RexRex
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Modi: Doland bhai, why you do this..
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Contact the PP Team
Donald Trump vs The World: Will his Tariff wars backfire on him?
- Thread starter Cricket Warrior
- Start date
Bhaag Viru Bhaag
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Modi: Abki Baar, Dolaand Sarkar 
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Donald Trump has raised Canada's tariff rate from 25% to 35% in a new executive order that comes into effect at midnight
Hours before a deadline to strike trade deals, the White House also released new levies for dozens of other countries. The rates come into effect in seven days' time
Earlier, he paused putting higher tariffs on Mexico for another 90 days
BBC
Hours before a deadline to strike trade deals, the White House also released new levies for dozens of other countries. The rates come into effect in seven days' time
Earlier, he paused putting higher tariffs on Mexico for another 90 days
BBC
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- 36,749
Trump fires lead official on economic data as tariffs cause market drop
US President Donald Trump said he would fire the head of the agency charged with publishing some of America's most closely watched economic data, after a weaker-than-expected jobs report stoked further alarm about his tariff policies.
In a post on social media, Trump accused - without evidence - the commissioner, Erika McEntarfer, of manipulating jobs figures for political reasons.
The decision shocked Wall Street and raised alarm about White House interference in economic data.
In her response, McEntarfer called her time as commissioner "the honour of my life", while describing the agency's work as "vital and important".
It came as global stock markets shuddered after Trump moved forward with plans to sharply raise tariffs on goods around the world. Many forecasters are predicting Trump's tariffs will hurt the economy.
In the US, the three major indexes dropped, with the S&P closing 1.6% lower, following earlier sell-offs in Europe and Asia.
Ryan Sweet, chief US economist at Oxford Economics, said the decision to fire the commissioner of the Bureau of Labor Statistics (BLS) was concerning, noting that high-quality economic data is essential to businesses and not easily replicated with private sources.
"Clearly, this is a step in a very bad direction," he said. "If there are any questions around the integrity of the data ... it's going to create a lot of problems."
But new data this week and a string of updates from companies on tariff costs have made those forecasts harder to ignore.
On Friday, the Bureau of Labor Statistics reported that employers in the US added just 73,000 jobs in July. It also dramatically revised estimates of job growth in May and June, reporting 250,000 fewer jobs created than previously thought.
Trump cited the revisions as he announced his decision to fire Ms McEntarfer.
"We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," he wrote on social media.
The head of the Labor Department, which oversees the BLS, wrote on social media that the agency's deputy commissioner William Wiatrowski would step into the role during the search for a replacement.
The Labor Department did not immediately respond to a request for comment.
The BLS revises jobs numbers every month as new data comes in, typically adding or subtracting ten of thousands of positions.
Though this month's changes were significantly larger than usual, analysts said the updates were consistent with other data showing slowdown.
Some speculated that they could reflect a hit to small businesses, which are typically slower to respond to surveys and are especially vulnerable to tariffs.
"Revisions are normal," Mr Sweet said. "They're trying to get this right."
Ms McEntarfer had worked for the government for more than 20 years before being nominated to lead the BLS in 2023. She was later confirmed near unanimously by the US Senate.
Michael Strain, director of economic policy studies at the right-leaning American Enterprise Institute, defended Ms Entarfer, saying she had conducted herself with "great integrity".
"It is imperative that decisionmakers understand that government statistics are unbiased and of the highest quality. By casting doubt on that, the President is damaging the United States," he wrote on social media.
Jed Kolko, a senior fellow at the Peterson Institute for International Economics, said the firing raised serious alarm.
"For six months, I've said that threats to economic data have been more collateral damage than intentional harm. No longer. Firing the head of the BLS is five-alarm intentional harm to the integrity of US economic data and the entire statistical system," he wrote on social media.
Trump defended the decision and said her departure was needed to ensure there were "people that we can trust" in these posts.
"Why should anybody trust numbers?" the president told reporters when leaving the White House on Friday.
"I believe the numbers were phony, just like they were before the election, and there were other times - so you know what I did? I fired her, and you know what I did? The right thing."
Tariffs hit global markets
The fight over data comes as Trump remakes trade policy, hitting goods from countries around the world with new tariffs ranging from 10% to 50%.
When Trump put forward similar plans in April, shares in the US tumbled more than 10% in a week as concerns spread to the dollar and bond markets.
The stock market recovered after he suspended some of the most drastic measures, leaving in place a less punishing, more expected 10% levy. In recent weeks, indexes in the US have been trading around all-time highs.
The latest measures are less extreme than what Trump first put forward in April, but they will still push the average tariff rate to roughly 17%, up from less than 2.5% at the start of the year.
"The reality is Trump got emboldened by the fact that markets came right back," Michael Gayed, a portfolio manager for The Free Markets ETF, told the BBC's Opening Bell. "Now he's going to try his luck again."
Shares in the US opened lower on Friday morning, with losses accelerating over the course of the afternoon. The S&P 500 closed down 1.6%, while the Dow dropped 1.2% and the Nasdaq fell 2.2%.
