RexRex
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Modi: Doland bhai, why you do this..
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Contact the PP Team
Trump pauses some reciprocal Tariffs for 90 Days, Raises China Tariffs to 125% [Update@post270]
- Thread starter Cricket Warrior
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Bhaag Viru Bhaag
Senior Test Player
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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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- 34,776
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
- Joined
- Aug 29, 2023
- Runs
- 34,776
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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