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First Post
25 minutes ago
- First Post
‘Everyone's a loser': From Canada to Laos, Trump's sweeping tariffs spare no one, not even the US
President Donald Trump's tariff onslaught this week left a lot of losers – from small, poor countries like Laos and Algeria to wealthy US trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. read more President Donald Trump's latest wave of sweeping tariffs is shaking the foundations of global trade and leaving a trail of economic pain across rich and poor nations alike. Countries such as Laos, Algeria, Canada and Switzerland are now facing steep levies as Trump intensifies his protectionist agenda. But while allies scramble for exemptions and rivals brace for economic fallout, but analysts say no one has truly come out ahead not even the United States. 'In many respects, everybody's a loser here,'' Barry Appleton, co-director of the Center for International Law at New York Law School told AP. Since returning to the presidency six months ago, Trump has torn up traditional trade norms, replacing multilateral agreements with a unilateral approach driven by threats and economic clout. 'The biggest winner is Trump,' said Alan Wolff, former deputy director-general of the World Trade Organization. 'He bet that he could get other countries to the table on the basis of threats, and he succeeded dramatically.'' STORY CONTINUES BELOW THIS AD Trump's tariff regime began on April 2, dubbed 'Liberation Day' when he imposed 'reciprocal' taxes of up to 50% on imports from countries with which the U.S. runs trade deficits, and a 10% baseline tax on others. Declaring the trade imbalance a national emergency under a 1977 law, Trump bypassed Congress to implement the sweeping changes, now being challenged in court. After an initial market selloff, Trump paused the new tariffs for 90 days to allow room for negotiations. Some countries took the opportunity to strike deals, though often under heavy pressure. The United Kingdom agreed to a 10% tariff, up from 1.3%, despite having maintained a trade surplus with the U.S. for nearly two decades. The European Union and Japan settled for 15%, lower than the threatened 30% and 25%, respectively. Other countries that agreed to higher tariffs include Pakistan, South Korea, Vietnam, Indonesia, and the Philippines. Even those with reduced levies compared to April levels remain far worse off than pre-Trump norms. Angola's tariffs dropped from 32% to 15%, but were below 1.5% in 2022. Taiwan saw its April rate of 32% lowered to 20%, but still faces a financial burden. '20% from the beginning has not been our goal, we hope that in further negotiations we will get a more beneficial and more reasonable tax rate,' Taiwan's President Lai Ching-te said Friday. Trump also rolled back Lesotho's tariff from 50% to 15%, but economic damage there may already be done. On the harsher end, nations that refused to bend or angered Trump in other ways got slammed. Laos and Algeria whose GDPs per capita are a fraction of America's now face tariffs of 40% and 30%, respectively. STORY CONTINUES BELOW THIS AD Brazil was hit with a 50% tax, reportedly in retaliation for its treatment of former President Jair Bolsonaro. Despite a consistent U.S. trade surplus with Brazil, the tariff went ahead. Canada was slapped with a 35% import tax, a move some analysts tie to Ottawa's plan to recognise Palestinian statehood, a position contrary to Trump's strong support of Israeli Prime Minister Benjamin Netanyahu. Switzerland, which didn't secure a deal, was struck with a 39% tariff, more than the 31% initially proposed. 'The Swiss probably wish that they had camped in Washington'' to make a deal, Wolff commented. 'They're clearly not at all happy.'' Trump's actions are now facing legal scrutiny. A group of American companies and a dozen states are suing, arguing that he overstepped his authority under the 1977 law. A New York court recently blocked the tariffs, but allowed collection to continue pending appeal, which may end up before the US Supreme Court. STORY CONTINUES BELOW THIS AD Judges on the US Court of Appeals have expressed scepticism about the justification behind Trump's measures. 