France's CAC 40 closed down 2.9%, while German's DAX fell 2.6%. In the UK, the FTSE fell 0.7%.
Earlier, the leading index in South Korea fell 3.8%, the Hang Seng index in Hong Kong dropped 1% and Japan's Nikkei fell 0.6%.
In the aftermath of the jobs report, Trump also launched another attack at Federal Reserve chairman Jerome Powell, who he said is moving too slowly to lower borrowing costs.
Powell leads the 12-person committee that sets the central bank's interest rate policy, which influences interest rates for loans across the economy.
On Friday, one of the voting members of that committee, Adriana Kugler, whose term was due to end in January, said she would resign, giving Trump an opportunity to install someone new.
BBC
US President Donald Trump said he would fire the head of the agency charged with publishing some of America's most closely watched economic data, after a weaker-than-expected jobs report stoked further alarm about his tariff policies.
In a post on social media, Trump accused - without evidence - the commissioner, Erika McEntarfer, of manipulating jobs figures for political reasons.
The decision shocked Wall Street and raised alarm about White House interference in economic data.
In her response, McEntarfer called her time as commissioner "the honour of my life", while describing the agency's work as "vital and important".
It came as global stock markets shuddered after Trump moved forward with plans to sharply raise tariffs on goods around the world. Many forecasters are predicting Trump's tariffs will hurt the economy.
In the US, the three major indexes dropped, with the S&P closing 1.6% lower, following earlier sell-offs in Europe and Asia.
Ryan Sweet, chief US economist at Oxford Economics, said the decision to fire the commissioner of the Bureau of Labor Statistics (BLS) was concerning, noting that high-quality economic data is essential to businesses and not easily replicated with private sources.
"Clearly, this is a step in a very bad direction," he said. "If there are any questions around the integrity of the data ... it's going to create a lot of problems."
But new data this week and a string of updates from companies on tariff costs have made those forecasts harder to ignore.
On Friday, the Bureau of Labor Statistics reported that employers in the US added just 73,000 jobs in July. It also dramatically revised estimates of job growth in May and June, reporting 250,000 fewer jobs created than previously thought.
Trump cited the revisions as he announced his decision to fire Ms McEntarfer.
"We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," he wrote on social media.
The head of the Labor Department, which oversees the BLS, wrote on social media that the agency's deputy commissioner William Wiatrowski would step into the role during the search for a replacement.
The Labor Department did not immediately respond to a request for comment.
The BLS revises jobs numbers every month as new data comes in, typically adding or subtracting ten of thousands of positions.
Though this month's changes were significantly larger than usual, analysts said the updates were consistent with other data showing slowdown.
Some speculated that they could reflect a hit to small businesses, which are typically slower to respond to surveys and are especially vulnerable to tariffs.
"Revisions are normal," Mr Sweet said. "They're trying to get this right."
Ms McEntarfer had worked for the government for more than 20 years before being nominated to lead the BLS in 2023. She was later confirmed near unanimously by the US Senate.
Michael Strain, director of economic policy studies at the right-leaning American Enterprise Institute, defended Ms Entarfer, saying she had conducted herself with "great integrity".
"It is imperative that decisionmakers understand that government statistics are unbiased and of the highest quality. By casting doubt on that, the President is damaging the United States," he wrote on social media.
Jed Kolko, a senior fellow at the Peterson Institute for International Economics, said the firing raised serious alarm.
"For six months, I've said that threats to economic data have been more collateral damage than intentional harm. No longer. Firing the head of the BLS is five-alarm intentional harm to the integrity of US economic data and the entire statistical system," he wrote on social media.
Trump defended the decision and said her departure was needed to ensure there were "people that we can trust" in these posts.
"Why should anybody trust numbers?" the president told reporters when leaving the White House on Friday.
"I believe the numbers were phony, just like they were before the election, and there were other times - so you know what I did? I fired her, and you know what I did? The right thing."
Tariffs hit global markets
The fight over data comes as Trump remakes trade policy, hitting goods from countries around the world with new tariffs ranging from 10% to 50%.
When Trump put forward similar plans in April, shares in the US tumbled more than 10% in a week as concerns spread to the dollar and bond markets.
The stock market recovered after he suspended some of the most drastic measures, leaving in place a less punishing, more expected 10% levy. In recent weeks, indexes in the US have been trading around all-time highs.
The latest measures are less extreme than what Trump first put forward in April, but they will still push the average tariff rate to roughly 17%, up from less than 2.5% at the start of the year.
"The reality is Trump got emboldened by the fact that markets came right back," Michael Gayed, a portfolio manager for The Free Markets ETF, told the BBC's Opening Bell. "Now he's going to try his luck again."
Shares in the US opened lower on Friday morning, with losses accelerating over the course of the afternoon. The S&P 500 closed down 1.6%, while the Dow dropped 1.2% and the Nasdaq fell 2.2%.
