US says it's leaving UN cultural agency UNESCO again, only 2 years after rejoining
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The Independent
2 hours ago
- The Independent
Earthquake hits New York City and eastern New Jersey late Saturday as residents report buildings shaking
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. Your support makes all the difference.
Daily Mail
3 hours ago
- Daily Mail
Dem senator agrees with GOP that Trump's making progress on trade war but others make grim tariffs forecast
A prominent Democratic senator is backing President Donald Trump 's trade war strategy, even as others in his party warn that looming economic fallout could soon hit American consumers and industries. Pennsylvania Senator John Fetterman, told Fox News Digital this week that the Trump administration's aggressive use of tariffs has been effective so far. 'Absolutely,' Fetterman said when asked if he believed the U.S. is winning the trade war. 'I'm a huge fan of Bill Maher, and I mean, I think he's really one of the oracles for my party, and he acknowledged it, it's like, hey, he thought that the tariffs were going to tank the economy, and then he acknowledged that it didn't,' Fetterman added. 'So, for me, it seems like the E.U. thing has been going well, and I guess we'll see how it happens with China.' Fetterman's comments come as Trump intensifies his tariff push. On Thursday, the 47th President signed two new executive orders - one raising tariffs on Canadian imports from 25 percent to 35 percent beginning Friday, and another modifying reciprocal tariff rates for countries with significant U.S. trade deficits. The White House cited Canada's failure to help curb fentanyl and other illicit drug imports as the reason for the increased tariffs. 'The goal is to secure fair, balanced and reciprocal trade relationships,' the White House said in a statement. The moves build on Trump's earlier decision this year to impose a baseline 10 percent tariff on all countries, with steeper rates for those running large trade surpluses with the U.S. Trump's recently installed tariffs took effect on April 9, and since then, the his administration has inked several major trade deals. During his second term, Trump and his administration reached a trade agreement with the European Union (EU) under which the E.U. committed to purchasing $750 billion in American energy and investing an additional $600 billion in the U.S. economy by 2028. As part of the deal, the E.U. accepted a 15 percent percent tariff rate. A separate agreement was struck with Japan, which pledged $550 billion in investments aimed at rebuilding and expanding key American industries. Japan also agreed to open its markets further to U.S. exports and, like the E.U., accepted a baseline 15 percent tariff rate. However, many top Democrats remain skeptical. While speaking with Fox News Digital, Rhode Island Senator Jack Reed cautioned that any short-term gains could be undercut by rising prices. 'Within a few weeks or months, you'll start seeing significant increases in most things you buy,' Reed said. 'And also, you will see disruption in terms of a lot of our industries, because they're not able to access product or supply.' Senator Chris Van Hollen, of Maryland, echoed those concerns, saying Trump's tariff strategy contradicts his campaign promises. 'This is the president who said he was going to come in and reduce prices. Prices are going to rise, and they're going to rise more over time,' Van Hollen warned. However, Massachusetts Senator, Elizabeth Warren, took a broader view, arguing that Trump's confrontational trade policies are pushing U.S. allies to look elsewhere for business. 'Donald Trump may beat his chest and say, "Man, I made him take a 15 percent tariff or 25 percent tariff," but also understand that every one of those trading partners is now looking hard all around the rest of the world to find other customers,' Warren said. 'The United States under Donald Trump is not a reliable trading partner. And that's not good for any of us.' Warren also linked the trade war to interest rate policy, blaming Trump's tariff decisions for the Federal Reserve's refusal to lower rates. 'Jerome Powell said last month that he would have lowered interest rates back in February if it hadn't been for the chaos that Donald Trump was creating over trade,' Warren said. 'And the consequence has been that American families have, for six months now, been paying more on credit cards, more on car loans, more home mortgages.' Republicans, however, are rallying behind the president's hardline stance. Texas Senator Ted Cruz called the strategy a 'big win'. 'I think it's exactly the right approach,' Cruz said. 'It's what I have been urging the president to do, and I think the successes he's winning are big wins for America.' Seemingly mocking Democrats' warnings of economic turmoil, and quoting the film Casa Blanca, Cruz added, 'I'm shocked, shocked that Democrats are rooting for the economy to do badly under President Trump.' 'It'd be nice if some Democrats would put their partisan hatred for Trump aside and actually start working together for American workers and American jobs. Unfortunately, I don't see a whole lot of Democrats interested in doing that right now,' he said. Louisiana Senator John Kennedy praised the E.U. deal and said he hopes it leads to what he calls 'ideal reciprocity'. 'Clearly, the president got a good deal from one perspective. The Europeans just caved, they did. Fifteen percent tariffs on them, zero on us, commitment to invest in our country,' Kennedy said. 'But the part of the deal I like the most - the E.U. and the president agreed that a whole bunch of goods would be tariff-free. That is, no American tariffs and no E.U. tariffs.' 'Let the free enterprise system work. May the best product at the best price win,' Kennedy added. 'That, to me, would be the perfect situation.'
