Latest news with #UnitedStates-Mexico-CanadaAgreement
Newsweek
a day ago
- Business
- Newsweek
Food Prices Will Rise Under Trump, Group Warns
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump's tariffs, scheduled to increase on August 1, could result in significantly higher prices for a range of food groups. This is according to an analysis published Monday by the bipartisan Tax Foundation, which found that these will impact nearly 75 percent of U.S. food imports, which it said will "likely lead to higher food prices for consumers." Newsweek reached out to the White House via email for comment. Why It Matters It has repeatedly been warned that the higher import taxes implemented as a result of the Trump administration's economic agenda will increase costs for U.S. businesses reliant on foreign goods or components, and that this will translate into higher consumer prices as companies pass along these added expenses. What To Know According to the Tax Foundation, citing data from the U.S. International Trade Commission, 74 percent of the $221 billion worth of imported food products last year would be subject to the new administration's tariff policies. Among specific products, liqueurs and spirits were the most imported category last year, followed by baked goods, coffee, fish, and beer. Together, these accounted for roughly 21 percent of total food imports. Should reciprocal tariffs go into effect on August 1, following a second delay after their announcement in early April, exporting countries will again face duties ranging from the global baseline of 10 percent to over 30 percent in many cases. The administration has defended tariffs as a necessary tool to amend historic trade imbalances, while boosting U.S. manufacturing and increasing demand for domestically sourced goods. However, the think tank notes that many organic foods, such as bananas, cannot be "onshored" due to the climates required for production, the land necessary to meet U.S. demand and the fact that consumers "often prefer the foreign alternative to American-grown products." Main: File photo of Chiquita brand bananas for sale at a grocery store in Zelienople, Pennsylvania. Inset: President Donald Trump at the White House on July 22, 2025. Main: File photo of Chiquita brand bananas for sale at a grocery store in Zelienople, Pennsylvania. Inset: President Donald Trump at the White House on July 22, 2025. Chip Somodevilla // AP Photo file The Tax Foundation noted that there are several exemptions to the tariffs, which could lessen the overall price impact, including for goods covered by the United States-Mexico-Canada Agreement (USMCA). This allows around 63 percent of agricultural imports from Canada and Mexico—America's top two food exporters—to flow into the U.S. without being subject to Trump's import taxes. In addition, trade deals struck by the Trump administration, including with Indonesia, Japan and, most recently, the European Union, cap tariffs at rates below the levels originally unveiled by the president on "Liberation Day." However, the president has also announced new duties in recent weeks, including a 50-percent tariff on Brazil, the fourth-largest exporter of food products to the U.S., according to the Tax Foundation. Meanwhile, Trump has increased tariffs on imports not covered by the USMCA, which are currently set at a 25 percent tariff, but set to rise to 30 percent and 35 percent for Mexico and Canada, respectively, come August 1. What People Are Saying The Tax Foundation, in the report released Monday, wrote: "President Trump has often defended tariffs on the grounds that they will boost domestic production and create jobs. However, in the case of food imports, it is often difficult or impossible to onshore production due to land scarcity and a lack of suitable climates for certain goods. Consumers also often prefer the foreign alternative to American-grown products. This means tariffs on food imports will likely lead to higher food prices, making consumers worse off." What Happens Next On Friday, the pause on reciprocal tariffs will end, and countries unable to secure deals before this deadline will see their rates revert to early April levels. Speaking to Fox News recently, Commerce Secretary Howard Lutnick said that there would be no further tariff extensions beyond this date. "No extensions. No more grace periods," Lutnick said. "August 1, the tariffs are set. They'll go into place."
