Latest news with #US550
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Can the world trust Trump? This golf video might have the answer
London: Donald Trump has made some big claims over the past few days – on trade, the Epstein scandal, global conflict and more – but his tough talk could be drowned out by his dubious play on the golf course. A video of the American president near a sand trap on a Scottish fairway shows one of his caddies dropping a golf ball onto the grass in a convenient location for Trump to seemingly play his next shot. The move seemed to spare Trump from the harder work of getting his ball out of the bunker and onto the green. The caddy leaned down, dropped the ball behind him and walked on as if nothing had happened. Trump was able to climb out of his golf buggy and prepare to play a more favourable shot. Presidents cheat at golf. Bill Clinton was famous for it. But the video spread at the very moment Trump was engaged in big talk that raised a big question: can anyone rely on anything he says? A few days ago, Trump claimed his trade deal with Japan included a $US550 billion ($843 billion) investment fund to spend on American assets under his direction, but the Japanese later described it as an ambition rather than a binding promise. On Sunday, he announced a $US600 billion investment from Europe under a trade deal with the European Union, but EU officials admitted they could not direct companies to spend the money. It is highly likely they are rebadging funds that would be invested anyway. Then, on Monday, he said he wanted most countries to incur tariffs in the range of 15 to 20 per cent on their exports to America. This is in line with the Japanese and EU outcomes, which both applied a 15 per cent tariff on most of the products they ship to the US. But it is out of line with the rates he has imposed elsewhere – like 35 per cent on Canada, 30 per cent on Mexico and 50 per cent on Brazil. What does this mean for Australia? The signal is that it may incur tariffs of 15 to 20 per cent. Right now, Australian exports are subject to a baseline rate of 10 per cent, but the final rate is meant to be set by this Friday.
The Age
2 days ago
- Business
- The Age
Can the world trust Trump? This golf video might have the answer
London: Donald Trump has made some big claims over the past few days – on trade, the Epstein scandal, global conflict and more – but his tough talk could be drowned out by his dubious play on the golf course. A video of the American president near a sand trap on a Scottish fairway shows one of his caddies dropping a golf ball onto the grass in a convenient location for Trump to seemingly play his next shot. The move seemed to spare Trump from the harder work of getting his ball out of the bunker and onto the green. The caddy leaned down, dropped the ball behind him and walked on as if nothing had happened. Trump was able to climb out of his golf buggy and prepare to play a more favourable shot. Presidents cheat at golf. Bill Clinton was famous for it. But the video spread at the very moment Trump was engaged in big talk that raised a big question: can anyone rely on anything he says? A few days ago, Trump claimed his trade deal with Japan included a $US550 billion ($843 billion) investment fund to spend on American assets under his direction, but the Japanese later described it as an ambition rather than a binding promise. On Sunday, he announced a $US600 billion investment from Europe under a trade deal with the European Union, but EU officials admitted they could not direct companies to spend the money. It is highly likely they are rebadging funds that would be invested anyway. Then, on Monday, he said he wanted most countries to incur tariffs in the range of 15 to 20 per cent on their exports to America. This is in line with the Japanese and EU outcomes, which both applied a 15 per cent tariff on most of the products they ship to the US. But it is out of line with the rates he has imposed elsewhere – like 35 per cent on Canada, 30 per cent on Mexico and 50 per cent on Brazil. What does this mean for Australia? The signal is that it may incur tariffs of 15 to 20 per cent. Right now, Australian exports are subject to a baseline rate of 10 per cent, but the final rate is meant to be set by this Friday.
