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Yahoo
27 minutes ago
- Yahoo
Commentary: Trump isn't 'winning' his trade wars
President Trump is on a winning streak, if you trust the news. The New York Times declared recently that "Trump is winning his trade wars." The Hill says he's on a "hot streak." The Associated Press claims "Trump is getting the economy he wants." All this stems from a flurry of trade deals Trump has negotiated leading up to his self-declared Aug. 1 deadline for trading partners to make deals or face his wrath. But this isn't winning. Trump is shackling the US economy and threatening his own political future. His tariffs will inevitably weaken the economy and rattle voters who are already losing faith in Trump's ability to safeguard their prosperity. Trump's supposed "wins" of late include trade deals with South Korea, Japan, Indonesia, and the European Union. Still in the works are deals with Canada, Mexico, and China, the top three US trading partners. Most of the deals announced so far lack specifics and may be more like frameworks for deals that will take months to hammer out. Wall Street likes them anyway. Under the newly minted deals, imports from those countries will face a tax to enter the United States, typically ranging from 15% to 20%. That's not as bad as the 25% tariff or more that some analysts feared. Trump is also reaching these deals without facing any retaliation, such as tariffs on US exports similar to Trump's tariffs on imports. US stocks have been rising on the news. Hooray! The average tax on imports is soaring from about 2.5% before Trump took office to around 18%, according to the Yale Budget Lab. That's certainly an odd win. The tariffs are cutting into profits at Ford (F), General Motors (GM), Procter & Gamble (PG), and many other American companies, including some that say they'll have to pass the higher costs on to consumers through higher prices. Shoppers will face renewed inflationary pressures and a slowdown in hiring likely to come from slower growth. Trump tariff defenders argue that economists have been wrong about inflation because it hasn't shown up yet. But that is probably just a matter of timing. Producers and merchants stocked up on imports during the first quarter, knowing the Trump tariffs were coming. They bought a lot less in the second quarter, when many new tariffs were in effect. That is only now beginning to show up in everyday prices. But the early signs show inflation picking up exactly where you'd expect import tariffs to hit. Inflation data for June showed unusual month-to-month increases in the cost of appliances, toys, clothing, and sporting goods. Imports dominate those product sectors, so if you were looking for tariff-related inflation, that's where you'd find it. "Tariffs [are] beginning to rear their ugly head," Oxford Economics explained in a July 15 analysis. "Tariff impacts on the economy are still in the pipeline."It's an open question whether Trump's import taxes will raise prices enough to cause consumers serious pain. The Yale Budget Lab expects higher tariffs to cost the typical household about $2,100 per year, once importers, suppliers, and consumers have adjusted to higher prices by shifting their business strategies and buying habits. If the government forced every family in the US to cough up an extra $2,100 per year, there would be national outrage and maybe revolt. The tariffs won't work like that. Part of the cost to families will be gradually rising prices, some noticeable, others not. Economists generally think the tariffs will push the annual inflation rate from 2.7% now to the high threes or maybe 4%. It's already up from a low of 2.3% in April. But 4% isn't nearly as painful as the 9% inflation from 2022. Read more: What Trump's tariffs mean for the economy and your wallet Other parts of the cost to families will come from slower economic growth, which in turn will mean lower pay than some workers would otherwise earn and slightly higher unemployment. Tariffs are inefficient, introducing new costs and barriers to trade. That hurts growth. Trump may hope the costs of his trade wars are imperceptible to most Americans. But he's hedging. Trump wants Congress to pass legislation to send "tariff rebates" of $600 or more to most taxpayers, drawing the funds from new tariff revenue the Treasury is collecting. Thoughtful voters might ask why Trump is imposing new taxes on one hand, then offering relief from those taxes through a rebate. Wouldn't it be better to do nothing in the first place? Given that type of complexity, most Americans will struggle to determine exactly how tariffs are affecting them. But most voters know that Trump is toying with tariffs. They also know Trump signed a big set of tax cuts into law in early July and that Trump is slashing a wide