Yahoo
a day ago
- Business
- Yahoo
REAlloys Appoints Canada's former Ambassador to the United States David MacNaughton to Corporate Board of Directors
DALLAS, July 29, 2025 (GLOBE NEWSWIRE) -- Blackboxstocks Inc. (NASDAQ: BLBX), ('Blackbox' or the 'Company'), announces that its merger target REalloys Inc. ('REA' or 'REalloys') a vertically integrated critical mineral company, today announced the appointment of David MacNaughton, Canada's former Ambassador to the US, to its Corporate Board of Directors. David MacNaughton served as Canada's ambassador to the United States from 2016 to 2019 during the first Trump Administration. Ambassador MacNaughton successfully represented Canadian interests in the complex negotiations leading to the 2020 United States-Mexico-Canada Agreement (USMCA). The USMCA, which substituted the North America Free Trade Agreement (NAFTA) and was a mutually beneficial win for North American workers, farmers, ranchers, and businesses, created a more balanced, reciprocal trade supporting high-paying jobs for Americans and Canadians and opportunities for growing the North American economy. Ambassador MacNaughton was formerly Chairman of StrategyCorp and served as Canadian and North American president of Hill and Knowlton. He also headed Strathshore Financial, Inc. where he did mergers and acquisitions with a special focus on structuring public-private partnerships. He stepped down from his position as Ambassador in 2019 in order to join Palantir Technologies as President of Palantir's Canadian office. He also served on the Board of TC Energy Corporation, which operates 92,000 kilometers of gas pipeline and transports more than 25% of North American natural gas demand. As REalloys progresses in building its vertically integrated rare earth supply chain, with fully owned upstream asset Hoidas Lake in Saskatchewan, an MOU with The Saskatchewan Research Council on a strategic collaborative relationship in which SRC will provide midstream services to REA in support of this effort, and downstream capability with the acquisition of PMT Critical Metals in the United States, Ambassador MacNaughton will contribute his extensive expertise in public-private partnerships and North American statecraft to ensure REalloys' consortium meets its targets to enable North America to substantially divest from reliance on China during the timeframe of the current Canadian and US Administrations. David MacNaughton mentioned: 'I am thrilled to join the first Canada-US critical mineral consortium that has proven capacity in both light and heavy rare earths processing and metallization. Canada and the United States share a long border and close economic and national security cooperation. I am laser focused on practical ways to create win-win outcomes strategically and collaboratively, particularly in the national security space. REalloys will meaningfully benefit the United States, Canada, and the entire Western World.' About REAlloys Inc. REAlloys Inc. (REA) operates a downstream magnet material, critical metals, alloys, & magnet manufacturing facility, located in Euclid, Ohio, and owns the Hoidas Lake Rare Earth Elements Project, located in Saskatchewan, Canada. The project boasts a significant Mineral Resource Estimate of 2,153,000 tons of Total Rare Earth Oxides (TREO) in the Measured and Indicated categories, with significant potential upside. The Hoidas Lake deposit is distinguished by its unique combination of both Heavy Rare Earth Elements (HREEs), including Dysprosium, Terbium, Gadolinium, and Erbium, as well as Light Rare Earth Elements (LREEs) such as Neodymium, Praseodymium, Cerium, and Lanthanum. REA is expanding its Ohio facility's production capacity and is concurrently de-risking and advancing its HLREE Project. By incorporating additional verified rare earth element sources, toll manufacturing, and expanding the Euclid Facility's installed manufacturing capacity, REA is positioned to meet U.S. Protected Markets high performance magnet materials, critical metals, and magnets demand on an accelerated timeline. For more information, go to About Blackboxstocks Inc. Blackboxstocks Inc. is a financial technology and social media hybrid platform offering real-time proprietary analytics and news for stock and options traders of all levels. Our web-based software employs "predictive technology" enhanced by artificial intelligence to find volatility and unusual market activity that may result in the rapid change in the price of a stock or option. Blackbox continuously scans the NASDAQ, New York Stock Exchange, CBOE, and all other