Latest news with #trade policy
Bloomberg
5 hours ago
- Business
- Bloomberg
Trump Eyes 10-15% Tariffs on More Than 150 Countries
Bloomberg's Jordan Fabien breaks down the latest tariff threats out of the White House and how the president's ever changing trade policy could be at the root of his campaign against Fed chair Jerome Powell. (Source: Bloomberg)
Daily Mail
10 hours ago
- Business
- Daily Mail
WSJ journalist admits Trump is winning the trade war
The Wall Street Journal's chief economics correspondent has delivered a surprise assessment of President Donald Trump 's trade policies while criticizing the cruel nickname assigned to him after he 'chickened out' of imposing extreme tariffs. Greg Ip published his latest take on Trump's tariff wars in the publication on Tuesday, sensationally noting Trump is ' winning' on trade policy. 'Trump has, by his own definition of success, already won his trade war,' Ip wrote, 'even without [the] deals' he vowed to reach with foreign allies. Trump faced harsh criticism for backing down on his 'Liberation Day' tariffs, earning him the moniker 'TACO' for 'Trump Always Chickens Out .' After threatening extraordinary reciprocal tariffs on most countries, markets crashed and doomsday economists feared a recession was inevitable. In the midst of the backlash, Trump walked back on the tariffs, instead offering countries 90 days to reach new agreements with his administration . Some within his inner circle were boasting of the possibility of achieving 90 deals in 90 days. That deadline has since passed, and Trump has inked one deal with the UK, and two more are on track with Vietnam and Indonesia. But Ip (pictured) notes this is not necessarily a negative for Trump. To the contrary, Ip said Trump's behavior leading to this point suggests he was never particularly keen on making such deals to begin with. 'This narrative misconstrues Trump's goals, overstates the importance of deals and breeds complacency about his willingness to raise tariffs,' Ip wrote. When Trump backed down on his steep tariffs, markets rallied and economists breathed a sigh of relief. But he never removed the 10 percent baseline tariff, which he had initially imposed on all goods coming into the United States. On the campaign trail, Ip notes, a 10 percent tariff seemed like worst-case scenario for markets. Now, in the face of Trump's brash actions and threats of tariffs as high as 145 percent (on China), the 10 percent tariff appears to have flown under the radar, now considered the best-case outcome for nations coming to the negotiating table . In June alone, Treasury pocketed $27 billion in customs revenue - $20 billion more than it did in the same month last year. With higher tariffs on steel and aluminum, the average tariff for all goods coming into the United States as of July 2 was 13.4 percent. Last year, it was 2.3 percent. Ip argues in his piece that Trump has no major need to forge new trade deals, because doing so would imply backing down or compromising on something he wants - which isn't often the Trump way . But while he said Trump is winning the trade war he created, Ip noted local manufacturing has not skyrocketed as Trump had hoped it would. Consumers in America are also increasingly feeling the pinch as businesses up their prices to accommodate the tariffs they're now paying on imported goods. Ip concluded: 'Trump might emerge a winner from his trade wars; it remains to be seen if the U.S. will as well.' Ip's assessment of Trump's trade policy may ruffle feathers at the publication, which has drawn Trump's ire a number of times during this administration. In May, he gave a reporter from the publication a verbal lashing after asking a question on board Air Force 1. 'Boy, you people treat us so badly,' he said of the paper Murdoch acquired in 2007. 'Wall Street Journal has truly gone to hell... Rotten newspaper. You hear me? What I said? It's a rotten newspaper.' Months earlier, he panned it as a 'globalist' rag and 'polluted' after it criticized his tariffs. In March, the paper sensationally suggested 'someone should sue' over the tariffs and said: 'He's treating the North American economy as a personal plaything, as markets gyrate with each presidential whim.'
