Latest news with #economics
Bloomberg
3 hours ago
- Business
- Bloomberg
How to Protect Your Wealth From Tariff Turmoil
Welcome to the award-winning Money Distilled newsletter. I'm John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money. Stock markets are feeling chipper. Record highs (in local currency terms) are the order of the day. From the US S&P 500, very much accustomed to making new highs, to the FTSE 100 — somewhat less used to the 'fresh record' buzz — to the Japanese Topix index, which up until very recently, hadn't enjoyed a new high since the 1980s.
News24
5 hours ago
- Business
- News24
Trump says tariffs will start from 15%; some African countries may get 10%
For more financial news, go to News24 Business front page. US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an August 1 deadline, an indication that the floor for the increased levies was rising. 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's comment declaring that the tariffs would begin at 15% represented the latest twist in his effort to impose duties on nearly every US trading partner, and the latest indication that Trump was looking to more aggressively impose the levies on exports from countries outside the small group that so far has been able to broker trade frameworks with Washington. Trump earlier this month said that more than 150 countries would receive a letter including a tariff rate of 'probably 10 or 15%, we haven't decided yet.' Commerce Secretary Howard Lutnick told CBS News on Sunday that small countries including 'the Latin American countries, the Caribbean countries, many countries in Africa' would have a baseline tariff of 10%. And at the first announcement of the tariffs in April, Trump unveiled a universal tariff of 10% on nearly every country. While Trump and his advisers initially expressed hopes of securing multiple deals, the president has been touting the tariff letters themselves as 'deals' and suggesting that he is uninterested in back-and-forth negotiations. Still, he has left the door open for countries to make agreements that could lower those rates. On Tuesday, Trump announced he was reducing a threatened 25% tariff on Japan to 15% in exchange for the country removing restrictions on some US products, as well as offering to back a $550 billion investment fund. The White House has also discussed a similar fund with South Korea, a nation also focused on reaching a 15% rate including on autos, according to people familiar with the matter. And the Philippines is aiming to bring down its own tariff rate to the 15% level from the current 19% rate, according to the country's Ambassador to the US Jose Manuel Romualdez. Meantime, officials in Vietnam are weighing the likely cost of their deal. Hanoi estimates its exports to the US could decline by as much as a third if higher tariffs announced by Trump take effect, an internal government assessment shows. Other nations, including India and members of the European Union, are still pushing for an agreement before the heightened tariffs go into effect. On Wednesday, Trump said he would 'have a very, very simple tariff for some of the countries' because there were so many nations that 'you can't negotiate deals with everyone.' He said talks with the European Union were 'serious.' 'If they agree to open up the union to American businesses, then we will let them pay a lower tariff,' Trump said.
Yahoo
5 hours ago
- Business
- Yahoo
Trump Says Countries Will Face Tariffs Ranging From 15% to 50%
(Bloomberg) -- US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's comment declaring that the tariffs would begin at 15% represented the latest twist in his effort to impose duties on nearly every US trading partner, and the latest indication that Trump was looking to more aggressively impose the levies on exports from countries outside the small group that so far has been able to broker trade frameworks with Washington. Trump earlier this month said that more than 150 countries would receive a letter including a tariff rate of 'probably 10 or 15%, we haven't decided yet.' Commerce Secretary Howard Lutnick told CBS News on Sunday that small countries including 'the Latin American countries, the Caribbean countries, many countries in Africa' would have a baseline tariff of 10%. And at the first announcement of the tariffs in April, Trump unveiled a universal tariff of 10% on nearly every country. While Trump and his advisers initially expressed hopes of securing multiple deals, the president has been touting the tariff letters themselves as 'deals' and suggesting that he is uninterested in back-and-forth negotiations. Still, he has left the door open for countries to make agreements that could lower those rates. On Tuesday, Trump announced he was reducing a threatened 25% tariff on Japan to 15% in exchange for the country removing restrictions on some US products as well as offering to back a $550 billion investment fund. The White House has also discussed a similar fund with South Korea, a nation also focused on reaching a 15% rate including on autos, according to people familiar with the matter. And the Philippines is aiming to bring down its own tariff rate to the 15% level from the current 19% rate, according to the country's Ambassador to the US Jose Manuel Romualdez. Meantime, officials in Vietnam are weighing the likely cost of their deal. Hanoi estimates its exports to the US could decline by as much as a third if higher tariffs announced by Trump take effect, an internal government assessment shows. Other nations, including India and members of the European Union, are still pushing for an agreements before the heightened tariffs go into effect. On Wednesday, Trump said he would 'have a very, very simple tariff for some of the countries' because there were so many nations that 'you can't negotiate deals with everyone.' He said talks with the European Union were 'serious.' 