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The Herald Scotland
a day ago
- Business
- The Herald Scotland
Trump pushes forward on tariffs despite court challenges: What to know
The tariffs are expected to be a major topic of discussion during Trump's meeting on June 5 with Germany's new chancellor, Friedrich Merz, and in an as-of-yet unscheduled phone call that the White House says the United States president will be holding this week with his Chinese counterpart, Xi Jinping. At the same time, court challenges threaten to keep his administration from enforcing county-specific tariffs. The legal challenges to Trump's tariffs in court have only been a minor setback, Commerce Secretary Howard Lutnick said in a June 1 appearance on "Fox News Sunday." "Rest assured, tariffs are not going away," Lutnick said, adding that even if higher courts upheld rulings that the law Trump cited to impose tariffs didn't grant him that power, the administration would find another legal power to use. Countries quickly came back to the table to negotiate deals after an appeals court allowed Trump's tariffs to remain in place while the administration makes its case. Trump increases tariffs on aluminum and steel Trump has already started to pull some of those levers, announcing plans last Friday to double tariffs on steel and aluminum imports. Trump said a previously imposed tariff of 25% would increase to 50% on June 4. He signed an order formalizing the hike on June 3. The tariffs were expected to affect Canada, which is the largest supplier of steel and aluminum to the United States, and Mexico among other nations. The European Union promptly warned that it could expand a list of countermeasures it is preparing to go into effect in mid-July if a trade agreement with the United States is not reached. Canadian ambassador to the United States Kirsten Hillman told USA TODAY in an interview that the increase was "unideal" but Canada's steel and aluminum exports have other markets that producers have already started to pivot to where they remain in demand. The higher tariffs will be "very negative for the U.S. economy" and for trade between the two countries, Hillman said. She predicted that the hike would lead to "a wall" being erected between the countries for the two metals, prompting shortages and increased costs for Americans. "Those are really costs that are going to be borne by Americans through price increases in everything from cars to home goods, anything that's manufactured with those two metals, which is an awful lot of what we use in our everyday lives," Hillman said. White House downplays trade letter to countries In a separate escalation against America's trading partners, the office of the United States Trade Representative pressed countries to respond by June 4 with their best offers to avoid higher country-specific tariffs. Trump had previously told countries they had until July 8 to cut deals with the United States as part of a 90-day pause on so-called "reciprocal" tariffs he imposed and then halted earlier this year. A universal tariff of 10% that Trump put on most nations at the same time remains in place, as do the tariffs he put on Mexico, Canada and China that were tied to his efforts to combat illegal immigration to the United States and the flow of fentanyl. After a draft of the letter leaked to Reuters, two senior administration officials told USA TODAY that it was not a final notice. White House press secretary Karoline Leavitt also sought to downplay the significance of the correspondence at a June 3 press briefing, where she told reporters, "This letter was simply to remind these countries that the deadline is approaching, and the president expects good deals, and we are on track for that." Canada, China, EU in the crosshairs It was not immediately clear which nations received the letter. Hillman told USA TODAY that Canada, whose minister for trade with the United States Dominic LeBlanc is currently in Washington for talks, was not among them. The meeting is a continuation of the conversation that took place between Trump and Canadian Prime Minister Mark Carney, the ambassador said, and was not expected to immediately produce a major announcement. Trump currently has a higher tariff of 25% on products not covered by a trade deal between the United States, Canada and Mexico, and a 10% tariff on potash (a kind of fertilizer) and Canadian energy products that are not exempted under the agreement. The administration has said it is talking about deals with more than a dozen countries but none have emerged so far outside of a framework agreement with the UK. The president last month threatened, and then backed off, a threat to impose a 50% tariff on the European Union, as trade talks with the bloc continue. The EU declined on June 2 to comment on the reported USTR letter. U.S. Trade Representative Jamieson Greer is currently in Paris negotiating with trading partners, the White House said on June 3. Trump will also speak to Merz of Germany on June 5 when the leader visits White House for the first time since his May election. Leavitt told reporters that Trump has been "very direct" in his talks with foreign leaders and had told them "they need to cut deals" with his administration. "He's unafraid to use tariffs to protect our industries and protect