Latest news with #LuizInácioLulaDaSilva
The Guardian
11-07-2025
- Entertainment
- The Guardian
Ana Maria Gonçalves becomes first Black woman in Brazil's literary academy
Brazil has elected its first Black woman to the Brazilian Academy of Letters, founded in 1897 and modelled on the Académie Française. Ana Maria Gonçalves, 54, is one of Brazil's most acclaimed contemporary authors, and her election on Thursday is being widely celebrated by writers, activists, literary scholars and president Luiz Inácio Lula da Silva. Her most famous work, Um defeito de cor (A Colour Defect) is still untranslated into English. It is a 950-page historical novel that she describes as 'the history of Brazil told from the point of view of a Black woman'. Recently selected as the greatest work of Brazilian literature of the 21st century so far by the newspaper Folha de S Paulo, the book achieved the rare combination of both critical and popular success, with more than 180,000 copies sold since its release in 2006. Celebrating Gonçalves's victory, Lula wrote that the book was his 'companion' during his 580 days in prison, 'and I always make a point of recommending it to everyone.' Now, the author hopes that her election to the 128-year-old academy – whose primary mission is the preservation of the Portuguese language and Brazilian literature – may help correct what she sees as a longstanding historical injustice. 'I'm the first Black woman, but I can't be the only one,' said Gonçalves, who will be just the sixth woman among the 40 members, or 'immortals', as they refer to themselves. Apart from two Black men and the first and only Indigenous writer to join the institution, all the others are white men. 'I can't carry the weight of representing an entire population that continues to be marginalised and that is itself incredibly diverse,' she said. The academy had as its first president a Black man, Joaquim Maria Machado de Assis, widely considered the greatest Brazilian writer of all time. Despite still being known as the House of Machado de Assis, the academy has since had only a handful of other Black men as members – something many see as a stark illustration of how racism operates in a country where more than half the population is of African descent. Poet and translator Stephanie Borges, 40, believes Gonçalves's election will encourage more Black women to become readers and writers. 'When it's us telling our own stories, we invite those who look like us to come closer to literature,' she said. Cidinha da Silva, 58, author of more than 20 books, is keen to stress that Gonçalves was not elected because she is Black, but 'because she is one of the greatest living writers in Brazil'. There were 13 candidates in the running, and of the 31 members who voted in Thursday's election, 30 chose Gonçalves – the remaining vote went to Eliane Potiguara, 74, who had hoped to become the first Indigenous woman to join the academy. Gonçalves had to run a sort of 'campaign' – though she emphasises she never asked for votes – in which she sent a copy of her book and a personal letter to each member, and phoned some of them to discuss her work. In 2018, another celebrated Black writer, Conceição Evaristo, 78, also stood for election, but received just one vote. 'The academy does need more women, more Black people, Indigenous people, and people from other parts of Brazil,' said Gonçalves. 'And I hope that now, from the inside, I can help make that happen.'
RNZ News
09-07-2025
- Business
- RNZ News
Trump threatens 50% tariffs on Brazil if it doesn't stop the Bolsonaro ‘witch hunt' trial
US President has been sending tariff letters to multiple countries, including Brazil. Photo: ANNA MONEYMAKER President Donald Trump on Wednesday (US time) threatened Brazil with a crippling tariff of 50 percent starting on 1 August, according to a letter he sent to the country's president, Luiz Inácio Lula da Silva. In the letter posted on Truth Social, Trump alleged Lula is undertaking a "Witch Hunt that should end IMMEDIATELY!" over charges against its right-wing former president, Jair Bolsonaro. Bolsonaro, who has bragged about his closeness with Trump, is facing trial for allegedly attempting to stage a coup against Lula . CNN has reached out to Brazil's Ministry of Foreign Affairs. Brazilian former president Jair Bolsonaro. Photo: AFP / Sergio Lima Unlike the 21 other countries that have received letters from Trump this week, Brazil was not set to face "reciprocal" tariffs in April. Goods from there have instead been tariffed at a minimum of 10 percent, which is the rate Trump has been taxing most goods from countries that were set to face "reciprocal" tariffs. And unlike the other 21 countries, the US ran a US$6.8 billion (NZ$11.3b) trade surplus with Brazil last year, meaning the US exported more goods to there than it imported from there. This is not the first time Trump has used the threat of tariffs to try to change other countries' domestic policy decisions. Earlier this year, he threatened 25 percent tariffs on Colombian exports that would grow to 50 percent if the country didn't accept deportees from the US. (Colombia ultimately accepted the deportees and avoided those tariffs.) Trump also imposed tariffs on goods from Mexico, Canada and China over the role he alleges they play in facilitating illegal migration to the US and enabling fentanyl to reach the country. But despite Trump's discontent with the Bolsonaro trial, he wrote that "there will be no Tariff if Brazil, or companies within your Country, decide to build or manufacture product within the United States." Trump's made nearly identical offers in a slew of other letters he sent to heads of state this week. Other recipients of tariff letters on Wednesday included the Philippines, Sri Lanka, Moldova, Brunei, Algeria, Libya and Iraq, with rates going as high as 30 percent on goods they ship to the United States. The new tariffs go into effect 1 August, pending negotiations. The rates Trump said would be imposed on goods from Sri Lanka, Moldova, Iraq and Libya were lower than those he announced in early April. The rates on goods from the Philippines and Brunei were higher, compared to April levels. Meanwhile, the rate on goods from Algeria was the same (30 percent) as April levels. The US and various trading partners have been negotiating new trade agreements since Trump announced so-called "reciprocal" tariffs back in April. Yet few deals have come to fruition . During a cabinet meeting on Tuesday, Trump said "a letter means a deal." But that doesn't appear to be how some countries are perceiving the missives . In all the letters except the one sent to Brazil's Lula, Trump wrote that he takes particular issue with the trade deficits the United States runs with other nations, meaning America buys more goods from there compared to how much American businesses export to those countries. Trump also said the tariffs would be set in response to other policies that he deems are impeding American goods from being sold abroad. Trump has encouraged world leaders to manufacture goods in the United States to avoid tariffs. If they chose to retaliate by slapping higher tariffs on American goods, Trump threatened to tack that onto the rate charged on their country's goods shipped to the United States. Trump has now sent 22 letters on tariff rates to heads of state this week, and more could still come. Wednesday at 12:01am ET was the initial deadline Trump set three months ago for countries to ink trade deals with the US or instantly face higher tariff rates. However, on Monday he extended that deadline to 1 August. Bolsonaro, often dubbed the "Trump of the Tropics," is on trial in Brazil for charges related to an alleged plot to overturn the 2022 election results. He and dozens of associates have been charged with attempting a coup d'état, which prosecutors allege involved a plan to potentially assassinate elected President Luiz Inácio Lula da Silva. Bolsonaro has denied wrongdoing. -CNN
Yahoo
09-07-2025
- Business
- Yahoo
Trump tariffs live updates: Trump blasts Brazil with 50% tariff, citing its treatment of ex-president
President Trump is again amping up his trade threats, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August. The highlight of his letter barrage late Wednesday was his announcement of a coming 50% tariff on goods from Brazil in a letter sent to its president, Luiz Inácio Lula da Silva. Trump cited the country's treatment of former President Jair Bolsonaro, who is on trial in Brazil's Supreme Court on charges that he plotted a coup in 2022. "This Trial should not be taking place," Trump said. "It is a Witch Hunt that should end IMMEDIATELY!" Trump earlier on Wednesday had dictated coming tariff rates to the leaders of the Philippines, Brunei, Moldova, Algeria, Iraq, Sri Lanka, and Libya. Those tariffs ranged from 20% to 30% and came in mostly in line with the duties he had announced on those countries' imports back in April's "Liberation Day" event. Trump had posted 14 letters to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%. Meanwhile, Trump injected fresh uncertainty into another metal market this week after saying he would impose 50% tariffs on copper imports to the US, matching duties on aluminum and steel. He also suggested tariffs as high as 200% on pharmaceuticals. On Wednesday, COMEX copper (HG=F) futures fell over 3% after initially jumping on Trump's announcement. Elsewhere, China warned Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains. Here is where things stand with various other partners: Vietnam: A deal with Vietnam will see the country's imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff "on any transshipping" — when goods shipped from Vietnam originate from another country, like China. European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is racing to clinch a deal this week. Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed, with a deal by mid-July in focus. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Mexico's President Claudia Sheinbaum said on Wednesday that the country could redirect the copper it sends to the US to other markets to avoid potential tariffs from the Trump administration. Meanwhile, Chilean President Gabriel Boric called for "official" communication on the copper tariffs Trump mentioned during a Cabinet meeting on Tuesday. Reuters reports: Read more here. President Trump promised seven letters today. Late this morning, he posted to: Philippines Brunei Moldova Algeria Iraq Libya Sri Lanka Most are roughly in line with duties he announced on "Liberation Day." You can see a full breakdown of the new tariffs Trump has announced here (remember, these are announced, but they take effect Aug. 1): President Trump is hoping to reach a trade deal with India, touting the potential for months since his April tariff pause. But the latest twist in the president's topsy-turvy trade