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France 24
18 hours ago
- Business
- France 24
Trump gets his way on tariffs, but global trade system intact for now
Since World War II, most politicians and economists view free trade as a pillar of globalisation, enshrined in the 1947 signing of the GATT accord. It was the precursor to the World Trade Organization, which now has 166 members and covers 98 percent of global commerce. "What we've learned in the postwar is that lower tariffs are better for prosperity of your own country," said Richard Baldwin, a professor at the IMD Business School in Switzerland. "And it's also good if other countries lower their tariffs, so we have a vibrant international economy," Baldwin, who was a member of US president George Bush's Council of Economic Advisors, told AFP. Trump however has embarked on a punishing trade war, claiming that deficits with other nations show they are "ripping off" the United States. He has recently landed accords with Japan, the Philippines, Indonesia and, most importantly, the European Union. For dozens of other nations, US "reciprocal" tariffs are to jump from 10 percent to various steeper levels come August 1, including powerhouse economies such as South Korea, India and Taiwan. "To me, the most beautiful word in the dictionary is 'tariff'," Trump repeatedly said during the 2024 election campaign that returned him to office. 'Pyrrhic victory' Despite the headline figures, many economists expect the fallout for the global trade system overall to be limited. US importers may well decide to procure more from American producers as the tariffs are applied, or pass along the higher costs to consumers. "That won't have a systemic impact" outside the United States, Pascal Lamy, a former WTO chief, told AFP, calling the tariffs a "Pyrrhic victory" for Trump. He noted that Trump is targeting only the US deficits for goods and not services, "the part of global trade that is increasing the fastest". "You need to change your outlook when it comes to international trade," Lamy said, adding that "Donald Trump has a medieval view" of the issue. And instead of making a country more prosperous, the accepted economic wisdom is that by making goods more expensive, tariffs weigh on economic growth for everyone involved. "Putting up your own tariffs is not a way to make yourself richer -- that's something that people have given up on many years ago," Baldwin said. "Trump has not screwed up the entire world trading system yet because the rest of the world hasn't changed their opinion as to whether trade is good or bad," he said. "And generally speaking, it's good." Bucking the trend Global trade has risen sharply in recent decades, totalling nearly $24 trillion in 2023, according to WTO figures. US imports represent just 13 percent of overall imports -- meaning the vast majority of international commerce will not be directly affected by Trump's levies. "It's significant, but it's only a small part of imports worldwide, and the rest of the world still wants the system of engagement and interdependence to work," said Elvire Fabry, a specialist in geopolitical economics at the Jacques Delors Institute. Several countries have moved in recent years to forge new trade deals, a trend Trump's tariffs blitz could accelerate. In March, Japan, South Korea and China pledged to speed up negotiations on an accord, while Brazil's President Luiz Inacio Lula da Silva has called for a deal between the Mercosur Latin America bloc and Japan. The European Union has also signed a free-trade deal with Mercosur, though its ratification has been held up, in particular by France over concerns about unfair agriculture competition. The EU has also relaunched efforts to secure a deal with Malaysia and countries in Central Asia. In April, the WTO said world merchandise trade would fall 0.2 percent this year before a "modest" recovery to growth of 2.5 percent in 2026. But those forecasts took into account only the tariffs Trump had announced up to then -- not the more severe levels he has threatened to put in place starting August 1 for countries that have not signed deals with Washington.
