Latest news with #importtariff
Bloomberg
5 days ago
- Business
- Bloomberg
Traders Race to Ship Copper to US Before Trump's New Tariff Hits
Metals are the latest market upended by President Donald Trump after he confirmed long-touted plans to impose a 50% import tariff on copper from August. 'America will, once again, build a DOMINANT Copper Industry,' Trump wrote on Truth Social. The move is likely to hurt American producers of everything from automobiles to appliances that rely on the metal. Copper traders are scrambling to get cargoes into the US before the new tariff comes into effect. Some are looking to shift deliveries into Hawaii and Puerto Rico to cut shipment times. Shipments from Asia to New Orleans typically take over a month, so any traders sending metal now would risk being caught on the wrong side of the tariff. The journey to Hawaii meanwhile is roughly ten days.
Daily Mail
6 days ago
- Politics
- Daily Mail
BREAKING NEWS Trump slaps 50% tariff on Brazil as punishment for 'witch hunt' trial against ex-president Jair Bolsonaro
President Donald Trump has hit Brazil with a 50 percent import tariff on 'any and all' goods sent to the United States as punishment for the 'witch hunt' trial against former president Jair Bolsonaro. Trump fired off a furious letter to Brazilian President Luiz Inácio Lula da Silva on Wednesday laying out the details of his new tariff. 'The way that Brazil has treated former President Bosonaro, a Highly Respected Leader throughout the world... is an international disgrace,' Trump wrote in the letter, which he shared to Truth Social. Bosonaro is on trial accused of trying to overturn his 2022 election loss. He testified in June before the country's Supreme Court over his alleged plot to remain in power despite losing the vote. Bolsonaro has already been barred from from running for office until 2030 by the country's electoral authorities. 'This Trial should not be taking place. It is a Witch Hunt that should end IMMEDIATELY!' Trump has described Bolsonaro as a friend and hosted the former Brazilian president at his Mar-a-Lago resort when both were in power in 2020. The president said his whopping tariff was also in part a response to Brazil's 'insidious attacks on Free Elections and the Fundamental Free Speech rights of Americans.' Trump fired off a furious letter to Brazilian President Luiz Inácio Lula da Silva on Wednesday laying out the details of his new tariff He said a decision by Brazil's Supreme Court to fine and temporarily block US social media companies last year amounted to 'SECRET and UNLAWFUL Censorship Orders.' Trump said he is launching an investigation as a result under Section 301 of the Trade Act of 1974, which applies to countries with trade practices that are deemed unfair to U.S. companies. Brazil's vice president, Geraldo Alckmin, said he sees 'no reason' for the U.S. to hike tariffs on the South American nation. 'I think he has been misinformed,' he said. 'President Lula was jailed for almost two years. No one questioned the judiciary. No one questioned what the country had done. This is a matter for our judiciary branch.' Trump, too, was indicted in 2023 for his efforts to overturn the results of the 2020 US presidential election. While Trump has said the high tariff rates he's setting are based on trade imbalances, it was unclear by his Wednesday actions how the countries being targeted would help to reindustrialize America. The tariffs starting August 1 would be a dramatic increase from the 10 percent rate that Trump levied on Brazil as part of his April 2 'Liberation Day' announcement. In addition to oil, Brazil sells orange juice, coffee, iron and steel to the US, among other products. The US ran a $6.8 billion trade surplus with Brazil last year, according to the Census Bureau. Trump initially announced his broad tariffs by declaring an economic emergency, arguing under a 1977 law that the US was at risk because of persistent trade imbalances. But that rationale becomes murky in this particular case, as Trump is linking his tariffs to the Bolsonaro trial and the US exports more to Brazil than it imports. Trump also sent letters Wednesday to the leaders of seven other nations - the Philippines, Brunei, Moldova, Algeria, Libya, Iraq and Sri Lanka. Most economic analyses say the tariffs will worsen inflationary pressures and subtract from economic growth, but Trump has used the taxes as a way to assert the diplomatic and financial power of the US on both rivals and allies. His administration is promising that the taxes on imports will lower trade imbalances, offset some of the cost of the tax cuts he signed into law on Friday as part of the Big Beautiful Bill and cause factory jobs to return to the United States. 'We really haven't had too many complaints because I'm keeping them at a very low number, very conservative as you would say,' Trump said. Officials for the European Union, a major trade partner and source of Trump's ire on trade, said Tuesday that they are not expecting to receive a letter from Trump listing tariff rates. The president started the process of announcing tariff rates on Monday by hitting two major US trading partners, Japan and South Korea, with import taxes of 25 percent. The letters were posted on Truth Social after the expiration of a 90-day negotiating period with a baseline levy of 10 percent. Trump is giving countries more time to negotiate with his August 1 deadline, but he has insisted there will be no extensions for the countries that receive letters. The president threatened additional tariffs on any country that attempts to retaliate.
