Western journalists deal body blow to Trump, Netanyahu by revealing Gaza secrets
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Qatar Tribune
3 hours ago
- Qatar Tribune
White House defends firing of jobs data official, critics mount
Agencies White House economic advisers defended on Sunday the move of President Donald Trump to fire the head of the Bureau of Labor Statistics (BLS), pushing back against criticism that surprise action could undermine confidence in official U.S. economic data. Later on Sunday, Trump again criticized BLS Commissioner Erika McEntarfer, without providing evidence of wrongdoing and said he would name a new BLS commissioner in the next three or four days. U.S. Trade Representative Jamieson Greer told CBS that Trump had 'real concerns' about the BLS data, while Kevin Hassett, director of the National Economic Council, said the president 'is right to call for new leadership.' Hassett said on Fox News Sunday that the main concern was Friday's BLS report, which showed net downward revisions indicating that 258,000 fewer jobs had been created in May and June than previously reported. Trump accused McEntarfer of faking the jobs numbers, without providing any evidence of data manipulation. The BLS compiles the closely watched employment report as well as consumer and producer price BLS gave no reason for the revised data but noted 'monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.' McEntarfer responded to her abrupt dismissal on Friday in a post on the Bluesky social media platform, saying it was 'the honor of her life' to serve as BLS commissioner and praising the civil servants who work there. McEntarfer's firing added to growing concerns about the quality of U.S. economic data and came on the heels of a raft of new tariffs on dozens of trading partners, sending global stock markets tumbling as Trump presses ahead with plans to reorder the global economy. Investors are also watching the impact of the surprise resignation of Federal Reserve (Fed) Governor Adriana Kugler, which has opened a spot on the central bank's powerful board and could shake up what was already a fractious succession process for Fed leadership amid complex relations with the Trump administration. Trump said on Sunday he would announce a candidate to fill the open Fed position within the next couple of days. Revisions are common In an interview with CBS's 'Face the Nation,' Greer acknowledged there were always revisions of job numbers, 'but sometimes you see these revisions go in really extreme ways.' Brian Moynihan, CEO of Bank of America, stated that significant revisions to economic data could erode public confidence and that government officials should develop methods to enhance data quality.
Qatar Tribune
3 hours ago
- Qatar Tribune
Swiss luxury watchmakers slip after Trump tariff blow
Agencies Shares in Swiss luxury watchmakers, including Richemont and Swatch, were volatile in early trade on Monday, underscoring the challenge the industry faces after U.S. President Donald Trump imposed a steep 39% tariff on Switzerland. The sector, which exported watches worth 26 billion Swiss francs ($32.79 billion) in 2024, is already under pressure from a stronger franc and falling global demand. Watch exports are on track to hit their lowest levels since the COVID-19 pandemic in 2020. 'The impact of the U.S. tariffs, if they stay at 39%, could be devastating for numerous brands in Switzerland,' said Jean-Philippe Bertschy, an analyst at Vontobel. Shares in Richemont and Swatch were both down around 1% at 09:06 a.m. GMT, paring back losses after earlier falling as much as 3.4% and 5%, respectively. Bertschy linked the move to hopes of Switzerland still getting a better deal as the tariffs are effective as of August 7. Swatch Group CEO Nick Hayek, meanwhile, called on Swiss President Karin Keller-Sutter to meet Trump. A separate report by Reuters said Switzerland's government would hold an extraordinary cabinet meeting on Monday to discuss its response to tariffs, which threaten to inflict heavy damage to its luxury goods industry. The duties are scheduled to go into effect on Thursday, giving Switzerland a small window to strike a better deal. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning that tens of thousands of jobs were at risk. President Keller-Sutter told Reuters on Friday that Switzerland had given U.S. goods virtually free access to its market, and Swiss companies had made very important direct investments in the U.S. 'The president (Trump) is really focused on the trade deficit, because he thinks that this is a loss for the United States, that every year with Swiss exports, the United States loses, well, 38.5 billion (francs),' she told Reuters. 'Tariffs can change at any moment due to the unpredictability of the Trump administration,' said Georges Mari, co-owner of Zurich-based investment firm Rossier, Mari & Associates, which holds shares in Swatch, adding that it is 'impossible to make a serious forecast.' Monday was the first day of trading following the U.S. tariff announcement, as markets were closed on Friday for the Swiss National Day holiday. Stocks and the Swiss franc both tumbled in response to heavy levies. An index of Swiss blue-chip stocks hit its lowest level since mid-April on Monday, as shares in banks, luxury retailers, and pharma companies dropped. The SMI index was last down 0.6% on the day, compared with a 0.6% rise in the regional STOXX 600 index. The Swiss franc was the worst-performing major currency against the dollar, which was last up 0.7% at 0.809 francs, not far off Friday's one-month highs.
Qatar Tribune
3 hours ago
- Qatar Tribune
Trump pledges to raise US tariffs on India over Russian oil
Agencies Washington United States President Donald Trump says he will 'substantially' raise tariffs on India, intensifying the row between the two countries after years of rapprochement. Trump accused India in a social media post on Monday of buying and reselling 'massive amounts' of Russian oil 'for big profits'. 'They don't care how many people in Ukraine are being killed by the Russian War Machine,' the US president wrote. 'Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!!' He did not specify the rate of the tariffs or when they would take effect. The US imported $87.4bn in Indian goods in 2024, according to US government data. Last week, Trump announced 25 percent tariffs on Indian goods, citing New Delhi's levies on US products and purchases of Russian oil and military equipment. Later on Monday, India rejected Western criticism of its business dealings with Russia, noting that the US and European countries have continued to import Russian goods and energy products after the war. India's Ministry of External Affairs spokesperson Randhir Jaiswal said New Delhi's imports 'are meant to ensure predictable and affordable energy costs to the Indian consumer'. 'In this background, the targeting of India is unjustified and unreasonable,' Jaiswal said in a statement. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.' According to the US Energy Information Administration (EIA), India has been buying Russian oil at a discount since the start of the war in Ukraine in 2022, which unleashed heavy Western sanctions on Russia, including its energy sector. India increased its purchases of Russian oil more than sixfold after the conflict broke out, an EIA report said. US politics, Canada's multiculturalism, South America's geopolitical rise—we bring you the stories that matter. On Saturday, India's Jaiswal suggested that his country would maintain its relations with Russia despite Trump's criticisms. 'Our bilateral relationships with various countries stand on their own merit and should not be seen from the prism of a third country,' Jaiswal told reporters. 'India and Russia have a steady and time-tested partnership.' While campaigning last year, Trump promised to bring a swift end to the war in Ukraine, but the conflict continues to rage on more than six months into his presidency. Trump initially took a neutral approach to try to mediate an end to the war, but in recent weeks, he has been increasingly critical of Russia and has threatened further sanctions against Moscow.