News18
22-07-2025
- Politics
- News18
George Bush Saw Iraq War As ‘Crusade' By ‘God's Chosen Nation', Newly Released Files Reveal
Last Updated: George Bush saw the Iraq War as a divine mission to eliminate "evil-doers," driven by fear of terrorism, according to UK National Archives. Former US President George Bush saw the Iraq War as a divine mission to rid the world of 'evil-doers" by 'God's chosen nation," according to newly released files from the UK's National Archives. In a December 2002 diplomatic cable, Britain's then-ambassador to Washington, Sir Christopher Meyer, reported that George Bush viewed the planned invasion of Iraq through a deeply religious and ideological lens. Christopher Meyer wrote, 'His view of the world is Manichean. He sees his mission as ridding it of evil-doers," adding, 'He believes American values should be universal values." He noted that George Bush was driven not just by a desire to remove Saddam Hussein but by fear of another catastrophic terrorist attack on the United States, particularly one with a potential Iraqi connection. The cable also described George Bush's frustration with European allies who questioned linking Iraq to global terrorism or conflating Saddam Hussein with al-Qaeda. Christopher Meyer wrote, 'He finds the Europeans' differentiation between Osama Bin Laden and Saddam Hussein self-serving," noting that George Bush was 'strongly allergic to Europeans collectively." George Bush Had No Patience For Diplomacy In another cable dated January 29, 2003, Christopher Meyer warned British officials that George Bush had effectively closed the door on diplomacy. He wrote, 'It is politically impossible for Bush to back down from going to war in Iraq this spring, absent Saddam's surrender or disappearance from the scene." Christopher Meyer also expressed doubt that George Bush would wait for then-UN weapons inspector Hans Blix to finish his investigations into Iraq's alleged weapons of mass destruction. He wrote, 'Bush does not look to have the patience to let Blix make the case." Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! view comments First Published: July 22, 2025, 15:52 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Times
22-07-2025
- Politics
- Times
Tony Blair was urged to delay US invasion of Iraq, archives reveal
Tony Blair was advised to delay the invasion of Iraq, which George Bush saw as his 'mission' to rid the world of 'evildoers', according to newly released government files. The prime minister flew to Camp David in January 2003, two months before the invasion, to urge the president of the United States to wait until at least March to allow for diplomatic solutions to work. Recently released documents from the National Archives have revealed how government officials told Blair to slow down Bush, who was described as 'implacable', 'impatient' and 'Manichean' in his preparations. Files from government officials between December 2002 to January 2003 recommended that Blair convince Bush to wait for either a 'smoking gun', indicating weapons of mass destruction were definitely in Iraq, or for the UN security council to agree on a resolution specifically authorising the use of military force. The correspondence demonstrated the 'clear divergence between the UK and US' over the 'timetable for military action' described in the Chilcot inquiry in 2016. On December 18, 2002, Christopher Meyer, the British ambassador to the US, sent an annual review to the prime minister's office from Washington. He wrote: 'Much of the impulse for deposing Saddam Hussein comes from Bush himself. More than anything else, he fears another catastrophic terrorist attack on the homeland, especially one with an Iraqi connection. 'His view of the world is Manichean. He sees his mission as ridding it of evildoers. He believes American values should be universal values. 'He finds the Europeans' differentiation between Osama bin Laden and Saddam Hussein self-serving. He is strongly allergic to Europeans collectively.' Meyer added that although some groups such as 'conservative ideologues, Likud fellow-travellers' were pressing for war, this did not include 'the American people at large'. 'Apart from a single oil man in Houston, I failed to find anyone keen to go to war with Saddam. But most Americans trust Bush and will likely follow where he leads,' he wrote. These lines were highlighted. In the new year, just two days before Blair's visit to Camp David and one day after Bush's state of the union address to the US Congress, on January 29, 2003, Meyer wrote again. 'The prime minister will find on Friday a pretty implacable Bush: impatient, deeply disillusioned with France and Germany, convinced that his — and Mr Blair's — critics will be routed by an early and easy military victory,' he said. Meyer then referenced the Blair administration's desire for a second UN resolution from Hans Blix, the executive chairman of UN monitoring, verification and inspection commission. 'If the notorious smoking gun can be found, this will make things much easier. Otherwise, a sequence of fortnightly reports from Blix saying that the Iraqis are still not cooperating will be the next best thing,' he wrote. 'Bush does not look to have the patience to let Blix make the case. I said in an earlier report that exhausting the UN route was likely to mean different things in Washington and London. Bush is undecided about a second Resolution: whether it will be worth going for and, if it is, what should be put in it.' The next day, January 30, foreign policy adviser David Manning wrote a note to the prime minister recapping his meeting with US national security adviser Condoleezza Rice. 'The argument is over timing. Bush still wants to rush his fences,' Manning wrote. 'You need to stick very strongly to the arguments in your Note and spell them out in a way that leaves no scope for Bush 'interpretation'.' He later added: 'Unless we can be far more certain than we are now of securing a quick second resolution, you should stick to the late-March date. It is only eight weeks away, which is a pretty intense timetable anyway.' Other notes from these months reveal how Blair was encouraged to turn down an invitation to give the commencement address at Harvard University in the summer of 2003. Matthew Rycroft, Blair's private secretary on foreign affairs, wrote in January: 'You have said that you want to do this. Others in the office have argued against. You are seen as travelling abroad too much already and paying insufficient attention to domestic concerns. 'If you have a major speech to give, you should give it in the UK. And we do not know how things will stand in June. Yet another visit to the US may be untimely.' Another email from the British embassy in Washington asked when Buckingham Palace put its Christmas lights up, as the White House wanted a photo of Bush at the building during his winter state visit in 2003. In December 2002, Blair was also sent a copy of a New York Times article entitled 'Blair for President', suggesting he should be given a green card to run as the Democratic candidate. The handwritten note on top reads, 'PM To cheer you up for xmas. I think a 'draft TB' movement will start now.'