range of government agencies. Trump is forcing a lot of highly visible change on the economy, which means Trump owns the consequences. Voters may already be blaming him for the problems they see. Trump's approval rating for his handling of the economy dropped from 42% in February to 37% in July, according to Gallup. His overall approval rating dropped from 47% when he took office to 37%. Winners don't usually lose popularity. Trump inherited a very prickly electorate when he took office in January. Voters chose Trump in the 2024 presidential race in large part because they wanted him to bring prices down and create more opportunity than they experienced during the Biden years. Trump, so far, is doing the opposite. GDP growth in the first half of 2025 was a weak 1.3%, a percentage point lower than in 2024. Spending is slowing down, and inflation is already higher than economists expected late last year after Trump won the election. Consumer confidence has mostly fallen since Trump took office, with the University of Michigan sentiment index nearly as low as it was at the moment of peak inflation in 2022. If Trump is winning, then it's ordinary Americans he's winning against. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices. 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
Boston Globe
29 minutes ago
- Boston Globe
Trump agrees to 90-day negotiating period with Mexico in a blitz before his tariff deadline
The Republican president had threatened tariffs of 30% on goods from Mexico in a July letter, something that Sheinbaum said Mexico gets to stave off for the next three months. 'We avoided the tariff increase announced for tomorrow and we got 90 days to build a long-term agreement through dialogue,' Sheinbaum wrote on X. Advertisement The leaders' morning call came at a moment of pressure and uncertainty for the world economy. As Trump's deadline loomed, nations were scrambling to finalize the outlines of trade frameworks so he would not simply impose higher tariff rates that could upend economies and governments. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Trump reached a deal with South Korea on Wednesday, and earlier with the European Union, Japan, Indonesia and the Philippines. His commerce secretary, Howard Lutnick, said on Fox News Channel's 'Hannity' that there were agreements with Cambodia and Thailand after they had agreed to a ceasefire to their border conflict. White House press secretary Karoline Leavitt said Trump 'at some point this afternoon or later this evening' will sign an order to impose new rates starting at 12:01 a.m. EDT Friday. Countries that have not received a prior letter from Trump or negotiated a framework will be notified of their likely tariff rates, either by letter or executive order, she said. Advertisement Among those uncertain about their trade status were wealthy Switzerland and Norway. Norwegian Finance Minister Jens Stoltenberg said it was 'completely uncertain' whether a deal would be completed before Trump's deadline. But even the public announcement of a deal can offer scant reassurance for an American trading partner. EU officials are waiting to complete a crucial document outlining how the framework to tax imported autos and other goods from the 27-member state bloc would operate. Trump had announced a deal Sunday while he was in Scotland. 'The U.S. has made these commitments. Now it's up to the U.S. to implement them. The ball is in their court,' EU commission spokesman Olof Gill said. The document would not be legally binding. Trump said as part of the agreement with Mexico that goods imported into the U.S. would continue to face a 25% tariff that he has ostensibly linked to fentanyl trafficking. He said autos would face a 25% tariff, while copper, aluminum and steel would be taxed at 50% during the negotiating period. He said Mexico would end its 'Non Tariff Trade Barriers,' but he didn't provide specifics. Some goods continue to be protected from the tariffs by the 2020 U.S.-Mexico-Canada Agreement, or USMCA, which Trump negotiated during his first term. But Trump appeared to have soured on that deal, which is up for renegotiation next year. One of his first significant moves as president was to tariff goods from both Mexico and Canada earlier this year. Advertisement U.S. Census Bureau figures show that the U.S. ran a $171.5 billion trade imbalance with Mexico last year. That means the U.S. bought more goods from Mexico than it sold to the country. The imbalance with Mexico has grown in the aftermath of the USMCA as it was only $63.3 billion in 2016, the year before Trump started his first term in office. Besides addressing fentanyl trafficking, Trump has made it a goal to close the trade gap. Associated Press writers Lorne Cook in Brussels and Jamey Keaten in Geneva contributed to this report.
