Tariff Disruption Is Skipping the Shipping Industry — for Now
In large part that's because Trump has tweaked and pulled back enough on them to prevent a catastrophe. This has earned him the moniker of TACO, or Trump Always Chickens Out, but this is a bit misplaced because the tariffs are real and the money flowing in from these duties is large — to the tune of $26.6 billion in June compared with $6.3 billion in the month a year earlier. Even after calling a truce on the 145% tariffs on Chinese goods until August, the import duties on those products averaged 55%, according to the Port of Los Angeles.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNN
a few seconds ago
- CNN
Qatari plane that could be new Air Force One will be ‘unconditional' gift to the Pentagon, agreement says
Federal agencies US military The Middle East Donald Trump FacebookTweetLink Defense Secretary Pete Hegseth and his Qatari counterpart have signed an agreement outlining the terms of Qatar's 'unconditional donation' of a Boeing jet to the Pentagon, confirming that the US will pay nothing for the plane, according to a copy of the memorandum of understanding reviewed by CNN. The agreement, signed by Hegseth and Qatar's deputy prime minister and minister of state for defense affairs, Saoud bin Abdulrahman Al-Thani, on July 7, says the plane — which is expected to be used by President Donald Trump as Air Force One once it is upgraded — is a 'bona fide gift' to the Defense Department. 'This donation is made in good faith and in the spirit of cooperation and mutual support between the parties,' the document says. 'Nothing in this MoU is, or shall be interpreted or construed as, an offer, promise, or acceptance of any form of bribery, undue influence, or corrupt practice.' The memorandum, while signed by both parties, could still be tweaked ahead of a formal announcement, a source familiar with the matter said. The aircraft is parked in San Antonio awaiting upgrades, CNN has reported. CNN has reached out to the Office of the Secretary of Defense, the Air Force and the Qatari Embassy for comment. The MOU was first reported by The Washington Post. The transfer of the jet from Qatar to the Trump administration sparked a political firestorm in the spring as Democrats and several influential Republicans, including supporters of the president, said they opposed the potential deal on ethics grounds. It also caught Air Force officials off guard, CNN has reported. While the Air Force was exploring options for getting a replacement plane for Air Force One faster than Boeing could deliver the new jets it had been contracted to build, the Air Force was initially under the impression that any transaction with the Qataris would involve a sale of the plane — not a donation, defense officials said. But after news of the US-Qatar discussions became public, Trump repeatedly described the plane as a 'GIFT, FREE OF CHARGE.' The memorandum signed by Hegseth and Al-Thani emphasizes the transfer of the plane is 'unconditional' and that it is 'not connected or otherwise related to any governmental decision and, as such, is not made, offered, promised or accepted because of any past, present or future official act or decision and is not intended to obtain or retain any improper advantage or to influence any official decision.' But beyond the ethical and legal questions, retrofitting and installing the required security and communications equipment on a second-hand plane from another government, even a friendly one, is a monumental task. To fund the upgrades, the Air Force has sought to transfer hundreds of millions of dollars from the vastly overbudget Sentinel program to an unspecified classified project, according to sources familiar with a congressional notification about the transfer. Sentinel is a land-based intercontinental ballistic missile system that is being developed to replace the US' aging Minuteman III missiles. Officially, the price tag to retrofit the Qatari plane for use by the president is classified, the Air Force previously told CNN. Air Force Secretary Troy Meink told lawmakers last month that it will 'probably' cost less than $400 million. An addendum to the Defense Department-Qatar agreement reviewed by CNN says the Air Force 'is in the process of finalizing the transfer of registration and will immediately begin execution of the required modifications.'
USA Today
a few seconds ago
- USA Today
Trump, European Union reach trade deal ahead of looming deadline
President Donald Trump announced July 27 the United States had reached a trade deal with the European Union, days ahead of a self-imposed Aug. 1 deadline. Trump met with the EU's president, Ursula von der Leyen, during his trip to Scotland over the weekend, where the pair discussed terms and came to an agreement. The deal includes a 15 percent tariff on most European exports to the United States, similar to agreements struck recently between Trump and other major trading partners, including Japan. The levy is higher than the 10% rate sought by Europeans but a deescalation from the 30% Trump threatened to impose earlier in July. The agreement also includes significant EU purchases of U.S. energy and military equipment, though details were not immediately available. "We made it," Trump said. Trump, who is seeking to reorder the global economy and reduce decades-old U.S. trade deficits, has so far reeled in agreements with Britain, Japan, Indonesia and Vietnam, although his administration has failed to deliver on a promise of "90 deals in 90 days." This is a developing story that will be updated.
Newsweek
a minute ago
- Newsweek
Trump Announces US-EU Trade Framework Before Tariff Deadline
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump announced Sunday that the United States and European Union (EU) have reached a framework for a comprehensive trade agreement following intensive negotiations with European Commission President Ursula von der Leyen in Turnberry, Scotland. The announcement came just days before a Friday deadline that would have triggered 30 percent tariffs on European imports. Under the framework, the EU has committed to purchasing $750 billion worth of American energy and investing an additional $600 billion in the United States beyond current levels. The negotiations took place against a backdrop of escalating trade tensions, with Trump having previously set a July 9 deadline that went unmet. Trump previously warned that failure to reach an agreement would result in tariffs jumping from 10 percent to 30 percent on August 1, citing one of the "largest trade deficits" between the trading partners. During Sunday's talks, Trump indicated that 15 percent represents the lowest across-the-board tariff rate the United States would accept for European Union goods. The framework addresses two key components of the US-EU economic relationship. The $750 billion energy commitment positions the United States as a major supplier to European markets, while the additional $600 billion investment pledge could significantly boost American industrial capacity and job creation. President of the European Commission Ursula von der Leyen meets with U.S. President Donald Trump at Trump Turnberry golf club on July 27, 2025 in Turnberry, Scotland. President of the European Commission Ursula von der Leyen meets with U.S. President Donald Trump at Trump Turnberry golf club on July 27, 2025 in Turnberry, is a breaking news story. Updates to follow.