Fox News
12-07-2025
- Politics
- Fox News
Trump set to join prestigious presidential roadway honor roll near his beloved Florida estate
A stretch of Florida roadway leading to Mar-a-Lago could soon be renamed in honor of President Donald Trump – the latest effort by many lawmakers throughout the country to memorialize the current commander-in-chief. Palm Beach County commissioners this week unanimously approved a measure to rename Southern Boulevard "President Donald J. Trump Boulevard," according to The Associated Press (AP). The east-west roadway leads to Trump's home in Palm Beach. It's the route Trump's motorcade takes when he travels to and from his Mar-a-Lago estate and Palm Beach International Airport. Trump supporters frequently line Southern Boulevard to greet the president during his trips home from Washington. But it wouldn't be the first boulevard in Palm Beach County to be named after a Republican president. A street in Delray Beach – about 20 miles south of Mar-a-Lago – was renamed George Bush Boulevard in honor of former President George H.W. Bush in the early 1990s. Former President Barack Obama, a Democrat, has two Palm Beach County roadways named after him. Riviera Beach, about 12 miles north of Palm Beach, renamed a roadway President Barack Obama Highway in 2015, two years after the city of Pahokee – in the western reaches of Palm Beach County near Lake Okeechobee – changed the name of a street to Barack Obama Boulevard. The Federal Highway Administration told Fox News Digital it does not have a directory or database of federal roadways named after U.S. presidents. But the U.S. Census Bureau released a list of the most popular street names in 1993. It revealed that George Washington, the nation's first commander-in-chief, leads all presidents with the most roadways named after him. Abraham Lincoln, the 16th president, is second on the list, followed by Andrew Jackson, the nation's 7th president. The fourth-most common street surname is Johnson – in honor of Andrew Johnson (17th president) and/or Lyndon B. Johnson (36th president). Others on the list include Thomas Jefferson (3rd president), Woodrow Wilson (28th), Adams (in honor of John Adams, 2nd president, or son John Quincy Adams, 6th president), Zachary Taylor (12th) and James Madison (4th). Roadways of modern presidents represented in many major U.S. cities include John F. Kennedy (35th), Ronald Reagan (40th) and Barack Obama (44th). Reagan has parkways (in Georgia and Indiana), a highway (in Ohio) and a freeway (in California) named after him. There's also the Ronald Reagan Trail in Illinois, Ronald Reagan Boulevard in Texas and the Ronald Reagan Turnpike in Florida. Obama has had several avenues (in Florida, Illinois, Mississippi and Ohio) and boulevards (in California, Florida, Georgia and Missouri) named after him. Kennedy has an expressway in Chicago, a boulevard in Philadelphia and a street in Cambridge, Massachusetts. In downtown Minneapolis, a sequence of streets is named after presidents, going west to east in chronological order. Elsewhere in the country, nearly two dozen miles of a U.S. highway in Oklahoma were renamed for Trump in 2021, while states like Arizona and Kentucky have proposed similar legislation. Trump also has an avenue named after him in Hialeah, Florida, a suburb of Miami. Under Florida law, if a "bridge or road segment being designated is located in more than one city or county, resolutions supporting the designation must be passed by each affected local government prior to the erection of the markers." Since Southern Boulevard passes through West Palm Beach and Palm Beach, those municipalities must still approve such measures.