our workers, but he wants to see these tailor-made deals be signed," Leavitt added. Trump is also expecting to speak with Xi of China this week, the White House has said. The president last week accused China of violating an agreement between the two nations to deescalate their trade war. China fired back that it was the United States undermining the deal that saw the U.S. reduce a 145% tariff to 30% while negotiations take place. Leavitt affirmed to reporters on June 3 that call between the leaders was likely to take place this week but declined to provide additional details during her briefing. A spokesperson for the Chinese embassy in Washington declined to comment on the possibility of a call, the status of negotiations and whether Beijing had received the letter from the United States' trade representative. Trump tariffs hit legal snags The tariffs have faced numerous legal challenges since Trump began rolling them out shortly after taking office. Most recently, the U.S. Court of International Trade paused tariffs that Trump imposed without congressional approval only to have the ruling temporarily blocked by a federal appeals court. A U.S. district court also blocked Trump tariffs from hitting two toy manufacturers at the end of May. The Trump administration appealed that decision on June 2. In another case, a judge on June 2 dismissed a challenge from the state California, saying the filing belongs in the international trade court that is based in New York. The decision will allow California to bring its case to another appeals court. In a series of TV appearances on June 1, administration officials said they were confident courts would ultimately side with Trump. But if a judge rules against the administration, there are "other alternatives that we can pursue as well," the president's National Economic Council director, Kevin Hassett, said in an interview on ABC News' "This Week." He offered provisions of U.S. trade law that give the executive branch the power impose tariffs on imports Trump deems a national security threat or in response to unreasonable or discriminatory trade imbalances as potential options. "This is something we've been studying from 2017 on," he said. "We picked the best way. It's going to be upheld in court."
USA Today
2 days ago
- Business
- USA Today
Donald Trump pushes forward on tariffs despite court challenges: What to know
Donald Trump pushes forward on tariffs despite court challenges: What to know President Donald Trump is hiking tariffs on aluminum and steel as his administration presses countries to speed up trade talks, amid legal battles. Show Caption Hide Caption Donald Trump doubling tariffs on foreign steel President Trump, during a visit to a U.S. Steel facility in Pennsylvania, announced he will double tariffs on foreign steel to 50%. WASHINGTON —President Donald Trump's trade agenda is about to enter a new phase, as the Republican moves forward − for now − with tariff hikes. In the face of mockery for repeatedly backing down from previous big tariff announcements, Trump is increasing tariffs on aluminum and steel imports to 50%. And he told nations in a letter this week that they have until June 4 to provide an update on the status of negotiations. The tariffs are expected to be a major topic of discussion during Trump's meeting on June 5 with Germany's new chancellor, Friedrich Merz, and in an as-of-yet unscheduled phone call that the White House says the United States president will be holding this week with his Chinese counterpart, Xi Jinping. At the same time, court challenges threaten to keep his administration from enforcing county-specific tariffs. The legal challenges to Trump's tariffs in court have only been a minor setback, Commerce Secretary Howard Lutnick said in a June 1 appearance on "Fox News Sunday." "Rest assured, tariffs are not going away," Lutnick said, adding that even if higher courts upheld rulings that the law Trump cited to impose tariffs didn't grant him that power, the administration would find another legal power to use. Countries quickly came back to the table to negotiate deals after an appeals court allowed Trump's tariffs to remain in place while the administration makes its case. Trump increases tariffs on aluminum and steel Trump has already started to pull some of those levers, announcing plans last Friday to double tariffs on steel and aluminum imports. Trump said a previously imposed tariff of 25% would increase to 50% on June 4. He signed an order formalizing the hike on June 3. The tariffs were expected to affect Canada, which is the largest supplier of steel and aluminum to the United States, and Mexico among other nations. The European Union promptly warned that it could expand a list of countermeasures it is preparing to go into effect in mid-July if a trade agreement with the United States is not reached. Canadian ambassador to the United States Kirsten Hillman told USA TODAY in an interview that the increase was "unideal" but Canada's steel and aluminum exports have other markets that producers have already started to pivot to where they remain in demand. The higher tariffs will be "very negative for the U.S. economy" and for trade between the two countries, Hillman said. She predicted that the hike would lead to "a wall" being erected between the countries