EU Imposes New Sanctions on Russia and Its Oil Trade
The deal was initially blocked by Slovakia, until the country last night accepted guarantees from the European Commission that would limit the fallout from a planned cut off of Russian gas.
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Yahoo
12 minutes ago
- Yahoo
Investors react to Trump's new reciprocal tariffs announcement
SINGAPORE (Reuters) -President Donald Trump signed an executive order on Thursday imposing reciprocal tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign locations. Rates were set at 25% for India's U.S.-bound exports, 20% for Taiwan's and 30% for South Africa's. Trump also signed an executive order on Thursday increasing tariffs on Canadian goods to 35% from 25%, the White House said. QUOTES: TONY SYCAMORE, MARKET ANALYST, IG, SYDNEY: "At this point, the reaction in markets has been modest, and I think part of the reason for that is the recent trade deals with the EU, Japan, and South Korea have certainly helped to cushion the impact, as has Mexico being granted a 90-day reprieve. And Trump said that trade talks with China are doing reasonably well there. "So on top of all of that, you have the TACO trade type situation whereby, after being obviously caught on the wrong foot in April, the market now, I think, has probably taken the view that these trade tariff levels can be renegotiated, can be walked lower over the course of time." BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, MENOMONEE FALLS, WISCONSIN (emailed comment): "Just because we now have clarity on the tariffs, that doesn't mean we have certainty about their effects. "There are those who think that tariff-induced consumer price inflation will slowly build as businesses work down inventories and test how strong their pricing power is. Others think the tariff-induced inflation will peak earlier, showing up mostly in crimped profit margins and resulting in slower growth. "However, what tariffs take with one hand, maybe tax incentives to invest and more open foreign markets can give with the other hand."
Chicago Tribune
13 minutes ago
- Chicago Tribune
President Donald Trump signs order imposing new tariffs
President Donald Trump on Thursday signed an executive order that set new tariffs on a wide swath of U.S. trading partners to go into effect on Aug. 7 — the next step in his trade agenda that will test the global economy and sturdiness of American alliances built up over decades. The order was issued shortly after 7 p.m. on Thursday evening. It came after a flurry of tariff-related activity in the last several days, as the White House announced agreements with various nations and blocs ahead of the president's self-imposed Friday deadline. The tariffs are being implemented at a later date in order for the rates schedule to be harmonized, according to a senior administration official who spoke to reporters on a call on the condition of anonymity. After initially threatening the African nation of Lesotho with a 50% tariff, the country's goods will now be taxed at 15%. Taiwan will be tariffed at 20%, Pakistan at 19% and Israel, Iceland, Fiji, Ghana, Guyana and Ecuador among the countries with imported goods taxed at 15%. The order capped off a hectic Thursday as nations sought to continue negotiating with Trump. It set the rates for 68 countries and the 27-member European Union, with a baseline 10% rate to be charged on countries not listed in the order. The senior administration official said the rates were based on trade imbalance with the U.S. and regional economic profiles. On Thursday morning, Trump engaged in a phone conversation with Mexican President Claudia Sheinbaum on trade. As a result of the conversation, the U.S. president said he would enter into a 90-day negotiating period with Mexico, one of the nation's largest trading partners, with the current 25% tariff rates staying in place, down from the 30% he had threatened earlier. 'We avoided the tariff increase announced for tomorrow and we got 90 days to build a long-term agreement through dialogue,' Mexican leader Claudia Sheinbaum wrote on X after a call with Trump that he referred to as 'very successful' in terms of the leaders getting to know each other better. The unknowns created a sense of drama that has defined Trump's rollout of tariffs over several months, with the one consistency being his desire to levy the import taxes that most economists say will ultimately be borne to some degree by U.S. consumers and businesses. 