Globe and Mail
11-07-2025
- Business
- Globe and Mail
Georgia Republican ran US$140-million Ponzi scheme, U.S. federal officials say
A prominent Georgia Republican was running a Ponzi scheme that defrauded 300 investors of at least $140 million, federal officials alleged in a complaint filed Thursday. The civil lawsuit by the U.S. Securities and Exchange Commission said First Liberty Building and Loan, controlled by Brant Frost IV, lied to investors about its business of making high-interest loans to companies. Instead, investigators said, it raised more money to repay earlier investors. Frost is alleged to have taken more than $19 million of investor funds for himself, his family and affiliated companies even as the business was going broke, spending $160,000 on jewellery and $335,000 with a rare coin dealer. Frost is also said to have spent $320,000 to rent a vacation home over multiple years in Kennebunkport, Maine, the town where the family of late president George H. W. Bush famously spent summers. The SEC said Frost kept writing checks even after the commission began its investigation First Liberty said last month that it would stop making loans and paying interest and principal to investors in those loans. The company said it was not answering phone calls or emails. First Liberty has not responded to an e-mail seeking comment, and no one was present at its office Thursday evening in Newnan, a suburb southwest of Atlanta. A lawyer who acts as the company's registered agent for corporate purposes said earlier that he had no information. The collapse rocked the religious and political networks that the business drew investors from. It also could have ramifications in state Republican politics, cutting off funding to the far-right candidates that Frost and his family have favoured. Investigators said Frost spent $570,000 from investor funds on political contributions. The SEC said the business had only $2.67 million in cash as of May 30, although regulators are also seeking to claw back money from Frost and associated companies. With 300 investors out $140 million, that means the average investor put in nearly $500,000. First Liberty said it made loans to companies that needed cash while they waited for more conventional loans from the U.S. Small Business Administration. It charged high rates of interest – 18% on some loans, according to a document obtained by The Associated Press. First Liberty promised investors equally high rates of return – 16% on the 18% loans. In recent months the business advertised heavily on conservative radio shows promising 'Wall Street returns for Main Street investors.' 'The promise of a high rate of return on an investment is a red flag that should make all potential investors think twice or maybe even three times before investing their money,' Justin C. Jeffries, associate director of enforcement for the SEC's Atlanta Regional Office, said in a statement. The company has represented that it is 'co-operating with federal authorities as part of an effort to accomplish an orderly wind-up of the business.' The SEC said Frost and his companies agreed to the SEC's enforcement actions 'with monetary remedies to be determined by the court at a later date.' While the SEC says there were loans to companies, as many as 90% of those companies have defaulted. By 2021 the company was running as a Ponzi scheme, the complaint said, even as Frost withdrew increasing amounts of money. The business is being investigated by the Georgia secretary of state for possible violations of securities law said Robert Sinners, a spokesperson for the office. A 2023 document obtained by the AP is titled as a 'promissory note,' and Sinners said anyone issuing promissory notes is supposed to be registered with Georgia securities officials. Sinners encouraged any victims to contact the state Securities Division. Federal prosecutors have declined to comment on whether they are considering criminal charges. Sometimes both an SEC civil case and a federal criminal case are filed over investment frauds. Frost has been an important player in Georgia politics since 1988, when he co-ordinated televangelist Pat Robertson's Republican presidential bid in the state. His son, Brant Frost V, is chairman of the Coweta County Republican Party, where the company is based, and is a former second vice-chair of the state Republican Party. Daughter Katie Frost is Republican chairman of the 3rd Congressional District, which includes Coweta County and other areas southwest of Atlanta. At last month's state Republican convention, Katie Frost chaired a nominating committee that recommended delegates re-elect state Party Chairman Josh McKoon. Delegates followed that recommendation, rejecting a number of insurgent candidates.
