Brazil's Supreme Court Orders Ex-President Bolsonaro Under House Arrest for Defying Court Order
The country's top justices on Monday accused Bolsonaro of defying a Supreme Court order banning him from social media and inciting attacks on the institution.
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Yahoo
2 hours ago
- Yahoo
Trump's higher tariff rates hit goods from major US trading partners
By David Lawder and Andrea Shalal (Reuters) -President Donald Trump's higher tariff rates of 10% to 50% on dozens of trading partners kicked in on Thursday, testing his strategy for shrinking U.S. trade deficits without massive disruptions to global supply chains, higher inflation and stiff retaliation from trading partners. U.S. Customs and Border Protection agency began collecting the higher tariffs at 12:01 a.m. EDT (0401 GMT) after weeks of suspense over Trump's final tariff rates and frantic negotiations with major trading partners that sought to lower them. Goods loaded onto U.S.-bound vessels and in transit before the midnight deadline can enter at lower prior tariff rates before October 5, according to a CBP notice to shippers issued this week. Imports from many countries had previously been subject to a baseline 10% import duty after Trump paused higher rates announced in early April. But since then, Trump has frequently modified his tariff plan, slapping some countries with much higher rates, including 50% for goods from Brazil, 39% from Switzerland, 35% from Canada and 25% from India. He announced on Wednesday a separate, 25% tariff on Indian goods to be imposed in 21 days over the South Asian country's purchases of Russian oil. "RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT!," Trump said on Truth Social just ahead of the deadline. "BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA. THE ONLY THING THAT CAN STOP AMERICA'S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!" Eight major trading partners accounting for about 40% of U.S. trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15%. Britain won a 10% rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19% or 20%. "For those countries, it's less-bad news," said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in Washington. "There'll be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way," Reinsch said. Countries with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he added. Trump's order has specified that any goods determined to have been transshipped from a third country to evade higher U.S. tariffs will be subject to an additional 40% import duty, but his administration has released few details on how these goods would be identified or the provision enforced. Trump's July 31 tariff order imposed duties above 10% on 67 trading partners, while the rate was kept at 10% for those not listed. These import taxes are one part of a multilayered tariff strategy that includes national security-based sectoral tariffs on semiconductors, pharmaceuticals, autos, steel, aluminum, copper, lumber and other goods. Trump said on Wednesday the microchip duties could reach 100%. China is on a separate tariff track and will face a potential tariff increase on August 12 unless Trump approves an extension of a prior truce after talks last week in Sweden. He has said he may impose additional tariffs over China's purchases of Russian oil as he seeks to pressure Moscow into ending its war in Ukraine. REVENUES, PRICE HIKES Trump has touted the vast increase in federal revenues from his import tax collections, which are ultimately paid by companies importing the goods and consumers of end products. The higher rates will add to the total, which reached a record $27 billion in June. U.S. Treasury Secretary Scott Bessent has said that U.S. tariff revenues could top $300 billion a year. The move will drive average U.S. tariff rates to around 20%, the highest in a century and up from 2.5% when Trump took office in January, the Atlantic Institute estimates. Commerce Department data released last week showed more evidence that tariffs began driving up U.S. prices in June, including for home furnishings and durable household equipment, recreational goods and motor vehicles. Costs from Trump's tariff war are mounting for a wide swath of companies, including bellwethers Caterpillar, Marriott, Molson Coors and Yum Brands. All told, global companies that have reported earnings so far this quarter are looking at a hit of around $15 billion to profits in 2025, Reuters' global tariff tracker shows. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Trump's historic new tariffs are now in effect. Here's what you need to know
President Donald Trump just enacted a new wave of tariffs on dozens of America's trading partners, marking a substantial escalation in ongoing trade tensions that could constitute the biggest change to the global economy in nearly a century. The historic new trade policy follows months of false starts to Trump's so-called 'reciprocal' tariff rollout and countless bilateral trade negotiations, a handful of which resulted in agreements that fended off even higher tariffs. Trump and his economic advisers have celebrated the considerably higher tariffs that have already gone into effect, correctly noting that they have raised more than $100 billion in tax revenue without leading to catastrophic inflation or a recession, as some economists had feared. The president is moving forward with new, significantly more aggressive tariffs that economists fear could exacerbate budding economic problems, including rising inflation and slowing job growth, that are just now becoming more apparent. Here's what to know about the tariffs: What are the new rates? Before Thursday, virtually every country's goods were subject to a minimum 10% tariff. Now rates vary substantially from country to country. The highest rates imposed are on goods from Brazil (50%), Laos (40%), Myanmar (40%), Switzerland (39%), Iraq (35%) and Serbia (35%). An additional 21 countries also face levies greater than 15%. That includes several countries the US relies heavily on for a variety of goods, such as Vietnam (20%), India (25%), Taiwan (20%) and Thailand (19%). Goods from India could also be subject to an additional 25% tariff stacked on top of that because of an executive order Trump signed Wednesday that seeks to penalize India for purchasing oil from Russia. That second tariff is slated to take effect on August 27. Thirty-nine countries' goods, as well as members of the European Union, are subject to 15% tariffs, according to a list the White House published last week. Besides Canada and Mexico, all other countries the US imports goods from will continue to face a minimum 10% tariff, albeit with a few exemptions. Goods from Mexico and Canada are exempt from tariffs if they're compliant with the US-Mexico-Canada free-trade agreement. If not, goods from Mexico are subject to 25% tariffs, while goods from Canada are subject to 35% tariffs, up from 25% previously. What's the deal with the trade deals? In most cases, they're not exactly trade deals, per se, but