San Francisco Chronicle
29 minutes ago
- San Francisco Chronicle
The Latest: Trump to sign executive order to impose new tariffs
President Donald Trump is engaging in a flurry of trade activity as the clock ticks down to his Aug. 1 deadline. At 12:01 a.m. ET Friday, new tariffs are scheduled to take effect on U.S. imports from dozens of other nations. Additionally, White House press secretary Karoline Leavitt said Thursday that Trump 'at some point this afternoon or later this evening' will sign an order to impose more tariff rates starting midnight on Friday. Leavitt said countries that have not received a prior letter on tariffs from Trump or negotiated a trade framework will be notified of their likely tariff rates, either in the form of a letter or Trump's executive order. Here's the Latest: EPA delays methane emission rule for oil and gas drilling The Environmental Protection Agency is delaying implementation of a Biden-era rule aimed at restricting planet-warming methane emissions from oil and gas drilling. The agency says the 18-month delay will allow energy companies time meet new inspection requirements and other provisions of the 2024 rule. The Biden administration rule targeted the U.S. oil and natural gas industry for contributing to global warming. The Trump administration has sought to reverse those policies in pursuit of what officials call U.S. 'energy dominance.' On Tuesday the EPA proposed revoking a scientific finding that has long been the central basis for U.S. action to regulate greenhouse gas emissions and fight climate change. The rule would rescind a 2009 declaration that determined carbon dioxide and other greenhouse gases endanger public health and welfare. GAO issues final report documenting federal response to COVID-19 pandemic Here are some of the highlights from a final report about the COVID-19 pandemic issued Thursday by the Government Accountability Office: The federal government provided about $4.65 trillion for response and recovery efforts through six different bills. Almost all that money has been spent. The full extent of fraud within the relief programs will never be known with certainty, but estimates indicate hundreds of billions of dollars in fraudulent payments were disbursed. Fraud-related charges have been brought against at least 3,205 defendants. Of those, 2,331 defendants have been convicted as of the end of March. About 18% of adults in the U.S. aged 18 and older had experienced long COVID, and about 5% were currently experiencing it at the time of a Census Bureau survey conducted last year. Public health impacts have continued. For example, about 450 deaths were reported in March 2025. Congress had required GAO to report regularly on the pandemic's impact as part of the CARES Act passed in the first months of the outbreak. White House walks back Treasury Secretary's statements on SSA privatization White House Press Secretary Karoline Leavitt on Thursday said a new children's savings program President Donald Trump signed into law through the One Big Beautiful Bill 'will help supplement, not substitute Social Security.' Leavitt made the statement after Treasury Secretary Scott Bessent during a forum hosted by Breitbart News, Wednesday, said that the new investment accounts open 'a back door for privatizing Social Security.' Hours after the interview the Trump administration said it was committed to protecting Social Security. And on Thursday on CNBC, Bessent said the Trump accounts will serve as an 'incredible supplement' to Social Security and 'not a replacement.' Democrats and Social Security advocates have launched attacks at Bessent and the White House for his statements. Former Biden aide testifies to ex-president's fitness for office Mike Donilon, the top Biden aide who is testifying before House investigators Thursday, defended the former president's ability to serve as commander-in-chief. 'What I saw, day in and day out, was a leader who was deeply engaged and in command on critical issues, both at home and abroad,' Donilon told the Oversight committee in his opening statement, according to a copy obtained by The Associated Press. Donilon continued in his opening remarks that 'every president ages over the four years of a presidency and President Biden did as well, but he also continued to grow stronger and wiser as a leader as a result of being tested by some of the most difficult challenges any President has ever faced.' The aide, known as Biden's chief strategist who worked with him for more than four decades, said he believed Biden was the best person to be president from his first day in office and the last. Donilon is among a coterie of former aides who are appearing before the House committee as part of its investigation into Biden's competency for office. Another former top Biden aide, Steve Ricchetti, appeared before the committee earlier this week. Trump to sign executive order Thursday to impose new tariffs White House press secretary