logo
How America's economy is dodging disaster

How America's economy is dodging disaster

Economista day ago
Economic doom beckoned after President Donald Trump announced his 'Liberation Day' tariffs on April 2nd. Stocks crashed; forecasters predicted a recession within the year. Three months on, the mood is rather more relaxed. Prices in shops are not noticeably higher, unemployment is flat and the S&P 500 index is resurgent, back at all-time highs. Mr Trump's 90-day pause for many of his tariffs, announced a week after Liberation Day to calm markets, will end on July 9th. Although he has threatened to send letters declaring talks over and tariffs back on, nobody seems too worried.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

FBI says no ‘Epstein client list' after Musk's Trump allegations
FBI says no ‘Epstein client list' after Musk's Trump allegations

The Independent

time33 minutes ago

  • The Independent

FBI says no ‘Epstein client list' after Musk's Trump allegations

A new memo from the Department of Justice and FBI states that Jeffrey Epstein had no "client list" and found no credible evidence of blackmail. The two-page memo also confirmed that the convicted paedophile died by suicide in a New York City jail cell on 10 August 2019, addressing long-standing conspiracy theories. Law enforcement agencies released ten hours of surveillance footage from the Metropolitan Correctional Center, further supporting the conclusion that Epstein's death was a suicide. The memo clarifies that no new evidence has been found in the Epstein case, and no further investigations will be launched into other individuals. The memo's release follows accusations by Elon Musk that Donald Trump was in the "Epstein files," with Musk reacting strongly to the new findings.

Netanyahu is about to find out how far Trump will bend to his will
Netanyahu is about to find out how far Trump will bend to his will

Telegraph

time38 minutes ago

  • Telegraph

Netanyahu is about to find out how far Trump will bend to his will

Donald Trump has billed Benjamin Netanyahu's visit to the White House on Monday as a 'celebration' of the strikes on Iran. But it will also come with trickier talks about a ceasefire in Gaza, and what comes next in the Middle East. Those two strands illustrate the complex relationship between an America First president and an Israeli ally worried about how Mr Trump has gone it alone when it has suited him. When Mr Trump welcomes Mr Netanyahu into the Oval Office, he will know the Israeli prime minister holds the key to unlocking his grand vision for the Middle East. A normalisation deal between the Jewish state and Saudi Arabia is the great unfinished business of the Abraham Accords brokered in his first term, which saw Israel establish diplomatic links with the UAE, Bahrain and others. Mohammed Bin Salman, the Saudi Crown Prince, has made it clear that there can be no hope of that until the war is ended and, at the very least, the Palestinian people are put on a meaningful path to statehood. At times, the delicate balancing act Mr Trump must perform – supporting Israel, while being mindful of the views of America's Arab allies – has generated headlines about rifts over bombing Iran or the need to end the war in Gaza. But insiders say the relationship – between two men who see themselves in each other, and have sometimes used misdirection to hide their mutual plans – is closer than you think. 'Netanyahu, you know, he's sort of like Trump,' said a source close to the White House describing Mr Trump's view of their connection. 'He's disliked, hated by a lot of people, but he wins.' Rollercoaster of highs and lows The low point in their relationship came after the 2020 election, he added, when Mr Netanyahu congratulated Joe Biden on his victory. 'I haven't spoken to him since. F--- him,' Mr Trump was quoted as saying at the time. Yet Mr Netanyahu now holds a privileged place. He is making his third visit to the White House in less than six months. Top of the agenda will be what comes next in stifling Iran's nuclear programme and a deal to release the last hostages held by Hamas. Mr Trump has ramped up expectations of a 60-day ceasefire in Gaza, although a source said the meeting on Monday was being 'low keyed', without high hopes of a major breakthrough.