policy, which he himself introduced this week, could complicate things. Bloomberg reports: Some added intrigue: India will assume BRICS chairmanship next year. Read more here. President Trump decided to delay his reciprocal tariffs to Aug. 1 after discussions with Treasury Secretary Scott Bessent. Bessent and others told the president that he could get trade deals with more time, according to an exclusive report in the Wall Street Journal on Wednesday. Bessent and other advisers within the Trump administration felt that they were making progress on several deals with trading partners, which included India and the European Union. An initial pause on the reciprocal tariffs was set to lapse at 12:01 a.m. Wednesday until Trump on Monday further postponed the implementation date for three weeks and sent out letters warning countries of the rates they would face on that day. Trump had talked about ending tariff deals and letting the tariffs take effect. But after Bessent told him some deals were nearly done, but needed more time, Trump changed his mind. Bessent was also the one who convinced Trump to pause his April 'Liberation Day' tariffs for 90 days after they shook global markets. As a result, Trump sent out letters along with the delay as a negotiating tactic to salvage last-minute concessions from trading partners, according to the WSJ report. On Tuesday, Trump reinforced his copper tariff threat — which he initially introduced in February, and said that he would impose 50% tariffs on copper and up to 20%% tariffs on pharmaceuticals. Trump went further on Tuesday evening by saying he will be releasing more letters on Wednesday. "We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon. Thank you for your attention to this matter!" Trump also said it would be impossible for every country to get a deal to avoid reciprocal tariffs. 'We got 200 countries. We can't meet with 200 countries,' he said during the meeting. The European Union may be getting closer to securing a trade agreement with the United States, according to the the head of the European Parliament's trade committee. But the trade bloc is struggling to obtain immediate tariff relief and a commitment from the US not to introduce new measures. European Commission President Ursula von der Leyen also said on Wednesday that it is working closely with President Trump's administration to reach a deal. "We stick to our principles, we defend our interests, we continue to work in good faith, and we get ready for all scenarios," von der Leyen told the European Parliament. Reuters reports: Read more here. Reuters reports: Read more here. President Trump took to Truth Social again on Tuesday and amped up his trade threats, promising to unveil tariffs on at least seven countries on Wednesday. He posted: "We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon." Commerce Secretary Howard Lutnick told CNBC earlier on Tuesday that 15 to 20 letters are expected to be sent over the next two days. The latest warning came as Trump vowed to put a 10% levy on imports from BRICS nations on Monday. He also revealed plans for a 50% tariff on copper imports and a 200% import tax on pharmaceuticals. The US president posted 14 letters on Truth Social that he had sent to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%. This message was reinforced on Tuesday with Trump saying that there will be no extensions and payments will be due on Aug. 1. CNN reports: Read more here. President Trump said he plans to place hefty import tariffs on copper (HG=F) and it has already started to cause a spike in costs for American factories, with New York futures trading 35% up year to date and 25% higher than other global benchmarks on Tuesday. On Wednesday, COMEX copper (HG=F) futures fell 2.7% to $5.49, as traders reacted to Trump's copper tariff threat. Trump announced on Tuesday, that he planned to place a 50% tariff on copper imports, reinforcing his first threat made in February to impose targeted levies on the industrial metal. Over the last few months, the price of copper in New York has risen as buyers have raced to stock up before levies are imposed. Input costs for American manufacturers have also surged above prices that their rivals pay in the rest of the world. The disconnect reached unprecedented levels on Tuesday, as Comex futures spiked to trade at a 25% premium to the global benchmark set in London. 'Any restrictions on US imports of copper cathode would merely redirect copper supply to China,' a representative for top US copper importer Southwire Company LLC said in April in written comments to the US Commerce Department, which at Trump's request had been investigating whether to impose levies. 