'If (the tariffs) get struck down, then maybe Brazil's a winner and not a loser,'' Appleton said. Although Trump frames tariffs as a way to tax foreign countries, in practice, U.S. importers bear the cost and pass it on to American consumers. Goldman Sachs estimates that foreign exporters have absorbed only a fifth of the tariff burden, leaving U.S. businesses and households to shoulder the rest. Major retailers and manufacturers including Walmart, Nike, and Ford — have raised prices in response. 'This is a consumption tax, so it disproportionately affects those who have lower incomes,'' said Appleton. 'Sneakers, knapsacks … your appliances are going to go up. Your TV and electronics are going to go up. Your video game devices, consoles are going to up because none of those are made in America.'' With average U.S. tariffs rising from 2.5% at the start of 2025 to 18.3% — the highest since 1934 — Yale's Budget Lab estimates the policy will cost the average American household $2,400 this year. STORY CONTINUES BELOW THIS AD 'The U.S. consumer's a big loser,″ Wolff concluded. With inputs from agencies
Hindustan Times
an hour ago
- Hindustan Times
What is the ‘door-kick' challenge? US authorities warn against viral TikTok trend; 'A good way to end up dead'
A new 'door-kick challenge' trend, which is doing rounds on social media, has sparked worries among the officials. This new TikTok challenge is an extreme variation of the 'ding-dong-ditch' prank, which involves ringing people's doorbells and fleeing before they answer. Door-kick challenge "is a good way to end up dead," said Volusia County Sheriff Mike Chitwood of Florida in a warning to citizens. (X) Under this TikTok challenge, pranksters randomly select a door in the middle of the night, kick it violently - sometimes until it comes off the hinges - and post a video of it online. Also Read: 'It's those lips…'; Trump's praise for Karoline Leavitt's face sparks uproar, netizens reveal 'disturbing' Epstein link US officials issues warning against 'door-kick' challenge 'That's a good way to end up dead,' said Volusia County Sheriff Mike Chitwood of Florida in a warning to citizens. 'Especially in Florida. You've got to think you're about to become a victim of a home invasion robbery and, under the Castle doctrine, you're gonna shoot first and ask questions later.' Advocacy organizations for online safety also cautioned that children may be arrested or killed due to this social media craze. Titania Jordan, chief parenting officer at Bark Technologies, a parental control app, told The Independent that 'this trend has the potential to end in absolute tragedy.' Children are putting themselves in grave danger, Jordan warned, adding that it's easy to see how a practical joke like this may turn into something permanent if householders are armed or on high alert. 'What's at stake is more than just a viral moment gone wrong,' the chief parenting officer said. 'It's a child's life, a family's future, and the potential for criminal charges that could follow them for years.' Recent incidences in California, Pennsylvania, Maryland, Wisconsin, Texas, and Michigan have prompted authorities to caution parents about the risky 'door kick challenge.' According to Marc Berkman, CEO of the Organization for Social Media Safety, social media has 'conditioned' American teenagers to play out risky games and challenges. Also Read: Sydney Sweeney speaks out amid uproar over American Eagle 'great genes' ad controversy From Kentucky to Las Vegas: Here's 'door-kick' challenge led to panic among locals After an incident in Louisville, Kentucky, over the weekend, police described the prank as 'stupid and dangerous.' At 2:30 in the morning, a woman saw teenagers wearing masks kicking down her door, Wave reported on Saturday. 'Anyone participating in this type of behavior is certainly risking their own life,' stated John Bradley, a spokesman for the Louisville Metro Police Department. In Las Vegas earlier this month, pranksters broke in while homeowner Tyler Reggie and his expectant girlfriend were asleep on July 8 at 3 am. When the pounding began, Reggie told FOX5 he 'assumed the worst,' but after watching his doorbell camera footage, he realized it was youngsters. He said they damaged his property to the tune of $5,000. In the city of DeBary, Volusia County, Florida, two teens who participated in the challenge were charged with criminal burglary.
