Latest news with #economicpressure
Al Bawaba
7 days ago
- Business
- Al Bawaba
U.S. imposes up to 50% tariffs on Brazilian imports
Published August 6th, 2025 - 06:59 GMT In remarks following the tariff announcement, Lula said he had no intention of speaking with Trump, and instead pledged to coordinate a response with Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, and Russian President Vladimir Putin ALBAWABA- The United States implemented a new wave of tariffs on a range of Brazilian imports on Wednesday, escalating economic pressure on Brazil amid ongoing legal proceedings against former President Jair Bolsonaro. Brazilian President Luiz Inácio Lula da Silva sharply criticized the U.S. decision, calling it a "politically motivated move" tied to domestic American politics. In remarks following the tariff announcement, Lula said he had no intention of speaking with Trump, and instead pledged to coordinate a response with Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, and Russian President Vladimir Putin, underscoring Brazil's alignment with its BRICS partners. 'If Trump wants a trade war, he'll fight it alone,' Lula added. 🇧🇷 Brazilian President: Brazil is no longer dependent on the USA Luiz Inácio Lula da Silva, the President of Brazil, condemned Donald Trump's tariff war and said: "Brazil is no longer dependent on the USA as it used to be and will not allow anyone to dictate its economic… — S p r i n t e r (@SprinterObserve) August 5, 2025 The decision is part of President Donald Trump's broader political response to what he alleges are 'unwarranted criminal charges' against Bolsonaro, a close ideological ally. Under the new measures, tariffs on selected Brazilian goods have surged from 10% to as high as 50%, with the White House citing Brazil's 'extraordinary policies' as detrimental to U.S. economic and foreign policy interests. However, to limit disruption to bilateral trade, the package includes over 700 product exemptions, notably excluding orange juice and key civil aviation components. While Brazilian Vice President Geraldo Alckmin stated that the new tariffs would affect only around 36% of Brazilian exports to the U.S., analysts noted that major commodities such as coffee, beef, and sugar are among the affected goods. These sectors are core to Brazil's export economy and could face significant headwinds if the measures remain in place long-term. The White House executive order, issued last week, underscores growing friction between the two administrations. It accuses the Brazilian government of undermining U.S. economic interests and curbing free speech, particularly in light of Bolsonaro's trial. The former president is currently under house arrest for breaching a gag order tied to his alleged involvement in a post-election coup attempt, following his 2022 electoral defeat to current President Luiz Inácio Lula da Silva. In response, Brazilian President Lula vowed to defend the country's 'sovereignty,' and Foreign Minister Mauro Vieira criticized what he called 'unacceptable interference' during a recent visit to Washington. Despite the diplomatic tension, experts suggest the trade impact may be mitigated. Valentina Sader, Brazil expert at the Atlantic Council, highlighted the extensive scope of the tariff exemptions as a sign that Washington seeks leverage rather than outright economic confrontation. The tariffs mark a significant escalation in U.S.-Brazil relations and signal that political trials abroad may increasingly shape U.S. trade policy under Trump's administration. © 2000 - 2025 Al Bawaba (
The Guardian
24-07-2025
- Business
- The Guardian
Donald Trump will add to pressure on Jerome Powell with visit to Federal Reserve
Donald Trump will heap further pressure on the chief of the Federal Reserve, Jerome Powell, on Thursday when the US president makes a visit to the central bank's Washington offices. In an unusual move, the White House announced on Wednesday that Trump would visit the Fed at 4pm on the following day, without saying whether Powell would meet him. Since the US president's inauguration in January he has repeatedly attacked Powell for refusing to cut interest rates. Powell chairs a committee that has voted to maintain the cost of borrowing while many other central banks, including the European Central Bank and the Bank of England, have made cuts. Trump recently accused Powell of making it difficult for young people to buy a house while interest rates remained high, referring to him as a 'numbskull' in social media posts and suggesting his tenure, due to run until next spring, should be curtailed. Trump's public criticism of Powell and suggestions that he could be fired have rattled markets amid concerns about the central bank's independence and freedom from political interference. A refurbishment of the Federal Reserve's headquarters has also become a subject of dispute after a $1.9bn project reportedly overran by about $600m. White House officials have claimed that Powell's oversight of the project shows the Fed boss lacks the ability to run the organisation. The Fed has hit back, explaining in a video tour of the construction that the project is a 'complete overhaul and modernisation' of two buildings that have not had major renovations since the 1930s. Trump's visit – part of an investigation of the project – represents an acceleration of the pressure he and his advisers have put on Powell and the bank. The US Treasury secretary, Scott Bessent, has played down the likelihood of ousting Powell, but this week questioned whether the Federal Reserve had fulfilled its mandate. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion He told an interview with CBNC: 'Has the organisation succeeded in its mission? If this were the [Federal Aviation Administration] and we were having this many mistakes, we would go back and look at why has this happened.' James Blair, the White House's deputy chief of staff, said earlier this week that administration officials would be visiting the Fed on Thursday but did not say the president would join. A Federal Reserve official did not immediately respond to a request for comment, according to Reuters.