'If they agree to open up the union to American businesses, then we will let them pay a lower tariff,' Trump said. --With assistance from Katia Dmitrieva and Malcolm Scott. (Updates with Korea talks in seventh paragraph, Vietnam forecasts in 8th.) Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
Reuters
6 hours ago
- Business
- Reuters
Rwanda's Kagame appoints central banker as new prime minister
KIGALI, July 24 (Reuters) - President Paul Kagame has replaced Rwanda's long-serving prime minister, naming the deputy governor of the central bank, who was once pardoned for a corruption conviction, to the role responsible for the government's day-to-day operations. The appointment of Justin Nsengiyumva, the former prime secretary at the education ministry who holds a PhD in economics from the University of Leicester, was announced by the office of the government spokesperson in a post on X late on Wednesday. The post did not say why the incumbent, Edouard Ngirente, was dropped. Ngirente, who had been prime minister since 2017, thanked Kagame on X, writing: "This journey has been deeply enriching." Kagame appointed Nsengiyumva as deputy governor at the National Bank of Rwanda earlier this year. Nsengiyumva's official biography says he has worked for the British government, including as senior economist for the Office of Rail and Road. Prior to his work in the UK, Nsengiyumva served as permanent secretary at Rwanda's education ministry. In 2008, while serving in that role, he was arrested for alleged corruption and later convicted, according to the state-owned New Times newspaper. Kagame pardoned him in March 2023 alongside 380 others in unrelated cases, the New Times reported. A Rwandan government spokesperson did not immediately respond to a request for a comment. Rwanda last held elections in 2024 when Kagame was re-elected with 99.18% of the vote, extending his near quarter-century in office.
Yahoo
9 hours ago
- Business
- Yahoo
Trump Says Countries Will Face Tariffs Ranging From 15% to 50%
(Bloomberg) -- US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's comment declaring that the tariffs would begin at 15% represented the latest twist in his effort to impose duties on nearly every US trading partner, and the latest indication that Trump was looking to more aggressively impose the levies on exports from countries outside the small group that so far has been able to broker trade frameworks with Washington. Trump earlier this month said that more than 150 countries would receive a letter including a tariff rate of 'probably 10 or 15%, we haven't decided yet.' Commerce Secretary Howard Lutnick told CBS News on Sunday that small countries including 'the Latin American countries, the Caribbean countries, many countries in Africa' would have a baseline tariff of 10%. And at the first announcement of the tariffs in April, Trump unveiled a universal tariff of 10% on nearly every country. While Trump and his advisers initially expressed hopes of securing multiple deals, the president has been touting the tariff letters themselves as 'deals' and suggesting that he is uninterested in back-and-forth negotiations. Still, he has left the door open for countries to make agreements that could lower those rates. On Tuesday, Trump announced he was reducing a threatened 25% tariff on Japan to 15% in exchange for the country removing restrictions on some US products as well as offering to back a $550 billion investment fund. The White House has also discussed a similar fund with South Korea, a nation also focused on reaching a 15% rate including on autos, according to people familiar with the matter. And the Philippines is aiming to bring down its own tariff rate to the 15% level from the current 19% rate, according to the country's Ambassador to the US Jose Manuel Romualdez. Meantime, officials in Vietnam are weighing the likely cost of their deal. Hanoi estimates its exports to the US could decline by as much as a third if higher tariffs announced by Trump take effect, an internal government assessment shows. Other nations, including India and members of the European Union, are still pushing for an agreements before the heightened tariffs go into effect. On Wednesday, Trump said he would 'have a very, very simple tariff for some of the countries' because there were so many nations that 'you can't negotiate deals with everyone.' He said talks with the European Union were 'serious.' 'If they agree to open up the union to American businesses, then we will let them pay a lower tariff,' Trump said. --With assistance from Katia Dmitrieva and Malcolm Scott. (Updates with Korea talks in seventh paragraph, Vietnam forecasts in 8th.) Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. 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