Times
6 hours ago
- Times
Trump's ‘biggest deal ever' is no such thing, but I have faith in Europe
European funds and shares jumped for joy when the American president, Donald Trump, announced he had agreed 'the biggest deal ever struck by anybody' with the European Commission president, Ursula von der Leyen. Unfortunately, the euphoria proved short-lived, as markets realised that this new deal means most companies in most countries will collectively pay billions more tax to trade in the world's biggest economy. However, slashing tariffs from 30 per cent to 15 per cent on most exports to America represents a substantial improvement on earlier fears. Closer to home, the British prime minister, Keir Starmer, also met Trump at one of his Scottish golf courses to — among other things — tee up American import taxes set at 10 per cent for our cars and zero for aircraft engines, which Starmer hailed as safeguarding our world-class automotive and aerospace industries. Coming down from the clouds of global politics and macroeconomics, this small, long-term DIY investor is glad I ignored many pessimistic predictions elsewhere to keep faith with British and continental funds and shares. This year's stand-out winner so far is a little-known London-listed investment trust, whose share price has soared 60 per cent since March. That's when I paid 53p for Seraphim Space Investment Trust (stock market ticker: SSIT) shares, as reported here at that time. They traded at 85p at close of play on Friday. One stellar attraction of this £239 million space technology fund is its focus on defence companies listed in Europe. These businesses are benefiting from increased demand from continental countries since America warned that everyone must pay more for our own security in future. But Seraphim's chief executive, Mark Boggett, emphasised that extraterrestrial technology can also have more peaceful applications. He told me: 'Satellite-driven weather forecasts are increasingly vital to modern agriculture, providing real-time, precise data that helps farmers make smarter decisions about planting, irrigation, pest control and harvesting. 'By reducing the uncertainty of unpredictable weather, these forecasts improve crop yields, enhance resource efficiency and build resilience. a Seraphim holding, is building its own satellite constellation to derive truly global data, enabling hyperlocal and highly accurate short-term weather forecasts. • A robot surgeon? I'll put my money on that 'These have achieved some impressive savings: 20 per cent less crop loss due to unexpected freezes or hail, and $41 saved per acre in wasted irrigation costs.' Less happily, bad weather in west Africa hit the cocoa harvest, pushing up the price of this commodity and hurting profit margins at the Swiss chocolate-maker Barry Callebaut (BARN). You might never have heard of this wholesaler but you have probably eaten its products, which are sold by better-known retailers such as the Cadbury-owner, Mondelez (MDLZ), and the KitKat-maker, Nestlé (NESN). The world's biggest chocolate-maker provides another example of how it can pay to be sceptical about talk of trade wars and instead believe that commercial relations will continue, despite shocks along the way. Barry Callebaut shares I bought for 766 Swiss francs in April now cost SwFr1,008. This is an increase of 31 per cent in little more than three months, which tastes sweet enough to me. On a sour note, Adidas (ADS), the German sports goods group, said Trump's tariffs would add €200 million to its costs because it makes 30 per cent of its trainers in Vietnam. That tripped up the share price, which plunged 18 per cent last week, causing this stock to fall out of my top ten. Ouch! • FTSE 100 slides as markets retreat on new Trump tariffs Higher taxes are bad for business, whatever opponents of free trade may say, because they transfer wealth from consumers and