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USA Today
6 minutes ago
- USA Today
Trump's trade talks intensify with tariff deadline fast approaching
TACO or tariffs? An August 1 deadline looms after the European Union became the latest of the top US trading partners to reach a deal with Trump. WASHINGTON — With President Donald Trump's Aug. 1 tariff deadline fast approaching, countries whose exports are facing stiff fees have been in a scramble to ink trade deals with the United States that preserve as much access as possible to American markets. The European Union and its 27 member nation bloc became the latest of the United States' top trading partners to come to an agreement with Trump over the weekend, joining the Philippines, Japan and Indonesia in announcing deals during July. The United Kingdom and Vietnam have also reached agreements with Trump. Canadian Prime Minister Mark Carney said this week that his country was in the "intense phase" of the complex negotiations, as it sought to avert a promised 35% tariff on imports that fall outside of an existing trade pact with the United States. More: Trump's trade deal with the EU: What it means for your wallet "There is a landing zone that's possible but we have to get there. We'll see what happens," Carney told reporters during a July 28 news conference. 'No more extensions,' Trump administration warns A baseline tariff of 10% is currently in place for most countries, some two dozen of which received letters from Trump this month informing them that higher rates are on the way. They include Brazil, which Trump says he'll hit with a 50% tariff, and India, which he said he'll apply a 26% rate to, as well as Canada, at 35%, and Mexico, which faces a 30% tariff. Mexico, Canada and EU are the the largest exporters of goods to the United States along with China, which is in separate trade talks with the Trump administration and faces a later deadline in August. First announced on April 2 by Trump in the Rose Garden, the implementation of the so-called 'reciprocal tariffs' were twice extended to stabilize the markets and give the president's team more time to conduct negotiations. The constant deadline shifting has given birth to an acronym: TACO, for Trump Always Chickens Out, mocking the second-term president's on-again-off-again tariff policies. More: Trump threatens 35% tariff for Canada amid flurry of letters threatening hikes But countries hoping for another reprieve won't be so fortunate, Commerce Secretary Howard Lutnick said on July 27. 'No extensions, no more grace periods. Aug. 1, the tariffs are set, they'll go into place. Customs will start collecting the money, and off we go,' Lutnick said on 'Fox News Sunday.' EU latest to strike trade deal with Trump Just ahead of the deadline, on July 27, the European Union struck a deal with Trump. European Commission President Ursula von der Leyen and Trump finalized the agreement in person while the U.S. president was in Scotland. The deal includes a 15% tariff on most European exports to the United States, a reduction from the 30% Trump threatened to impose earlier in July. 'We just had a very big trade deal, the biggest of them all yesterday,' Trump said during a bilateral meeting in Scotland on July 28 with U.K. Prime Minister Kier Starmer at Trump Turnberry golf course. The agreement includes $600 billion in EU investments in the U.S. and the purchase of $750 billion worth of U.S. energy. Tariffs on steel and aluminum will remain at 50%. On July 22, Trump also announced a 'massive deal' with Japan under which the United States would impose a 15% tariff on Japanese imports. Trump had previously threatened a 24% tariff on Japan. He said Japan would invest $550 billion in the United States and America would receive 90% of the profits, without offering any details. Trump's announcement also said Japan had agreed to open its markets to imports of vehicles, rice and other agricultural products from the United States. The U.K. was the first country to reach a trade agreement with the United States in May. A reciprocal tariff of 10% remains in effect, in keeping with the baseline tariff rate. More: Trump considers 'rebates' to US taxpayers from tariff income Under the deal, the first 100,000 vehicles imported into the U.S. by U.K. car manufacturers each year are subject to the reciprocal rate of 10% and any additional vehicles each year are subject to 25% rates, the White House says. The U.K is one of the only countries with whom the U.S. has a trade surplus. Trump has also announced deals with Indonesia, Vietnam and the Philippines. 'We've made the big ones,' says Trump Pakistan's foreign minister said on July 25 after a meeting with Secretary of State Marco Rubio that his country was "very close" to reaching a deal with the United States and one could emerge in days. South Korean officials were also in Washington on July 25, for negotiations with Lutnick and other Trump administration officials. Trump signaled during his meeting with Starmer on July 28 that he'd landed most of the deals he expected to and his patience was waning for individual talks. "We're going to be setting a tariff for essentially the rest of the world and that's what they're going to pay if they want to do business in the United States. Because you can't sit down and make 200 deals," Trump declared. "But we've made the big ones." One of the last outstanding agreements of significance is an unfinished deal with China. After rounds of tit-for-tat tariffs that saw the U.S. hike fees on imports to 145% and China put tariffs of 125% on U.S. goods, the nations two called a truce in May, agreeing to a 90-day suspension of the levies. Negotiators from both countries met in Stockholm on July 28 for another round of discussions, with the clock ticking toward the Aug. 12 expiration of the temporary truce between the top economies. "We have a good relationship with China, but China is tough," Trump during his meeting with Starmer in Scotland.
