Ukraine aims to expand domestic arms production to 50% of needs within 6 months
Domestic defense manufacturing already accounts for almost 40% of weapons used by the Ukrainian military, according to Zelenskyy. As uncertainty grows about how many more weapons shipments Western countries can provide — and how quickly — Ukraine is keen to increase its output and widen its strikes on Russian soil.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
Trump's broad tariffs go into effect, just as economic pain is surfacing
WASHINGTON (AP) — President Donald Trump was set to officially begin levying higher import taxes on dozens of countries Thursday, just as the economic fallout of his monthslong tariff threats has begun to create visible damage for the U.S. economy. The White House said that starting just after midnight that goods from more than 60 countries and the European Union would face tariff rates of 10% or higher. Products from the European Union, Japan and South Korea will be taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh will be taxed at 20%. For places such as the EU, Japan and South Korea, Trump also expects them to invest hundreds of billions of dollars in the U.S. 'I think the growth is going to be unprecedented,' Trump said Wednesday afternoon. He added that the U.S. was 'taking in hundreds of billions of dollars in tariffs,' but he couldn't provide a specific figure for revenues because 'we don't even know what the final number is' regarding tariff rates. Despite the uncertainty, the Trump White House is confident that the onset of his broad tariffs will provide clarity about the path of the world's largest economy. Now that companies understand the direction the U.S. is headed, the administration believes they can ramp up new investments and jump-start hiring in ways that can rebalance the U.S. economy as a manufacturing power. But so far, there are signs of self-inflicted wounds to America as companies and consumers alike brace for the impact of new taxes. What the data has shown is a U.S. economy that changed in April with Trump's initial rollout of tariffs, an event that led to market drama, a negotiating period and Trump's ultimate decision to start his universal tariffs on Thursday. After April, economic reports show that hiring began to stall, inflationary pressures crept upward and home values in key markets started to decline, said John Silvia, CEO of Dynamic Economic Strategy. 'A less productive economy requires fewer workers,' Silvia said in an analysis note. 'But there is more, the higher tariff prices lower workers' real wages. The economy has become less productive, and firms cannot pay the same real wages as before. Actions have consequences.' Even then, the ultimate transformations of the tariffs are unknown and could play out over months, if not years. Many economists say the risk is that the American economy is steadily eroded rather than collapsing instantly. 'We all want it to be made for television where it's this explosion — it's not like that,' said Brad Jensen, a professor at Georgetown University. 'It's going to be fine sand in the gears and slow things down.' Trump has promoted the tariffs as a way to reduce the persistent trade deficit. But importers sought to avoid the taxes by importing more goods before the taxes went into effect. As a result, the $582.7 billion trade imbalance for the first half of the year was 38% higher than in 2024. Total construction spending has dropped 2.9% over the past year, and the factory jobs promised by Trump have so far resulted in job losses. The lead-up to Thursday fit the slapdash nature of Trump's tariffs, which have been variously rolled out, walked back, delayed, increased, imposed by letter and frantically renegotiated. The process has been so muddled that officials for key trade partners were unclear at the start of the week whether the tariffs would begin Thursday or Friday. The language of the July 31 order to delay the start of tariffs from Aug. 1 said the higher tax rates would start in seven days. On Wednesday morning, Kevin Hassett, director of the White House National Economic Council, was asked if the new tariffs began at midnight Thursday, and he said reporters should check with the U.S. Trade Representative's Office. Trump on Wednesday announced additional 25% tariffs to be imposed on India for its buying of Russian oil, bringing their total import taxes to 50%. He has said that import taxes are still coming on pharmaceutical drugs and announced 100% tariffs on computer chips, meaning the U.S. economy could remain in a place of suspended animation as it awaits the impact. The president's use of a 1977 law to declare an economic emergency to impose the tariffs is also under challenge. The impending ruling from last week's hearing before a U.S. appeals court could cause Trump to find other legal justifications if judges say he exceeded his authority. Even people who worked with Trump during his first term are skeptical that things will go smoothly for the economy, such as Paul Ryan, the former Republican House speaker, who has emerged as a Trump critic. 'There's no sort of rationale for this other than the president wanting to raise tariffs based upon his whims, his opinions,' Ryan told CNBC on Wednesday. 'I think choppy waters are ahead because I think they're going to have some legal challenges.' Still, the stock market has been solid during the recent tariff drama, with the S&P 500 index climbing more than 25% from its April low. The market's rebound and the income tax cuts in Trump's tax and spending measures signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months. As of now, Trump still foresees an economic boom while the rest of the world and American voters wait nervously. 'There's one person who can afford to be cavalier about the uncertainty that he's creating, and that's Donald Trump,' said Rachel West, a senior fellow at The Century Foundation who worked in the Biden White House on labor policy. 'The rest of Americans are already paying the price for that uncertainty.'