Karoline Leavitt said that Trump 'at some point this afternoon or later this evening' will sign an order to impose new tariff rates starting midnight on Friday. Leavitt said at Thursday's news briefing said that countries that have not received a prior letter on tariffs from Trump or negotiated a trade framework will be notified of their likely tariff rates, either in the form of a letter or Trump's executive order. Leavitt did not say what the baseline tariff rate would be under the order. White House announces ballroom construction to begin in September Trump has said for months that he will build a ballroom at the White House, citing lack of space to hold major functions. The 90,000-square-foot space will be located where the East Wing currently sits and would be able to seat 650 people. The East Wing currently is home to several offices, including the first lady's. Those offices would be relocated during construction. White House press secretary Karoline Leavitt said at her briefing Thursday that the president and other donors have committed to raising approximately $200 million to build the ballroom. Trump Middle East envoy and ambassador to Israel to visit food distribution centers in Gaza Steve Witkoff, Trump's special envoy to the Middle East, and Mike Huckabee, the U.S. ambassador to Israel, will inspect food distribution centers in Gaza on Friday, the White House said. The visit comes amid concerns about the growing food crisis among Palestinians there. Jeffries visit to Texas highlights Democrats' frustration, lack of options on redistricting A visit by U.S. House Minority Leader Hakeem Jeffries to Texas on Thursday allowed him and fellow Democrats to vent their anger over a Republican plan for redrawing the state's congressional districts more in their favor. It also highlighted the lack of options Democrats have for preventing it. Jeffries held a news conference at the Texas Capitol with Democrats in Congress and the Republican-dominated Legislature. Republicans have unveiled a plan designed to create five more winnable seats for the GOP, which President Donald Trump is pushing ahead of the 2026 elections. 'It's an all-hands-on-deck moment, and all options should be on the table to protect the people of Texas,' Jeffries said. But none of the Democrats provided any details about how they plan to stop Republicans from passing their proposed map. Jeffries said he is letting Texas Democrats decide how to try to thwart the GOP's plans. Democratic senator wants IGs to investigate DOGE Sen. Richard Blumenthal, D-Conn., is asking inspectors general throughout the federal government to investigate how much 'waste' of taxpayer dollars was created by the Trump administration's Department of Government Efficiency. The request turns the purpose of DOGE on its head. Instead of preventing the waste of taxpayer dollars, Blumenthal says that DOGE wasted billions of dollars. Blumenthal's request follows a report from Democrats on the Permanent Subcommittee on Investigations, which concluded DOGE has become a 'source of immense waste, opacity and harm.' Most of the projected $21.7 billion in 'waste' cited by the subcommittee's minority staff came from programs that allowed federal employees to get paid leave for up to eight months before resigning or retiring and for placing employees on administrative leave for weeks or months prior to their involuntary separation. The subcommittee did not include projected savings from the firings and early retirements, which Blumenthal said are unknown. 'It is critical that the American people have full accounting of DOGE's devastating, and possibly irreversible actions,' Blumenthal said in his letter to the IGs. Brazil calls Trump's new 50% tariffs unjust as talks continue Brazil's Vice President Geraldo Alckmin said Thursday that more than a third of exports to the U.S. will be affected by Trump's new 50% tariffs. Exemptions include aircraft parts, aluminum and fertilizers, which together make up 45% of Brazil's exports. Steel already faces tariffs. Trump didn't cite economics in declaring the steep taxes — he's expressed displeasure that the nation's former right-wing president, Jair Bolsonaro, is being tried at the Supreme Court for allegedly masterminding a coup attempt and plotting to kill his presidential rival. Foreign Minister Mauro Vieira said after meeting with Secretary of State Marco Rubio that Brazil's Supreme Court is independent and will not yield to foreign pressures. Finance Minister Fernando Haddad also called the move unjust, and said talks with U.S. officials are ongoing. US, NATO members warn of increasing Iranian threats in Europe, North America The United States and many of its NATO allies are accusing Iran's intelligence apparatus of stepping up threats throughout Europe and North America. The alliance is demanding that Tehran end attempts to kill, kidnap or harass Iranian dissidents. In a joint statement, NATO members Albania, Belgium, Britain, Canada, the Czech Republic, Denmark, Finland, France, Germany, the Netherlands, Spain, Sweden and the United States said they 'condemn the growing number of state threats from Iranian intelligence services in our respective territories.' Austria, a non-NATO member, also signed. 