California GOP chairman applauds Trump's immigration enforcement, role in eliminating ‘child slave labor'
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CNBC
a minute ago
- CNBC
CNBC Daily Open: Trump's (new) new tariff rates are here (again)
The first time U.S. President Donald Trump unveiled his "reciprocal" tariffs on the rest of the world, the April 2 event had a cinematic, even grand, quality. It took place at the White House Rose Garden. There was a live band playing, according to The Wall Street Journal. Trump hoisted huge physical charts of his tariff rates, which were helpfully color-coded for visual clarity. This time, Trump's updated "reciprocal" tariffs, released the night before they come into effect on Aug. 1, seemed in comparison stripped of pomp and glamor. The White House's executive order popped up around 7 p.m. ET, just as people in the U.S. were getting off work. There was no live event, no big chart and certainly no entertainment — just a stern website with a black-and-white table. That austerity — and, one might even say, stealth — surrounding the recent announcement suggests two things. First, the White House could be aware that the dramatic shock of tariffs has less power to sway trade deals when staged a second time. The "90 deals in 90 days" that trade advisor Peter Navarro had promised in April are, after all, nowhere in sight. Second, the U.S. might actually be fine not making trade deals with some countries, leaving them with higher-than-hoped-for tariffs. In June, the U.S. Treasury Department reported an unexpected surplus thanks to tariff revenue, which were more than four times higher from a year ago. And economists aren't as alarmed by tariff-driven inflation as they once were. All that's speculation, of course. Little else is known about the latest tariffs except the numbers — it's been barely two hours since they were out and there have been no other official communication thus far. The order could have been released in this low-key fashion simply because the Rose Garden is now more like a Concrete Path. Or perhaps Trump doesn't want the penguins on the Heard and McDonald islands to hear about his levies this time. The U.S. rejigs tariff rates ahead of Aug. 1 deadline. Trump's executive order imposed tariffs ranging from 10% to 41% on dozens of countries, and subjected all goods considered to have been transhipped to an additional 40% duty. The S&P 500 falls, retreating from an intraday high. Microsoft shares, however, rose around 4% to push the company's market cap above $4 trillion. The Stoxx Europe 600 fell 0.75% amid a flurry of earnings from companies such as Rolls-Royce and AB InBev. Apple beats expectations for profit and revenue. The Cupertino-based company's iPhone sales grew 13% year over year, while overall revenue rose 10% in its fiscal third quarter, the fastest growth since December 2021. Amazon's gloomy guidance overshadows its earnings. Even though the company surpassed Wall Street's estimates for its second-quarter results, its expected operating income for the current quarter wasn't as high as analysts had hoped for. [PRO] Novo Nordisk's stock plunge isn't that surprising. On Tuesday, the firm's shares fell as much as 26% after it slashed its full-year guidance — and appointed a new CEO. Here's why companies tend to make both announcements simultaneously. Tariff turmoil: How global CEOs are shifting gears In interviews with CNBC this earnings season, CEOs across industries sent a clear message: tariffs are no longer just a political tactic. As trade rules grow more uncertain and tariffs resurface in policy discussions, business leaders say they're rethinking everything from where factories are located to how products are priced. The old "just in time" model is giving way to something more cautious: make goods closer to the buyer, ask for exemptions where possible, and stay alert to shifting consumer habits. —
NBC News
a minute ago
- NBC News
Trump says his new high tariffs are going 'very well, very smooth' — but he's open to more deals