options markets, analyzing over 10,000 stocks and up to 1,500,000 options contracts multiple times per second. We provide our users with a fully interactive social media platform that is integrated into our dashboard, enabling our users to exchange information and ideas quickly and efficiently through a common network. We recently introduced a live audio/screenshare feature that allows our members to broadcast on their own channels to share trade strategies and market insight within the Blackbox community. Blackbox is a SaaS company with a growing base of users that spans over 40 countries. For more information, go to ContactsBlackboxstocks PCG AdvisoryJeff Ramson(646) 863-6893jramson@ REAlloys ArgyleCEO REalloys Safe Harbor Clause and Forward-Looking Statements This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'expose,' 'intend,' 'may,' 'might,' 'opportunity,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'will,' 'would' and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, (a) those factors described under the heading 'Risk Factors' in our filings with the SEC, including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time; (b) that the Company and REalloys may be unable to complete the proposed Merger and related transactions because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived; (c) uncertainty as to the timing of completion of the proposed Merger and related transactions; (d) the inability to complete the proposed transaction due to the failure to obtain Company stockholder approval for the proposed Merger and related transactions or the failure to satisfy other conditions to completion of the proposed Merger and related transactions; (e) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; (f) risks related to disruption of management's attention from the Company's ongoing business operations due to the proposed transaction; (g) the effect of the announcement of the proposed transaction on the Company's relationships with its customers and suppliers, and on its operating results and business generally and (h) the outcome of any legal proceedings to the extent initiated against Company, REalloys or others following the announcement of the proposed transaction, as well as the Company's and REalloys' management's response to any of the aforementioned factors. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under 'Risk Factors' in our SEC filings may not be exhaustive. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Disclosure Information Blackbox uses and intends to continue to use its Investors website at as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company's Investors website, in addition to following the Company's press releases, SEC filings, public conference calls, presentations and 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
Politico
2 days ago
- Business
- Politico
Tariff roulette
Presented by Send tips | Subscribe here | Email Canada Playbook | Follow Politico Canada Welcome to a week that could define Canada's economic future — or deepen its trade crisis. In today's edition of Canada Playbook: → As Canada hopes for an August deal, Trump is chasing trade wins elsewhere. → A midsummer dollop of news on interest rates and economic growth. → Why EU Ambassador GENEVIÈVE TUTS is hawkish on transatlantic bonds. Trade war SUMMER BLOCKBUSTER — Aug. 1 approaches, the day Canada and the U.S. are expected to strike a new economic and security deal — or not. Prime Minister MARK CARNEY and President DONALD TRUMP have recently sought to temper expectations. — He's just not that into you: The White House has informed Canada that it is not the priority at the moment, Playbook has learned. Trump, who is in Europe, is focused on securing agreements with other countries, like India. — Get in line: In Scotland on Sunday, Trump struck a trade deal with the European Union, locking in a 15 percent tariff. It follows his deal with Japan last week, though there are questions about that one. → Trump's Canada take: 'We haven't really had a lot of luck with Canada,' the president told reporters outside the White House on Friday. 'I think Canada could be one where they'll just pay tariffs, not really a negotiation,' he said. — State of play: The president is unpredictable, and Canadian officials don't often know what he's going to do until he does it. — For example: Trump caught Canada off guard when he paused negotiations over the digital services tax. He blindsided them again when he sent Carney a letter to say tariffs on Canadian goods would increase to 35 percent on Aug. 1. — The devil in the details: The White House is playing coy about whether the 35 percent tariff would exempt goods that comply with the United States-Mexico-Canada Agreement. While the U.S. has suggested that would be the case, the decision ultimately lies with Trump. Canada will view the lack of an exemption as a serious setback at the table. → Why it matters: That exemption would mean most Canadian businesses would retain tariff-free access to the U.S. market. 