for the two metals, prompting shortages and increased costs for Americans. "Those are really costs that are going to be borne by Americans through price increases in everything from cars to home goods, anything that's manufactured with those two metals, which is an awful lot of what we use in our everyday lives," Hillman said. White House downplays trade letter to countries In a separate escalation against America's trading partners, the office of the United States Trade Representative pressed countries to respond by June 4 with their best offers to avoid higher country-specific tariffs. Trump had previously told countries they had until July 8 to cut deals with the United States as part of a 90-day pause on so-called "reciprocal" tariffs he imposed and then halted earlier this year. A universal tariff of 10% that Trump put on most nations at the same time remains in place, as do the tariffs he put on Mexico, Canada and China that were tied to his efforts to combat illegal immigration to the United States and the flow of fentanyl. After a draft of the letter leaked to Reuters, two senior administration officials told USA TODAY that it was not a final notice. White House press secretary Karoline Leavitt also sought to downplay the significance of the correspondence at a June 3 press briefing, where she told reporters, "This letter was simply to remind these countries that the deadline is approaching, and the president expects good deals, and we are on track for that." Canada, China, EU in the crosshairs It was not immediately clear which nations received the letter. Hillman told USA TODAY that Canada, whose minister for trade with the United States Dominic LeBlanc is currently in Washington for talks, was not among them. The meeting is a continuation of the conversation that took place between Trump and Canadian prime minister Mark Carney, the ambassador said, and was not expected to immediately produce a major announcement. Trump currently has a higher tariff of 25% on products not covered by a trade deal between the United States, Canada and Mexico, and a 10% tariff on potash (a kind of fertilizer) and Canadian energy products that are not exempted under the agreement. The administration has said it is talking about deals with more than a dozen countries but none have emerged so far outside of a framework agreement with the UK. The president last month threatened, and then backed off, a threat to impose a 50% tariff on the European Union, as trade talks with the bloc continue. The EU declined on June 2 to comment on the reported USTR letter. U.S. Trade Representative Jamieson Greer is currently in Paris negotiating with trading partners, the White House said on June 3. Trump will also speak to Merz of Germany on June 5 when the leader visits White House for the first time since his May election. Leavitt told reporters that Trump has been "very direct" in his talks with foreign leaders and had told them "they need to cut deals" with his administration. "He's unafraid to use tariffs to protect our industries and protect our workers, but he wants to see these tailor-made deals be signed," Leavitt added. Trump is also expecting to speak with Xi of China this week, the White House has said. The president last week accused China of violating an agreement between the two nations to deescalate their trade war. China fired back that it was the United States undermining the deal that saw the U.S. reduce a 145% tariff to 30% while negotiations take place. Leavitt affirmed to reporters on June 3 that call between the leaders was likely to take place this week but declined to provide additional details during her briefing. A spokesperson for the Chinese embassy in Washington declined to comment on the possibility of a call, the status of negotiations and whether Beijing had received the letter from the United States' trade representative. Trump tariffs hit legal snags The tariffs have faced numerous legal challenges since Trump began rolling them out shortly after taking office. Most recently, the U.S. Court of International Trade paused tariffs that Trump imposed without congressional approval only to have the ruling temporarily blocked by a federal appeals court. A U.S. district court also blocked Trump tariffs from hitting two toy manufacturers at the end of May. The Trump administration appealed that decision on June 2. In another case, a judge on June 2 dismissed a challenge from the state California, saying the filing belongs in the international trade court that is based in New York. The decision will allow California to bring its case to another appeals court. In a series of TV appearances on June 1, administration officials said they were confident courts would ultimately side with Trump. But if a judge rules against the administration, there are "other alternatives that we can pursue as well," the president's National Economic Council director, Kevin Hassett, said in an interview on ABC News' "This Week." He offered provisions of U.S. trade law that give the executive branch the power impose tariffs on imports Trump deems a national security threat or in response to unreasonable or discriminatory trade imbalances as potential options. "This is something we've been studying from 2017 on," he said. "We picked the best way. It's going to be upheld in court."