Forbes
7 minutes ago
- Forbes
Not Just Scotland: Trump Has Made Dozens Of Visits To His Businesses
S tationed in Scotland for the last several days, Donald Trump camped out in the sorts of destinations he likes best—his own businesses. He examined Trump Turnberry's grounds alongside the U.S. ambassador, touted its ballroom in front of the European Commission's president and, on Tuesday morning, unveiled a second golf course at his property in Aberdeenshire with his sons Eric and Don Jr. No modern president has blended private business and public duties quite like Trump. Having sold his Washington, D.C. hotel in 2022, the president returned to office with no property in the nation's capital. That has not stopped him from personally tending to his assets. He went to one of his clubs 16 of his first 17 weekends, and he has now spent time at his businesses on 75 of his first 190 days back in office, according to a Forbes analysis, traveling to Florida, New Jersey, Virginia, Nevada and, of course, Scotland. Below, Forbes tracks the trips, circling each day that Trump visited one of his properties. Days after taking office on Jan. 20, Trump headed to Las Vegas, staying in his hotel just off the strip. He delivered a speech about his no-tax-on-tips plan, then flew to Miami to welcome Republican representatives to a conference at Trump National Doral. 'The golden age of America has officially begun,' he told them. The president returned to D.C. after a couple of days in Florida, then headed back south the next weekend to visit Mar-a-Lago. The site of an FBI raid during his time out of office, Mar-a-Lago quickly became the president's go-to getaway after he returned to power. The case against Trump, who stored secret documents at his club, collapsed after the 2024 election, when Special Counsel Jack Smith concluded he could not prosecute the soon-to-be president. On the final day of February, Trump trumpeted the return of some materials the FBI had taken from him. 'They are being brought down to Florida and will someday be part of the Trump Presidential Library,' the president posted on his social-media platform. 'Justice finally won out.' Since returning to office, Trump has spent time at Mar-a-Lago on 35 days, including 12 in February, according to Forbes ' analysis. The president went to one of his clubs on 16 of his first 17 weekends in office, including every weekend in March. He had plenty to do there, such as host fundraisers, despite being constitutionally barred from winning a third term. On Saturday, March 1, Trump held a candlelight dinner at Mar-a-Lago for MAGA Inc., a political action committee established two days after his 2024 victory. Between his many visits to Florida, Trump spent a day at his golf club in Bedminster, New Jersey, stopping by the Division I NCAA wrestling championship in Philadelphia on his way back to the White House. Trump made market-rattling news at the beginning of April, promising to impose worldwide tariffs. With the S&P 500 down 5% the day after the announcement, the president flew from Washington, D.C. to Florida, again. This time it was to make an appearance ahead of a tournament at Doral for the Saudi-backed LIV Golf. According to a White House digest, the president attended a 'LIV Golf dinner' that evening, before heading to Mar-a-Lago for the weekend. Asked about Trump's trips, White House assistant press secretary Taylor Rogers pointed to the president's record. 'Trump has delivered on more promises in just six months of his presidency than most presidents do in an entire term,' Rogers said. In mid-May, the president left the United States for a three-country tour through the Middle East. His business probably didn't fade too far from his mind. The president first stopped in Saudi Arabia, where he recently secured deals to license his name on three properties. Next, he headed to Qatar, home to another new project. Finally, he went to the United Arab Emirates, where Trump already has two deals—and may soon add a third in Abu Dhabi. He returned stateside on the 16th and spent many of May's remaining days at his clubs in Virginia and New Jersey. During the summer months, Trump shies away from the Florida heat. That just means more time at his golf clubs in New Jersey and Virginia, the latter of which provides a convenient place for schmoozing fellow politicians. On June 28, with Congress nearing a vote on the Big Beautiful Bill, Trump took three senators—Lindsey Graham, Eric Schmitt and Rand Paul—out to play golf at his course. Paul, known for his independent thinking, voted against the bill anyway. The outing marked one of Trump's three days at the course in June; the president spent time at his club in New Jersey another four days, according to the analysis. Trump has long had a domineering attitude toward Europe, so it was little surprise when, on his recent trip there, he encouraged other leaders to come to him—specifically, to his golf resort at Trump Turnberry. They obliged, with a visit from European Commission President Ursula van der Leyen, who met with the president in a ballroom he named after himself. 