Trump’s new tariffs give some countries a break, while shares and US dollar sink
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Diverging Reports Breakdown
Copper Set for Weekly Drop on LME After Trump’s Tariff Surprise
The industrial metal steadied on Friday on the London Metal Exchange, but was down 1.5% for the week. In the US, where traders had been moving large volumes of copper to in anticipation of the tariffs, copper has plunged by more than 20% this week. Trump imposed 50% tariffs on semi-finished copper products such as pipes, wires, rods, sheets and tubes from Friday.
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The industrial metal steadied on Friday on the London Metal Exchange, but was down 1.5% for the week. In the US, where traders had been moving large volumes of copper to in anticipation of the tariffs, copper has plunged by more than 20% this week.
Trump imposed 50% tariffs on semi-finished copper products such as pipes, wires, rods, sheets and tubes from Friday, but exempted less-processed forms of the metal including ore, concentrates and cathodes. New York futures’ big premium over London evaporated in response.
Traders are now rushing to book storage space for copper in a bet that Trump’s decision will prompt a wave of supplies that have been stockpiled in the US to be shifted to LME warehouses. Holdings of the metal in warehouses monitored by the LME, Comex and the Shanghai Futures Exchange have recovered in July after dropping in each of the previous four months.
Copper prices may come under pressure in the near term due to the unwind of the US copper tariff trade, wrote Daniel Major, analyst at UBS Group AG. “We remain structurally constructive on the fundamental outlook for copper, but have become more cautions on the near-term outlook as we are concerned that the physical market has been distorted by tariffs,” he said.
Copper edged up 0.2% to $9,626.50 a ton on the LME as of 11:47 a.m. in London. Aluminum and nickel dropped more than 0.5%.
–With assistance from Jack Ryan.
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Trump Tariff Blitz Unleashes Delayed Shock to Global Economy
NEW: Asian shares fell 0.7%, Europe’s Stoxx 600 benchmark fell more than 1%. NEW: All those declines were initially far more muted than in the aftermath of April 2. The US president is expected to unveil separate tariffs on imports of pharmaceuticals, semiconductors, critical minerals and other key industrial products in the coming weeks. At an average of 15%, the world is still facing some of the steepest US tariffs since the 1930s, roughly six times higher than they were a year ago. The past four months have also shown an increased willingness by Trump to use tariffs to settle geopolitical scores, analysts say. the global economy has held up better than many economists expected after Trump’s initial tariff blitz, but that could all be about to change, they say. They say the 12.8-percentage-point hike in the average tariff since Trump came back into office could cut US GDP by 1.8% and lift core prices by1.1% over a period of two to three years.
On Friday, Asian shares fell 0.7%, Europe’s Stoxx 600 benchmark fell more than 1% and futures on the S&P 500 retreated about 1%. Still, all those declines were initially far more muted than in the aftermath of April 2.
The months of negotiations, marked by Trump’s social-media threats against US allies and foes alike, ended with new rates that were largely in line or lower than those on April 2, which were paused after stocks plummeted and bond yields surged. Still, there were some shocks, such as a punitive 39% rate for imports from Switzerland and an increase on some Canadian goods to 35%.
“For the rest of the world, this is a serious demand shock,” Raghuram Rajan, former India central bank governor and chief economist of the International Monetary Fund, who is now a professor at the University of Chicago Booth School of Business, told Bloomberg TV on Friday. “You will see a lot of central banks contemplating cutting as the rest of the world slows somewhat in the face of these tariffs.”
That could all be about to change.
So far, the global economy has held up better than many economists expected after Trump’s initial tariff blitz. A rush to beat the elevated rates spurred a front-loading of exports, aiding many Asian economies and shielding US consumers from price spikes.
But at an average of 15%, the world is still facing some of the steepest US tariffs since the 1930s, roughly six times higher than they were a year ago. Trump’s latest volley outlined minimum 10% baseline levies, with rates of 15% or more for countries with trade surpluses with the US.
(Bloomberg) — Four months after Donald Trump shocked the world and roiled markets by unveiling a placard full of tariff rates at the White House Rose Garden, his revisions unveiled Thursday generated a more subdued response among investors.
