New tariffs this week will hit all countries, Trump says
"You'd start with all countries," Trump told reporters on Air Force One."Essentially all of the countries that we're talking about."The president's latest comments came despite last week suggesting he might scale back his tariff plans and impose tariffs in some cases at lower rates than countries charge the US.White House economics adviser Kevin Hassett also recently told the Fox Business channel that the tariffs would focus on 10 to 15 countries that have the worst trade deficits with the US, but did not name them.Trump sees tariffs as a way of protecting the US economy from unfair competition and as a bargaining chip for getting better trading terms for America.Over the weekend Trump's advisers echoed his view that the planned tariffs could raise trillions of dollars and help create jobs in the US.His top trade adviser, Pete Navarro, pointed to huge revenues he said the tariffs would raise. The tax on all car imports could raise $100bn (£77.3bn) on a trade worth $240bn, Mr Navarro said. All the planned tariffs could raise $600bn, about a fifth of the value of total goods imports into the US, he added.A White House fact sheet published last week suggested a 10% tariff on every import could create nearly 3 million US jobs.But concerns about a trade war are unsettling markets and creating fears of a recession in the US.On Monday morning in Asia, Japan's Nikkei 225 benchmark was more than 3% lower, the the ASX 200 in Australia was down by 1.6%, and South Korea's Kospi was around 2% lower.All of this raises the stakes for all the countries attempting to strike deals with the US over its trade policies, including the UK.But other jurisdictions, such as the EU and Canada, have already said that they are preparing a range of retaliatory trade measures.Separately, Trump said a deal with TikTok's Chinese owner ByteDance to sell the app would be agreed before a deadline on Saturday.He set the 5 April deadline in January for short video platform to find a non-Chinese buyer or face a ban in the US on national security grounds.It had been due to take effect that month to comply with a law passed under the Biden administration.
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The Guardian
17 minutes ago
- The Guardian
Seth Meyers on the Maga schism over the Epstein files: ‘This meltdown has been years in the making'
Late-night hosts dig into the rift between Donald Trump and his most ardent supporters over his refusal to release files related to Jeffrey Epstein. A growing rift between hardcore Maga supporters and Donald Trump exploded into a full name-calling fight on Wednesday, when Trump told his base to stop asking about convicted sex offender and disgraced financier Jeffrey Epstein. 'I think Trump is really starting to crack under all this Epstein drama,' said Seth Meyers on Late Night. 'For years, the Maga right has willingly engaged in a mass delusion where New York real estate mogul and tabloid celebrity Donald Trump, the man who partied with and publicly praised Jeffrey Epstein, would be the savior who sweeps into power and exposes massive sex trafficking conspiracy involving the most powerful people on earth,' he explained. Numerous prominent conspiracy theorists believed Trump would expose the government's information on Epstein, even though he once called Epstein a 'terrific guy' who enjoyed 'younger women'. At one point, Epstein called Trump his 'closest friend for the past 10 years' – 'which is remarkable for two reasons', said Meyers. 'One, it's the world's most notorious sex trafficker saying he was close friends with the president, and two, no one stays friends with Trump for 10 years. I mean, the closest people in his life maybe last 6 months before he turns on them.' So Trump is trying to make the Epstein cloud go away, and 'it's backfiring badly', said Meyers. On Wednesday, Trump tried a new strategy, dismissing the Epstein files as a hoax created by Democrats – 'They were made up by Obama, they were made up by the Biden administration,' he said. 'Dude, if someone asks if your name is in the Epstein files and you say Obama made up the files, people are going to think your name is in those files,' Meyers responded. 'Because the very easy answer is 'no, of course not, that's ridiculous, I have nothing to do with Jeffrey Epstein!' But Trump can't give that answer, because he's in photographs with Jeffrey Epstein.' 'This meltdown has been years in the making,' Meyers concluded. 'Maga fixated on the Epstein case and created the delusion that Trump would expose the truth, even though Trump himself was a close personal friend of Epstein's. And now they can't reconcile the fake Trump they believed in with the real Trump they're actually getting.' 'I don't know what you all are talking about, but everybody I've talked to is talking about what Donald Trump doesn't want to talk about,' said Stephen Colbert on Wednesday's Late Show. That would be Jeffrey Epstein, a person Trump has declared to be too boring to talk about. 'He's been dead for a long time,' Trump said outside Air Force One on Tuesday. 