Time of India
an hour ago
- Time of India
Is a US recession imminent? A wake-up call as Trump's tariff shock meets collapsing job growth and Wall Street flashes crisis signals
US recession fears grow as Trump's new tariffs hit amid shocking job losses—Wall Street warns of a perfect economic storm- The phrase 'US recession imminent' is no longer just a headline—it's a growing reality both on Wall Street and in American households. President Donald Trump's sweeping new tariffs, combined with surprisingly weak job data and heightened market volatility, are creating what many economists now call a 'perfect economic storm.' From job losses to trade disruption and tumbling markets, the signals are flashing red—and the stakes couldn't be higher for your wallet, your job, and the future of the U.S. economy. Job report shocks Wall Street, weakens confidence in the economy The July jobs report landed like a bombshell. The U.S. added only 73,000 jobs, far short of projections. Adding to the concern, job gains from May and June were slashed by a combined 258,000—essentially erasing most of the perceived progress from earlier months. Explore courses from Top Institutes in Please select course: Select a Course Category Design Thinking healthcare Project Management MBA Operations Management Degree Technology PGDM Data Science MCA Others CXO Cybersecurity Finance Public Policy Data Science Leadership Digital Marketing Artificial Intelligence Healthcare others Product Management Management Data Analytics Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details Crucially, this wasn't limited to one sector. Even typically stable areas like government hiring and services showed declines. With the unemployment rate rising to 4.2% and labor force participation dropping for the third month straight, economists now warn that these aren't seasonal trends—they may point to a long-term economic slowdown. Trump's global tariff wave adds fuel to the fire Just hours after the job report, President Trump signed an executive order on July 31, triggering 'reciprocal tariffs' on imports from over 60 countries. New tariffs include: Live Events Canada: 35% India: 25% Switzerland: 39% Taiwan: 20% Rates are set to take effect within days, with the White House insisting the move will 'level the playing field.' But economists and trade experts warn that raising import costs right now could backfire—driving up prices for consumers and businesses, curbing investment, and deepening the downturn. Wall Street rattled by warning signs of recession Markets reacted swiftly to the double blow of the job data and tariffs : Dow Jones fell 1.2% S&P 500 dropped 1.6% Nasdaq plunged 2.2% —marking its worst day in over three months The VIX index, known as Wall Street's 'fear gauge,' spiked. Meanwhile, Treasury yields collapsed, with the 2-year yield dropping at its fastest pace since 2001—a clear signal of recession fears. Investors are now betting on the Federal Reserve slashing interest rates by September, suggesting the need for emergency intervention to prevent a full-scale economic downturn. Trump fires BLS chief, sparking alarm over data integrity In a dramatic twist, Trump fired Erika McEntarfer, the head of the Bureau of Labor Statistics (BLS), just hours after the jobs report was released. The White House claimed the numbers were 'manipulated' to damage the administration's image. This has sparked major concerns about the credibility of official economic data. Many fear this move could undermine public trust at a time when accurate, transparent reporting is more critical than ever. How it impacts the average American This isn't just about Wall Street. Everyday Americans are already feeling the pressure: Job prospects are weakening, especially in industries exposed to global trade Prices are rising as tariffs take hold—from electronics to groceries 401(k)s and retirement savings are vulnerable as markets wobble Mortgage rates might fall , but that may not offset the pain of job insecurity The mix of rising costs and falling job security is putting serious pressure on working families, even before any official recession is declared. What to watch next as recession risk rises Here's what could shape the coming weeks: August jobs report : Continued weakness could confirm that a recession is already underway Federal Reserve response : Rate cut signals will be key market movers Tariff negotiations : Some countries may seek exemptions, but Trump warns it's 'too late' Consumer spending : A major pullback could tip the economy into full contraction Are we already in the eye of the storm? Many experts believe we're no longer waiting for a recession—we may already be in the early stages of one. The combination of slowing job growth, trade tensions, falling market confidence, and policy uncertainty is creating a fragile and volatile environment. This so-called 'perfect economic storm' is no longer hypothetical—it's forming before our eyes. What happens next will depend on policy decisions from Washington, the strength of the U.S. consumer, and how the global economy reacts in the critical weeks ahead. FAQs: Q: What caused the latest US recession fears? Trump's new tariffs and weak job data triggered rising concerns of a U.S. recession. Q: How do Trump's tariffs affect average Americans? They raise prices on imports, making everyday goods more expensive. Economic Times WhatsApp channel )