Story continues
The past four months have also shown an increased willingness by Trump to use tariffs to settle geopolitical scores. While the “Liberation Day” rates followed a crude formula linked broadly to a nation’s trade deficit, the ensuing numbers appeared more arbitrary. Trump threatened Brazil over domestic politics, India over its ties with Russia and Canada over plans to recognize a Palestinian state.
If the new levies go ahead in seven days as planned and if deals on car tariffs with the European Union, Japan and South Korea stick, Bloomberg Economics estimates the average US tariff rate will rise to 15.2% from 13.3% — up significantly from just 2.3% before Trump took office.
“It’s a very high tariff wall,” said Deborah Elms, head of trade policy of the Hinrich Foundation. “The cost is going to be significantly higher for American companies and American consumers who will respond surely by buying less.”
Applying model results used by the Federal Reserve in the first trade war, Bloomberg Economics calculates the 12.8-percentage-point hike in the average tariff since Trump came back into office could cut US GDP by 1.8% and lift core prices by 1.1% over a period of two to three years.
That’ll create downside risks for exporters that rely on US demand too.
Bloomberg Economics reckon Canada and Mexico, which has an additional 90 days to negotiate, are “well placed to weather the storm” thanks to carve outs for compliant goods compliant with the USMCA trade deal. The EU, Japan and South Korea — all with 15% rates — also come off better than feared.
Switzerland, by contrast, was hit hard with a tariff of 39% on its products. The Swiss franc edged lower.
Thursday’s tariff news didn’t apply to China. Trump is set to make a call on whether to extend a tariff truce after talks wrapped in Stockholm this week. A Chinese official earlier said the two sides agreed to keep levies at their current levels for now, part of a trade truce after President Xi Jinping’s government cut off the US from rare earth magnets in the wake of the April 2 levies.
Trump did include a provision to impose a 40% additional tariff on goods deemed to be transshipped, a measure that appeared aimed at China, but it lacked clarity on how such a ruling will be made.
“This provides a bit more clarity but there remains substantial uncertainty for manufacturers,” said Jonathan Kearns, Sydney-based chief economist at money manager Challenger Ltd. “We’ve seen numerous changes in the US tariff regime to date and there could always be more. Companies will be wary of investing and setting plans while uncertainty remains.”
Kearns, a former central bank official, said he expects greater pass through to the US consumer in the months ahead.
The Trump administration is hoping the new tariff regime will bring in revenue, shrink the trade deficit and spur companies to set up factories on US shores — all without driving up prices or cratering demand.
“Global trade is now being organized around the principles of fair and balanced trade – all pursued in support of countries’ economic and national security,” US Trade Representative Jamieson Greer wrote in a statement. “This new trading system will lower the US trade deficit and lead to better outcomes for American workers, their families, and their communities.”
Still, since Trump’s Rose Garden rollout in April, he’s faced criticism for over promising on trade deals after he and aides vowed to broker numerous agreements, with at least one pledging “90 deals in 90 days.” Economists are also warning US households will pay a price — with the blow depending on how the burden is split between exporters prepared to eat slimmer margins to retain sales and their US importers.
Fed Dilemma
“Unlike Trade War 1.0, when Chinese exporters and the RMB bore the brunt of the adjustment, this time round since tariffs are universal with minimum rate of 10%, there would likely be some pass-through to the US consumers,” said Selena Ling, an economist at Oversea-Chinese Banking Corp. in Singapore. “This may complicate the picture for the Fed.”
Federal Reserve Chair Jerome Powell this week shrugged off pressure from the White House and rejected arguments for an interest-rate cut from two dissenting officials, maintaining that the central bank needed to stay on guard against inflation risk.
“A reasonable base case is that the effects on inflation could be short-lived, reflecting a one-time shift in the price level, but it is also possible that the inflationary effects could instead be more persistent — and that is a risk to be assessed and managed,” Powell said Wednesday.
Also to be seen is whether the US levies spur more tariff barriers around the globe. While the EU has placed tariffs on Chinese electric vehicles and others have mulled similar curbs on cheap Chinese goods, most have eschewed Trump’s protectionist push.
“While we haven’t returned entirely to a ‘law of the jungle’ system, we have taken several huge strides back in that direction,” said Stephen Olson, a former US trade negotiator now with the ISEAS-Yusof Ishak Institute.