'The vast majority of Canadian goods and services are tariff-free,' Carney told reporters last week in Hamilton, Ontario. — In related news: The Globe's JASON KIRBY and MARK RENDELL explain why in a world of tariff pain, USMCA gives Canada an edge — for now. — But, but, but: Trump's tariffs are hammering four Canadian sectors: steel, aluminum, autos and lumber. Another could soon be hit: Trump said a new 50 percent tariff on imported copper will take effect Aug. 1. — Where we go from here: Canada is looking for certainty, so it can provide relief for impacted sectors and stability to investors. So far, officials have been dodging questions about further retaliation, but the Liberal government previously promised to match Trump's tariffs on aluminum if they don't reach a deal. — Worth noting: The Globe's NOJOUD AL MALLEES reports that the government collected about C$1.5 billion more in import duties in April and May over the same period last year, a 180 percent increase thanks to countertariffs. — Trump insists: He will negotiate with 'three or four other countries' before Aug. 1. Others will have just his letter. 'Most of the others are going to be a certain tariff and we're going to keep it as low as we can. They're generally smaller countries or countries we don't do much business with, but they've already received, to a large extent, they've received a letter,' Trump said Sunday. → Coming up: Trump said countries that don't get a deal will receive a confirmation letter this week. Commerce Secretary HOWARD LUTNICK said other countries can keep talking to Trump beyond that date. 'I mean, he's always willing to listen. And between now and then, I think the president's going to talk to a lot of people. Whether they can make him happy is another question,' Lutnick said on 'Fox News Sunday.' Negotiators on both sides of the Canada-U.S. border will keep talking. — In related reading from POLITICO: 'Donaldddddd': Foreign leaders schmooze Trump on his personal cell. THREE THINGS WE'RE WATCHING ECONOMIC INDICATORS This week's data could reinforce fears Canada is tipping into recession: — On Wednesday, interest rates: Most bank economists think TIFF MACKLEM will hold the Bank of Canada's policy rate steady at 2.75 percent. Macklem also stood pat in June and April announcements after seven consecutive cuts dating to 2024. 'At this point, there is a bit less than a 50% chance of even one cut priced in for the rest of 2025,' BMO's DOUG PORTER wrote in a lookahead note. In their own note, RBC's CLAIRE FAN and ABBEY XU sized up the impact of stubbornly high core inflation measures, a 'weakening but relatively resilient economic backdrop' and the potential for increased federal spending amid the threat of permanent tariffs. Their conclusion: 'We do not expect the [bank] will cut again in this cycle.' — On Thursday, GDP data: Most bank economists are projecting a slight turn to the negative for month-over-month May numbers. Porter raised the specter of an economy that shrinks in the second quarter of 2025. A decline in consecutive quarters meets the technical definition of recession. (But remember: Q1 GDP grew by 2.2 percent — exceeding expectations.) THE EPSTEIN CRISIS Scandal dominates U.S. newscycles as fallout continues: The president failed to move the news cycle past JEFFREY EPSTEIN last week, and the narrative shows no sign of fading. — In related reading: ANKUSH KHARDORI, a senior writer for POLITICO Magazine and a former federal prosecutor at the Department of Justice, annotates shifts in the Trump administration's rhetoric in response to the scandal. INTERNATIONAL RESPONSE TO GAZA Canada continues to recalibrate its foreign policy: Foreign Affairs Minister ANITA ANAND is in New York today for a United Nations conference on achieving a Palestinian state, The Star reports. Prime Minister MARK CARNEY has called Israel's 'denial of humanitarian aid' in Gaza 'a violation of international law.' The PM has stopped short of following France, which will recognize a Palestinian state in September, the first G7 nation to do so. Trump is also due to meet with British PM KEIR STARMER today to talk about the need for a ceasefire in Gaza. THE ROOMS THAT MATTER — PM Carney will make an affordability announcement in Prince County, Prince Edward Island at 9:30 a.m. — Former PM STEPHEN HARPER will deliver a keynote at the Midwestern Legislative Conference annual meeting in Saskatoon at 9:30 a.m. local time. Topic: The importance and future of the Canada-U.S. relationship. PLAYBOOK'S ONE-ON-ONE 'NOT JUST … BLAH BLAH BLAH' — As the PM talks a big game about reducing Canada's dependence on the United States, the European Union's top envoy in Canada insists transatlantic bonds are tightening between Ottawa and Brussels. 