'We have made a few deals today that are excellent deals for the country,' Trump told reporters on Thursday afternoon without detailing the terms of those agreements or nations involved. The senior administration official declined to reveal the nations that have new deals during the call with reporters. Trump said that Canadian Prime Minister Mark Carney had called ahead of 35% tariffs being imposed on many of his nation's goods, but 'we haven't spoken to Canada today.' Trump imposed the Friday deadline after his previous 'Liberation Day' tariffs in April resulted in a stock market panic. His unusually high tariff rates unveiled in April led to recession fears, prompting Trump to impose a 90-day negotiating period. When he was unable to create enough trade deals with other countries, he extended the timeline and sent out letters to world leaders that simply listed rates, prompting a slew of hasty deals. Trump reached a deal with South Korea on Wednesday, and earlier with the European Union, Japan, Indonesia and the Philippines. His commerce secretary, Howard Lutnick, said on Fox News Channel's 'Hannity' that there were agreements with Cambodia and Thailand after they had agreed to a ceasefire to their border conflict. Going into Thursday, wealthy Switzerland and Norway were still uncertain about their tariff rates. EU officials were waiting to complete a crucial document outlining how the framework to tax imported autos and other goods from the 27-member state bloc would operate. Trump had announced a deal Sunday while he was in Scotland. Trump said as part of the agreement with Mexico that goods imported into the U.S. would continue to face a 25% tariff that he has ostensibly linked to fentanyl trafficking. He said autos would face a 25% tariff, while copper, aluminum and steel would be taxed at 50% during the negotiating period. He said Mexico would end its 'Non Tariff Trade Barriers,' but he didn't provide specifics. Some goods continue to be protected from the tariffs by the 2020 U.S.-Mexico-Canada Agreement, or USMCA, which Trump negotiated during his first term. But Trump appeared to have soured on that deal, which is up for renegotiation next year. One of his first significant moves as president was to impose tariffs on goods from both Mexico and Canada earlier this year. U.S. Census Bureau figures show that the U.S. ran a $171.5 billion trade imbalance with Mexico last year. That means the U.S. bought more goods from Mexico than it sold to the country. The imbalance with Mexico has grown in the aftermath of the USMCA, as it was only $63.3 billion in 2016, the year before Trump started his first term in office.
NBC News
14 minutes ago
- NBC News
Trump formalizes high tariffs as he tries to reshape the global economy
President Donald Trump on Thursday formalized the array of high tariff levels and trade deals he's announced in recent weeks. In an executive order, the president made official his agreements with prominent trading partners such as the European Union, Japan, South Korea, the United Kingdom and the Philippines. Trump's order, which came hours before a self-imposed deadline for trade deals, also unilaterally sets rates for countries that did not reach agreements with him. For example, Israel, Switzerland and Taiwan. Switzerland's rate will be set higher than previously threatened at 39%, while Taiwan's will be set lower at 20%. It's effectively a reset of the world's trade relations, one that is ostensibly designed to benefit the United States with expensive tariff rates not seen in nearly a century. Trump has touted the $125 billion in revenue his already-existent import taxes have brought in, with hundreds of billions more pledged by a handful of nations in the form of investments. Yet it's come at the cost of slower economic growth and the prospect of already stubborn inflation reheating. Trump's order Thursday says that the new duties will not take effect until Aug. 7. Goods shipped by vessel will not be affected by the new tariff rates until Oct. 5. Those items account for more than half of U.S. imports, according to the U.S. Department of Transportation. This week, Trump and top administration officials had insisted there would be no further delays after the 12:01 a.m. ET Friday deadline. In fact, just hours before the White House released Thursday's executive order Commerce Secretary Howard Lutnick shouted to reporters outside the White House that there would be 'no extension' to the deadline. But earlier Thursday, Trump did agree to a 90-day extension on talks with with Mexico President Claudia Sheinbaum. Mexico is the United States' largest individual trading partner. Treasury Secretary Scott Bessent also told CNBC Thursday morning that he would be discussing with the president an extension of China's tariff deadline, which is coming up on Aug. 12. With the newly signed tariffs not taking effect for some time, uncertainty will likely linger for consumers and businesses trying to plan for the rest of the year and beyond. 'Some will argue higher tariffs will be compensated by lower uncertainty,' analysts with Bank of America wrote in a note to clients this week upon the announcement of an agreement with the European Union. 'And yes, uncertainty could come down in the near term, but we doubt it will go away.'