“Don’t assume this is the end of the story,” he added. “Trump regards this as an ongoing reality show. More ‘deals’ or further tariff increases are almost certain to follow.”
–With assistance from Jennifer A. Dlouhy and Anup Roy.
(Updates markets in seventh paragraph.)
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Trump’s new tariffs give some countries a break, while shares and US dollar sink
The new rates are due to take effect on Aug. 7, but uncertainty over what Trump might do next remains. The way ahead for China, which runs the largest trade surplus with the U.S., is unclear. The reaction from financial markets was muted. Benchmarks fell in Asia, with South Korea’s Kospi dropping nearly 4% after the tariff rate was set at 15%. New Zealand officials say they will keep lobbying Trump to cut the 15% tariff he announced for their country’s exports to the U.,S. New Zealand runs a $1.1 billion trade deficit with the United States in 2024, according to U.N. data. But the exporter of meat, dairy, wine and farm machinery says it could absorb a 10% tariff or pass it on to consumers through increased costs. It says it would continue to seek a negotiated solution to the trade dispute with the Trump administration. of Japan, Taiwan, Norway, Switzerland and Australia are also still working on a deal.
The new rates are due to take effect on Aug. 7, but uncertainty over what Trump might do next remains. The way ahead for China, which runs the largest trade surplus with the U.S., is unclear after talks earlier this week in Stockholm produced no deal. Trump has yet to say if he’ll extend an Aug. 12 pause on painfully high import duties on Chinese products.
The reaction from financial markets was muted. Benchmarks fell in Asia, with South Korea’s Kospi dropping nearly 4% after the tariff rate for the U.S. ally was set at 15%. The U.S. dollar weakened against the Japanese yen, trading at more than 150 yen per dollar.
For Canada and Switzerland, regret and disappointment
Canadian Prime Minister Mark Carney said his government was disappointed by Trump’s move to raise the U.S. tariff on goods from America’s northern neighbor to 35% from 25%, effective Friday. Goods transshipped from unspecified other countries face a 40% import duty.
Trump cited what he said was a lack of cooperation in stemming trafficking in illicit drugs across the northern border. He also slammed Canada’s plan to recognize a Palestinian state and has expressed frustration with a trade deficit largely fueled by U.S. oil purchases.
“Canada accounts for only 1% of U.S. fentanyl imports and has been working intensively to further reduce these volumes,” Carney said in a statement.
Many of Canada’s exports to the U.S. are covered by the U.S.-Mexico-Canada Agreement and face no tariff. But steel, lumber, aluminum and autos have been subject to still higher tariffs.
Switzerland was reeling after Trump ordered a 39% tariff rate for the land of luxury watches, pharmaceuticals and financial services. That was up from his original proposal of a 31% duty.
“The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland’s very constructive stance from the outset, the U.S. intends to impose unilateral additional tariffs on imports from Switzerland,” the government said in a post on X. It said it would continue to seek a negotiated solution.
Still working on it
New Zealand officials said Friday they would keep lobbying Trump to cut the 15% tariff he announced for their country’s exports to the U.S., up from the original 10% baseline set in April.
“We don’t think this is a good thing. We don’t think it’s warranted,” Trade Minister Todd McClay told Radio New Zealand. The exporter of meat, dairy, wine and farm machinery ran a $1.1 billion trade surplus with the U.S. in 2024, according to U.S. Trade Representative data.
McClay said New Zealand exporters had reported they could absorb a 10% tariff or pass it on to U.S. consumers through increased costs. A further increase would “change the equation,” he said.
Neither New Zealand nor its neighbor Australia have struck tariff deals with the Trump administration. Australian steel and aluminum exports have faced a steep 50% tariff since June.
Australian Trade Minister Don Farrell said the 10% overall tariff on Australia’s exports to the United States was a vindication of his government’s “cool and calm negotiations.” But he said even that level was not justified. The U.S. exports twice as much to Australia as it imports from its bilateral free trade partner, and Australia imposes no tariffs on U.S. exports.
Objecting to a 15% tariff rate, Norwegian Prime Minister Jonas Gahr Støre told the newspaper VG the Scandinavian country should have “zero tariffs.” He said talks were continuing.
