Live updates: U.S. tariffs go into effect; Russia says Putin will meet with Trump on Ukraine
TRUMP TARIFFS: President Donald Trump's sweeping tariffs took effect today just after midnight ET, affecting everything from European appliances and Japanese cars to a slew of goods from China.
MANUFACTURING BOON? Treasury Secretary Scott Bessent said in an interview on MSNBC that tariffs should spur more U.S. manufacturing, which Trump has said is a key goal of his global trade reset. Markets, meanwhile, were up slightly this morning as tariffs kicked in.
TRUMP-PUTIN MEETING: The Kremlin said Vladimir Putin and Trump will meet in the "coming days" after the U.S. president said he hoped to discuss ending the war in Ukraine in person with his Russian counterpart.
REDISTRICTING FIGHT: A decade of Supreme Court rulings has set the stage for the fight over redistricting in Texas and the unfolding responses in several other states that are now looking to redraw their congressional maps as well.
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Yahoo
17 minutes ago
- Yahoo
China's SMIC says Trump tariffs did not cause expected 'hard landing'
By Che Pan and Joe Cash BEIJING (Reuters) -China's top foundry SMIC's co-CEO said on Friday that U.S. tariff policy had not resulted in the "hard landing" that the company was initially worried about and that strong domestic demand will keep its production capacity tight until October. Zhao Haijun, co-CEO of Semiconductor Manufacturing International Corp (SMIC), told a post-earnings call that the company is not consulting with customers regarding U.S. President Donald Trump's 100% tariff plan on chip imports but expects the impact could be smaller due to contingency plans that had been made after tariffs were announced in April. China raised additional duties on U.S. goods to 125% in April after Trump effectively raised tariffs on Chinese goods to 145%. Trump said on Wednesday the United States will impose a tariff of about 100% on imports of semiconductors, although that will not apply to companies that are manufacturing in the U.S. or have committed to do so. SMIC was blacklisted by the U.S. commerce department in 2020. China is the dominant market for SMIC, accounting for 84% of its revenue in the second quarter, unchanged from the first quarter, while the U.S. contributed 12.9%, slightly up from 12.6%. SMIC's second-quarter revenue rose 16.2% year-on-year to $2.2 billion. Its profit attributable to owners of SMIC declined 19.5% to $132.5 million, missing analysts' estimates of $183.35 million, according to LSEG data. SMIC's Hong Kong-traded shares were down more than 5% on Friday. Zhao said the previous rounds of tariffs resulted in less than 10% of cost increases at its overseas customers. "After these past few months, everyone has either stocked up enough inventory for this year and next year, or found other suppliers," Zhao said, "So I think the impact will become even smaller." Zhao said SMIC's production capacity remains insufficient and would remain tight until October due to robust demand from domestic substitution.
New York Post
18 minutes ago
- New York Post
Japan records nearly 1 million more deaths than births in 2024 as country's population continues to plummet
Japan saw nearly 1 million more deaths than births in 2024, marking the country's steepest single-year population decline since the government surveys began nearly six decades ago. In 2009, Japan's population peaked at around 126.6 million, but has dropped steadily ever since, according to data published by the Ministry of Internal Affairs and Communications on Wednesday. 4 Japan recorded nearly 1 million more deaths than births in 2024, according to new data. Anadolu via Getty Images Last year, two records were set: a low for births, and a high for deaths. Just 687,689 births were recorded in 2024, the lowest since the government first started keeping track in 1968. On the other end, a whopping 1.6 million people died, bringing the total population to 120 million, according to the data. 4 The birth rate in Japan has been on the decline since the 1970s. AFP via Getty Images The ever-growing natality crisis pushed the Japanese government to promote family-oriented policies including free childcare, expanded access to healthcare and shorter work weeks to in part help free up time for procreation. Even with the mass incentives, the birth rate continues to drop while more foreign residents seek to make Japan their new home. In 2024 alone, the number of foreigners living in Japan rose by 10% to a high of 3.6 million people, according to the data. The heightened presence of foreign residents combined with the shrinking natality spurred increased reports of xenophobia, racism and discrimination against newcomers. 4 The Japanese government has tried to impose numerous incentives for childbearing, including shortened work weeks. POOL/AFP via Getty Images The cycle in part is also worsened by Japan's elderly, who make up around 30% of the entire population, on top of the country's slim pool of youth and childbearing adults, according to the data. Japan's working-age population, falling between 16 and 64 years old, only makes up 59% of the population — a whole six points lower than the global average, according to the Organization for Economic Co-operation and Development. Between 2023 and 2060, the OECD estimates that the working-age population will dwindle by 31%. 4 The elderly make up approximately 30% of Japan's entire population. AFP via Getty Images Regardless of how many patches the Japanese government tries to propose, there's no overnight fix to birth rates and it will take additional decades for the population to bounce back. The government concluded that immigration may be their only solution. Models proposed by the Japanese government last updated in 2023 estimate the nationwide population will drop by 30% by 2070, but 'is expected to slow down slightly, mainly due to the increase in international migration.' In 2020, Japan announced its plans to fund artificial intelligence matchmaking systems to help hitch singles looking for love to hasten engagements and patch the sinking birth rate.
The Hill
18 minutes ago
- The Hill
DOJ doubles reward for arrest of Venezuela's Maduro to $50M
The Department of Justice (DOJ) on Thursday upped the reward it's offering for information that leads to the arrest of Venezuela's President Nicolás Maduro to $50 million. 'He is one of the largest narco traffickers in the world and a threat to our national security. Therefore, we've doubled his reward to $50 million,' Attorney General Pam Bondi said in a video posted to X. The Biden administration previously set the award amount at $25 million, which was an increase from the first Trump administration when officials offered $15 million for information that led to Maduro. Maduro was indicted in 2020 on U.S. charges of narco-terrorism for allegedly attempting to weaponize cocaine by 'flooding' U.S. communities with the drug. Western leaders have refused to recognize Maduro as the legitimate president of Venezuela, pointing to what they say is a disputed reelection leading to his return to office in 2024. Still, he's garnered support from local allies who claim Bondi's reward for his arrest is politically motivated. 'We're not surprised, coming from whom it comes from. The same one who promised a nonexistent 'secret list' of Epstein and who wallows in scandals for political favors,'Venezuelan Foreign Minister Yvan Gil said in a statement, referencing her failure to produce a client list for convicted sex offender Jeffrey Epstein, according to the Associated Press. 'Her show is a joke, a desperate distraction from her own misery.' 'Under President Trump's leadership, Maduro will not escape justice and he will be held accountable for his despicable crimes,' she added. Officials said they've already seized over $700 million worth of assets linked to Maduro to include two private jets and nine vehicles. The Drug Enforcement Administration has recovered 7 tons of cocaine linked to the Venezuelan leader often trafficked by members of TDA, Sinaloa, and Cartel of the Sons street gangs, according to the DOJ.