France's CAC 40 closed down 2.9%, while German's DAX fell 2.6%. In the UK, the FTSE fell 0.7%.
Earlier, the leading index in South Korea fell 3.8%, the Hang Seng index in Hong Kong dropped 1% and Japan's Nikkei fell 0.6%.
In the aftermath of the jobs report, Trump also launched another attack at Federal Reserve chairman Jerome Powell, who he said is moving too slowly to lower borrowing costs.
Powell leads the 12-person committee that sets the central bank's interest rate policy, which influences interest rates for loans across the economy.
On Friday, one of the voting members of that committee, Adriana Kugler, whose term was due to end in January, said she would resign, giving Trump an opportunity to install someone new.
BBC
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Trump's sweeping new tariffs take effect against dozens of countries
US President Donald Trump's sweeping new tariffs on more than 90 countries around the world have come into effect.
"IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!," Trump said on social media minutes before the deadline in Washington, DC.
Earlier, the president hit India with a 50% tariff, which will take effect on 27 August unless it stops buying Russian oil.
Trump also threatened a 100% tariff on foreign-made computer chips as he pushes tech firms to invest in the US. It came as Apple announced a new $100bn (£75bn) US investment after coming under pressure from the White House to move more production to America.
Last week, the Trump administration announced a revised list of import taxes on dozens of trading partners and extended a deadline for countries to reach agreements with the US to 7 August.
Countries have been racing to strike deals with Washington to lower - or scrap - what Trump calls "reciprocal tariffs".
His trade policies are aimed at reshaping the global trading system, which he sees as treating the US unfairly.
Export-dependent economies in South East Asia were among the hardest-hit by the new tariffs.
Manufacturing-focused Laos and Myanmar faced some of the highest levies at 40%. Some experts said Trump appears to have targeted countries with close trade ties with China.
Stock markets in Asia seemed to take the news in their stride on Thursday.
Major share indexes in Japan, Hong Kong, South Korea and mainland China were a little higher, while markets in India and Australia were lower.
The latest set of tariffs will offer countries some stability after months of chaos, said economist Bert Hofman from the National University of Singapore.
"This is supposed to be it. Now you can start to analyse the impact of the tariffs."
Some major economies - including the UK, Japan and South Korea - have already reached agreements to get lower tariffs than Trump threatened in April.
The European Union has also struck a framework deal with Washington, in which Brussels has accepted a 15% tariff on goods from the trading bloc.
Taiwan, a key Washington ally in Asia, was handed a 20% tariff. Its president Lai Ching-te said the rate is "temporary" and that talks with the US are still underway.
Last week, Trump boosted the tariff rate on Canada from 25% to 35%, saying the country had "failed to cooperate" in curbing the flow of fentanyl and other drugs across the US border. The Canadian government says it is cracking down on drug gangs.
But most Canadian exports to the US will dodge the import tax due to an existing trade treaty, the United States-Mexico-Canada Agreement (USMCA).
Higher tariffs on Mexico were paused for another 90 days as negotiations continue to strike a trade deal.
On Wednesday, Trump said he would impose a 100% tariff on foreign-made semiconductors.
Major chipmakers that have made significant investments in the US appear to have dodged the new tariff. Government officials in Taiwan and South Korea have said in separate statements that TSMC, SK Hynix, and Samsung would be exempt from the new levy.
The White House did not immediately respond to a BBC request for clarification.
The BBC has also contacted SK Hynix and Samsung. TSMC declined to comment.
Also on Wednesday, Trump raised the total tariff on India to 50% as he pushes the world's third largest importer of energy to stop buying oil from Russia.
New Delhi has called the move "unfair, unjustified and unreasonable" and vowed to protect its national interests.
The move marks a "sharp change" in Trump's approach to Moscow that could spark concerns among other countries in talks with the US, said market analyst Farhan Badami from financial services firm eToro.
"There is the possibility here that India is only the first target that Trump intends to punish for maintaining trade relations with Russia."
Brazil's exports to the US also face a 50% tariff. Trump imposed the levy after accusing President Luiz Inacio Lula da Silva of unfairly attacking US technology firms and calling the prosecution of former President Jair Bolsonaro for allegedly attempting a coup a "witch hunt".
The US and China have held a series of talks as they tried to agree an extension to a 90-day tariffs pause that is due to expire on 12 August.
BBC
US President Donald Trump's sweeping new tariffs on more than 90 countries around the world have come into effect.
"IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!," Trump said on social media minutes before the deadline in Washington, DC.
Earlier, the president hit India with a 50% tariff, which will take effect on 27 August unless it stops buying Russian oil.
Trump also threatened a 100% tariff on foreign-made computer chips as he pushes tech firms to invest in the US. It came as Apple announced a new $100bn (£75bn) US investment after coming under pressure from the White House to move more production to America.
Last week, the Trump administration announced a revised list of import taxes on dozens of trading partners and extended a deadline for countries to reach agreements with the US to 7 August.