WASHINGTON — President Donald Trump touted the expansive new tariffs on imports he imposed on global trading partners Thursday night, telling NBC News in a phone interview that it all was going "very well, very smooth." He also said that with just a few hours before his self-imposed midnight deadline for trade deals, it was "too late" for other countries to avoid tariff rates set to snap in place next week, which he formalized in a new executive order. But, he added, his door will always be open to compelling offers: "It doesn't mean that somebody doesn't come along in four weeks and say we can make some kind of a deal." In Thursday's executive order, Trump made official his agreements with trading partners such as the European Union, Japan, South Korea, the United Kingdom and the Philippines. Trump's order unilaterally sets rates for countries that did not reach agreements with him. For example, Switzerland's rate will be set higher than previously threatened, at 39%, while Taiwan's will be set lower, at 20%. Trump boasted of the tariff revenue the U.S. is already taking in — $26 billion in June, according to Treasury Department figures — and said there would be much more to come. 'We will be taking in hundreds of billions of dollars and very quickly,' he said. Asked if he's worried about potential price spikes on imported goods, Trump replied, 'The only price that's spiked is the hundreds of billions of dollars coming in.' Trump indicated that he was open to further discussions with Canada, and said he may even speak to Prime Minister Mark Carney later Thursday night, but he said he wouldn't make a new deal with the country before the deadline. Trump also said he was unfamiliar with Brazilian President Lula de Silva's recent New York Times interview suggesting Brazil was prepared to dig in and push back against the U.S. tariff program. Told of its tenor, the president responded, 'That's OK. But he doesn't have to do business with the United States which is fine with me.' In his interview with NBC News, Trump also discussed the upcoming trip by special envoy Steve Witkoff and U.S. Ambassador to Israel Mike Huckabee, who will travel to the Gaza Strip on Friday. "We want to make sure people get fed," he said, referring to the hunger crisis in Gaza and saying he was looking forward to hearing their report on the situation. Asked if he trusts Israeli Prime Minister Benjamin Netanyahu to administer U.S. aid in Gaza, Trump said, 'He's certainly a competent person,' and added that he remained concerned about Hamas stealing aid. 'Good management will stop that," Trump said. "Hopefully the Israelis will provide that.'
CNN
a minute ago
- CNN
GOP lawmaker faces raucous crowd in Wisconsin, critical questions over tariffs and immigration policy
Republican Rep. Bryan Steil faced a rowdy crowd at a town hall-style event in Wisconsin on Thursday, with attendees angrily confronting him over a wide range of topics, including tariffs, President Donald Trump's 'big, beautiful Bill,' the war in Gaza and immigration policy. Audience members frequently interrupted Steil as he spoke, often drowning him out with boos and yelling, though there were also moments where the congressman's remarks were met with applause. The event – which the congressman's office described as a 'listening session,' comes as House members have returned to their districts for a weekslong district work period for the month of August. It featured a number of critical questions from the audience over the treatment of immigrants under the Trump administration. At one point, an audience member started chanting, 'We are all immigrants,' as the congressman discussed border security. 'It's not politics, it's morality,' one audience member told Steil, saying, 'I care about people, and what I see happening to our immigrant population embarrasses me, and you have not raised a voice to complain about it. Where do I see your leadership? I see no leadership, I see following Trump 100% of the time.' A different attendee told the congressman, 'I am so disappointed. I am so disappointed in how you represent us as the citizens of Walworth County. Southeast Wisconsin has not been represented by you. President Trump seems to run Southeast Wisconsin through you.' Another audience member said that his 'main concern' is tariffs. 'I was under the impression that Congress was responsible for issuing tariffs,' he said. 'I really feel that this is a terrible tax that's going to be placed on the citizens of the United States.' The congressman began to respond, by saying, 'This really at its core needs to be an opportunity to make sure that other countries are treating the United States fairly,' a remark that was met with booing. 'What we need to do is work with our allies, put trade agreements in place,' he said as he was repeatedly interrupted by yelling from the crowd. 'I think part of this is what gives Trump the authority to put in place the tariffs. The authority that he's operating under is, as it relates to the imbalance of trade,' Steil said. 