Otago Daily Times
3 days ago
- Automotive
- Otago Daily Times
US, EU avert trade war with 15% tariff deal
The US has struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade. US President Donald Trump and European Commission President Ursula von der Leyen announced the deal at Trump's luxury golf course in western Scotland after an hour-long meeting that pushed the hard-fought deal over the line, following months of negotiations. "I think this is the biggest deal ever made," Trump told reporters, lauding EU plans to invest some $US600 billion ($NZ997bn) in the United States and dramatically increase its purchases of US energy and military equipment. Trump said the deal, which tops a $US550 billion deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of US exporters. Von der Leyen, describing Trump as a tough negotiator, said the 15% tariff applied "across the board", later telling reporters it was "the best we could get." "We have a trade deal between the two largest economies in the world, and it's a big deal. It's a huge deal. It will bring stability. It will bring predictability," she said. The agreement mirrors key parts of the framework accord reached by the US with Japan, but like that deal, it leaves many questions open, including tariff rates on spirits, a highly charged topic for many on both sides of the Atlantic. The deal, which Trump said calls for $US750 billion of EU purchases of US energy in coming years and "hundreds of billions of dollars" of arms purchases, likely spells good news for a host of EU companies, including Airbus, Mercedes-Benz and Novo Nordisk, if all the details hold. German Chancellor Friedrich Merz welcomed the deal, saying it averted a trade conflict that would have hit Germany's export-driven economy and its large auto sector hard. German carmakers, VW, Mercedes and BMW were some of the hardest hit by the 27.5% US tariff on car and parts imports now in place. The baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal. Bernd Lange, the German Social Democrat who heads the European Parliament's trade committee, said the tariffs were imbalanced and the hefty EU investment earmarked for the US would likely come at the bloc's own expense. Trump retains the ability to increase the tariffs in the future if European countries do not live up to their investment commitments, a senior US administration official told reporters on Sunday evening. The euro rose around 0.2% against the dollar, sterling and yen within an hour of the deal's being announced. MIRROR OF JAPAN DEAL Carsten Nickel, deputy director of research at Teneo, said Sunday's accord was "merely a high-level, political agreement" that could not replace a carefully hammered out trade deal: "This, in turn, creates the risk of different interpretations along the way, as seen immediately after the conclusion of the US-Japan deal." While the tariff applies to most goods, including semiconductors and pharmaceuticals, there are exceptions. The US will keep in place a 50% tariff on steel and aluminum. Von der Leyen suggested the tariff could be replaced with a quota system; a senior administration official said EU leaders had asked that the two sides continue to talk about the issue. Von der Leyen said there would be no tariffs from either side on aircraft and aircraft parts, certain chemicals, certain generic drugs, semiconductor equipment, some agricultural products, natural resources and critical raw materials. "We will keep working to add more products to this list," von der Leyen said, adding that spirits were still under discussion. A US official said the tariff rate on commercial aircraft would remain at zero for now, and the parties would decide together what to do after a US review is completed, adding there is a "reasonably good chance" they could agree to a lower tariff than 15%. No timing was given for when that probe would be completed. The deal will be sold as a triumph for Trump, who is seeking to reorder the global economy and reduce decades-old US trade deficits, and has already reached similar framework accords with Britain, Japan, Indonesia and Vietnam, although his administration has not hit its goal of "90 deals in 90 days." US officials said the EU had agreed to lower non-tariff barriers for automobiles and some agricultural products, though EU officials suggested the details of those standards were still under discussion. "Remember, their economy is $US20 trillion ... they are five times bigger than Japan," a senior US official told reporters during a briefing. "So the opportunity of opening their market is enormous for our farmers, our fishermen, our ranchers, all our industrial products, all our businesses." Trump has periodically railed against the EU, saying it was "formed to screw the United States" on trade. He has fumed for years about the US merchandise trade deficit with the EU, which in 2024 reached $US235 billion, according to US Census Bureau data. The EU points to the US surplus in services, which it says partially redresses the balance. Trump has argued that his tariffs are bringing in "hundreds of billions of dollars" in revenues for the US while dismissing warnings from economists about the risk of inflation. On July 12, Trump threatened to apply a 30% tariff on imports from the EU starting on August 1, after weeks of negotiations failed to reach a comprehensive trade deal. The EU had prepared countertariffs on 93 billion euros ($US109 billion) of US goods in the event a deal to avoid the tariffs could not be struck.