Countries have been racing to strike deals with Washington to lower - or scrap - what Trump calls "reciprocal tariffs".
His trade policies are aimed at reshaping the global trading system, which he sees as treating the US unfairly.
Export-dependent economies in South East Asia were among the hardest-hit by the new tariffs.
Manufacturing-focused Laos and Myanmar faced some of the highest levies at 40%. Some experts said Trump appears to have targeted countries with close trade ties with China.
Stock markets in Asia seemed to take the news in their stride on Thursday.
Major share indexes in Japan, Hong Kong, South Korea and mainland China were a little higher, while markets in India and Australia were lower.
The latest set of tariffs will offer countries some stability after months of chaos, said economist Bert Hofman from the National University of Singapore.
"This is supposed to be it. Now you can start to analyse the impact of the tariffs."
Some major economies - including the UK, Japan and South Korea - have already reached agreements to get lower tariffs than Trump threatened in April.
The European Union has also struck a framework deal with Washington, in which Brussels has accepted a 15% tariff on goods from the trading bloc.
Taiwan, a key Washington ally in Asia, was handed a 20% tariff. Its president Lai Ching-te said the rate is "temporary" and that talks with the US are still underway.
Last week, Trump boosted the tariff rate on Canada from 25% to 35%, saying the country had "failed to cooperate" in curbing the flow of fentanyl and other drugs across the US border. The Canadian government says it is cracking down on drug gangs.
But most Canadian exports to the US will dodge the import tax due to an existing trade treaty, the United States-Mexico-Canada Agreement (USMCA).
Higher tariffs on Mexico were paused for another 90 days as negotiations continue to strike a trade deal.
On Wednesday, Trump said he would impose a 100% tariff on foreign-made semiconductors.
Major chipmakers that have made significant investments in the US appear to have dodged the new tariff. Government officials in Taiwan and South Korea have said in separate statements that TSMC, SK Hynix, and Samsung would be exempt from the new levy.
The White House did not immediately respond to a BBC request for clarification.
The BBC has also contacted SK Hynix and Samsung. TSMC declined to comment.
Also on Wednesday, Trump raised the total tariff on India to 50% as he pushes the world's third largest importer of energy to stop buying oil from Russia.
New Delhi has called the move "unfair, unjustified and unreasonable" and vowed to protect its national interests.
The move marks a "sharp change" in Trump's approach to Moscow that could spark concerns among other countries in talks with the US, said market analyst Farhan Badami from financial services firm eToro.
"There is the possibility here that India is only the first target that Trump intends to punish for maintaining trade relations with Russia."
Brazil's exports to the US also face a 50% tariff. Trump imposed the levy after accusing President Luiz Inacio Lula da Silva of unfairly attacking US technology firms and calling the prosecution of former President Jair Bolsonaro for allegedly attempting a coup a "witch hunt".
The US and China have held a series of talks as they tried to agree an extension to a 90-day tariffs pause that is due to expire on 12 August.
BBC
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Canada to drop some of its retaliatory tariffs on the US
Canada's Prime Minister Mark Carney said on Friday that his country will drop some of its billions of dollars in retaliatory tariffs on US goods, though it will keep levies on autos, steel and aluminium.
It comes a day after he and President Donald Trump spoke over the phone for the first time since the two countries missed a self-imposed deadline to reach a trade agreement.
Canada had placed a 25% levy on about C$30bn (£16bn; $21.7bn) worth of US goods on an array of products, including orange juice and washing machines.
The tax hike was in retaliation to US tariffs on Canada, which as of August are valued at 35% on all goods not compliant with the countries' existing free trade deal.
www.bbc.com
Canada's Prime Minister Mark Carney said on Friday that his country will drop some of its billions of dollars in retaliatory tariffs on US goods, though it will keep levies on autos, steel and aluminium.
It comes a day after he and President Donald Trump spoke over the phone for the first time since the two countries missed a self-imposed deadline to reach a trade agreement.
Canada had placed a 25% levy on about C$30bn (£16bn; $21.7bn) worth of US goods on an array of products, including orange juice and washing machines.
The tax hike was in retaliation to US tariffs on Canada, which as of August are valued at 35% on all goods not compliant with the countries' existing free trade deal.
Canada to drop some of its retaliatory tariffs on the US
The move comes after the two countries blew past a self-imposed deadline to reach a trade agreement.
www.bbc.com
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Trump threatens new China tariffs over magnets
United States President Donald Trump has said that China must give the US more magnets or “we have to charge them 200 percent tariff or something” amid a trade dispute between the two nations.
The US president made the claim to reporters on Monday.
China is increasingly sensitive about rare earth elements and its control over their supply, adding several rare earth items and magnets to its export restriction list in April in retaliation for tariff hikes by the US.
Beijing represents 90 percent of the global magnet market, which is critical to key products, including semiconductor chips used in products like smartphones.