'Something is happening now, very concretely, not just political blah blah blah,' GENEVIÈVE TUTS told Playbook in an interview in her office on Friday. — Seriously: Tuts described June's EU-Canada summit as 'not just symbolic,' but a 'crucial' and 'historic' moment for the longtime allies in the face of geopolitical uncertainty and global tariff tension. 'I felt a real commitment to deliver on very concrete topics.' — Once more, with feeling: 'This was not a show,' said Tuts, whose note-taking tic — we all have one — is repeatedly drawing circles around her scribbles. 'This was a strong willingness, and this was sincere.' — More trade, please: Tuts was hawkish on expanding business takeup on the Comprehensive Economic and Trade Agreement — Canada's free-trade deal with the EU first applied provisionally in 2017. 'It's good, but we could go from good to great,' she says. The 'main challenge' is making sure businesses that do trade are aware of CETA, Tuts said. She points to a new EU-Canada industrial policy dialogue, as well as nascent negotiations on a digital trade agreement, as opportunities to get the word out. → There's an app for that: Tuts nodded to creative solutions to 'matchmaking' companies on opposite sides of the Atlantic. 'I had a discussion in Brussels with one of my colleagues who was even talking about having an app, a sort of Tinder CETA, to organize this matchmaking process,' Tuts said. — Let's talk: Our colleagues in Europe have reported on formal talks between the European Commission and Canada, as well as Japan, to coordinate responses to Trump tariffs. → Well, d'uh: Tuts described those conversations as a no-brainer. 'This is not surprising that people facing the same challenges, people who are allies and friends, talk to each other,' she told us. 'The relationship between President von der Leyen and Prime Minister Carney is very good. They know each other. They speak the same language. They understand each other. And they talk to each other on a regular basis.' — ICYMI: HBD +2 to Tuts, who celebrated Saturday. MORNING MUST-CLICKS — 'There's no shortage of people in Ottawa trying to think big thoughts. I think if there's a problem it's at the service delivery,' author and scholar DONALD J. SAVOIE tells AMNA AHMAD in a National Post Q&A. — From AARON WHERRY over the weekend: Can Mark Carney move fast and not break things? — The NDP has released the rules for its leadership race. Via DAVID BAXTER of The Canadian Press: 'They're telling candidates they must gather specific numbers of signatures from supporters in diverse regional, racial and LGBTQ+ groups.' — Inuit Tapiriit Kanatami President NATAN OBED told the Globe's EMILY HAWS that in the next decade Inuit are looking to build 79 projects, totaling about C$30 billion. — The PM sat with APTN's DENNIS WARD for a one-on-one interview. — In his latest missive, PAUL WELLS observes 'there is a notable droop to the once proudly waving Canadian elbow.' LOBBY WATCH Our daily check-in on federal lobbyist registrations and notable meetings around town: — Westport Fuel Systems, a fuel delivery component supplier, posted a July 24 meeting with PMO policy coordinator JOSHUA SWIFT. The company is advocating for federal programs that 'encourage the adoption of alternative fuel vehicles — specifically vehicles that use natural gas and/or hydrogen as a primary fuel.' PLAYBOOKERS Birthdays: HBD to MARCO MENDICINO, former Cabmin who served briefly as Carney's chief of staff. Greetings also to Sandstone Group senior associate, longtime Liberal staffer and Playbook trivia regular GEORGE YOUNG. Birthdays, gatherings, social notices for this community: Send them our way. Movers and shakers: NATAN OBED told the Globe he'll be seeking reelection as president at the Inuit Tapiriit Kanatami's annual general meeting in September. Alberta MP HEATHER MCPHERSON says she is 'considering' entering the NDP leadership race. 