Trump warns countries with ‘anti-American policies' will see tariffs rise
The threat was issued via a Truth Social post during the Brics annual gathering in Brazil, where leaders had warned against rising tariffs and protectionism.
The Brics group, which includes Brazil, Russia, India, China, and South Africa, has expanded its membership and represents over half the world's population and 40 per cent of its economic output.
China responded by stating it opposes tariffs as a tool of coercion, while South Africa argued it is not anti-American and is seeking a trade deal with the US.
Trump's administration is reportedly aiming to finalise numerous trade deals before a 9 July deadline for imposing significant 'retaliatory tariffs'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
22 minutes ago
- BBC News
Anjani Sinha: Trump's pick for Singapore envoy grilled in Senate hearing
The nominee for the US ambassador to Singapore, Anjani Sinha, drew criticism during his Senate confirmation hearing when he struggled to answer questions about the Wednesday Dr Sinha was grilled by Senator Tammy Duckworth on the US's relationship with Singapore and the island-state's role in South East Asia. At one point Ms Duckworth told him he was "unqualified" for the posting, and that he needed to "shape up and do some homework". The exchange has since gone viral in Singapore and attracted critical comments Sinha's nomination was first announced by Donald Trump in March, when the US President praised him as a "highly respected entrepreneur". "I have no doubt that Anji will strongly represent our Nation's Interests, and put America First. Congratulations Anji!" said Trump in a Truth Social post, using a nickname for Dr in India, Dr Sinha is an orthopaedics and sports medicine surgeon now based in Florida who started several clinics in New York.A US State Department report said his "native respect for both American and Asian values, and his deep social and cultural ties to the Indo-Pacific region", as well as his business expertise, "render him well qualified" for the the confirmation hearing by the Senate's foreign relations committee, he was introduced by Republican Senator Lindsey Graham as "a friend of President Trump for over a decade".In his introduction speech and answers to other senators' questions, Dr Sinha billed himself as a "lifelong bridge builder" and promised to "create a very strong relationship with Singapore" and "defend the defence, security and economic ties". 'More embarassador than ambassador' But it is his exchange with Ms Duckworth, a senator with the Democratic Party, that has drawn the most Duckworth began by asking him about Singapore's trade surplus with the US, which he initially answered as $80bn (£58.8bn) before changing his answer to $18bn. Ms Duckworth noted the correct answer was $ asked how he would convince Singaporeans of Trump's decision to slap a 10% tariff - a controversial topic in the island-state - Dr Sinha gave various answers before ending with "the dialogue is not closed".Ms Duckworth also questioned him about issues that would be important to Singapore, the country's upcoming chairmanship of the Association of Southeast Asian Nations (Asean) regional bloc, and the US Navy's presence in Sinha either did not know the answers or stumbled in his the end of the exchange Ms Duckworth appeared exasperated and said: "I just feel you are not taking this seriously."You think this is a glamour posting, that you're going to live a nice life in Singapore, when what we need is someone who can actually do the work."Noting that Singapore was a key US ally in the Indo-Pacific, she said: "You are not currently prepared for this posting, period, and you need to shape up and do some homework."The exchange has prompted a deluge of online comments from Singaporeans criticising Dr Sinha's performance and questioning his suitability to be the US ambassador."Not sure which is a worst insult, the tariffs or having him as an ambassador to Singapore," wrote one commenter."This guy is more 'Embarassador' then Ambassador," said praised Ms Duckworth, who had first come to Singaporeans' attention earlier this year when she grilled US Defense Secretary Pete Hegseth during his confirmation hearing and he failed to name a single country in the controversy, Dr Sinha's confirmation remains a strong Republicans dominating the Senate and its committees, the foreign relations committee appears set to approve his nomination which would then tee up a full Senate vote.
Daily Mail
26 minutes ago
- Daily Mail
Major toy manufacturer reveals when prices are set to climb after crippling tariffs
The CEO of Hasbro has recently revealed that he expects toy prices will increase from August through October. Hasbro is one of the largest American toy production companies in the world, known for iconic brands like My Little Pony, Play Doh, Transformers, GI Joe, Candy Land, Scrabble, Nerf and Dungeons & Dragons. Chris Cocks has served as Hasbro's CEO since February 2022, and predicts the Trump administration's tariffs will eventually hit the industry. While Hasbro is yet to make any significant price hikes, its main international suppliers are based in China and Vietnam. The federal government slapped a 30 percent minimum tariff on China and under an agreement, Trump says the US will charge Vietnam a 20 percent tariff. Cocks believes it's only a matter of time before the levies make an impact. 'I would expect if prices are going to be raised across the industry, the consumer will probably start to see them in the August through October timeframe, just based on the production timelines associated with toys,' Cocks revealed on CNN's The Assignment podcast. He explained that the production timeline for toys typically takes three to five months. The market was rocked in April when Trump imposed a minimum 10 percent tariff on US imports. The stock market plummeted as a result, forcing the administration to issue a 90-day pause. The president has remained steadfast on applying pressure to manufacturers to make products in the US. Cocks told Cornish that although Hasbro has shifted it's supply to increase US-based production, it's easier said than done. 'If you took the same toy and manufactured it in the US, labor would make up 80 to 90 percent of the cost,' he explained. Cocks said transitioning production to the US would require paying workers more due to American labor requirements. This would mean that consumers would have to pay more for products. For example, a doll typically sold for $10 would increase to $18. The federal administration has stood by the tariffs, claiming that foreign countries should absorb the costs. The economic policy was initially in line with Trump's 'America First' mentality, attempting to alleviate the country's reliance on foreign products. Cocks said the reality was different, arguing, 'It's always a business working with another business that absorbs things.' Despite the tumultuous time for manufacturers, Cocks said since Hasbro relies on profits from it's gaming division, he's not too concerned about the company losing money due to the tariffs. 'I feel more for my toy industry CEO peers than I do necessarily for my day-to-day challenges,' he confessed. Toy companies like Mattel have also admitted to feeling the brunt of Trump's tariffs, with the manufacturer detailing a grim prediction in its 2024 financial report. 'Changes in the amount, scope and nature of the tariffs in the future... could increase Mattel's product costs and other costs of doing business,' the report stated. 'Other changes in laws or regulations in the United States and/or in other major markets, such as China, in which Mattel operates... may also increase Mattel's product costs and other costs of doing business and in each case reduce Mattel's earnings and liquidity.' The Hasbro CEO added that manufacturing products in the US could mean increased labor costs (Pictured: Cocks with James B. Laster (right) at the 91st anniversary of the Hollywood Christmas Parade in 2023) Mattel manufactures almost half of its products in China and roughly another 10 percent in Mexico. China is responsible for a significant percentage of US imports, and currently has a 30 percent tariff from the Trump administration. The percentage has decreased significantly after Chinese products briefly faced tariffs as high as 145 percent.
Reuters
26 minutes ago
- Reuters
Trump says Fed's Powell should resign immediately
WASHINGTON, July 8 (Reuters) - U.S. President Donald Trump said on Tuesday that Federal Reserve Chair Jerome Powell should resign immediately.