The remarks come after the US announced a 10 percent stake in Intel, one of the world’s largest semiconductor chipmakers, which rely on rare earth materials for their products.
www.aljazeera.com
United States President Donald Trump has said that China must give the US more magnets or “we have to charge them 200 percent tariff or something” amid a trade dispute between the two nations.
The US president made the claim to reporters on Monday.
China is increasingly sensitive about rare earth elements and its control over their supply, adding several rare earth items and magnets to its export restriction list in April in retaliation for tariff hikes by the US.
Beijing represents 90 percent of the global magnet market, which is critical to key products, including semiconductor chips used in products like smartphones.
The remarks come after the US announced a 10 percent stake in Intel, one of the world’s largest semiconductor chipmakers, which rely on rare earth materials for their products.
Trump threatens new China tariffs over magnets
The US president’s escalation comes despite a 90-day pause on increased tariffs that has already been agreed.
JaDed
T20I Captain
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As per Indian media Magnet restriction has been taken off by China for India, insane how literally entire supply chain of modern vehicles depend upon China through minerals and manufacturing.
Trump did threaten to impose 200% tariff on china if they don't export magnets to usa lol
Trump did threaten to impose 200% tariff on china if they don't export magnets to usa lol
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Trump appeals to US Supreme Court to rule on legality of tariffs
President Donald Trump has asked the US Supreme Court to overturn a lower court decision that found many of his sweeping tariffs were illegal.
In a petition filed late on Wednesday, the administration asked the justices to quickly intervene to rule that the president has the power to impose such import taxes on foreign nations.
A divided US Court of Appeals for the Federal Circuit last week ruled 7-4 that the tariffs Trump brought in through an emergency economic powers act did not fall within the president's mandate and that setting levies was "a core Congressional power".
The case could upend Trump's economic and foreign policy agenda and force the US to refund billions in tariffs.
Trump had justified the tariffs under the International Emergency Economic Powers Act (IEEPA), which gives the president the power to act against "unusual and extraordinary" threats.
In April, Trump declared an economic emergency, arguing that a trade imbalance had undermined domestic manufacturing and was harmful to national security.
While the appellate court ruled against the president, it postponed its decision from taking effect, allowing the Trump administration time to file an appeal.
"The stakes in this case could not be higher," Solicitor General John Sauer said in Wednesday night's filing.
He wrote that the lower court's "erroneous decision has disrupted highly impactful, sensitive, ongoing diplomatic trade negotiations, and cast a pall of legal uncertainty over the President's efforts to protect our country by preventing an unprecedented economic and foreign policy crisis".
Lawyers representing small businesses challenging the tariffs said they were confident they would win the case.
"These unlawful tariffs are inflicting serious harm on small businesses and jeopardising their survival," said Jeffrey Schwab of Liberty Justice Center. "We hope for a prompt resolution of this case for our clients."
If the Supreme Court justices deny the review, the ruling could take effect on 14 October.
In May, the New York-based Court of International Trade declared the tariffs were unlawful. That decision was also put on hold during the appeal process.
The rulings came in response to lawsuits filed by small businesses and a coalition of US states opposing the tariffs.
In April, Trump signed executive orders imposing a baseline 10% tariff as well as "reciprocal" tariffs intended to correct trade imbalances on more than 90 countries.
In addition to those tariffs, the appellate court ruling also strikes down levies on Canada, Mexico and China, which Trump argues are necessary to stop the importation of drugs.
The decision does not apply to some other US duties, like those imposed on steel and aluminium, which were brought in under a different presidential authority.
BBC
President Donald Trump has asked the US Supreme Court to overturn a lower court decision that found many of his sweeping tariffs were illegal.
In a petition filed late on Wednesday, the administration asked the justices to quickly intervene to rule that the president has the power to impose such import taxes on foreign nations.
A divided US Court of Appeals for the Federal Circuit last week ruled 7-4 that the tariffs Trump brought in through an emergency economic powers act did not fall within the president's mandate and that setting levies was "a core Congressional power".
The case could upend Trump's economic and foreign policy agenda and force the US to refund billions in tariffs.
Trump had justified the tariffs under the International Emergency Economic Powers Act (IEEPA), which gives the president the power to act against "unusual and extraordinary" threats.
In April, Trump declared an economic emergency, arguing that a trade imbalance had undermined domestic manufacturing and was harmful to national security.
While the appellate court ruled against the president, it postponed its decision from taking effect, allowing the Trump administration time to file an appeal.
"The stakes in this case could not be higher," Solicitor General John Sauer said in Wednesday night's filing.
He wrote that the lower court's "erroneous decision has disrupted highly impactful, sensitive, ongoing diplomatic trade negotiations, and cast a pall of legal uncertainty over the President's efforts to protect our country by preventing an unprecedented economic and foreign policy crisis".
Lawyers representing small businesses challenging the tariffs said they were confident they would win the case.
"These unlawful tariffs are inflicting serious harm on small businesses and jeopardising their survival," said Jeffrey Schwab of Liberty Justice Center. "We hope for a prompt resolution of this case for our clients."