'We are united in our opposition to the attempts of Iranian intelligence services to kill, kidnap, and harass people in Europe and North America in clear violation of our sovereignty,' the statement said. 'These services are increasingly collaborating with international criminal organizations to target journalists, dissidents, Jewish citizens, and current and former officials in Europe and North America. This is unacceptable.' Trump announces 90-day negotiating period with Mexico as 25% tariff rates stay in place Trump said Thursday that there would be a 90-day negotiating period with Mexico after a call with its leader, and that meanwhile his 25% tariffs on U.S. imports of Mexican goods will stay in place. Trump, posting on Truth Social, said his phone conversation with President Claudia Sheinbaum was 'very successful in that, more and more, we are getting to know and understand each other.' Trump also said that Mexico would end its 'Non Tariff Trade Barriers,' but he didn't provide specifics. Biden's longest serving advisor appears before House in Republican inquiry into former president's age Mike Donilon, who has served as an aide to former President Joe Biden since 1981, has voluntarily appeared before the House Oversight Committee. Donilon, a senior advisor in the Biden White House, took no questions as he entered the committee room. The Republican-led committee is investigating allegations that the former president experienced such a cognitive decline in office that an autopen was used to execute laws and policies on his behalf. Another longtime Biden staffer, Steve Ricchetti, testified Wednesday that Biden was of sound mind 'at all times' during his presidency. Virginia Giuffre's family expresses shock over Trump saying Epstein 'stole' her Giuffre was among Jeffrey Epstein's most well-known sex trafficking accusers. Her family says it's shocking to hear Trump say the disgraced financier 'stole' her from him. They also want Epstein's former girlfriend Ghislaine Maxwell to continue serving her 20-year sentence for sex trafficking. Giuffre accused Britain's Prince Andrew and other influential men of sexually exploiting her as a teenager trafficked by Epstein, and has been a central figure in conspiracy theories. She died by suicide this year. Her family said she had endured death threats and financial ruin for cooperating with authorities. Virginia Giuffre, center, holds a news conference outside a Manhattan court in New York, Aug. 27, 2019. (AP Photo/Bebeto Matthews, File) 'We and the public are asking for answers; survivors deserve this,' her family's statement said. It came shortly after Deputy Attorney General Todd Blanche, who was a criminal defense attorney for Trump, interviewed Maxwell. A Trump administration official said the president is not considering clemency. With growing urgency, more US Jews urge Israel to ensure food for Palestinians in Gaza For most Jewish Americans, whatever their political persuasion, support for Israel has been a bedrock principle. Thus it's notable that a broad swath of U.S. Jews — reacting to the humanitarian crisis in Gaza — have been urging the Israeli government to do more to ensure the delivery of food and medicine. There is no overwhelming consensus. On the left, some U.S. Jews contend that Israeli Prime Minister Benjamin Netanyahu's government is guilty of genocide. On the right, some conservative Jewish news outlets have suggested that the widely verified food crisis in Gaza is a hoax. What is clear is that the ranks of American Jews alarmed by the current conditions in Gaza have swelled and now include major organizations that customarily avoid critiques of Israeli policies. Trump administration cancels plans for new offshore wind projects More than 3.5 million acres of federal waters had been designated wind energy areas most suitable for offshore development. The Bureau of Ocean Energy Management is now rescinding all such designations. Wind lease sales were anticipated off the coasts of Texas, Louisiana, Maine, New York, California and Oregon, as well as in the central Atlantic, under a five-year schedule President Joe Biden announced. Trump is reversing such policies, relying on false and misleading claims as promoted fossil fuels in a series of executive orders. Among them: An order by his interior secretary this week described wind and solar as unreliable, foreign-controlled energy sources. Attorneys general from 17 states and the District of Columbia are suing in federal court to challenge the halt to wind energy leasing and permitting. Senate rejects Sen. Sanders on weapons for Israel, but opposition grows as Palestinians starve Sen. Bernie Sanders ' latest effort to block the sale of U.S. bombs and firearms to Israel was rejected, but the showed growing opposition to the arms sales amid widespread hunger and suffering in Gaza. 