'I've certainly had lots of folks ask me to.' ANDREW WING is now the executive assistant to Northern and Arctic Affairs Minister REBECCA CHARTRAND. Spotted: Retired teacher YOLAINE MUNTER, mother to Canadian Medical Association CEO ALEX MUNTER, scoring a shoutout from GABRIELA DABROWSKI as the Ottawa-born tennis star received a key to the city. 'There's no greater thrill for my mom Yolaine than to celebrate the success of former students,' Munter posted on social media. A visiting teenager, telling Playbook on Friday that he'd dreamed for years of visiting the House of Commons — and, when he finally took a tour, was overwhelmed enough that he nearly fainted on entering the chamber. Noted: AILISH CAMPBELL has wrapped up her time as Canada's EU ambassador. Manitoba Premier WAB KINEW has called a by-election in Spruce Woods for Aug. 26. Elections Canada deregistered the Edmonton Riverbend Green Party Association, effective July 31. Via DARREN MAJOR of CBC News: As of Sunday evening, 209 candidates had registered to run in the Battle River-Crowfoot by-election. BRUCE ANDERSON has returned to 'Good Talk' after stepping away from the pod during the federal election campaign. The Canadian Coast Guard isn't monitoring that Chinese research vessel, but the U.S. Coast Guard did. PROZONE For Pro subscribers, our latest policy newsletter. In other news for Pro readers: — Commerce triples anti-dumping duties on Canadian softwood lumber. — Tesla barred from offering autonomous rides in California. — USDA chief says potentially half of its DC staff may not relocate for reorganization. — EU plan to offshore climate action not grounded in analysis, commission admits. — Whale entanglements decline but still threaten survival. TRIVIA Friday's answer: In 2013, HULK HOGAN arm-wrestled then-Mayor ROB FORD to help promote the Fan Expo convention in Toronto. The other 1980s wrestler who challenged Ford to an arm wrestling match — but never got one — was the IRON SHEIK. (Thanks to DARREN MAJOR for the submission.) Props to PATRICK DION, DAVID GRANOVSKY, RAY DEL BIANCO, JEFFREY VALOIS, BOB GORDON, DARRYL DAMUDE, JOHN PEPPER, DAVE PENNER, AIDEN MUSCOVITCH, ELIZABETH BURN, CAMERON PENNER, MALCOLM MCKAY, ROBERT MCDOUGALL, AXEL RIOUX and ADAM SMITH. Today's question: In celebration of the birthday of CAMILLA, the royal family shared a portrait of the queen consort. What Canadian novel was she deep into reading in the photo? Send your answer to canadaplaybook@ Canada Playbook would not happen without: Canada Editor Sue Allan, editor Willa Plank and POLITICO's Grace Maalouf.
New York Post
3 days ago
- Business
- New York Post
Trump's Aug. 1 tariff deadline is set in stone, Lutnik says: ‘No extensions, no more grace periods'
President Trump's 'Liberation Day' tariffs — set to kick in Friday — are set in stone this time and will not be delayed again, Commerce Secretary Howard Lutnick said Sunday. 'No extensions, no more grace periods. Aug. 1, the tariffs are set; they'll go into place. Customs will start collecting the money, and off we go,' Lutnick said on 'Fox News Sunday.' 'Obviously, after Aug. 1, people can still talk to President Trump. I mean, he's always willing to listen, and between now and then, I think the president is going to talk to a lot of people. Whether they can make him happy is another question.' Trump announced a 10% baseline tariff rate on all imports to the US and announced a set of customs rates against virtually every country on the planet during his April 2 'Liberation Day' push. The customized tariff rates were slated to take effect on April 9, but then got delayed 90 days and then postponed again until Aug. 1. 3 Commerce Secretary Howard Lutnick said there won't be a grace period for the Aug. 1 tariff deadline. Fox News 3 President Trump's 'Liberation Day' tariffs are set to kick in on Aug. 1 for countries that didn't cut a deal with him. Getty Images In the time since, Trump has announced preliminary trade deals with the United Kingdom, Vietnam, Japan, Indonesia and the Philippines. Additionally, the Trump administration reached a tariff truce with China and set an Aug. 12 deadline to cut a broader deal. Lutnick stressed that Trump is prioritizing the 'big economies' right now. That includes the European Union. Trump met with European Commission chief Ursula von der Leyen on Sunday during his four-day trip to the United Kingdom. 