'At the same time, US copper producers would face significant shortages of supply, particularly in the short- and medium-term, as US copper production cannot increase fast enough to fill the supply gap.' Bloomberg News reports: Read more here. President Trump is expected to announce copper tariffs of 50% — matching those in place for steel and aluminum — on social media on Tuesday afternoon, concluding an investigation into imports of the metal. The move will likely affect the largest copper-producing countries, starting with Chile, the Democratic Republic of the Congo, Peru, and China. Indonesia, Russia, Kazakhstan, Mexico, Zambia, Canada, and Poland also mine sizable quantities of the metal. Shares of US-based copper miners, such as Freeport McMoRan (FCX) and Ivanhoe Electric (IE), jumped on the mention of new copper tariffs, while those with operations abroad, such as the Southern Copper Corporation (SCCO), fell on the news. Copper mining has ramped up over the past decade as increasing electricity demand has increased the metal's demand. It's used in transmission wires, electric vehicle batteries, and pipes, among other applications. In 2024, miners extracted 23 million metric tons of copper worldwide, and around a third of all copper globally is used for electricity grids, according to the International Renewable Energy Agency. Copper (HG=F) futures surged Tuesday after President Trump said he would impose a 50% tariff on imports to the US. Copper futures soared over 10% at last check. Yahoo Finance's Ben Werschkul reports: Read more here. Boeing (BA) announced on Tuesday that it had delivered 60 airplanes in June, a 27% increase versus a year earlier and 8 of those were to Chinese customers. The China deliveries were the first since the trade troubles between Washington and Beijing ended. Reuters reports: Read more here. President Trump said on Tuesday that he will be announcing a new program for pharmaceutical tariffs "very soon." He suggested that there would be a grace period for drug companies to move manufacturing to the United State before they face steep tariffs. "We're going to give people about a year, year and a half to come in, and after that they're going to be tariffed," Trump said during a Cabinet meeting. "If they have to bring the pharmaceuticals into the country, … they're going to be tariffed at a very high rate — like 200%." Pharmaceutical stocks such as Pfizer (PFE), Amgen (AMGN), and AbbVie (ABBV) dipped on Trump's comments, though they remained in the green. Trump also noted that he plans to unveil similar programs for chips and other sectors. President Trump said that his administration is two days away from sending a letter to the European Union outlining a new tariff rate. 'They were among the toughest to deal with," Trump commented, adding: "Actually, in many respects, they were much worse than China. ... We're probably two days off from sending them a letter. We are talking to them." On Monday, Politico reported that the US and EU were nearing a deal that would leave 10% baseline tariffs in place. The EU has also been seeking carve-outs for certain sectors, such as aircraft and spirits. The Trump administration pushed back the deadline to complete negotiations to Aug. 1. As to the other deals currently in the works, Trump stated that he preferred the letters to ongoing parleys. 'We have a lot of them going on, but the deals are mostly my deal to them,' Trump said. 'We could make a lot more deals. … It's just too time-consuming. It makes it more complicated.' "I just want you to know a letter means a deal," Trump added later. "You have to do it in a more general way, but it's a very good way." President Trump reiterated his threat that nations that join BRICS — the intergovernmental organization that includes Brazil, Russia, India, China, and South Africa — and engage in policy to reduce the dollar's dominance will soon face an additional tariff of 10%. "Anybody that's in BRICS is getting a 10% charge … pretty soon,' Trump told reporters on Tuesday during a Cabinet meeting. "If they're a member of BRICS, they're going to have to pay a 10% tariff just for that one thing." While the 90 deals in 90 days hasn't materialized, the 14 letters sent out Monday detailing new tariff rates — and additional ones expected today — offer a new jolt to trade talks. And over the next week, the European Union and India will be in particular focus as the Trump administration makes progress on deals. Yahoo Finance's Ben Werschkul reports: Read more here. US imports of contanerized goods from China fell 28.3% in June versus the same period last year, after higher tariffs on goods extended a steep drop that began in May, according to supply chain technology provider Descartes. Reuters reports: Read more here. President Trump posted on Truth Social that the US will begin collecting tariff revenue for the "letter" tariffs beginning on Aug. 1. He also stressed that he will not grant any tariff pause extensions after that date. "As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025," Trump wrote. "There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!" Trump's social media post echoes his sentiment last Thursday, when he told reporters, "As far as I'm concerned, we're done." When asked if tariff rates could change again in the next month, Trump added, "I would say firm but not 100% firm." As my colleague Ben Werschkul pointed out, some market participants have taken the letters as a hawkish signal that at least some of these tariffs will remain in effect. Stocks edged lower in morning trading Tuesday as investors assessed whether Trump might dial back tariffs again. Read more here. Today marks the start of Amazon Prime Day (AMZN), a shopping event exclusively for Prime members, where they can access deals on a wide range of products. Amazon Prime Day typically lasts four days but tariff-related price worries have meant that Amazon may have to extend its annual sales event and start offering new membership perks to Gen Z shoppers. Prime day, which has been running for 11 years, promises a flurry of summer deals and starts at 3:01 ET. Amazon has said that it will have deals dropping every 5 minutes during certain periods over the next few days. But reports have said that some Amazon retailers will be sitting this years event out due to President Trump's tariffs. 