If the Supreme Court justices deny the review, the ruling could take effect on 14 October.
In May, the New York-based Court of International Trade declared the tariffs were unlawful. That decision was also put on hold during the appeal process.
The rulings came in response to lawsuits filed by small businesses and a coalition of US states opposing the tariffs.
In April, Trump signed executive orders imposing a baseline 10% tariff as well as "reciprocal" tariffs intended to correct trade imbalances on more than 90 countries.
In addition to those tariffs, the appellate court ruling also strikes down levies on Canada, Mexico and China, which Trump argues are necessary to stop the importation of drugs.
The decision does not apply to some other US duties, like those imposed on steel and aluminium, which were brought in under a different presidential authority.
BBC
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POLL ADDED GUYS...
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Trump signs order to cut tariffs on Japanese cars to 15%
US President Donald Trump signed an executive order on Thursday that cuts tariffs on Japanese car imports from 27.5% to 15%, easing uncertainty for motor industry giants like Toyota, Honda and Nissan.
It formalises an agreement, which was announced in July, to apply a 15% levy to almost all Japanese exports to the US - including vehicles and pharmaceuticals.
Tokyo has also agreed to invest $550bn (£410bn) in US projects, and gradually open its economy to American goods, including cars and rice, the White House said.
The deal came after months of negotiations between the US and Japan in the wake of Trump announcing sweeping tariffs on most countries around the world in April.
"Finally," Japan's top trade negotiator, Ryosei Akazawa, said in Japanese as he reposted a White House announcement about the executive order.
According to the order, the deal will help reduce America's trade deficit with Japan and provide US businesses "breakthrough openings".
The White House said Japan has committed to buying $8bn worth of US goods a year - including agricultural products, fertilisers and bioethanol.
It added that Tokyo has also agreed to gradually increase its purchases of US-grown rice by 75% - a concession it had previously resisted to protect its agricultural industry.
Trump hailed the agreement as "massive" when it was announced in July.
"It's a great deal for everybody. I always say it has to be great for everybody. It's a great deal," he said in a news conference.
The Japanese economy is reliant on selling goods abroad, with the US as its biggest export market.
Cars account for around 20% of the country's total exports.
Trump's tariffs, which came into effect in August, have sent shockwaves around world as governments and businesses adapt to the changing global market.
Last month, Toyota warned that the impact of US tariffs would cost it around $10bn this year.
BBC
US President Donald Trump signed an executive order on Thursday that cuts tariffs on Japanese car imports from 27.5% to 15%, easing uncertainty for motor industry giants like Toyota, Honda and Nissan.
It formalises an agreement, which was announced in July, to apply a 15% levy to almost all Japanese exports to the US - including vehicles and pharmaceuticals.
Tokyo has also agreed to invest $550bn (£410bn) in US projects, and gradually open its economy to American goods, including cars and rice, the White House said.
The deal came after months of negotiations between the US and Japan in the wake of Trump announcing sweeping tariffs on most countries around the world in April.
"Finally," Japan's top trade negotiator, Ryosei Akazawa, said in Japanese as he reposted a White House announcement about the executive order.
According to the order, the deal will help reduce America's trade deficit with Japan and provide US businesses "breakthrough openings".
The White House said Japan has committed to buying $8bn worth of US goods a year - including agricultural products, fertilisers and bioethanol.
It added that Tokyo has also agreed to gradually increase its purchases of US-grown rice by 75% - a concession it had previously resisted to protect its agricultural industry.
Trump hailed the agreement as "massive" when it was announced in July.
"It's a great deal for everybody. I always say it has to be great for everybody. It's a great deal," he said in a news conference.
The Japanese economy is reliant on selling goods abroad, with the US as its biggest export market.
Cars account for around 20% of the country's total exports.
Trump's tariffs, which came into effect in August, have sent shockwaves around world as governments and businesses adapt to the changing global market.
Last month, Toyota warned that the impact of US tariffs would cost it around $10bn this year.
BBC
rpant_gabba
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FAFO
RexRex
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Why would these farmers vote for Trump given that he always been vocal about -
> tariffing China thus inviting reciprocal tariffs for US farmers.
> deporting illegals many of whom these farmers employ in their fields and rely on.
It doesn't compute.
rpant_gabba
First Class Player
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Your mistake that there is action between ears when they are in the voting booth.
American conservatives are still sore over losing the civil war and will vote against whatever they see as northern policies
globetrotter
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Trump's decision of imposing illegal tarrifs on India and other countries boomerang on him. After Alaska summit the whole world waited to see what stringent action he takes on Russia.... russia continued their heavy bombardment on Ukraine....India continues buying russian oil from him.
EVEN EU also not supporting him.....only Syria and asif munir lead Pakistan supporting him now
EVEN EU also not supporting him.....only Syria and asif munir lead Pakistan supporting him now
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US Supreme Court to decide legality of Trump’s tariffs
The United States Supreme Court has granted an unusually quick hearing on whether President Donald Trump has the power to impose sweeping tariffs under federal law.