CBS News
3 days ago
- Climate
- CBS News
Historic Colorado flume collapses, causes landslide
Crews have begun clean-up operations in southwestern Colorado where a 102-year-old wooden flume broke open last month, causing a landslide and forest closure. The wooden flume follows Cascade Creek west of Cascade Curve on U.S. 550 between Silverton and Durango, about two miles north of the Purgatory ski resort. It is one of only two wooden flumes still operating on hydroelectric projects in the country, according to Xcel Energy. There is no indication when the actual break occurred, nor whether it began as a small leak that slowly worsened or if it ruptured suddenly. Regardless, water from the damaged flume ripped away part of the steep hillside below it. As a result, more of the support structure for the flume was exposed and failed, increasing the amount of flume which collapsed. Below the damaged flume, the terrain was "destabilized" and trees fell, according to a social media from the U.S. Forest Service's San Juan office. Support structure for nearby power lines was also threatened. The forest service closed the area between the flume and the Cascade Creek hiking trail on June 6 for public safety. It has not opened since. Crews from Xcel and the forest service started working on the damaged area and planning for potential repair during the last week of June. A final report on the cause of the event is not yet completed, per an Xcel spokesperson. The flume was first constructed as a box flume starting in 1903. Completed a year later, it was part of a power supply project for mining operations in Silverton and Durango. Water diverted from the upper reaches of Cascade Creek was transported by the flume to Electra Lake, a reservoir that was dammed the next year in 1905. Water from the lake ended its 1,000-foot descent at the Tacoma Power Plant, located along the banks of the Animas River. The hydroelectric plant generated power through gravity-driven water. It delivered power to its first customer - a mine - in early 1906 along newly completed transmission lines. Water originating from the highest snowpack travels 18 miles to the power plant. After use, it is directed into the Animas River. "The Tacoma plant produces clean energy," Xcel states online, "there is no water, air or land pollution from the operation." Throughout its history, the power plant has been accessible only by narrow-gauge train or track car. It was built with construction materials were transported along those tracks. The generators, first intended for use in a power plant near Tacoma, Washington, arrived in crates labeled "Tacoma." Those crates "sat by the railroad siding for several weeks," according to the Animas Museum in Durango. "People started calling the railroad stop Tacoma and the name stuck." The flume didn't escape that association, either. It has been referred to as both the Cascade Flume and the Tacoma Flume. The original flume leaked badly, according to records. An upper portion was replaced in 1927-28 by a semi-circular, 10-foot diameter, open-topped design made of creosoted Oregon fir. Its route was adjusted, too. The lower portion of flume, meanwhile, was replaced with segments of buried steel pipeline between 1949 and 1952. It was a section of the 4,400-foot long upper portion which collapsed in June. Because of the water reserved in Electra Lake, power delivery has not been interrupted. But water flow in Cascade Creek to private properties below the damaged flume has been limited by debris. The U.S. Forest Service claims the Cascade Flume and Pipeline site is eligible for listing on the National Register of Historic Places. However, it has not been formally nominated and listed. It still meet the definition of a historic property as defined in the National Historic Preservation Act, per a USFS spokesperson. The approval process to repair the flume will be complex and involve a number of parties, an Xcel spokesperson told CBS Colorado. A meeting is planned this week which will include a number of them, including the Federal Energy Regulation Commission. Ownership of the flume has changed hands several times over its history. Public Service Company of Colorado, now a subsidiary of Xcel, took it over in 1992. The company has used a combination of employees and outside contractors to maintain the flume. As stated in the archives of the U.S. Forest Service, "The head works, wooden flume (a portion of which recently collapsed), siphon intake structure, the portion of the siphon crossing Cascade Creek on a bridge and the siphon outlet structure are important visual elements of a functioning historical water delivery system. Although neither the flume nor the siphon was particularly unusual at the time that they were constructed, through attrition they have become an unusual surviving example of historical technology that has often been replaced by more modern conveyances."
The Advertiser
4 days ago
- Business
- The Advertiser
EU chief heads to Scotland for trade talks with Trump
EU Commission President Ursula von der Leyen has headed to Scotland ahead of a meeting with US President Donald Trump, as speculation mounts of a trade agreement. Trump, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that he was looking forward to meeting with von der Leyen, calling her a "highly respected" leader. He repeated his view that there was a 50-50 chance that the US and the 27-member European Union could reach a framework trade pact. He added that Brussels wanted to "make a deal very badly". If it happened, he said it would be the biggest trade agreement reached yet by his administration, surpassing the $US550 billion ($A826 billion) accord agreed with Japan last week. The White House has released no details about the planned meeting or the terms of the emerging agreement. The European Commission on Thursday said a negotiated trade solution with the United States was within reach, even as EU members voted to approve counter-tariffs on 93 billion euros ($A164 billion) of US goods in case the talks collapse. To get a deal, Trump said the EU would have to "buy down" that tariff rate, although he gave no specifics. EU diplomats say a possible deal between Washington and Brussels would likely include a broad 15 per cent tariff on EU goods imported into the US, mirroring the US-Japan deal, along with a 50 per cent tariff on European steel and aluminium. The broad tariff rate would be half the 30 per cent duties that Trump has threatened to slap on EU goods from August 1. It remains unclear if Washington will agree to exempt the EU from sectoral tariffs on cars, pharmaceuticals and other goods that have already been announced or are pending. Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce in Brussels warned in March that any conflict would jeopardise $US9.5 ($A14.3) trillion of business in the world's most important commercial relationship. EU Commission President Ursula von der Leyen has headed to Scotland ahead of a meeting with US President Donald Trump, as speculation mounts of a trade agreement. Trump, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that he was looking forward to meeting with von der Leyen, calling her a "highly respected" leader. He repeated his view that there was a 50-50 chance that the US and the 27-member European Union could reach a framework trade pact. He added that Brussels wanted to "make a deal very badly". If it happened, he said it would be the biggest trade agreement reached yet by his administration, surpassing the $US550 billion ($A826 billion) accord agreed with Japan last week. The White House has released no details about the planned meeting or the terms of the emerging agreement. The European Commission on Thursday said a negotiated trade solution with the United States was within reach, even as EU members voted to approve counter-tariffs on 93 billion euros ($A164 billion) of US goods in case the talks collapse. To get a deal, Trump said the EU would have to "buy down" that tariff rate, although he gave no specifics. EU diplomats say a possible deal between Washington and Brussels would likely include a broad 15 per cent tariff on EU goods imported into the US, mirroring the US-Japan deal, along with a 50 per cent tariff on European steel and aluminium. The broad tariff rate would be half the 30 per cent duties that Trump has threatened to slap on EU goods from August 1. It remains unclear if Washington will agree to exempt the EU from sectoral tariffs on cars, pharmaceuticals and other goods that have already been announced or are pending. Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce in Brussels warned in March that any conflict would jeopardise $US9.5 ($A14.3) trillion of business in the world's most important commercial relationship. EU Commission President Ursula von der Leyen has headed to Scotland ahead of a meeting with US President Donald Trump, as speculation mounts of a trade agreement. Trump, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that he was looking forward to meeting with von der Leyen, calling her a "highly respected" leader. He repeated his view that there was a 50-50 chance that the US and the 27-member European Union could reach a framework trade pact. He added that Brussels wanted to "make a deal very badly". If it happened, he said it would be the biggest trade agreement reached yet by his administration, surpassing the $US550 billion ($A826 billion) accord agreed with Japan last week. The White House has released no details about the planned meeting or the terms of the emerging agreement. The European Commission on Thursday said a negotiated trade solution with the United States was within reach, even as EU members voted to approve counter-tariffs on 93 billion euros ($A164 billion) of US goods in case the talks collapse. To get a deal, Trump said the EU would have to "buy down" that tariff rate, although he gave no specifics. EU diplomats say a possible deal between Washington and Brussels would likely include a broad 15 per cent tariff on EU goods imported into the US, mirroring the US-Japan deal, along with a 50 per cent tariff on European steel and aluminium. The broad tariff rate would be half the 30 per cent duties that Trump has threatened to slap on EU goods from August 1. It remains unclear if Washington will agree to exempt the EU from sectoral tariffs on cars, pharmaceuticals and other goods that have already been announced or are pending. Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce in Brussels warned in March that any conflict would jeopardise $US9.5 ($A14.3) trillion of business in the world's most important commercial relationship. EU Commission President Ursula von der Leyen has headed to Scotland ahead of a meeting with US President Donald Trump, as speculation mounts of a trade agreement. Trump, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that he was looking forward to meeting with von der Leyen, calling her a "highly respected" leader. He repeated his view that there was a 50-50 chance that the US and the 27-member European Union could reach a framework trade pact. He added that Brussels wanted to "make a deal very badly". If it happened, he said it would be the biggest trade agreement reached yet by his administration, surpassing the $US550 billion ($A826 billion) accord agreed with Japan last week. The White House has released no details about the planned meeting or the terms of the emerging agreement. The European Commission on Thursday said a negotiated trade solution with the United States was within reach, even as EU members voted to approve counter-tariffs on 93 billion euros ($A164 billion) of US goods in case the talks collapse. To get a deal, Trump said the EU would have to "buy down" that tariff rate, although he gave no specifics. EU diplomats say a possible deal between Washington and Brussels would likely include a broad 15 per cent tariff on EU goods imported into the US, mirroring the US-Japan deal, along with a 50 per cent tariff on European steel and aluminium. The broad tariff rate would be half the 30 per cent duties that Trump has threatened to slap on EU goods from August 1. It remains unclear if Washington will agree to exempt the EU from sectoral tariffs on cars, pharmaceuticals and other goods that have already been announced or are pending. Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce in Brussels warned in March that any conflict would jeopardise $US9.5 ($A14.3) trillion of business in the world's most important commercial relationship.