'Prime Day will provide an early indication on consumer appetite, especially in categories like apparel, electronics and TVs, where price drops are expected to be the deepest,' said Vivek Pandya, lead analyst at Adobe Inc., which expects Amazon and other US retailers to generate $23.8 billion in online sales during the four-day event. Some hope the event will provide a glimpse into how much consumers are spending and what they are buying amid mixed signals around the US economy. 'Prime Day will be quite a test,' said Romain Fouache, the CEO of Akeneo, which sells software used by online merchants. The firm conducted a survey of 1,000 US shoppers showing that 1 in 4 respondents planned to skip Prime Day due to tariffs while 57% said they would more closely monitor prices. Read more here. Here's a look at the 14 countries that got tariff letters on Monday, as well as their key exports to the US and response, per the AP: Myanmar: Key exports include clothing, leather goods, and seafood. Laos: Key exports include shoes with textile uppers, wood furniture, electronic components, and optical fiber. Cambodia: Key exports include textiles, clothing, shoes, and bicycles. Thailand: Key exports include computer parts, rubber products, and gemstones. Response: Thailand's Deputy Prime Minister Pichai Chunhavajira said Thailand will continue to push for tariffs negotiations with the United States. Thailand on Sunday submitted a new proposal that includes opening the Thai market for more American agricultural and industrial products and increasing imports of energy and aircraft. Bangladesh: Key exports include clothing. Response: Bangladesh's finance adviser Salehuddin Ahmed said Bangladesh hopes to negotiate for a better outcome. There are concerns that additional tariffs would make Bangladesh's garment exports less competitive with countries like Vietnam and India. Serbia: Key exports included software and IT services and car tires. Indonesia: Key exports include palm oil, cocoa butter, and semiconductors. Bosnia and Herzegovina: Key exports include weapons and ammunition. South Africa: Key exports include platinum, diamonds, vehicles, and auto parts Response: The office of South African President Cyril Ramaphosa said in a statement that the tariff rates announced by Trump mischaracterized the trade relationship with the US, but it would 'continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States' after having proposed a trade framework on May 20. Japan: Key exports include autos, auto parts, and electronics. Response: Japanese Prime Minister Shigeru Ishiba called the tariff 'extremely regrettable' but said he was determined to continue negotiating. Ishiba said Trump's tariff rate is lower than the levels he had threatened earlier and opens the way for further negotiations. Kazakhstan: Key exports include oil, uranium, ferroalloys, and silver. Malaysia: Key exports include electronics and electrical products. Response: Malaysia's government said it will pursue talks with the US A Cabinet meeting is scheduled for Wednesday. South Korea: Key exports include vehicles, machinery, and electronics. Response: South Korea's Trade Ministry said early Tuesday that it will accelerate negotiations with the United States to achieve a deal before the 25% tax on its exports goes into effect. Tunisia: Key exports include animal and vegetable fats, clothing, fruit and nuts. Read more here. Yahoo Finance's Washington Correspondent Ben Werschkul reports: Read more here. Mexico's President Claudia Sheinbaum said on Wednesday that the country could redirect the copper it sends to the US to other markets to avoid potential tariffs from the Trump administration. Meanwhile, Chilean President Gabriel Boric called for "official" communication on the copper tariffs Trump mentioned during a Cabinet meeting on Tuesday. Reuters reports: Read more here. President Trump promised seven letters today. Late this morning, he posted to: Philippines Brunei Moldova Algeria Iraq Libya Sri Lanka Most are roughly in line with duties he announced on "Liberation Day." You can see a full breakdown of the new tariffs Trump has announced here (remember, these are announced, but they take effect Aug. 1): President Trump is hoping to reach a trade deal with India, touting the potential for months since his April tariff pause. But the latest twist in the president's topsy-turvy trade policy, which he himself introduced this week, could complicate things. Bloomberg reports: Some added intrigue: India will assume BRICS chairmanship next year. Read more here. President Trump decided to delay his reciprocal tariffs to Aug. 1 after discussions with Treasury Secretary Scott Bessent. Bessent and others told the president that he could get trade deals with more time, according to an exclusive report in the Wall Street Journal on Wednesday. Bessent and other advisers within the Trump administration felt that they were making progress on several deals with trading partners, which included India and the European Union. An initial pause on the reciprocal tariffs was set to lapse at 12:01 a.m. Wednesday until Trump on Monday further postponed the implementation date for three weeks and sent out letters warning countries of the rates they would face on that day. Trump had talked about ending tariff deals and letting the