'Americans want this to end. They do not want to be complicit in an unfolding famine and deadly civilian massacres,' Sanders said. The independent from Vermont has repeatedly tried to block the sale of offensive weapons to Israel. This time, 27 Democrats — more than half the caucus — voted against selling 20,000 assault rifles, and 24 voted against selling $675 million in bombs. The tally showed how images of starvation in Gaza are creating a growing schism in Congress, where Israel has traditionally seen overwhelming support. Trump trades tough talk with former Russian leader Trump issued a warning to Dmitry Medvedev in a Truth Social post early Thursday, saying the former Russian president should 'watch his words' and that he's 'entering very dangerous territory!' Medvedev, a top lieutenant of Russian President Vladimir Putin, warned Trump this week against 'playing the ultimatum game with Russia,' saying 'each new ultimatum is a threat and a step towards war' between Russia and the United States. Trump lashes out at India for its relationship with Russia The president suggested on Truth Social that he plans to do as little trade as possible with India and Russia. 'I don't care what India does with Russia,' Trump posted. 'They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let's keep it that way.' Trump announced on Wednesday 25% tariffs on goods from India and additional penalties for India's reliance on Russia for oil and military equipment. How Americans' views of racial discrimination have shifted since 2021, according to AP-NORC polling Slightly less than half of U.S. adults believe Black people face 'a great deal' or 'quite a bit' of discrimination in the United States, according to a new poll. That's a decline from the solid majority, 60%, who thought Black Americans faced high levels of discrimination in the spring of 2021, months after racial reckoning protests in response to the police killing of George Floyd. Significant numbers of Americans also think diversity, equity and inclusion efforts, also known as DEI, are backfiring against the groups they're intended to help, according to the survey from The Associated Press-NORC Center for Public Affairs Research, including many people who belong to those groups. The findings suggest Americans' views on racial discrimination have shifted substantially since four years ago, when many companies launched efforts to promote diversity within their workforces and the products they sold. Since then, many of those companies have reversed themselves and retreated from their diversity practices, a trend accelerating under pressure from Trump, who has sought to withhold federal money from schools and companies that promote DEI. Kamala Harris is promising a page-turner in new memoir about her presidential run The former vice president says '107 Days,' the length of her historic presidential run, will be published by Simon & Schuster on Sept. 23. 'I've spent a lot of time reflecting on those days,' Harris said in a video announcement on Thursday. 'I believe there's value in sharing what I saw, what I learned, and what it will take to move forward.' Simon & Schuster CEO Jonathan Karp declined to offer any specifics on what Harris will write about, including her thoughts on questions about President Joe Biden's fitness for office, but said Harris 'addresses everything we would want her to address.' Harris announced on Wednesday that she will not run for California governor in 2026. Trump to re-establish Presidential Fitness Test for American school children Press secretary Karoline Leavitt said on social media that the president will host professional athletes at the White House Thursday as he signs an executive order re-establishing the program. The program created in 1966 had children run and perform sit-ups, pull-ups or push-ups and a sit-and-reach test. It was changed in 2012 during President Barack Obama's administration to focus more on individual health than athletic feats. US applications for jobless benefits inch up for the first time in 7 weeks, but layoffs remain low The number of Americans filing for jobless benefits is inching up as businesses retain staff amid the economic uncertainty around U.S. trade policy. The Labor Department reported Thursday that jobless claims for the week ending July 26 ticked up by 1,000 to 218,000. It was the first time in seven weeks that benefit applications rose, although layoffs remain at historically low levels. Though the top line numbers reflect a broadly healthy labor market by historical standards, some weakness has surfaced. If consumers continue to pull back on spending, a decline in demand could push businesses to freeze hiring or cut staff. Companies announcing job cuts this year include Procter & Gamble, Dow, CNN, Starbucks, Southwest