Russia Today
13 hours ago
- Business
- Russia Today
Trump to warn more than 150 nations of new tariffs
US President Donald Trump has announced plans to notify more than 150 countries that they could soon face new tariff rates of 10% or 15%. Trump has overhauled US trade policy since returning to office in January, imposing sweeping tariffs to protect domestic industry. His 'Liberation Day' package on April 2 introduced a blanket 10% levy on nearly all imports, alongside steeper rates for goods from key partners including China, Mexico, Canada, and the EU. Additional duties on steel, aluminum, and vehicles have pushed average tariffs to historic highs. Speaking to reporters at the White House on Wednesday, Trump said, 'We'll have well over 150 countries that we're just going to send a notice of payment out, and the notice will state what the tariff rate is going to be.' He added that the same rate would apply across the group, noting that most of the countries were 'not big' and 'don't do that much business' with the US. Later on Wednesday, Trump clarified in an interview with the Real America's Voice broadcaster that the proposed tariff rate would 'probably be 10 or 15%,' although a final decision has not yet been made. The move follows a series of aggressive tariff announcements by Trump, who in recent days has launched a wave of trade threats warning that new duties will take effect on August 1 unless trade partners negotiate improved terms with Washington. Notices were reportedly sent to more than 150 countries, extending a prior July 9 deadline by three weeks and setting off a scramble among affected nations to avoid the impending levies. US industrial activity has slowed since the reinstatement of sweeping tariffs, and reports from the Institute for Supply Management have cited weaker manufacturing and recurring supply chain bottlenecks. According to a survey, companies are in survival mode, absorbing rising costs rather than passing them on. Meanwhile, markets have increasingly discounted Trump's tough rhetoric after past tariff threats were softened following market volatility. Internal pressure reportedly grew from Treasury and Commerce officials, concerned that the bond market could destabilize if tariffs persisted.
Daily Mail
21 hours ago
- Business
- Daily Mail
Top economist at anti-Trump newspaper admits he is winning the trade war - and slams cruel nickname media gave him
The Wall Street Journal's chief economics correspondent has delivered a surprise assessment of President Donald Trump 's trade policies while criticizing the cruel nickname assigned to him after he 'chickened out' of imposing extreme tariffs. Greg Ip published his latest take on Trump's tariff wars in the publication on Tuesday, sensationally noting Trump is ' winning' on trade policy. 'Trump has, by his own definition of success, already won his trade war,' Ip wrote, 'even without [the] deals' he vowed to reach with foreign allies. Trump faced harsh criticism for backing down on his 'Liberation Day' tariffs, earning him the moniker 'TACO' for 'Trump Always Chickens Out.' After threatening extraordinary reciprocal tariffs on most countries, markets crashed and doomsday economists feared a recession was inevitable. In the midst of the backlash, Trump walked back on the tariffs, instead offering countries 90 days to reach new agreements with his administration. Some within his inner circle were boasting of the possibility of achieving 90 deals in 90 days. That deadline has since passed, and Trump has inked one deal with the UK, and two more are on track with Vietnam and Indonesia. But Ip notes this is not necessarily a negative for Trump. To the contrary, Ip said Trump's behavior leading to this point suggests he was never particularly keen on making such deals to begin with. 'This narrative misconstrues Trump's goals, overstates the importance of deals and breeds complacency about his willingness to raise tariffs,' Ip wrote. When Trump backed down on his steep tariffs, markets rallied and economists breathed a sigh of relief. But he never removed the 10 percent baseline tariff which he had initially imposed on all goods coming into the United States. On the campaign trail, Ip notes, a 10 percent tariff seemed like worst-case scenario for markets. Now, in the face of Trump's brash actions and threats of tariffs as high as 145 percent (on China), the 10 percent tariff appears to have flown under the radar, now considered the best-case outcome for nations coming to the negotiating table. In June alone, Treasury pocketed $27billion in customs revenue - $20billion more than it did in the same month last year. With higher tariffs on steel and aluminum, the average tariff for all goods coming into the United States as of July 2 was 13.4 percent. Last year, it was 2.3 percent. Ip argues in his piece that Trump has no major need to forge new trade deals, because doing so would imply backing down or compromising on something he wants - which isn't often the Trump way. But while he said Trump is winning the trade war he created, Ip noted local manufacturing has not skyrocketed as Trump had hoped it would. Consumers in America are also increasingly feeling the pinch as businesses up their prices to accommodate the tariffs they're now paying on imported goods. Ip concluded: 'Trump might emerge a winner from his trade wars; it remains to be seen if the U.S. will as well.' Ip's assessment of Trump's trade policy may ruffle feathers at the publication, which has drawn Trump's ire a number of times during this administration. In May, he gave a reporter from the publication a verbal lashing after asking a question on board Air Force 1. 'Boy, you people treat us so badly,' he said of the paper Murdoch acquired in 2007. 'Wall Street Journal has truly gone to hell... Rotten newspaper. You hear me? What I said? It's a rotten newspaper.' Months earlier, he panned it as a 'globalist' rag and 'polluted' after it criticized his tariffs. In March, the paper sensationally suggested 'someone should sue' over the tariffs and said: 'He's treating the North American economy as a personal plaything, as markets gyrate with each presidential whim.'