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
China 'firmly rejects' US claim that it violated tariff deal
BEIJING — China said Monday it 'firmly rejects' US claims that it had violated a sweeping tariffs deal, as tensions between the two economic superpowers showed signs of ratcheting back up. Beijing and Washington last month agreed to slash staggeringly high tariffs on each other for 90 days after talks between top officials in Geneva. But top Washington officials last week accused China of violating the deal, with Commerce Secretary Howard Lutnick saying Beijing was 'slow-rolling' the agreement in comments to 'Fox News Sunday'. China hit back Monday, saying Washington 'has made bogus charges and unreasonably accused China of violating the consensus, which is seriously contrary to the facts'. 'China firmly rejects these unreasonable accusations,' its commerce ministry said in a statement. US President Donald Trump said last week that China had 'totally violated' the deal, without providing details. Beijing's commerce ministry said it 'has been firm in safeguarding its rights and interests, and sincere in implementing the consensus'. It fired back that Washington 'has successively introduced a number of discriminatory restrictive measures against China' since the Geneva talks. The ministry cited export controls on artificial intelligence chips, curbs on the sale of chip design software and the revocation of Chinese student visas in the United States. 'We urge the US to meet China halfway, immediately correct its wrongful actions, and jointly uphold the consensus from the Geneva trade talks,' the ministry said. If not, 'China will continue to resolutely take strong measures to uphold its legitimate rights and interests,' it added. Trump-Xi talks? US officials have said they are frustrated by what they see as Chinese foot-dragging on approving export licences for rare earths and other elements needed to make cars and chips. But Washington's Treasury Secretary Scott Bessent looked to ease the pressure on Sunday, saying the two sides could arrange a call between their respective heads of state to resolve their differences. 'I'm confident… this will be ironed out' in a call between Trump and Chinese President Xi Jinping, Bessent said on CBS's 'Face the Nation'. He added, however, that China was 'withholding some of the products that they agreed to release', including rare earths. On when a Trump-Xi call could take place, Bessent said: 'I believe we will see something very soon.' China has been less forthcoming, and the commerce ministry's statement on Monday did not mention any planned conversations between the two leaders. The Geneva deal was 'an important consensus reached by the two sides on the principle of mutual respect and equality, and its results were hard-won', the ministry said. It warned Washington against 'going its own way and continuing to harm China's interests'. Global stocks finished mixed on Friday after Trump made his social media post accusing Beijing. The Hong Kong stock exchange was down around 2 percent shortly after opening on Monday. — AFP
Eyewitness News
3 days ago
- Business
- Eyewitness News
Most stocks fall as Trump fires fresh volley in trade war
HONG KONG - Stocks mostly sank Monday after Donald Trump last week lobbed a fresh trade missile by doubling tariffs on steel and aluminium and accused China of violating last month's agreement to slash tit-for-tat levies. The US president's comments were followed by claims by his commerce secretary that Beijing had been slow to implement the deal, which helped rally markets last month and fanned hopes for a lasting detente between the world's top economies. Still, Treasury Secretary Scott Bessent - who last week warned negotiations with China were "a bit stalled" - said the US leader could speak with his Chinese counterpart Xi Jinping "very soon" in talks that could help break the impasse. The latest salvos from the White House came as it faces a legal battle after a trade court on Wednesday blocked Trump's "Liberation Day" tariff blitz, saying he had overstepped his authority with the across-the-board taxes. An appeals court gave the levies a stay of execution on Thursday but the wrangle could drag on, causing more uncertainty. Trump said Friday he would jack up steel and aluminium to 50 percent, from 25 percent, which he said "will even further secure the steel industry". He also claimed Beijing had "totally violated" last month's agreement with China to cut eye-watering tariffs for 90 days to hammer out a broader package. Later, Commerce Secretary Howard Lutnick told "Fox News Sunday" that Beijing had been "slow-rolling the deal". Chinese officials accused Washington of making "bogus charges and unreasonably accused China of violating the consensus, which is seriously contrary to the facts". The developments have thrown the trade war back into the spotlight after tensions had eased followinng the China detente and indications that governments were working on deals with US officials. "As we await whether the 90-day truce will result in a more permanent resolution, we are left wondering what may happen if progress stalls and the US and China are unable to make a deal," said Kai Wang, Asia equity market strategist at Morningstar. "Trump is already making headlines again on reimposing EU tariffs. "Should this happen with the EU or China, markets will likely crater again and will see much greater volatility given the heightened uncertainty with regard to global growth." Asian markets sank Monday as investors brushed off data showing the Federal Reserve's favoured inflation