tariffs take effect. But after Bessent told him some deals were nearly done, but needed more time, Trump changed his mind. Bessent was also the one who convinced Trump to pause his April 'Liberation Day' tariffs for 90 days after they shook global markets. As a result, Trump sent out letters along with the delay as a negotiating tactic to salvage last-minute concessions from trading partners, according to the WSJ report. On Tuesday, Trump reinforced his copper tariff threat — which he initially introduced in February, and said that he would impose 50% tariffs on copper and up to 20%% tariffs on pharmaceuticals. Trump went further on Tuesday evening by saying he will be releasing more letters on Wednesday. "We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon. Thank you for your attention to this matter!" Trump also said it would be impossible for every country to get a deal to avoid reciprocal tariffs. 'We got 200 countries. We can't meet with 200 countries,' he said during the meeting. The European Union may be getting closer to securing a trade agreement with the United States, according to the the head of the European Parliament's trade committee. But the trade bloc is struggling to obtain immediate tariff relief and a commitment from the US not to introduce new measures. European Commission President Ursula von der Leyen also said on Wednesday that it is working closely with President Trump's administration to reach a deal. "We stick to our principles, we defend our interests, we continue to work in good faith, and we get ready for all scenarios," von der Leyen told the European Parliament. Reuters reports: Read more here. Reuters reports: Read more here. President Trump took to Truth Social again on Tuesday and amped up his trade threats, promising to unveil tariffs on at least seven countries on Wednesday. He posted: "We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon." Commerce Secretary Howard Lutnick told CNBC earlier on Tuesday that 15 to 20 letters are expected to be sent over the next two days. The latest warning came as Trump vowed to put a 10% levy on imports from BRICS nations on Monday. He also revealed plans for a 50% tariff on copper imports and a 200% import tax on pharmaceuticals. The US president posted 14 letters on Truth Social that he had sent to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%. This message was reinforced on Tuesday with Trump saying that there will be no extensions and payments will be due on Aug. 1. CNN reports: Read more here. President Trump said he plans to place hefty import tariffs on copper (HG=F) and it has already started to cause a spike in costs for American factories, with New York futures trading 35% up year to date and 25% higher than other global benchmarks on Tuesday. On Wednesday, COMEX copper (HG=F) futures fell 2.7% to $5.49, as traders reacted to Trump's copper tariff threat. Trump announced on Tuesday, that he planned to place a 50% tariff on copper imports, reinforcing his first threat made in February to impose targeted levies on the industrial metal. Over the last few months, the price of copper in New York has risen as buyers have raced to stock up before levies are imposed. Input costs for American manufacturers have also surged above prices that their rivals pay in the rest of the world. The disconnect reached unprecedented levels on Tuesday, as Comex futures spiked to trade at a 25% premium to the global benchmark set in London. 'Any restrictions on US imports of copper cathode would merely redirect copper supply to China,' a representative for top US copper importer Southwire Company LLC said in April in written comments to the US Commerce Department, which at Trump's request had been investigating whether to impose levies. 'At the same time, US copper producers would face significant shortages of supply, particularly in the short- and medium-term, as US copper production cannot increase fast enough to fill the supply gap.' Bloomberg News reports: Read more here. President Trump is expected to announce copper tariffs of 50% — matching those in place for steel and aluminum — on social media on Tuesday afternoon, concluding an investigation into imports of the metal. The move will likely affect the largest copper-producing countries, starting with Chile, the Democratic Republic of the Congo, Peru, and China. Indonesia, Russia, Kazakhstan, Mexico, Zambia, Canada, and Poland also mine sizable quantities of the metal. Shares of US-based copper miners, such as Freeport McMoRan (FCX) and Ivanhoe Electric (IE), jumped on the mention of new copper tariffs, while those with operations abroad, such as the Southern Copper Corporation (SCCO), fell on the news. Copper mining has ramped up over the past decade as increasing electricity demand has increased the metal's demand. It's used in transmission wires, electric vehicle batteries, and pipes, among other applications. In 2024, miners extracted 23 million metric tons of copper worldwide, and around a third of all copper globally is used for electricity grids, according to the International Renewable Energy Agency. Copper (HG=F) futures surged Tuesday after President Trump said he would impose a 50% tariff on imports to the US. Copper futures soared over 10% at last check. Yahoo Finance's Ben Werschkul reports: Read more here. Boeing (BA) announced on Tuesday that it had delivered 60 airplanes in June, a 27% increase versus a year earlier and 8 of those were to