Japan watches, while Taiwan keeps trying for a deal
Japanese Chief Cabinet Secretary Yoshimasa Hayashi was cautious in welcoming Trump’s executive order setting Japan’s tariff at 15% after the two sides worked out an agreement, much to Tokyo’s relief.
“We believe it is necessary to carefully examine the details of the measure,” Hayashi said. “The Japanese government will continue to urge the U.S. side to promptly implement measures to carry out the recent agreement, including reducing tariffs on automobiles and auto parts.”
Taiwan’s President Lai Ching-te said the self-ruled island had yet to engage in final negotiations with the U.S. side owing to scheduling difficulties and that he was hopeful the final tariff rate would be reduced even further after a final round of talks.
The Trump administration lowered its tariff for Taiwan to 20% from the originally proposed 32%. Taiwan is a key supplier of advanced semiconductors needed for many products and technologies.
“20% from the beginning has not been our goal, we hope that in further negotiations we will get a more beneficial and more reasonable tax rate,” Lai told reporters in Taipei Friday.
The U.S. is Taiwan’s largest ally even though it does not formally recognize the island. “We want to strengthen U.S. Taiwan cooperation in national security, tech, and multiple areas,” Lai said.
For some trading partners, relief that tariffs are lower than they might be
Cambodia’s Deputy Prime Minister Sun Chanthol, who led his nation’s trade talks with the United States, thanked Trump for setting the tariff rate on Cambodian goods at 19% and said his country will impose zero tariffs on American goods.
The rate for Cambodia that Trump proposed in April was 49%, one of the highest in the world. He said the U.S. estimated average Cambodian tariffs on U.S. exports at 97%.
Cambodia has agreed to up purchases of U.S. goods. Sun said it would purchase 10 passenger aircraft from Boeing in a deal they hoped to sign later this month. Several other nations had already announced similar aircraft purchase deals as part of their trade packages.
Trump had threatened to withhold trade deals from Cambodia and Thailand if they didn’t end an armed conflict over border territory. The two nations agreed on a ceasefire that began Tuesday.
Thailand also is subject to a 19% tariff, a rate that its Finance Minister Pichai Chunhavajira said “reflects the strong friendship and close partnership between Thailand and the United States.” That was down from 36% proposed earlier.
“The outcome of this negotiation signals that Thailand must accelerate its adaptation and move forward in building a stable and resilient economy, ready to face global challenges ahead,” he said.
Pakistan welcomed a trade deal that sets a 19% duty on its exports, lower than the initial plan for 29%, saying in a government statement that it was a “balanced and forward-looking approach” that could boost trade and economic growth.
For Bangladesh, a new 20% tariff warded off an earlier threat of a 35% import duty for the South Asian exporter of garments and other light manufactured goods. “That’s good news for our apparel sector and the millions who depend on it,” said Khalilur Rahman, the country’s national security advisor and lead negotiator.
“We’ve also preserved our global competitiveness and opened up new opportunities to access the world’s largest consumer market” Rahman said. “Protecting our apparel industry was a top priority, but we also focused our purchase commitments on U.S. agricultural products. This supports our food security goals and fosters goodwill with U.S. farming states.”
___
AP journalists from around the world contributed to this report.
US trade partners around the world react to Trump’s new tariffs
US President Trump orders a 35% tariff for goods from Canada, effective from Friday. He also said Thursday that he would extend trade negotiations with Mexico for 90 days. Pakistan welcomes a new tariff arrangement with the United States that sets a 19% duty on Pakistani exports. The new rate is lower than the 29% tariff initially announced by US President Trump and below the 25% currently imposed on neighboring India. The deal will still need more time to be hammered out in details, Thailand’s finance minister says. The agreement reflects a “balanced and forward-looking approach” by US authorities, Pakistan’s finance ministry says. It is expected to benefit key export sectors, particularly textiles, which remain the backbone of Pakistan’s export economy, it adds. The U.S. government says officials will continue to seek a negotiated solution to the tariff issue, a source tells CNN. The deadline for reaching trade agreements with dozens of countries and blocs is Aug. 1, but the White House has set a deadline of Aug. 7.
Trump’s order issued Thursday night came after a flurry of tariff-related activity in recent days as the White House announced agreements with various nations and blocs before a deadline set by the president for Aug. 1.
