H20 chips to China. August 10 - Trump urges China to quadruple its soybean purchases from the U.S. as the expiration of the trade truce looms on August 12. August 11 - U.S. and China extend their tariff truce for another 90 days. 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