Thailand preparing $1.2 billion in measures to address US tariff impact
The central bank should also ease monetary policy further, Paopoom Rojanasakul told reporters.
($1 = 32.66 baht)
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Daily Mail
5 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.'
Daily Mail
10 hours ago
- Daily Mail
FLOURISHING AFTER 50: I've found love again - but now my kids are worried they'll lose their inheritance
Dear Vanessa, I never thought I'd be writing to you, but here I am at 56, divorced for 10 years, and finally with a man who makes me feel alive again. We met on a hiking trip, and it's been wonderful – until we started talking about moving in together. He wants us to sell our homes and buy something new. I have more equity, so naturally, I'd be putting in more. My kids are worried I'll lose their inheritance if things don't work out. He thinks I'm overthinking it and that love means trusting each other. After everything I've been through, I just want to protect myself and my future. But I don't want money fears to ruin what could be the best chapter of my life. How do couples in their 50s blend finances without breaking their relationship? Wishing for guidance, Linda. Linda, congratulations on finding love again. Many people in their 50s believe that part of their life is over, so it's wonderful you've found happiness. You're also wise to pause and think before making big financial moves. Love is about trust, but later-in-life relationships often come with complex money matters that need clear agreements. When you've spent decades building your assets and raising children, combining finances isn't as simple as when you were younger. A co-habitation or prenuptial agreement can outline exactly what would happen if you separated. Far from being unromantic, it creates confidence that both of you will be treated fairly, allowing you to enjoy the relationship without financial anxiety hanging over you. If you decide to buy a home together, you don't need to split ownership 50/50. Many couples use arrangements where each person owns a percentage of the property that matches what they've contributed. This also allows you to leave your share to your children rather than it automatically passing to your partner if something happens to you. It's one of the most effective ways to protect family inheritance while still buying together. At 56, your pension and retirement savings are key to your long-term security. Putting too much of your equity into a shared home may leave you with less flexibility later to invest, increase your pension contributions, or cover healthcare needs. While your main home usually isn't counted in means-tested benefits, locking up most of your wealth in property can limit your options if life changes. Keeping some money separate can help you maintain independence and peace of mind well into your 70s and beyond. Money can be an uncomfortable topic, especially after divorce, but having open and calm conversations now is crucial. A financial adviser who understands blended families can model different scenarios for you – whether you keep separate homes, buy together equally, or use different ownership shares – so you can see exactly what's at stake. If you don't have an adviser, you can use my free service to find one who's right for you here. With professional advice and the right agreements in place, you can protect your children's inheritance, safeguard your retirement, and still build a secure and happy future with your new partner. Wishing you happiness and peace of mind,
Daily Mail
10 hours ago
- Daily Mail
HAMISH MCRAE: New Trump tariffs spoil the party
Donald Trump has proved a bit of a party pooper. There we were last week, celebrating strong results from Microsoft and other members of the 'magnificent seven' clan, plus some decent figures here from several of our biggest enterprises, and pretty spectacular ones from Rolls-Royce. The S&P 500 and FTSE 100 indexes of leading shares touched all-time highs. Trade negotiations seemed to be plodding along, with a decent deal between the US and the EU, even if businesses on the Continent were upset that it wasn't as good as the agreement that we in the UK got. Then, bang, the full list of tariffs was announced, coming into effect on Thursday for any country that had not closed a trade deal with the US. It includes some beefy figures. Switzerland was stunned to discover that it would be hit by a 39 per cent levy. You may not feel sorry for what is one of the richest countries in the world but it's rough on others. For example, South Africa gets 30 per cent and India 25 per cent. These figures will almost certainly be negotiated down and there are all sorts of exceptions. But meanwhile there is huge disruption. Until the end of last week the view of the markets was that global business was nimble enough to cope. Now they are not so confident. And it isn't only the Swiss enterprises that are being hit; it is also American ones. You see that best in the impact on Amazon. It produced some stunning results on Thursday and the shares were trading around their all-time high, valuing the company at well over $2.5 trillion (£1.9 trillion). Then came the details of the tariffs. Its share price fell by more than 7 per cent. It's silly to read too much into one day's market movement, but it's a useful reminder that Americans are being hit by Trump's trade policy, not just foreigners. We don't know how the cost of the tariffs will be carried. Some may be absorbed by exporters. But they can only do that for a while as we have seen when there are sharp currency movements. If the dollar suddenly weakens and they therefore receive less money in their own currency, exporters to the US eventually will have to increase their prices. What we do have is a feel for the extra revenue the US expects to receive. Scott Bessent, the Treasury secretary, estimates it will be an extra $300 billion a year. That's equivalent to about 1 per cent of national output. If a third of that ends up being paid by importers squeezing their margins and two-thirds by consumers in higher prices, that's a noticeable dent on living standards. Some items will go up by a big amount, and while many won't, the headlines will shock. The tax revenue will be useful, of course, but as the US federal budget deficit is running at 6 per cent of national output, it doesn't go far towards closing the gap. What happens next? Disruption is never good and even if, as seems realistic, world trade does settle down, there will be lasting costs from the tariff war. What will matter even more is whether, irrespective of all this, the US economy continues to grow at a decent clip. It managed to do so in the second quarter, at an annual rate of 3 per cent. But there are worries. Every time there's a weak number, as there was on Friday with jobs growth, the markets wobble. The housing market has gone soft in many areas. Consumer sentiment is fragile, though up a little in recent months thanks to booming share prices. So markets need to stay strong to maintain consumer confidence – and vice versa. It's a virtuous circle, but as we all know, that could flip. You can see why Trump is so hostile to the Federal Reserve chairman, Jerome Powell. The one thing that might ensure the boom continues a while longer would be a cut in interest rates. The Fed didn't move last week, while here the Bank of England is widely expected to reduce rates on Thursday. It was a stunning July for British investors and shares here remain solid value compared with US markets. The UK will probably gain from US tariffs, given the favourable deal we negotiated. But August will, I am afraid, be a less comfortable month.