The justices said on Tuesday that they will hear arguments in November, which is lightning fast by the typical standards of the nation’s highest court.
The small businesses and states that challenged the tariffs in court also agreed to the accelerated timetable. They say Trump illegally used emergency powers to set import taxes on goods from almost every country in the world, nearly driving their businesses to bankruptcy.
The justices also agreed to hear a separate challenge to Trump’s tariffs brought by a family-owned toy company, Learning Resources.
Two lower courts have found that most of the tariffs were illegally imposed, though a 7-4 appeals court has left them in place for now.
The levies are part of a trade war instigated by Trump since he returned to the presidency in January, which has alienated trading partners, increased volatility in financial markets and driven global economic uncertainty.
Trump has made tariffs a key foreign policy tool, using them to renegotiate trade deals, extract concessions and exert political pressure on countries. Revenue from tariffs totalled $159bn by late August, more than double what it was at the same point a year earlier.
The Trump administration asked the justices to intervene quickly, arguing the law gives him the power to regulate imports and that the country would be on “the brink of economic catastrophe” if the president were barred from exercising unilateral tariff authority.
www.aljazeera.com
The United States Supreme Court has granted an unusually quick hearing on whether President Donald Trump has the power to impose sweeping tariffs under federal law.
The justices said on Tuesday that they will hear arguments in November, which is lightning fast by the typical standards of the nation’s highest court.
The small businesses and states that challenged the tariffs in court also agreed to the accelerated timetable. They say Trump illegally used emergency powers to set import taxes on goods from almost every country in the world, nearly driving their businesses to bankruptcy.
The justices also agreed to hear a separate challenge to Trump’s tariffs brought by a family-owned toy company, Learning Resources.
Two lower courts have found that most of the tariffs were illegally imposed, though a 7-4 appeals court has left them in place for now.
The levies are part of a trade war instigated by Trump since he returned to the presidency in January, which has alienated trading partners, increased volatility in financial markets and driven global economic uncertainty.
Trump has made tariffs a key foreign policy tool, using them to renegotiate trade deals, extract concessions and exert political pressure on countries. Revenue from tariffs totalled $159bn by late August, more than double what it was at the same point a year earlier.
The Trump administration asked the justices to intervene quickly, arguing the law gives him the power to regulate imports and that the country would be on “the brink of economic catastrophe” if the president were barred from exercising unilateral tariff authority.
US Supreme Court to decide legality of Trump’s tariffs
The Supreme Court has scheduled to hear the case in November, lightning fast by its typical standards.
Vikram1989
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US President Donald Trump has announced a new wave of tariffs, including a 100% levy on branded or patented drug imports from 1 October unless a company is building a factory in the US
Washington will also impose a 25% import tax on all heavy-duty trucks and 50% levies on kitchen and bathroom cabinets, the president said as he unveiled the industry-focused measures.
"The reason for this is the large scale 'FLOODING' of these products into the United States by other outside Countries," Trump wrote on his Truth Social platform on Thursday, citing the need to protect US manufacturers.
The announcements come despite calls from US businesses for the White House to not impose further tariffs.
However, Neil Shearing, chief economist at Capital Economics, said the tariff announcement on pharmaceuticals was "not quite as big a move as it appears at first sight".
This was due to the exemptions available to generic drugs and to those firms building factories in the US.
"Many of the world's largest pharmaceutical companies either already have some production in the US or have announced plans to build production in the near future," he said.
The European Federation of Pharmaceutical Industries and Associations has called for "urgent discussions" to make sure Trump's plans for new tariffs do not cause any harm to patients in the EU or the US.
European officials have said pharmaceutical exports are shielded from tariffs higher than 15%, under terms of a framework agreed between the US and the EU earlier this year.
The UK exported more than $6bn (£4.5bn) worth of pharmaceutical products to the US last year, according to the United Nations.
In the trade agreement signed by the US and UK in June the two countries said they intended to negotiate "significantly preferential treatment outcomes on pharmaceuticals".
www.bbc.com
Washington will also impose a 25% import tax on all heavy-duty trucks and 50% levies on kitchen and bathroom cabinets, the president said as he unveiled the industry-focused measures.
"The reason for this is the large scale 'FLOODING' of these products into the United States by other outside Countries," Trump wrote on his Truth Social platform on Thursday, citing the need to protect US manufacturers.
The announcements come despite calls from US businesses for the White House to not impose further tariffs.
However, Neil Shearing, chief economist at Capital Economics, said the tariff announcement on pharmaceuticals was "not quite as big a move as it appears at first sight".
This was due to the exemptions available to generic drugs and to those firms building factories in the US.
"Many of the world's largest pharmaceutical companies either already have some production in the US or have announced plans to build production in the near future," he said.
The European Federation of Pharmaceutical Industries and Associations has called for "urgent discussions" to make sure Trump's plans for new tariffs do not cause any harm to patients in the EU or the US.