rather rough sketches of ones that could take months, or even years, to finalize — assuming they don't fall apart. Over the past five months, Trump announced eight trade agreements. Of those, only two — with the United Kingdom and China — have been formalized. The agreement with China, which significantly lowered tariff rates both countries imposed on one another's goods, expires on August 12. If both countries fail to act, rates could spike again. Most agreements Trump announced involve trading partners committing to purchasing more American products, like oil, cars, Boeing airplanes, defense equipment and agricultural goods. They also involve hundreds of billions of dollars worth of investments in American businesses. But it's unclear if the United States and other trading partners involved in agreements are on the same page about many of the proposed terms. For instance, Japan's Prime Minister Shigeru Ishiba and a lead Japanese trade negotiator, Ryosei Akazawa, both recently said many key details are still being worked out and are telling a vastly different story from Trump, who earlier this week said the country agreed to buy Ford F-150s. Are any goods exempt from the new tariffs? Yes, plenty. One notable exemption is smartphones, which aren't subject to any of the new rates. Additionally, goods for which Trump imposed separate sectoral tariffs or ordered investigations that could result in higher rates won't be stacked on top of country-specific 'reciprocal' tariffs. For the time being, that means pharmaceuticals, for instance, could be imported from countries duty-free. However, Trump is warning they could soon face significantly higher rates. The EU sought to preempt those tariffs by negotiating a 15% tax on pharma exports to the US as part of the agreement announced with Trump. Other countries involved in trade agreements similarly are getting more favorable rates on certain sectoral tariffs. There's also a partial exemption for certain goods manufactured abroad where at least 20% of their value comes from American materials and labor. When are these tariffs effective? Technically they're already in effect, but there's a caveat. The executive order Trump signed last week essentially states that most goods that were loaded on ships and in transit to the US before 12:01 am on Thursday will face whatever the prior tariff rates were until October 5. This isn't the end In addition to pharma tariffs, Trump has threatened to impose across-the-board tariffs on semiconductors and lumber. At an Oval Office event on Wednesday, for example, Trump said he would soon place a 100% tariff on chips and semiconductors, although he didn't give a timeline. And while the tariffs Trump just enacted could ultimately be rendered illegal, pending an ongoing court challenge, the president has plenty of levers he can pull to keep pushing his agenda for higher tariffs.
Yahoo
2 hours ago
- Yahoo
Trump's higher tariff rates hit goods from major US trading partners
By David Lawder and Andrea Shalal (Reuters) -President Donald Trump's higher tariff rates of 10% to 50% on dozens of trading partners kicked in on Thursday, testing his strategy for shrinking U.S. trade deficits without massive disruptions to global supply chains, higher inflation and stiff retaliation from trading partners. U.S. Customs and Border Protection agency began collecting the higher tariffs at 12:01 a.m. EDT (0401 GMT) after weeks of suspense over Trump's final tariff rates and frantic negotiations with major trading partners that sought to lower them. Goods loaded onto U.S.-bound vessels and in transit before the midnight deadline can enter at lower prior tariff rates before October 5, according to a CBP notice to shippers issued this week. Imports from many countries had previously been subject to a baseline 10% import duty after Trump paused higher rates announced in early April. But since then, Trump has frequently modified his tariff plan, slapping some countries with much higher rates, including 50% for goods from Brazil, 39% from Switzerland, 35% from Canada and 25% from India. He announced on Wednesday a separate, 25% tariff on Indian goods to be imposed in 21 days over the South Asian country's purchases of Russian oil. "RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT!," Trump said on Truth Social just ahead of the deadline. "BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA. THE ONLY THING THAT CAN STOP AMERICA'S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!" Eight major trading partners accounting for about 40% of U.S. trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15%. Britain won a 10% rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19% or 20%. "For those countries, it's less-bad news," said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in Washington. "There'll be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way," Reinsch said. Countries with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he added. Trump's order has specified that any goods determined to have been transshipped from a third country to evade higher U.S. tariffs will be subject to an additional 40% import duty, but his administration has released few details on how these goods would be identified or the provision enforced. Trump's July 31 tariff order imposed duties above 10% on 67 trading partners, while the rate was kept at 10% for those not listed. These import taxes are one part of a multilayered tariff strategy that includes national security-based sectoral tariffs on semiconductors, pharmaceuticals, autos, steel, aluminum, copper, lumber and other goods. Trump said on Wednesday the microchip duties could reach 100%. China is on a separate tariff track and will face a potential tariff increase on August 12 unless Trump approves an extension of a prior truce after talks last week in Sweden. He has said he may impose additional tariffs over China's purchases of Russian oil as he seeks to pressure Moscow into ending its war in Ukraine. REVENUES, PRICE HIKES Trump has touted the vast increase in federal revenues from his import tax collections, which are ultimately paid by companies importing the goods and consumers of end products. The higher rates will add to the total, which reached a record $27 billion in June. U.S. Treasury Secretary Scott Bessent has said that U.S. tariff revenues could top $300 billion a year. The move will drive average U.S. tariff rates to around 20%, the highest in a century and up from 2.5% when Trump took office in January, the Atlantic Institute estimates. Commerce Department data released last week showed more evidence that tariffs began driving up U.S. prices in June, including for home furnishings and durable household equipment, recreational goods and motor vehicles. Costs from Trump's tariff war are mounting for a wide swath of companies, including bellwethers Caterpillar, Marriott, Molson Coors and Yum Brands. All told, global companies that have reported earnings so far this quarter are looking at a hit of around $15 billion to profits in 2025, Reuters' global tariff tracker shows.