Chinese customers. The China deliveries were the first since the trade troubles between Washington and Beijing ended. Reuters reports: Read more here. President Trump said on Tuesday that he will be announcing a new program for pharmaceutical tariffs "very soon." He suggested that there would be a grace period for drug companies to move manufacturing to the United State before they face steep tariffs. "We're going to give people about a year, year and a half to come in, and after that they're going to be tariffed," Trump said during a Cabinet meeting. "If they have to bring the pharmaceuticals into the country, … they're going to be tariffed at a very high rate — like 200%." Pharmaceutical stocks such as Pfizer (PFE), Amgen (AMGN), and AbbVie (ABBV) dipped on Trump's comments, though they remained in the green. Trump also noted that he plans to unveil similar programs for chips and other sectors. President Trump said that his administration is two days away from sending a letter to the European Union outlining a new tariff rate. 'They were among the toughest to deal with," Trump commented, adding: "Actually, in many respects, they were much worse than China. ... We're probably two days off from sending them a letter. We are talking to them." On Monday, Politico reported that the US and EU were nearing a deal that would leave 10% baseline tariffs in place. The EU has also been seeking carve-outs for certain sectors, such as aircraft and spirits. The Trump administration pushed back the deadline to complete negotiations to Aug. 1. As to the other deals currently in the works, Trump stated that he preferred the letters to ongoing parleys. 'We have a lot of them going on, but the deals are mostly my deal to them,' Trump said. 'We could make a lot more deals. … It's just too time-consuming. It makes it more complicated.' "I just want you to know a letter means a deal," Trump added later. "You have to do it in a more general way, but it's a very good way." President Trump reiterated his threat that nations that join BRICS — the intergovernmental organization that includes Brazil, Russia, India, China, and South Africa — and engage in policy to reduce the dollar's dominance will soon face an additional tariff of 10%. "Anybody that's in BRICS is getting a 10% charge … pretty soon,' Trump told reporters on Tuesday during a Cabinet meeting. "If they're a member of BRICS, they're going to have to pay a 10% tariff just for that one thing." While the 90 deals in 90 days hasn't materialized, the 14 letters sent out Monday detailing new tariff rates — and additional ones expected today — offer a new jolt to trade talks. And over the next week, the European Union and India will be in particular focus as the Trump administration makes progress on deals. Yahoo Finance's Ben Werschkul reports: Read more here. US imports of contanerized goods from China fell 28.3% in June versus the same period last year, after higher tariffs on goods extended a steep drop that began in May, according to supply chain technology provider Descartes. Reuters reports: Read more here. President Trump posted on Truth Social that the US will begin collecting tariff revenue for the "letter" tariffs beginning on Aug. 1. He also stressed that he will not grant any tariff pause extensions after that date. "As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025," Trump wrote. "There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!" Trump's social media post echoes his sentiment last Thursday, when he told reporters, "As far as I'm concerned, we're done." When asked if tariff rates could change again in the next month, Trump added, "I would say firm but not 100% firm." As my colleague Ben Werschkul pointed out, some market participants have taken the letters as a hawkish signal that at least some of these tariffs will remain in effect. Stocks edged lower in morning trading Tuesday as investors assessed whether Trump might dial back tariffs again. Read more here. Today marks the start of Amazon Prime Day (AMZN), a shopping event exclusively for Prime members, where they can access deals on a wide range of products. Amazon Prime Day typically lasts four days but tariff-related price worries have meant that Amazon may have to extend its annual sales event and start offering new membership perks to Gen Z shoppers. Prime day, which has been running for 11 years, promises a flurry of summer deals and starts at 3:01 ET. Amazon has said that it will have deals dropping every 5 minutes during certain periods over the next few days. But reports have said that some Amazon retailers will be sitting this years event out due to President Trump's tariffs. 'Prime Day will provide an early indication on consumer appetite, especially in categories like apparel, electronics and TVs, where price drops are expected to be the deepest,' said Vivek Pandya, lead analyst at Adobe Inc., which expects Amazon and other US retailers to generate $23.8 billion in online sales during the four-day event. Some hope the event will provide a glimpse into how much consumers are spending and what they are buying amid mixed signals around the US economy. 