gauge cooled more than expected last month. Hong Kong dropped more than one percent, with property firms taking a heavy hit on worries over the future of New World Development after it deferred interest payments on some bonds. The firm is in the middle of a loan refinancing drive as it looks to raise more than US$11 billion from banks. Its struggles have revived fears about China's property sector as companies struggle to sell stock to help pay off their bulging debts. Tokyo, Sydney, Singapore, Taipei, Mumbai and Jakarta also fell along with Paris and Frankfurt. London, Seoul and Manila were marginally higher, while Shanghai was closed for a holiday. Oil prices surged after OPEC and other key producers hiked output for July but less than expected, while geopolitical fears were ramped up after Ukraine hit air bases deep inside Russia, raising concerns over an escalation of the three-year war. The dollar also retreated on concerns about the US economy as Trump continues to push a bill to extend tax cuts and slash welfare spending, which observers say will add trillions to the already gargantuan national debt. That has sent shivers through the Treasuries market, with yields pushing higher as investors seek out better returns for lending the government money. Worries about US debt led Moody's to lower the United States last top-ranking credit rating, warning it expects US federal deficits to widen dramatically over the next decade. Meanwhile, JPMorgan Chase chief executive Jamie Dimon voiced concern Sunday at the risk of a looming US debt market crisis sparked by Trump's policies. "It's a big deal. It is a real problem," Dimon told Maria Bartiromo on FOX Business Network's "Mornings with Maria" show, according to an excerpt of the interview that will air in full Monday. "The bond market is going to have a tough time. I don't know if it's six months or six years," he said. KEY FIGURES AT AROUND 0715 GMT Tokyo - Nikkei 225: DOWN 1.3 percent at 37,470.67 (close) Hong Kong - Hang Seng Index: DOWN 1.1 percent at 23,024.83 Shanghai - Composite: Closed for a holiday London - FTSE 100: UP 0.2 percent at 8,789.97 Euro/dollar: UP at $1.1404 from $1.1349 on Friday Pound/dollar: UP at $1.3530 from $1.3463 Dollar/yen: DOWN at 143.19 yen from 143.97 yen Euro/pound: DOWN at 84.28 pence from 84.30 pence West Texas Intermediate: UP 2.9 percent at $62.58 per barrel Brent North Sea Crude: UP 2.5 percent at $64.34 per barrel New York - Dow: UP 0.1 percent at 42,270.07 (close)
Yahoo
3 days ago
- General
- Yahoo
'Chaos,' 'unacceptable': Fetterman rips Democratic handling of border in bipartisan discussion
Both Pennsylvania Democratic Sen. John Fetterman and GOP Sen. Dave McCormick spoke in a bipartisan forum about the importance of border security, with Fetterman going so far as to call out his own party on the issue. "I've kind of, I've lost some support in my party. I thought the border was really important, and our party did not handle the border appropriately," Fetterman told "Fox News Sunday" host Shannon Bream during a FOX Nation presentation of The Senate Project series on Monday. "Look at the numbers, 267,000, 300,000 people showing up at our border. And, you know, we can all agree that's roughly the size of Pittsburgh. Now, that's unacceptable. And that's a national security issue. And that's chaos. So a secure border, being very pro-immigration, that's who I am as a Democrat." Fetterman, who drew the ire of many Democrats when he supported the Laken Riley Act, explained how he has been at "odds with his base" but his values have "never changed" on the immigration issue, which polling shows was a key factor in President Donald Trump's election victory in November. Musk's Departure Marks New Chapter For Government Efficiency In Border Security "We are going to disagree and vote on different things," Fetterman said. "But for me, it's about trying to find the things we can win together and deliver those kinds of wins for Pennsylvania and ultimately for America." Read On The Fox News App Fetterman bucked his own party at multiple points in the discussion with McCormick, including as it relates to his party's handling of antisemitism on college campuses and in the streets. Mohamed Sabry Soliman: What We Know About Illegal Immigrant Accused In Colorado Terror Attack "What happened yesterday in Boulder? It's astonishing," Fetterman said, reacting to what the FBI is calling a terrorist attack against a pro-Israel group in Boulder, Colorado, over the weekend. "You know, the kinds of, the rank antisemitism, it's out of control. And for me and as my friend just pointed out, this is just rampant across all the universities for all of these places, too. I mean, we really need to call it what it is. And now and for me, politically, being very, very firmly on the side of Israel, that kind of put parts of my party at odds for that." The Senate Project series brings together sitting senators from opposing parties for civil dialogue about current political issues, with the goal of identifying solutions and bridging partisan divides. The series reflects the shared mission of the Kennedy Institute and Hatch Foundation to advance bipartisanship. "Vigorous and open dialogue is an essential part of our democracy and having these two senators from opposite sides of the aisle discuss important issues of the day is a valuable contribution to the public discourse," Kennedy Institute Chairman Bruce A. Percelay said in a statement. Fox News Digital's Paul Steinhauser contributed to this article source: 'Chaos,' 'unacceptable': Fetterman rips Democratic handling of border in bipartisan discussion
