Latest news with #trade
Yahoo
19 minutes ago
- Business
- Yahoo
Trump launches probe into Brazil's 'unfair' trade practices
The Trump administration says it has launched an investigation into Brazil's "unfair" trading practices. It will include the Brazilian government's policies "related to digital trade and electronic payment services; unfair, preferential tariffs; anti-corruption interference", a statement from the US Trade Representative said. The investigation seeks to determine whether they are "unreasonable or discriminatory and burden or restrict US commerce." Last week, US President Donald Trump urged Brazilian authorities to end their prosecution of the country's former President Jair Bolsonaro, accusing them of carrying out a "WITCH HUNT". Trade Ambassador Jamieson Greer said that the probe was being launched at Trump's direction "into Brazil's attacks on American social media companies as well as other unfair trading practices that harm American companies, workers, farmers, and technology innovators". Trump first flagged the investigation in a letter to Brazil's president, Luiz Inácio Lula da Silva, last week. In the same letter, Trump announced a 50% tariff on Brazil starting on 1 August. Lula said in response that Brazil would match any increase in tariffs. Last year, trade between the two countries was worth $90bn, with the US selling more goods to Brazil. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. You can receive Breaking News on a smartphone or tablet via the BBC News App. You can also follow @BBCBreaking on X to get the latest alerts. Why is Trump targeting Brazil - and will it backfire for Bolsonaro?
Washington Post
22 minutes ago
- Business
- Washington Post
Trump to put tariffs of over 10% on smaller nations, including those in Africa and the Caribbean
WASHINGTON — President Donald Trump told reporters Tuesday that he plans to place tariffs of over 10% on smaller countries, including nations in Africa and the Caribbean. 'We'll probably set one tariff for all of them,' Trump said, adding that it could be 'a little over 10% tariff' on goods from at least 100 nations.
News.com.au
25 minutes ago
- Sport
- News.com.au
The ‘bulls*** excuses' behind Buddy Franklin's GSW Giants betrayal
It was the trade bombshell that rocked the AFL to its core. At the end of the 2013 season, the football world expected Lance Franklin to take his talents to New South Wales and join AFL expansion side GWS on a monster deal that would put the expansion club on the map. But they were only half right. Buddy did head north but in a move still seen as one of the wildest in AFL history, he had secretly agreed to sign with Sydney on a massive nine-year deal worth $10m. The beauty of the deal was that only a handful of people knew what was really happening – and they all ensured the secret never slipped out. But through the Code Sports Dealmaker series, it can now be revealed that a series of 'bullsh** excuses' did tip one rival player manager off and he ensured his client cashed in. Prominent player manager Anthony McConville cracked the case through a process of elimination. He had been working away on what should have been a regular contract for Sydney's reigning premiership ruckman Shane Mumford. But every time McConville tried to sit down with the Swans' general manager of football Dean Moore, all he received was the player manager's version of a 'don't argue' rebuff. 'I knew Dean (Moore) wasn't keen to do a deal,' McConville told Code Sports as part of its Dealmakers Series. 'I was ringing him every second week and he would make up every bulls*** excuse under the sun. He was giving me the stiff arm. 'I knew mid-season something was going on. I was doing the numbers. I knew exactly what Mummy was earning. I knew there was nearly $2m (the Swans) were banking. 'I said to a couple of close confidants, 'Don't be surprised if there is a backflip here … don't be surprised if he (Franklin) ends up in Sydney.' McConville was right and Buddy's move meant the Giants now had a wheelbarrow full of cash to splash and Mumford got his slice. He joined the Giants on a three-year-deal and went on to play 116 games with the club.
The Guardian
29 minutes ago
- Business
- The Guardian
Trump says Indonesia to pay 19% tariffs, buy 50 Boeing jets under trade deal
US President Donald Trump says he has struck a trade pact with Indonesia resulting in significant purchase commitments from the south-east Asian country, after negotiations to avoid steeper tariffs. Indonesian goods entering the United States would face a 19% tariff, Trump said in a post on his Truth Social platform. This is significantly below the 32% level the president earlier threatened. 'As part of the Agreement, Indonesia has committed to purchasing $15 Billion Dollars in US Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's,' Trump wrote. Boeing shares closed down 0.2% after the announcement. 'They are going to pay 19% and we are going to pay nothing … we will have full access into Indonesia, and we have a couple of those deals that are going to be announced,' Trump said outside the Oval Office earlier. Indonesia's total trade with the US – totalling just under $40bn in 2024 – does not rank in the top 15, but it has been growing. US exports to Indonesia rose 3.7% last year, while imports from there were up 4.8%, leaving the US with a goods trade deficit of nearly $18bn. The Trump administration has been under pressure to wrap up trade pacts after promising a flurry of deals recently, as countries sought talks with Washington to avoid the US president's tariff plans. But Trump has so far only unveiled other deals with Britain and Vietnam, alongside an agreement to temporarily lower tit-for-tat levies with China. Last week, Trump renewed his threat of a 32% levy on Indonesian goods, saying in a letter to the country's leadership that this would take effect 1 August. It remains unclear when the lower tariff level announced on Tuesday will take effect for Indonesia. The period over which its various purchases will take place was also not specified. Trump said on social media that under the deal, which was finalised after he spoke with Indonesian president Prabowo Subianto, goods that have been transshipped to avoid higher duties would face steeper levies. He separately told reporters that other deals were in the works, including with India, while talks with the European Union are continuing. Indonesia's former vice minister for foreign affairs, Dino Patti Djalal, told a Foreign Policy event Tuesday that government insiders had indicated they were happy with the new deal. Trump in April imposed a 10% tariff on almost all trading partners, while announcing plans to eventually hike this level for dozens of economies, including the EU and Indonesia. But days before the steeper duties, customised to each economy, were due to take effect, he pushed the deadline back from 9 July to 1 August. This marked his second postponement of the elevated levies. Instead, since early last week, Trump has been sending letters to partners, setting out the tariff levels they would face come August. So far, he has sent more than 20 such letters including to the EU, Japan, South Korea and Malaysia. Trump has unveiled blanket tariffs on trading partners in part to address what his administration deems as unfair practices that hurt US businesses. Agence France-Presse and Reuters contributed to this report
Bloomberg
40 minutes ago
- Business
- Bloomberg
Oil Edges Higher With Trade Policy and Demand Signals in Focus
Oil ticked higher as US President Donald Trump touted progress in trade policy, and traders assessed signs of near-term market strength. West Texas Intermediate rose toward $67 a barrel after shedding almost 3% in the opening two days of the week. Brent settled just below $69 on Tuesday. Trump announced a trade deal with Indonesia, and also said he expected to conclude 'two or three' more accords before an Aug. 1 deadline.