US trade partners reacted Friday to President Trump’s executive order that would introduce new tariffs on many of them in seven days, as the global economy and alliances face another test from the president’s trade agenda.
Here’s the latest:
Thailand says 19% rate reflects ‘close partnership’ with US
Thailand’s finance minister says the 19% tariff rate imposed by the US “reflects the strong friendship and close partnership” between the two countries.
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Thailand’s new rate of 19% was reduced from 36%, similar to other rates imposed on Southeast Asian nations, such as Vietnam, Cambodia and the Philippines.
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Finance Minister Pichai Chunhavajira wrote in a social media post on Friday that it would “maintain Thailand’s competitiveness on the global stage” and opens the “door to economic growth,” but also acknowledged it would pose problems for some sectors of the economy and said that “comprehensive support measures have been prepared.”
Speaking to reporters at a news conference in Bangkok later Friday, Pichai said that the deal will still need more time to be hammered out in details.
Pakistan welcomes 19% tariffs under US trade deal
Pakistan on Friday welcomed a new tariff arrangement with the United States that sets a 19% duty on Pakistani exports, calling it a positive step that could boost trade and economic growth.
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The new rate is lower than the 29% tariff initially announced by US President Trump and below the 25% currently imposed on neighboring India.
The Finance Ministry said the agreement reflects a “balanced and forward-looking approach” by US authorities and will help keep Pakistani goods competitive in the American market compared to other South and Southeast Asian countries.
The ministry said the revised tariff is expected to benefit key export sectors, particularly textiles, which remain the backbone of Pakistan’s export economy. The ministry said that Pakistan will continue to engage closely with Trump and the US administration to promote the shared goals of economic development and mutual prosperity.
Norway wants ‘zero tariffs’
Norwegian Prime Minister Jonas Gahr Støre told newspaper VG that he believes the Scandinavian country should have “zero tariffs.”
Gahr Støre, following the White House’s announcement, said Norwegian officials are still in talks with Washington in the hopes of eliminating the duties altogether.
Norway got hit with an expected 15% tariff.
Switzerland hit with 39% tariff and will try to negotiate
The land of luxury watches, pharmaceuticals and secretive financial services was reeling Friday, Switzerland’s National Day, upon learning it had been slapped with a 39% tariff, although US President Trump had proposed a 31% rate in April.
The Swiss government said officials will continue to seek a negotiated solution.
“The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland’s very constructive stance from the outset, the US intends to impose unilateral additional tariffs on imports from Switzerland,” the government said in a post on X.
Trump orders 35% tariff on Canadian goods
US President Trump has raised the tariff rate on US imports from Canada to 35% from 25%, effective Friday, citing a lack of cooperation on illicit drugs.
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The announcement from the White House late Thursday said that Canada had failed “to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug or human traffickers, criminals at large, and illicit drugs.”
Trump earlier had threatened to impose the higher tariff on Canada if no deal was reached by Friday, his deadline for reaching trade agreements with dozens of countries.
Canada wasn’t included in Trump’s updated list of tariff rates on other countries announced late Thursday. Those import duties are due to take effect on Aug. 7.
Malaysia hails ‘significant achievement’ in 19% tariff rate
Malaysia’s Trade Ministry said Friday that the US tariff reduction from 25% to 19% was a “significant achievement” as the deal was struck without compromising key national interests.
“The 19% rate roughly tracks the rate of other countries in the Southeast Asian region,” the ministry said in a statement. “Most importantly, Malaysia had stood firm on various ‘red line’ items, and the 19% tariff rate was achieved without compromising the nation’s sovereign right to implement key policies to support the nation’s socio-economic stability and growth.”
The ministry said that Malaysia’s economy remains resilient despite global headwinds, citing strong domestic demand and ongoing structural reforms.
The statement didn’t give further details, but officials previously said that nontariff barriers such as halal certification, which affects US beef and poultry exports, along with digital trade and government procurement were sticking points. It’s unclear what concessions Malaysia made.
Cambodia will impose zero tariffs on all American goods
Cambodia’s deputy prime minister, who led trade talks with the US, thanked US President Trump for setting the tariff rate on Cambodian goods at 19% and said the government would impose zero tariffs on all American goods.