shareholders to governments. This explains why shares in the Dutch brewer Heineken (HEIO) slipped 7 per cent on Monday, despite it reporting higher than expected profits. Dolf van den Brink, the chief executive of the business, whose brands also include Amstel and Foster's, pointed out that the beer it exports from Mexico to America continues to face 30 per cent tariffs. He said Heineken is considering shifting more production to America, adding: 'We look at all options from continuing with our current set-up, a more hybrid version, or otherwise.' Amid all that anxiety and uncertainty, Heineken looks a bit hungover. But shares I bought for €45 in January 2014 were trading at €60 on Friday, yielding 3.2 per cent dividend income, so I intend to retain a glass half-full view of this global business. Similarly, easily my biggest European shareholding is the Paris-listed Franco-Italian firm EssilorLuxottica (EL), which makes a third of all the optical lenses on this planet. Its best-known retail brands are the American sunglasses makers Oakley and Ray-Ban, which now offer artificial intelligence-enhanced eyewear via a joint venture with the Facebook and Instagram owner, Meta Platforms (META). Sales of more than two million smart glasses since October 2023 suggest EssilorLuxottica is succeeding where earlier attempts at wearable technology failed. Google Glass, internet-enabled specs from the technology giant Alphabet (GOOGL), were largely withdrawn a decade ago and discontinued completely in 2023. • A 20% return in 4 months? I'm riding the investment trust wave But Oakley and Ray-Ban models, such as the classic Wayfarers, spare customers the embarrassment of feeling conspicuous and sales are rising strongly. While I have no wish to see share prices flashed up before my wondering eyes, this baby boomer likes the sound of discreet hearing aids, hidden away in stylish shades or spectacles. Either way, EssilorLuxottica shares I bought for €96 in March 2019 were coming through loud and clear at €259 on Friday and are now my fourth-most valuable holding. It all goes to show why it can pay to look through short-term fears and instead invest in long-term hopes that international trade will eventually return to something nearer business as usual. Even world-leading European healthcare companies cannot guarantee that shareholders will always enjoy healthy returns. Novo Nordisk (NOVO), the Danish pharmaceutical firm that was first to obtain authorisation for weight-loss wonder drugs, suffered a 25 per cent share price shrinkage last week. A profits warning wiped €60 billion off what had been Europe's most valuable company. Sad to say, there may be worse to come as Novo struggles with American tariffs, copycat drugs and the risk that it could become collateral damage in Trump's improbable bid to take over Greenland, which is a protectorate of Denmark. Yes, really. Mr Market is a manic depressive at the best of times, lurching from excessive exuberance to the depths of despair, and the drugs don't help. Despite the widespread popularity of Ozempic and Wegovy flab jabs, Novo has lost 66 per cent of its stock market value over the past year. What a downer! Fortunately, I first invested more than four years ago, when few Brits had heard of this business, paying 254 Danish krone per share in June 2021, allowing for a subsequent stock split. Then I sold a five-figure parcel at DK926 last August, as also reported here at those times. They fetched just DK309 on Friday. This raises the important point that it is never too soon to take a profit. If nothing else, we need to turn paper gains into real ones to compensate for losses elsewhere. Another Danish pharma firm, Bavarian Nordic Research Institute (BAVA), where I paid DK258 last August, had slumped to DK123 before it recommended a takeover bid at DK233 on Monday. We can't win them all. Full disclosure: Ian Cowie's shareholdings