Washington Post
26 minutes ago
- Washington Post
Myanmar's acting President Myint Swe dies after a long illness
BANGKOK — Myint Swe, who became Myanmar's acting president under controversial circumstances after the military seized power from the elected government of Aung San Suu Kyi more than four years ago, died on Thursday, the military said. He was 74. He died at a military hospital in the capital, Naypyitaw, on Thursday morning, according to a statement from Myanmar's military information office.
27 minutes ago
Trump's sweeping new tariffs set to take effect
President Donald Trump's sweeping new tariffs were finally set to take effect on Thursday, slapping levies on dozens of countries and risking price increases for a host of everyday goods. Tariffs between 10% and 41% were applied to nearly 70 countries, significantly expanding the reach of Trump's confrontational trade policy. The tariffs arrived roughly a week after Trump delayed so-called reciprocal tariffs, opting to modify some levies. Canada, a top U.S. trade partner, faces a 35% tariff. While Brazil, a key source of coffee, receives a 40% tariff which, when added on top of the 10% baseline tariff in the new order, means a 50% rate on the country's imports to the U.S. The countries facing the highest rates in the executive order are Laos and Myanmar at 40% and Syria at 41%. India is hit with a 25% tariff in the order but that is expected to climb to 50% on Aug. 27. Trump on Wednesday said he was imposing the additional 25% levy as punishment for India's decision to continue purchasing Russian oil throughout the Russia-Ukraine war. There is an extended rollout for goods shipped into the country by vessel. As long as they are shipped by Aug. 7 and enter the U.S. by Oct. 5, they will not be subject to the new tariff rates. The White House has said the rates were determined largely based on the trade deficit the U.S. has with those trading partners. The new tariff rates resemble levies that were placed on more than 90 countries on April 2, though there are some differences. Trump rolled out those so-called reciprocal tariffs in April, then delayed them, vowing to strike roughly 90 trade deals in 90 days. In early July, Trump delayed the tariffs again, setting a deadline of Aug. 1. A day before that deadline, he delayed them once again. The new levies appear to add 15% tariffs on goods from several countries not initially included in the president's "Liberation Day" executive order on April 2 -- including Bolivia, Ecuador, Ghana and Iceland. After the 'Liberation Day" tariffs were unveiled and then delayed, Trump sent letters to leaders of roughly two dozen countries outlining the tariff levels that would take effect if no deal were struck. The Trump administration raced to strike trade agreements over the days preceding the deadline in an effort to win concessions from targeted countries in exchange for reduced tariff rates. So far, the White House says it has reached trade agreements with the United Kingdom, Vietnam and Indonesia, as well as a preliminary accord with China. "The president and his trade team want to cut the best deals for the American people and the American worker," White House press secretary Karoline Leavitt said last month when she announced the Aug. 1 deadline. Tariffs put forward so far by Trump are expected to cost an average household an additional $2,400 this year, the Yale Budget Lab found last week. Importers typically pass along a share of the tariff-related tax burden onto consumers in the form of price hikes. Speaking to reporters last week, a Trump administration official hailed the new tariffs as part of a "new system of trade" that aims to prioritize "fair and balanced trade" over efficiency at all costs.