When Washington originally posted its list of notional “reciprocal” tariffs, the rate for goods from Cambodia was 49%, one of the highest in the world. It had estimated that Cambodian tariffs on US imports averaged 97%.
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Deputy Prime Minister Sun Chanthol also said Cambodia would purchase 10 passenger aircraft from Boeing in a deal they hoped to sign later this month. Several other nations had already announced similar aircraft purchase deals as part of their trade packages.
Trump had threatened to not conclude a deal with reduced tariffs if Cambodia and Thailand didn’t stop a recent armed conflict over border territory. The two nations agreed on a ceasefire beginning Tuesday that appears to be holding.
Cambodia publicly celebrated Trump’s peace initiative, suggesting he deserved a Nobel Prize for his intervention. Sun Chanthol said Friday that Cambodia would nominate him for the honor.
Australia says 10% rate gives country competitive advantage
Australian Trade Minister Don Farrell says gaining the minimum 10% US tariff on exports including beef, lamb, wine and wheat gave Australia a competitive advantage over some competitors.
Farrell told reporters Australia did not introduce tariffs on US goods at any point, and added, “I haven’t seen any case or any example where the retaliatory imposition of tariffs has resulted in a country being in a better position.”
Farrell argues that no US tariffs can be justified because Australia imposes no tariffs on its bilateral free trade partner. The United States has enjoyed a trade surplus with Australia for decades.
Australian Prime Minister Anthony Albanese has been criticized for failing to secure a face-to-face meeting with US President Trump to discuss trade.
Japan welcomes Trump’s signing of executive order
Japanese Chief Cabinet Secretary Yoshimasa Hayashi welcomed US President Trump’s signing of the executive order setting Japan’s new reciprocal tariffs as a step that would reduce uncertainty of the US trade policy and its negative impact on the global economy, including that of Japan.
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Hayashi, however, said Japan still needs to closely examine the measures and continue urging prompt implementation by the US government to carry out the agreement, including reduction of tariffs on automobiles and auto parts.
Hayashi acknowledged that Japan’s new tariff rate of 15% is a “major reduction” from the initially imposed 25%, but his government will continue to watch and mitigate its impact on Japanese exports, including by providing financial assistance for small and medium-sized businesses.
New Zealand looks to lobby for lower tariff rates
New Zealand officials said they would lobby the administration for a change to the 15% tariff announced for the country’s exporters to the US. It’s an increase from the original 10% baseline announced for New Zealand in April.
“We don’t think this is a good thing. We don’t think it’s warranted,” Trade Minister Todd McClay told Radio New Zealand Friday. He said New Zealand appeared to have been targeted for a larger levy because the country sells more to the US than it imports, but that the gap of about half a billion dollars each year was “not significant or meaningful.”
Neighboring Australia dodged an increase to remain at 10%, but it buys more from the US than it exports, McClay added.
The United States in January overtook Australia to become New Zealand’s second-largest export partner, behind China. New Zealand exports are largely made up of meat, dairy, wine and agricultural machinery.
Taiwan president says final tariff negotiations yet to come
Taiwan President Lai Ching-te said Taiwan had yet to engage in final negotiations with the US owing to scheduling difficulties and that he was hopeful the final tariff rate would be reduced even further after a final round of talks.
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The Trump administration hit Taiwan with 32% tariffs, and lowered it to 20% on Thursday. Taiwan was notified on Thursday by the administration of the lower rate.
“Twenty percent from the beginning has not been our goal. We hope that in further negotiations we will get a more beneficial and more reasonable tax rate,” he told reporters in Taipei on Friday.
Lai also linked trade talks to security issues, as the US is Taiwan’s largest ally even though it does not formally recognize the island. “We want to strengthen U.S. Taiwan cooperation in national security, tech, and multiple areas,” he said Friday.
The US is Taiwan’s most important export market and strategic ally, Lai said in an earlier statement Friday morning.
Cambodia prime minister thanks Trump for dropping tariff rate
Cambodian Prime Minister Hun Manet expressed his thanks to US President Trump for the dropping of tariffs from 36% to 19% and he called the reduction “good news” for Cambodia.
Posted on his social media platform, Hun Manet said Trump hadn’t only helped broker a ceasefire between Cambodia and Thailand forces after nearly a weeklong clash, but also assisted Cambodia’s economy by lowering tariffs.