'Prime Day will be quite a test,' said Romain Fouache, the CEO of Akeneo, which sells software used by online merchants. The firm conducted a survey of 1,000 US shoppers showing that 1 in 4 respondents planned to skip Prime Day due to tariffs while 57% said they would more closely monitor prices. Read more here. Here's a look at the 14 countries that got tariff letters on Monday, as well as their key exports to the US and response, per the AP: Myanmar: Key exports include clothing, leather goods, and seafood. Laos: Key exports include shoes with textile uppers, wood furniture, electronic components, and optical fiber. Cambodia: Key exports include textiles, clothing, shoes, and bicycles. Thailand: Key exports include computer parts, rubber products, and gemstones. Response: Thailand's Deputy Prime Minister Pichai Chunhavajira said Thailand will continue to push for tariffs negotiations with the United States. Thailand on Sunday submitted a new proposal that includes opening the Thai market for more American agricultural and industrial products and increasing imports of energy and aircraft. Bangladesh: Key exports include clothing. Response: Bangladesh's finance adviser Salehuddin Ahmed said Bangladesh hopes to negotiate for a better outcome. There are concerns that additional tariffs would make Bangladesh's garment exports less competitive with countries like Vietnam and India. Serbia: Key exports included software and IT services and car tires. Indonesia: Key exports include palm oil, cocoa butter, and semiconductors. Bosnia and Herzegovina: Key exports include weapons and ammunition. South Africa: Key exports include platinum, diamonds, vehicles, and auto parts Response: The office of South African President Cyril Ramaphosa said in a statement that the tariff rates announced by Trump mischaracterized the trade relationship with the US, but it would 'continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States' after having proposed a trade framework on May 20. Japan: Key exports include autos, auto parts, and electronics. Response: Japanese Prime Minister Shigeru Ishiba called the tariff 'extremely regrettable' but said he was determined to continue negotiating. Ishiba said Trump's tariff rate is lower than the levels he had threatened earlier and opens the way for further negotiations. Kazakhstan: Key exports include oil, uranium, ferroalloys, and silver. Malaysia: Key exports include electronics and electrical products. Response: Malaysia's government said it will pursue talks with the US A Cabinet meeting is scheduled for Wednesday. South Korea: Key exports include vehicles, machinery, and electronics. Response: South Korea's Trade Ministry said early Tuesday that it will accelerate negotiations with the United States to achieve a deal before the 25% tax on its exports goes into effect. Tunisia: Key exports include animal and vegetable fats, clothing, fruit and nuts. Read more here. Yahoo Finance's Washington Correspondent Ben Werschkul reports: Read more here. 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
South China Morning Post
07-07-2025
- Business
- South China Morning Post
Brics leaders hold off responding to Trump's threat to raise US tariffs against member nations
The leaders of Brics nations remained silent on Monday in the face of US President Donald Trump's latest tariff threat against the bloc, offering no public response to what critics called an alarming act of economic intimidation. Trump said on Sunday that he would impose an additional 10 per cent tariffs on imports from Brics members and aligned countries that pursue what he called the group's 'anti-American policies' after Brics issued a leaders' declaration condemning tariffs, unilateralism and protectionism without naming the US. Brazilian President Luiz Inácio Lula da Silva, in opening remarks on the final day of the leaders' summit in Rio de Janeiro, spoke about climate change and global health but did not address tariffs or Trump. Lula was expected to hold a news conference later in the day, though, where that could change. Others were not so quiet. Russian spokesman Dmitry Peskov told reporters on Sunday that Trump's latest statement on Brics had been 'noticed', Russia's state-owned news agency Tass reported. Beijing also reacted to the US president's comments, with Chinese Foreign Ministry spokeswoman Mao Ning saying on Monday that Brics 'is not a bloc for confrontation, nor does it target any country'.
South China Morning Post
06-07-2025
- Business
- South China Morning Post
Chinese Premier Li Qiang hails ‘best in history' Brazil ties as he meets Lula in Rio
Chinese Premier Li Qiang has lauded his country's growing ties with Brazil as at their 'best in history', as both nations brace for a battle with the US over trade and the global order. Advertisement Meeting Brazilian President Luiz Inácio Lula da Silva for talks on Saturday ahead of the Brics summit in Rio de Janeiro, Li said the two sides were 'working together to build a more just world'. 'The two sides are working together to build a China-Brazil community of shared future in a more just world and a more sustainable planet,' the Chinese foreign ministry quoted Li as saying. The Chinese premier is in Rio de Janeiro for the annual two-day summit of the Brics bloc , an emerging economies group of which China and Brazil are founding members. The bloc takes its name from the initials of early members – Brazil, Russia, India, China, and South Africa – and has expanded to include Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran. Li Qiang and Luiz Inácio Lula da Silva pose with Chinese Finance Minister Lan Foan (far left) and Brazil's Economy Minister Fernando Haddad after the signing of a bilateral agreement, in Rio de Janeiro on Friday. Photo: AFP