'There's a court case that's going on right now where there'll be more clarity provided on this, but that's the authority that he's operating under.' The event's moderator had to interject on multiple occasions in an effort to get the crowd to quiet down. At one point, the moderator interrupted a yelling outburst by jokingly asking if the crowd would'rather the congressman go to lunch and you get to shout for the next 45 minutes?' and called out a specific audience member as 'very obnoxious and very disrespectful.' At one point, the congressman said, 'The civil discourse that is a cornerstone of our democracy is challenged right now.' Not long after, he said, 'I don't support anybody denigrating anyone else. People have a right of free speech. But a lot of our discourse, writ large, is really challenged. It's challenged on all sides. So I think we have a real opportunity to improve our discourse a little bit. I'd say the overwhelming majority of people here want to learn and understand my perspective, want to hear the questions, and then there's a small group of people that are challenging and are booing and yelling at each other. The same occurs in Washington. I share the frustration.' On Trump's sweeping tax and spending law known as the 'big, beautiful bill,' one person asked what is being done to protect individuals who are not wealthy, raising concerns that tax breaks under the legislation will only accrue to higher-earners. The congressman responded, 'In part, I would disagree with the way you framed it. As I look at the provisions of the bill, and what was in large part done, was keeping the 2017 tax reforms in place, that's the bulk of the bill,' but was soon interrupted by shouting from the crowd. He added, 'It builds onto that additional tax reforms for hard-working families.' Towards the end of the event, a man jumped up from his seat to question Steil on the war in Gaza. 'Two million people in Gaza are starving – what do you have to say about that?' the man shouted, then stood up and waved his arms in the air. A police officer approached the man, who then sat back down. The officer appeared to say something to the man and then walked away. Shortly after the outburst, a different audience member pressed the congressman to answer the earlier question. 'To me, the easy answer to address this crisis is for Hamas to surrender and release the hostages. That ends the war tomorrow,' Steil said. 'Israel was unfairly, unjustly attacked, their civilians were killed and kidnapped by Hamas terrorists.' Steil said, 'Israel has a right to defend itself,' but paused amid shouting from the crowd. Soon after, amid continued disruptions from the audience, the moderator moved to conclude the event, saying 'We're gonna close it off here because there's no point in continuing.' Separately, Rep. Mark Pocan, a Democrat, told a crowd at a different event Thursday night he knew it was 'a little douchey' to hold a town hall in the Wisconsin congressional district – and hometown – of neighboring Republican Rep. Derrick Van Orden. But Van Orden is 'missing in action,' refusing to hold town halls of his own, and Democrats need to push back harder against the GOP's massive tax and domestic policy bill, Pocan said. 'I think doing, bluntly, town halls in Republican districts where they refuse to do them is one of the best things we can do,' Pocan said. He called himself an 'early adopter' of the tactic and said other progressive lawmakers are following suit. 'I think this is what we need to do. I mean, is this in your face. Is this a little douchey? Yes,' he said. 'But you know what? Taking away your health care and taking away your education funding and adding $4 trillion to the national debt so that the richest people are getting a tax cut is enough that we need to push back.' Pocan told CNN after the town hall that he'd come to Prairie du Chien to goad Van Orden into publicly defending the GOP bill that President Donald Trump signed into law on July 4. 'Come on down the road, Derrick,' he said. 'If you really think this bill's as good as you've been saying it is, not in front of people, let's have an actual debate. Let's talk about the various parts of it. The fact he won't doesn't pass the Wisconsin smell test.' Pocan's hour-long town hall, in front of an audience of about 50 people in the town of about 5,000 was a friendly one with none of the fiery exchanges that other town halls across the nation have featured. Pocan was asked questions largely from the left, about ways Democrats can be more aggressive in taking on Trump. He was also asked about immigration policies, the sustainability of Social Security and Medicare, and about whether he fears Trump will declare martial law and cancel upcoming elections. He focused most of his comments on railing against Trump's so-called 'big, beautiful bill' — but peppered the entire hour with jabs at Van Orden for failing to host town halls. Van Orden's office did not respond to CNN's request for comment on Pocan's town hall. CNN's Eric Bradner contributed to this report.