European officials have said pharmaceutical exports are shielded from tariffs higher than 15%, under terms of a framework agreed between the US and the EU earlier this year.
The UK exported more than $6bn (£4.5bn) worth of pharmaceutical products to the US last year, according to the United Nations.
In the trade agreement signed by the US and UK in June the two countries said they intended to negotiate "significantly preferential treatment outcomes on pharmaceuticals".
Trump announces new tariffs on trucks, drugs and kitchen cabinets - BBC News
The US president said the move aims to help protect American manufacturers from foreign imports.
www.bbc.com
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'Total turmoil' as Trump tariffs slam home-goods industry, consumers
Even as the costs associated with buying and maintaining homes remains out of reach for many Americans, new tariffs on housing goods manufacturers will likely make it harder to remodel and decorate, with dire consequences for much of the home goods industry, not to mention the broader economy.
The tariffs, announced on Truth Social on Sept. 25 by President Trump, include a 30% levy on upholstered furniture, and 50% on kitchen cabinets and bathroom vanities.
“People haven't been able to trade over or up in housing for so many reasons,” said Maggie Kulyk, founder and CEO of Chicory Wealth, a wealth advisory firm. “Wages have not kept pace with the inflation of the housing market. Then interest rates rose. So you've got people who are quite literally stuck in place. And now they want kitchen cabinets. Well, they’re going to pay more and they might not get them for a long time.”
What does “paying more” mean? Remodeling experts interviewed by USA TODAY in April, after the first round of tariffs were rolled out, estimated that the cost of renovating a home could rise as much as 25%. An additional 50% levy on cabinets and vanities could jack up that estimate.
A summary from This Old House suggests that lower-end, prefabricated bathroom vanities can be had for as little as $100 to $2,600, while custom-built versions may cost as much as $2,800. Installation may be hundreds or even thousands more – but, as Kulyk points out, many immigrant communities that may traditionally have supplied the labor for such installations are being targeted for deportations.
Data from home-services company Angi, meanwhile, shows that homeowners can expect to spend, on average, $6,317 on cabinets, although projects may cost as little as $1,978 and as much as $11,044.
American producers of kitchen cabinets may be one of the few players happy with the new tariffs. Two industry groups, the American Kitchen Cabinet Alliance and the Kitchen Cabinet Manufacturers Association, have advocated for tariffs “of at least 100%,” they say, “to stop the flood of foreign imports.”
That kitchen renovation is going to become a lot more expensive if new tariffs on cabinets go into effect.
The two groups, in materials posted online, write that over 250,000 American jobs are at stake as countries including Mexico, Vietnam, and Malaysia bring cheaper products from China into the U.S.
How strong is the economy?
While reshoring American manufacturing and protecting domestic jobs may be the goal, some observers are concerned that these policy steps are being taken at the expense of moderate-income Americans, many of whom are struggling to keep up.
Official economic data currently shows that the American economy is strong and has remained resilient in the face of the White House’s shock-and-awe tariff policies. Economic output, or GDP, rose 3.8% in the second quarter of 2025, the Commerce Department said on Sept. 25, driven by a healthy 2.5% increase in consumer spending.
But Kulyk is struck by recent reporting that shows that it’s higher-end shoppers propping up consumer spending. Recent research from the Boston Fed bears out a February analysis from Moody’s Analytics that found that the top 10% of earners – households making about $250,000 a year or more – account for one-half of all spending.
For everyone else, however, things are getting more challenging. Average credit scores are declining for many Americans, and many are struggling to repay student loans.
“We're living in a very dangerous situation, both politically and macroeconomically,” Kulyk said in an interview. “I do think that when the rubber hits the road and some of the folks who are only making $200,000 a year realize they thought they had a seat at the table, but now they're on the menu, then we're going to see significantly more social unrest, potentially.”
Tariffs cause 'total turmoil' in industry
In the home goods industry, meanwhile, tariffs are causing “total turmoil,” according to Barbara Karpf, founder and president of DecoratorsBest, one of the premier online suppliers of products like textiles and wallpaper traditionally only available to tradespeople.
“A lot of companies are just discontinuing or closing out a lot of their product,” Karpf said in an interview. “They’re selling less product and the companies abroad are stuck with products in production, and some things are in transit, and are going to sit in warehouses.”
Even if some companies are open to the idea of reshoring manufacturing, there’s no way to start production in a matter of months, let alone by Oct. 1. Some of Karpf’s contacts have researched the possibility, only to learn that the machinery they would need is now prohibitively expensive thanks to earlier tariffs. Some are discontinuing various product lines, and others are cutting workers or closing altogether.
DecoratorsBest is doing well, Karpf said, but she’s had to table plans to hire more workers and other investments.
“I don’t disagree with some of the reciprocal tariffs or wanting to bring money back into the government. I respect that the president is taking a new stance. I understand some of it,” she said. “But the randomness of it and the lack of notice, this is not a way to do business. You can’t grow or flourish, you just pray that you wake up and there’s not another tariff tweet.”
Source: USA Today
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