'He was never a big factor in terms of life.' 'That sentence was never a big factor in terms of word,' Colbert quipped. Trump went on: 'I don't understand why the Jeffrey Epstein case would be of interest to anybody. It's pretty boring stuff.' 'He's right, the Epstein saga is a total snoozefest,' Colbert deadpanned. 'I mean, the most powerful man in the world is blocking information about a powerful cabal of the rich, the famous and the royal befriending a con man who regularly flies off on his private plane to his private island to do super illegal sex stuff. Then the con man is arrested and they're afraid he's going to name names but before he can, he mysteriously dies right after being taken off a suicide watch in a federal prison during the administration of a guy who is blocking the release of the information. Boooooooring.' 'Sex cults and murder are famously dull,' he added. 'That's why they call that movie Eyes Wide Shut, because everyone was asleep.' Nevertheless, in a post to Truth Social on Wednesday, Trump dismissed anyone seeking information on Epstein – 'I don't want their support anymore!' 'You can't build a brand on conspiracy theories and then get mad that people are interested in your conspiracy theories,' Colbert retorted. MAGA won't let up on the Epstein files, and Trump is going full messy bitch on them The Maga schism over Epstein is 'a shocking turn of events for Donald Trump', said Jordan Klepper on the Daily Show. 'His own sycophants are breaking ranks with him and even worse, they are demanding accountability.' Even Lauren Boebert, one of the most notoriously inflammatory Republicans in Congress, suggested an outside special counsel investigate the handling of the files – though she also proposed it be led by disgraced ex-Congressman Matt Gaetz, who resigned last year after a federal investigation into alleged sex trafficking of underage girls. 'You want Matt Gaetz to investigate underage sex trafficking?' Klepper mused. 'Because it makes sense in a sort of 'game recognize game' way… I can see Matt Gaetz pulling up to R Kelly's house saying 'I'm putting together a team.'' 'This special counsel team might've been the last straw, because this morning, Trump absolutely lost it on his supporters,' Klepper said. In a lengthy screed on Truth Social, Trump called Maga supporters interested in Epstein 'weaklings' and said 'I don't want their support anymore'. 'He went full messy bitch,' Klepper laughed. ''If you can't handle me at my sex crimes coverup, you don't deserve me at my alligator concentration camp, you slut.''
The Independent
19 minutes ago
- The Independent
A new mural in France shows the Statue of Liberty covering her eyes in a swipe at Trump
As statements go, it's a big one. A towering mural in France of the Statue of Liberty covering her eyes is racking up millions of views online with its swipe at U.S. President Donald Trump 's immigration and deportation policies. Amsterdam-based street artist Judith de Leeuw described her giant work in the northern French town of Roubaix, which has a large immigrant community, as 'a quiet reminder of what freedom should be.' She said 'freedom feels out of reach' for migrants and 'those pushed to the margins, silenced, or unseen.' 'I painted her covering her eyes because the weight of the world has become too heavy to witness. What was once a shining symbol of liberty now carries the sorrow of lost meaning,' de Leeuw wrote in a July 4 post on Facebook, when Americans were celebrating Independence Day. Her depiction of the Statue of Liberty, a gift from the French people in the late 1800s, has inspired some sharp criticism. Rep. Tim Burchett, a Republican lawmaker from Tennessee, wrote in an angry post on X that the work 'disgusts me.' He said he had an uncle who fought and died in France, where U.S. forces saw combat in both World War I and World War II. In an interview with The Associated Press, de Leeuw was unapologetic. 'I'm not offended to be hated by the Donald Trump movement. I am not sorry. This is the right thing to do," she said. The town stood by the work, with its deputy mayor in charge of cultural affairs, Frédéric Lefebvre, telling broadcaster France 3 that 'it's a very strong and powerful political message.' Since returning to the White House amid anti-immigration sentiment, Trump has launched an unprecedented campaign that has pushed the limits of executive power and clashed with federal judges trying to restrain him. People from various countries have been deported to remote and unrelated places like South Sudan and the small African nation of Eswatini. Immigration is one of Trump's strongest issues in public polling in the U.S. The mural in Roubaix is part of an urban street culture festival backed by the town. Roubaix is one of the poorest towns in France. It was economically devastated by the collapse since the 1970s of its once-flourishing textile industry that used to attract migrant workers from elsewhere in Europe, north Africa and beyond. ___ Associated Press journalists Ahmad Seir in Amsterdam and John Leicester in Paris contributed.