Airlines, Microsoft, Google, Meta and most recently, Intel and The Walt Disney Co. A key US inflation gauge rose last month as Trump's tariffs raised prices The Federal Reserve's preferred inflation gauge ticked higher last month in a sign that Trump's broad-based tariffs are starting to raise prices on many goods. Prices rose 2.6% in June compared with a year ago, the Commerce Department said Thursday, up from an annual pace of 2.4% in May. Excluding the volatile food and energy categories, prices rose 2.8% in the past year, the same as the previous month, which was revised higher. The figures are above the Fed's 2% goal. The uptick helps explain the central bank's reluctance to cut its key interest rate, despite Trump's repeated demands. On Wednesday, the Fed left its key rate unchanged at 4.3%. Fed Chair Jerome Powell suggested it could take months to determine whether the import duties will cause just a one-time increase in prices or a more persistent increase in inflation. Trump using Canada's recognition of Palestinian state in trade talks Trump said Canada's announcement it will recognize a Palestinian state 'will make it very hard' for the U.S. to reach a trade agreement with its northern neighbor. The threat posted in the early hours Thursday on Trump's social media network is the latest way he has sought to use his trade war to coerce countries on unrelated issues, and is a swing from the ambivalence he has expressed about other countries making such a move. 'Wow! Canada has just announced that it is backing statehood for Palestine,' Trump posted on Truth Social just past midnight. 'That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!! The Republican president said this week that he didn't mind British Prime Minister Keir Starmer taking a position on the issue of formally recognizing Palestinian statehood. And last week, he said French President Emmanuel Macron's similar move was 'not going to change anything.' All the ways Republicans want to honor Trump, from the $100 bill to Mount Rushmore Imagine getting the day off work for Donald Trump's birthday. Receiving a $100 bill with Trump's portrait on it. Touching down at Donald J. Trump International Airport near the nation's capital. And taking in a show at the Donald J. Trump Center for Performing Arts. All would be possible under a series of bills Republican lawmakers have sponsored this year. Trump is little more than six months into his second term, but some Republicans are ready to elevate him into the pantheon of American greats, proposing an ever-growing list of bills paying tribute well before his second term ends. One lawmaker even proposes carving his face into Mount Rushmore. It's a legislative exercise that mixes flattery and politics, providing another stark reminder of the Republican Party's transformation under Trump as lawmakers from red-leaning states and congressional districts look for ways to win the president's good graces — and stay close to his supporters. Trump's flurry of trade activity includes tariffs on Brazil and a deal with South Korea The United States will impose a 25% tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil, Trump said Wednesday. The new tariffs were part of a flurry of trade activity that included a series of executive actions regarding Brazil, copper and shipments of goods worth less than $800, as well as a reduced 15% tax on imports from South Korea, including its autos. It was all a prelude to Friday when Trump's new tariff regime is scheduled to start, an event the White House has portrayed as a testament to Trump's negotiating skills even as concerns persist about the taxes hurting growth and increasing inflationary pressures. The South Korea agreement will impose a 15% tariff, instead of the 25% Trump had threatened. South Korea would also buy $100 billion in energy resources from the U.S. and provide $350 billion for 'investments owned and controlled by the United States, and selected by myself, as president,' Trump said. Triumphant in trade talks, Trump and his tariffs still face a challenge in federal court Trump has been getting his way on trade, strong-arming the European Union, Japan and other partners to accept once unthinkably high taxes on their exports to the United States. But his radical overhaul of American trade policy has not gone unchallenged. He's facing at least seven lawsuits charging that he's overstepped his authority. The plaintiffs want his biggest, boldest tariffs thrown out. And they won Round One. Now it goes on to Round Two. On Thursday, the 11 judges on the U.S. Court of Appeals for the Federal Circuit in Washington, which typically specializes in patent law, are scheduled to hear oral arguments from the Trump administration and from the states and businesses that want his sweeping import taxes struck down. That court earlier allowed the federal government to continue collecting Trump's tariffs as the case works its way through the judicial system.