US lobby groups urge tariff retaliation against Australia's ‘socialised medicine'
US lobby groups urge tariff retaliation against Australia's ‘socialised medicine'

The Guardian

timean hour ago

  • The Guardian

US lobby groups urge tariff retaliation against Australia's ‘socialised medicine'

Some of the most influential lobby groups in Washington are pushing the US to retaliate against Australia's treatment of American exporters, pointing to drug approvals and domestic manufacturing incentives as proof of unfair 'freeloading'. As the Albanese government seeks to navigate uncertainty over the US president, Donald Trump's shifting plans for trade tariffs, campaigners from the powerful US Chamber of Commerce and the National Taxpayers Union have urged the White House to push back on countries that use price controls or 'undervalue American innovation'. Trump's trade representative, Jamieson Greer, has been charged with collecting evidence of countries 'freeloading on American-­financed innovation' around the world, part of America's growing tariff campaign. Sign up for Guardian Australia's breaking news email Chamber of Commerce vice-president John Murphy has used the review to criticise slow approval times and rejection rates for new drug applications to Australia's $18bn Pharmaceutical Benefits Scheme. He said the average approval time of 32 months put Australia well behind other OECD countries, with only about a third of new medicines launched between 2014 and 2023 available on the PBS, compared with 87% for US consumers. Murphy said Australia had no system to notify drug patent holders of applications by rival companies for generic drugs entering the market, meaning public announcements sometimes prompted court action. The chamber also highlighted measures to boost onshore production of mRNA vaccines used during the Covid-19 pandemic as creating an 'uneven playing field' for US companies, and said mandated price reductions tied to listings dates on the PBS devalued intellectual property and undermined medical research. 'US-manufactured products should be allowed to compete on an equal basis with Australian-produced goods, consistent with the WTO [World Trade Organization] and US-Australia Free Trade Agreement,' he said. The National Taxpayers Union, a conservative a lobby group, called consumer drug price controls in countries such as Australia 'socialised medicine' and criticised efforts by governments to push ahead with the OECD's rewrite of key international tax rules. Australia is pursuing the plan, which includes a global minimum 15% tax rate for multinational companies, as well new taxes on tech firms on the basis of where they earn revenue. Research and development tax concessions in Australia, France and Spain were described as conferring advantages to local firms 'that the United States is hard-pressed to match'. American pharmaceutical company Eli Lilly hit out at favourable R&D settings in Australia for threatening biomedical innovation and patient care. It said since 2012, 94% of new cancer medicines have been available in the US, compared to just 39% in Australia. The Pharmaceutical Research and Manufacturers of America used its submission to urge Trump to 'leverage ongoing trade negotiations' to weaken the PBS, something Labor has ruled out. In Australia, prices for pharmaceutical medicines are capped at $31.60 if listed on the PBS. A 2024 report by research organisation Rand found that US drug prices were, on average, about 370% higher than in Australia and 278% above the OECD average. Trump said on Monday AEST that the White House planned to start sending letters to US trading partners this week, dictating new tariff rates. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion Wednesday's planned deadline for the end of a 90-day pause on Trump's retaliatory tariffs appears to have been pushed back to 1 August, even as Trump said he expected a slew of deals to be made this week. Trump in April had announced a 10% base tariff rate on most countries and additional duties ranging up to 50%. The new start date has left importers uncertain. The US treasury secretary, Scott Bessent, said key trading partners would receive letters warning if deals were not made, they would 'boomerang' back to the 2 April tariff rates. The Albanese government believes Australia's 10% rate will stick, and no negotiations on a further deal have taken place. Labor frontbencher Matt Thistlethwaite told Sky that Labor wanted the tariffs removed. 'But our expectation is that the tariffs will remain. Australia's fared better than any other nation in the world.' Liberal senator Maria Kovacic called for clarity from the White House. 'The reason we don't know what is going on is because our government and our prime minister don't know, because they don't have the strength of relationship with the United States that they should have.' On Friday the prime minister, Anthony Albanese, said he expected Australia's 10% rate to remain in place.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store