NBC News
19 minutes ago
- NBC News
Potential Powell successor pushes ‘regime change' at the Fed
Former Federal Reserve Governor Kevin Warsh, reportedly on President Donald Trump's short list to lead the institution, called Thursday for sweeping changes on how the central bank conducts business and suggested a policy alliance with the Treasury Department. 'We need regime change in the conduct of policy,' Warsh said during an interview on CNBC's ' Squawk Box.' 'The credibility deficit lies with the incumbents that are at the Fed, in my view.' Principal among those holdover officials is Chair Jerome Powell, who repeatedly has incurred Trump's wrath and is certain not to be reappointed when his term expires in May 2026, if attempts aren't made to remove him before then. Warsh is considered one of three or four finalists to take over, and he expressed multiple sentiments in line with what Trump wants from the Fed. The president has demanded the Fed to cut its benchmark overnight borrowing rate and has urged Powell to resign for not pushing for cuts. Warsh's comments indicate he could be at loggerheads not only with the way Powell has led the Fed, but also with holdover members who would be in place should he be put at the organization's helm. 'Their hesitancy to cut rates, I think, is actually quite a quite a mark against them,' Warsh said. 'The specter of the miss they made on inflation, it has stuck with them. So one of the reasons why the President, I think, is right to be pushing the Fed publicly is we need regime change in the conduct of policy.' In the latest drama surrounding the Fed and its embattled chair, a Trump administration official on Wednesday confirmed that the president met with Republican lawmakers the previous day and discussed Trump firing Powell. The official said Trump planned to do so soon, but he denied that shortly after. In addition to the rates issue, White House officials have criticized Powell over a multi-billion dollar renovation program at two of the Fed's buildings in Washington, D.C. Asked whether Trump should try to fire Powell, Warsh said, 'I think regime change at the Fed will happen in due course.' Trump's main stated reason in pushing for rate cuts has been to help lower financing costs on the nation's $36 trillion deb, which ostensibly out of the Fed's twin goals of low unemployment and stable prices. However, Warsh seemed to take the issue a step further and suggested a coordination between the Fed and the Treasury Department in how the nation manages debt issuance. 'We need a new Treasury-Fed accord, like we did in 1951 after another period where we built up our nation's debt and we were stuck with a central bank that was working at cross purposes with the Treasury. That's the state of things now,' he said. 'So if we have a new accord, then the .. Fed chair and the Treasury secretary can describe to markets plainly and with deliberation, 'This is our objective for the size of the Fed's balance sheet.'' The Fed is currently shrinking its balance sheet by allowing proceeds from maturing debt to roll off, rather than being reinvested as usual. Warsh generally supports the idea, known as quantitative tightening, but recently asserted that the Fed ought to be working with Treasury to help lower borrowing costs. 'I think the Fed has the balance wrong. A rate cut is the beginning of the process to get the balance right,' he said. However, the last time the Fed cut rates, Treasury yields actually rose. Markets expect the Fed to hold its benchmark funds rate steady at its policy meeting in late July, then possibly start cutting in September.