The Guardian
24-07-2025
- Business
- The Guardian
Donald Trump will add to pressure on Jerome Powell with visit to Federal Reserve
Donald Trump will heap further pressure on the chief of the Federal Reserve, Jerome Powell, on Thursday when the US president makes a visit to the central bank's Washington offices. In an unusual move, the White House announced on Wednesday that Trump would visit the Fed at 4pm on the following day, without saying whether Powell would meet him. Since the US president's inauguration in January he has repeatedly attacked Powell for refusing to cut interest rates. Powell chairs a committee that has voted to maintain the cost of borrowing while many other central banks, including the European Central Bank and the Bank of England, have made cuts. Trump recently accused Powell of making it difficult for young people to buy a house while interest rates remained high, referring to him as a 'numbskull' in social media posts and suggesting his tenure, due to run until next spring, should be curtailed. Trump's public criticism of Powell and suggestions that he could be fired have rattled markets amid concerns about the central bank's independence and freedom from political interference. A refurbishment of the Federal Reserve's headquarters has also become a subject of dispute after a $1.9bn project reportedly overran by about $600m. White House officials have claimed that Powell's oversight of the project shows the Fed boss lacks the ability to run the organisation. The Fed has hit back, explaining in a video tour of the construction that the project is a 'complete overhaul and modernisation' of two buildings that have not had major renovations since the 1930s. Trump's visit – part of an investigation of the project – represents an acceleration of the pressure he and his advisers have put on Powell and the bank. The US Treasury secretary, Scott Bessent, has played down the likelihood of ousting Powell, but this week questioned whether the Federal Reserve had fulfilled its mandate. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion He told an interview with CBNC: 'Has the organisation succeeded in its mission? If this were the [Federal Aviation Administration] and we were having this many mistakes, we would go back and look at why has this happened.' James Blair, the White House's deputy chief of staff, said earlier this week that administration officials would be visiting the Fed on Thursday but did not say the president would join. A Federal Reserve official did not immediately respond to a request for comment, according to Reuters.
Yahoo
24-07-2025
- Business
- Yahoo
Trump to visit Federal Reserve on Thursday, White House says
WASHINGTON (Reuters) -U.S. President Donald Trump, a strong critic of Federal Reserve Chair Jerome Powell, will visit the central bank on Thursday, the White House said. Trump has lambasted Powell repeatedly for not cutting U.S. interest rates more aggressively, referring to him as a "numbskull" on Tuesday and musing publicly about firing him. The White House said on Wednesday in a schedule it released to the media that Trump would visit the Federal Reserve at 4:00 p.m. ET (2000 GMT) on Thursday. The schedule did not say whether Trump would be meeting with Powell. A Federal Reserve official did not immediately respond to a request for comment. White House deputy chief of staff James Blair said earlier this week that administration officials would be visiting the Fed on Thursday but did not say the president would join. Trump's visit represents an acceleration of the pressure he and his advisers have put on Powell and the bank, traditionally viewed as an independent institution.
Reuters
24-07-2025
- Business
- Reuters
Trump to visit Federal Reserve on Thursday, White House says
WASHINGTON, July 23 (Reuters) - U.S. President Donald Trump, a strong critic of Federal Reserve Chair Jerome Powell, will visit the central bank on Thursday, the White House said. Trump has lambasted Powell repeatedly for not cutting U.S. interest rates more aggressively, referring to him as a "numbskull" on Tuesday and musing publicly about firing him. The White House said on Wednesday in a schedule it released to the media that Trump would visit the Federal Reserve at 4:00 p.m. ET (2000 GMT) on Thursday. The schedule did not say whether Trump would be meeting with Powell. A Federal Reserve official did not immediately respond to a request for comment. White House deputy chief of staff James Blair said earlier this week that administration officials would be visiting the Fed on Thursday but did not say the president would join. Trump's visit represents an acceleration of the pressure he and his advisers have put on Powell and the bank, traditionally viewed as an independent institution.