'We just built this ballroom,' Trump noted in front of the TV cameras. 'It's been quite the success.' British Prime Minister Keir Starmer arrived the next day, prompting Trump to gush over windows in the facility. 'They're magnificent,' the president said. 'You have really great local tradesmen here.' Forbes 'We'd Call That Corruption': How Trump Used The Presidency To Expand His Global Empire By Dan Alexander Forbes After Years Of Lying, Trump Organization Tries To Figure Out How Big Its Properties Actually Are By Dan Alexander Forbes Trump Company Reduces Stake In Crypto Venture By Dan Alexander Forbes How Barron Trump May Have Earned $40 Million From His Dad's Crypto Venture By Kyle Khan-Mullins Forbes Crypto Now Accounts For Most Of Donald Trump's Net Worth By Dan Alexander
The Verge
7 minutes ago
- The Verge
Trump's AI plan is a massive handout to gas and chemical companies
The Trump administration put out its vision for AI infrastructure in the US last week. It's a dream for the fossil fuel and chemical industries — and a nightmare for wind and solar energy and the environment. An 'AI Action Plan' and flurry of executive orders Donald Trump signed last week read like manifestos on making AI less 'woke' and less regulated. They're packed with head-spinning proposals to erode bedrock environmental protections in the US, on top of incentives for companies to build out new data centers, power plants, pipelines, and computer chip factories as fast as they can. It's a deregulation spree and a massive handout to fossil fuels, all in the name of AI. What the AI plan 'is really about' is 'using unprecedented emergency powers to grant massive new exemptions for data centers and specifically fossil fuel infrastructure,' says Tyson Slocum, energy program director at the consumer advocacy group Public Citizen. 'I think they have a genuine interest in accommodating Big Tech's priorities. But it's an opportunity to marry their priorities for Big Oil.' 'It's an opportunity to marry their priorities for Big Oil.' Data centers are notoriously energy-hungry and have already led to a surge of new gas projects meant to satiate rising demand. But many tech companies have sustainability commitments they've pledged to meet using renewable energy, and as wind and solar farms have generally grown cheaper and easier to build than fossil fuel power plants, they've become the fastest-growing sources of new electricity in the US. Now, Trump wants to turn that on its head. He signed an executive order on July 23rd meant to 'accelerat[e] federal permitting of data center infrastructure.' It tells the Secretary of Commerce to 'launch an initiative to provide financial support' for data centers and related infrastructure projects. That could include loans, grants, and tax incentives for energy infrastructure — but not for solar and wind power. The executive order describes 'covered components' as 'natural gas turbines, coal power equipment, nuclear power equipment, geothermal power equipment' and any other electricity sources considered 'dispatchable.' To be considered dispatchable, operators have to be able to ramp electricity generation up and down at will, so this excludes intermittent renewables like solar and wind power that naturally fluctuate with the weather and time of day. Trump's AI planning document similarly says the administration will prioritize deploying dispatchable power sources and that 'we will continue to reject radical climate dogma.' Already, Trump has dealt killer blows to solar and wind projects by hiking up tariffs and cutting Biden-era tax credits for renewables. The AI executive order goes even further to entrench reliance on fossil fuels and make it harder for new data centers to run on solar and wind energy. 'Right now, you do not qualify for expedited treatment if your data center proposal has wind and solar. It is excluded from favorable treatment,' Slocum says. 'So what's the statement for the market? Don't rely on wind and solar.' That's not just environmentally unfriendly, it's inefficient — considering the current backlog for gas turbines and because fossil fuel plants are generally slower and more expensive to build than onshore wind and solar farms. 