ABC News
07-07-2025
- Business
- ABC News
Trump announces new tariffs
Donald Trump has set a 25 per cent import tariff on all goods from Japan and South Korea as he unveiled the latest swathe of levies on goods from countries around the world.
ABC News
07-07-2025
- Business
- ABC News
Donald Trump announces goods from Japan and South Korea face 25 per cent tariffs from August 1
Donald Trump has set a 25 per cent import tariff on all goods from Japan and South Korea. The US president confirmed the move on his social media platform, Truth Social, where he posted images of the letters he sent to the leaders of both countries on Monday, US time. His administration flagged that letters would be sent to US trading partners outlining the new levy arrangements last week.
Globe and Mail
28-05-2025
- Automotive
- Globe and Mail
German carmakers, Washington in talks over import tariff deal, sources say
Germany's leading automakers are in talks with Washington over a possible import tariff deal, seeking to use their U.S. investments and exports as leverage to soften any blow, three people familiar with the matter said. BMW BMW-NE, Mercedes-Benz MBGYY and Volkswagen VWAGY hope that the talks with the U.S. Department of Commerce could result in a deal in June, one of the people said, but this would be contingent on companies pledging substantial investments that would sway the U.S. administration. The automakers have signalled some plans for U.S. expansion since President Donald Trump began making tariff threats. Mercedes-Benz will add its best-selling GLC SUV to its Alabama plant lineup from 2027, BMW is considering adding shifts at its Spartanburg plant and Volkswagen's Audi is planning to produce some models in the United States, although the brand says that plan pre-dates the Trump administration. BMW says it expects €1-billion hit to earnings from escalating tariffs BMW, which has urged the European Union to cut tariffs on vehicle imports from the U.S. to 2.5% from 10%, is the largest U.S. car exporter by volume. Mercedes-Benz also exports heavily from its Alabama plant, its centre of production for SUVs. Under the proposals being discussed, German carmakers would get credits for cars they export from the United States, which could then be deducted from tariffs, a second source said. The talks were first reported by Handelsblatt. Volkswagen, Mercedes-Benz and BMW declined to comment on any talks with the U.S. government. The carmakers have previously said they were holding talks with the U.S. government over tariffs. The U.S. is the fifth-largest source of car imports for the EU, after China, Japan, Britain, and Turkey, according to EU figures. The European Commission, which oversees trade policy for the 27-nation bloc, is stepping up efforts to secure a deal with Washington to end U.S. import tariffs on EU goods, or at least prevent any increases. Brussels has asked the EU's leading companies and CEOs for details of their U.S. investment plans as leverage for negotiations. Still, the Commission is also preparing for retaliation should talks fail, with motor vehicles and motor vehicle products among the highest value items on a list published by the Commission earlier this month of products that could be hit with counter-measures. Shares in the carmakers got a boost from news of the talks, with BMW up 3.3 per cent and Mercedes up 2.6 per cent. Volkswagen's shares initially rose 2.2 per cent before returning to their previous value. Trump's tariff strategy has added to the pressure on a German car industry already struggling with weak European demand and stiff competition.