Yahoo
2 days ago
- Business
- Yahoo
Markets are shrugging off Trump's tariffs. Experts explain why.
President Donald Trump in recent days slapped tariffs as high as 50% on dozens of countries, restoring the type of aggressive trade policy that sent stocks plummeting a few months ago. The new round of levies prompted little more than a shrug on Wall Street. Stocks even recorded gains on Monday as investors looked past tariffs over the weekend targeting the European Union and Mexico, two top U.S. trade partners. Trump has rolled back many of his steepest tariffs over recent months, giving rise to an investor posture known as TACO, short for Trump Always Chickens Out. MORE: Inflation surged in June amid tariffs as Trump declared 'inflation is dead' That view has largely won out among investors on Wall Street, who have come to see tariff announcements as diplomatic fodder rather than firm policy declarations, Bret Kenwell, U.S. investment analyst at eToro, told ABC News. Investors, Kenwell added, are experiencing "headline fatigue." "There's a realization that all of these trade headlines and policy proposals are a negotiating tactic rather than a hardline stance," Kenwell said. As recently as April, the markets gyrated in response to Trump's tariff announcements. When Trump unveiled sweeping "Liberation Day" tariffs on April 2, the major stock indexes lost about $3.1 trillion in value the next day, suffering their biggest one-day decline since the onset of the COVID-19 pandemic. In all, the Dow Jones Industrial Average dropped nearly 4%, while the S&P 500 fell 4.8%. The tech-heavy Nasdaq tanked nearly 6%. Days later, on April 9, Trump delayed a major swathe of the tariffs for 90 days, saying he would pursue trade negotiations with scores of targeted countries. The move sent the stock market to one of its largest ever single-day increases. The Dow soared nearly 8%, while the S&P 500 climbed 9.5%. The Nasdaq increased a staggering 12%. "Once the administration opened the door to a negotiating period, that's when markets realized there's a point where the administration was willing to back down," Kenwell said. "Once that was the case, they realized it's not going to be an endless run on trade policy. One month later, Trump established a trade framework with China, ratcheting down tariffs on the top U.S. trade partner from 145% to 30%. That day, each of the major stock indexes climbed at least 2.8%. When Trump doubled tariffs on steel and aluminum in early June, however, investors didn't appear to care. The major indexes were essentially unchanged. For his part, Trump has rejected the notion that he backs down from tariffs, insisting the on-again, off-again levies make up a key part of his negotiation strategy. When asked about the TACO moniker at the White House in May, Trump said; "I chicken out? I've never heard that." Despite a rollback of some tariffs, levies are highly elevated relative to where they stood before Trump took office. Taking into account recent tariff announcements – which are set to take effect on Aug. 1 – the effective tariff rate registers at 20.6%, the highest such rate since 1910, the Yale Budget Lab found. Consumer prices rose 2.7% in June compared to a year ago, marking a notable surge of price increases as Trump's tariff policy took hold, government data on Tuesday showed. "Call it TACO, or corporate resiliency, whatever you want. Tariffs are coming due in the form of higher inflation, thinner margins, or a combination of both. I'm still not sure people have processed this," Callie Cox, chief market strategist at Ritholtz Wealth Management, told clients on Tuesday in a memo shared with ABC News. Key measures of the economy have proven resilient in recent months, however, defying fears of sky-high inflation and a possible economic downturn. Even after the recent uptick, inflation remains lower than the pace registered in January, the month Trump took office. For markets to demonstrate greater concern about tariffs, Kenwell said, investors would "need to see significantly higher inflation." "Markets find a way to shrug off bad news," Kenwell added. "It doesn't make them invincible but it does make them resilient." MORE: Trump admin live updates: WH confirms Trump, Zelenskyy discussed strikes on Moscow Tariffs on dozens of countries stand poised to take effect on Aug. 1, making it a potential inflection point for the market view of tariffs. Analysts at France-based financial firm BNP Paribas showed minor concern in a memo to clients shared with ABC News on Tuesday. "The risk of an escalatory tit-for-tat scenario has risen," BNP Paribas said, before acknowledging that it expects "deals will be struck by 1 August to limit the further increase in tariffs."