'We set the table. The team sets the table. But Donald Trump does his negotiations by himself,' he emphasized. The EU is a bloc of 27 countries that, taken together, is one of America's largest sources of trade. Negotiations with the EU have proven to be lengthy and tricky for Trump. Trump has a variety of tariffs in place now, such as a 25% rate on automobiles, aluminum, and steel, as well as 25% on imports from Canada and Mexico that don't comply with the United States-Mexico-Canada Agreement. He's also recently mused about jacking up tariffs on Canada and Mexico. Lutnick touted the revenue gains from those tariffs. 3 President Trump has endeavored to overhaul US trade relations during his second term. AP 'What's going to happen is very few products are actually going to move in price,' he predicted. 'And basically $700 billion, $800 billion, maybe it's possible we get near a trillion dollars of revenue, will come into the United States of America, reducing our deficit.' 'What do you think is paying for no tax on tips, no tax on overtime, no tax on Social Security, right?' he added. 'I think if you take a look at the whole thing, it's going to be fantastic.' Trump has also flexed tariffs in the geopolitical realm. On Saturday, he spoke with the leaders and Cambodia and Thailand, informing them that US trade negotiations will stop unless they cease fighting over a long-contested section of the border. On July 15, the president also threatened Russia with 100% secondary tariffs on Russian oil if it fails to make a deal with neighboring Ukraine. That threat could complicate US trade relations with China and India in particular, which have been taking advantage of cheap Russian oil due to the sanctions on Moscow.
New York Post
4 days ago
- Business
- New York Post
Pakistan says it's ‘very close' to a trade deal with President Trump
Pakistani Foreign Minister Ishaq Dar claimed his country is 'very close' to locking down a tariff deal with the US ahead of President Trump's fast-approaching Aug. 1 deadline for the 'Liberation Day' levies to take effect. Dar met with Secretary of State Marco Rubio and predicted a deal is just days away as the Trump administration scrambles to finalize agreements with countries before the deadline. 'I think we are very close to finalizing a deal with the U.S.,' Dar said during an appearance at the Atlantic Council think tank Friday. 'Our teams have been here in Washington, discussing, having virtual meetings and a committee has been tasked by the prime minister to fine-tune now.' 'It's not going to be months, not even weeks, I would say days.' Since Trump unveiled his 'Liberation Day' tariffs, a deluge of countries have been negotiating with his team to cut lightning deals. 3 Pakistani Foreign Minister Ishaq Dar met with Secretary of State Marco Rubio this week to discuss trade and other issues. Getty Images 3 President Trump has been trying to overhaul US trade policy during his second term. Ron Sachs/CNP / Trump repeatedly agreed to postpone the implementation rate for most of those tariffs, with the most recent deadline being Aug. 1 to give more time for negotiations to play out. So far, he has locked down tariff deals with the United Kingdom, Vietnam, Japan, Indonesia and the Philippines. The Trump administration also has a tariff truce with China, where there is an Aug. 12 deadline to ink a broader deal. At the moment, Trump has imposed a 10% baseline tariff rate on almost all imports, tariffs on Chinese imports, 25% tariffs on automobiles, aluminum, and steel, as well as 25% on imports from Canada and Mexico that don't comply with the United States-Mexico-Canada Agreement. Total US trade with Pakistan clocked in at about $7.3 billion last year, according to the Office of the US Trade Representative. The State Department and Pakistan also confirmed the two sides held talks on trade issues, but didn't reveal a timeline for a deal getting finalized. The State Department did not immediately respond to a request for comment. Earlier this year, fighting erupted between India and Pakistan after the Pahalgam terrorist attack near India's administered Jammu and Kashmir. The incident sparked a chain of events that led to India firing missiles into Pakistan. Pakistan responded in kind. The two countries, which have been mired in decades-long tensions over Kashmir, are both nuclear-armed, which has led to elevated concerns about the conflict spiraling out of control. 3 Pakistan revealed plans to nominate President Trump for the Nobel Peace Prize last month. REUTERS A ceasefire was announced between the two in May. Trump has since publicly taken credit for helping to mediate the differences between the two sides. Last month, Pakistan announced plans to nominate Trump for the Nobel Peace Prize over his 'decisive diplomatic intervention' during the conflict with India.