'This is not an energy abundance agenda. This is an energy idiot agenda,' Slocum adds. The Trump administration wants to speed things up by rewriting bedrock environmental laws. Trump, ever the disgruntled real estate mogul, has railed against environmental reviews he says take too long and cost too much. He has already worked to roll back dozens of environmental regulations since stepping into office. Now, the executive order directs the Environmental Protection Agency (EPA) to modify rules under the Clean Air Act, Clean Water Act, Superfund law, and Toxic Substances Control Act to expedite permitting for data center projects. 'That is horrifying … These [laws] protect our public health. They protect our children. They protect the air we breathe and the water we drink,' says Judith Barish, coalition director of CHIPS Communities United, a national coalition that includes labor and environmental groups. 'This is an energy idiot agenda.' The coalition has come together to fight for protections for workers in the chip industry and nearby communities. Semiconductor manufacturing has a long history of leaching harmful chemicals and exposing employees to reproductive health toxins. Santa Clara, California, home of Silicon Valley, has more toxic Superfund sites than any other county in the US as a result. The coalition wants to keep history from repeating itself as the US tries to revive domestic chip manufacturing and dominate the AI market. AI requires more powerful chips, and Trump's executive order fast-tracking federal permitting for data center projects includes semiconductors and 'semiconductor materials.' Barish says 'a chip factory is a chemical factory' because of all the industrial solvents and other chemicals semiconductor manufacturers use. That includes 'forever chemicals,' for which the Trump administration has started to loosen regulations on how much is allowed in drinking water. Companies including 3M and Dupont have faced a landslide of lawsuits over forever chemicals linked to cancer, reproductive risks, liver damage, and other health issues, and have subsequently made pledges to phase out or phase down the chemicals. Now, manufacturers are jumping on the opportunity to produce more forever chemicals to feed the AI craze. Ironically, we could see data centers and related infrastructure popping up on polluted Superfund sites that Silicon Valley has already left in its tracks. Trump's executive order directs the EPA to identify polluted Superfund and Brownfield sites that could be reused for new data center projects (and tells other agencies to scour military sites and federal lands for suitable locations). Office buildings are already situated on or adjacent to old Superfund sites where cleanup is ongoing; Google workers were exposed to toxic vapors rising from a Superfund site below their office back in 2013. Since it can take decades to fully remediate a site, oversight is key. 'For Superfund sites in particular, these are the most contaminated sites in the country, and it is important that there are comprehensive reviews both for the people who are going to be working on the sites, as well as for the people who surround them,' says Jennifer Liss Ohayon, a research scientist at the Silent Spring Institute who has studied the remediation of Superfund sites. But Trump wants to erode oversight for new data center projects that receive federal support — adding 'categorical exclusions' to typical National Environmental Policy Act assessments. Environmental reviews that do take place could also be limited by the sheer lack of people power at federal agencies the Trump administration has hacked to pieces, including the EPA. 'America needs new data centers, new semiconductor and chip manufacturing facilities, new power plants and transmission lines,' Trump said before signing his AI executive orders last week. 'Under my leadership we're going to get that job done and it's going to be done with certainty and with environmental protection and all of the things we have to do to get it done properly.' Good luck. Posts from this author will be added to your daily email digest and your homepage feed. See All by Justine Calma Posts from this topic will be added to your daily email digest and your homepage feed. See All AI Posts from this topic will be added to your daily email digest and your homepage feed. See All Analysis Posts from this topic will be added to your daily email digest and your homepage feed. See All Climate Posts from this topic will be added to your daily email digest and your homepage feed. See All Environment Posts from this topic will be added to your daily email digest and your homepage feed. See All Policy Posts from this topic will be added to your daily email digest and your homepage feed. 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