“This is good news for the people and economy of Cambodia to continue developing the country,” Hun Manet said.
Thailand successfully negotiates lower tariff rates
Thailand’s government spokesperson Jirayu Houngsub said Thailand says the US agreed to reduce the tariffs rate from 36% to 19%, a rate similar to those imposed on many other Southeast Asian countries such as Vietnam and the Philippines.
“It’s one of the major successes of Team Thailand in a win-win approach, to secure the country’s export base and economic security in a long run,” he said in a statement. He didn’t immediately say what was the latest offer Thailand made to the US.
The agreement came days after a ceasefire between Thailand and Cambodia to halt the nearly weeklong clashes that killed at least 41 people. It was brokered with US pressure as President Trump said he wouldn’t move forward with trade agreements if the conflict continued.
Donald Trump presidency: Follow live updates.
FBI director says a new office in New Zealand will counter China’s sway, provoking Beijing’s ire. New tariff rates of up to 41 percent on US imports from dozens of countries drew expressions of relief from some countries. Trump has yet to say if he’ll extend an Aug. 12 pause on painfully high import duties on Chinese products. Trump sharpened his threat to impose sanctions on Russia over its war in Ukraine, even while acknowledging that the weapon he once argued worked on everyone may have no effect on President Vladimir Putin. The way ahead for China, which runs the largest trade surplus with the US, is unclear after talks earlier this week in Stockholm produced no deal. The new rates are due to take effect on Aug. 7, but uncertainty over what Trump might do next remains.
FBI director says a new office in New Zealand will counter China’s sway, provoking Beijing’s ire — 4:58 a.m. Link copied
By the Associated Press
FBI Director Kash Patel provoked diplomatic discomfort in New Zealand by suggesting the opening of a new office in the capital aims to counter China’s influence, drawing polite dismissals from Wellington and ire from Beijing.
Patel was in Wellington on Thursday to open the FBI’s first standalone office in New Zealand and to meet senior officials. The arrangement aligns New Zealand with FBI missions in other Five Eyes intelligence-sharing nations, which also include the United States, Australia, Canada, and the United Kingdom.
FBI Director Kash Patel cuts the ribbon at the official opening of the FBI office in Wellington, New Zealand, on July 31. Ola Thorsen/Associated Press
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Trump’s new tariffs give some countries a break, while shares and US dollar sink — 4:29 a.m. Link copied
By the Associated Press
President Trump’s new tariff rates of up to 41 percent on US imports from dozens of countries drew expressions of relief Friday from some countries that negotiated a deal or managed to whittle them down from rates announced in April. Others expressed disappointment or frustration over running out of time after hitting Trump’s Aug. 1 deadline for striking deals with America’s trading partners.
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The new rates are due to take effect on Aug. 7, but uncertainty over what Trump might do next remains. The way ahead for China, which runs the largest trade surplus with the US, is unclear after talks earlier this week in Stockholm produced no deal. Trump has yet to say if he’ll extend an Aug. 12 pause on painfully high import duties on Chinese products.
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Trump gives Mexico a reprieve but slams Canada with higher tariffs — 2:44 a.m. Link copied
By the Associated Press
As President Trump rolled out his latest round of tariffs Thursday, he fell again into what has become a familiar, if surprising, pattern — favoring Mexico and stiffing Canada.
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Even as he announced sweeping tariffs for much of the world, Trump offered Mexico a 90-day reprieve, pending further negotiations. Then for Canada, America’s largest export market, he raised general tariffs to 35 percent from 25 percent.
Even worse for Canada, its new rate went into effect shortly after midnight, while new tariffs against other nations will take effect in a week.
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Trump sharpens sanctions threat on Russia, while admitting it may not work — 12:21 a.m. Link copied
By The New York Times
President Trump on Thursday sharpened his threat to impose sanctions on Russia over its war in Ukraine, even while acknowledging that the weapon he once argued worked on everyone — the threat of financial ruin — may have no effect on President Vladimir Putin.
“We’re going to put sanctions,” he said, even though a deadline he gave Moscow this week to seriously engage on a ceasefire had not yet passed. “Russia? I think it’s disgusting what they’re doing,” he said, apparently referring to its continued bombing of Ukraine.
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