Starving Gazans Need the US Navy's Help
President Donald Trump has said the US will set up 'food centers' for the two million people of the tiny Gaza strip. But the question is how the US, with all of its resources and logistical muscle, can get aid quickly into the war zone.
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Yahoo
26 minutes ago
- Yahoo
Brazil chooses local relief over retaliation for US tariffs, sources say
By Marcela Ayres, Bernardo Caram and Lisandra Paraguassu BRASILIA (Reuters) -Brazil's government has set aside for now plans for direct retaliation against steep U.S. tariffs taking effect this week, focusing instead on a relief package for industries hit hardest by the levies, sources familiar with the strategy said. Wide-ranging exemptions granted in U.S. President Donald Trump's executive order last week spared some of the most vulnerable sectors of Latin America's largest economy, to the relief of many investors and business leaders. That has left Brasilia cautious about responding to Trump with reciprocal tariffs or other retaliation that could escalate tensions, said government officials, who requested anonymity to discuss confidential deliberations. Talks with Washington are likely to be slow and complex, said one of the sources, so Brazil's government is prioritizing immediate relief for exporters, such as through public credit lines and other support for export finance. Another official said the government is studying potential responses to the tariffs that would affect U.S. companies, but sees them as a last resort if negotiations fail. Those potential countermeasures, now under review, could include suspension of royalty payments for pharmaceutical patents and media copyrights, two sources said. The government had also signaled last year that it was preparing a new tax that could affect big U.S. tech companies, but shelved the plan this year to avoid antagonizing Trump ahead of his April tariff announcement. At the time, Brazil was saddled with a 10% tariff, among the lowest in the world, which many credited to a longstanding U.S. trade surplus with Brazil. Trump then tied a steeper 50% tariff in July to what he called a political "witch hunt" against former President Jair Bolsonaro, a right-wing ally on trial for an alleged coup plot to overturn his 2022 election loss. Brazilian President Luiz Inacio Lula da Silva initially said he would respond under the country's Economic Reciprocity Law, passed by Congress to provide legal grounds for countermeasures against trade sanctions, fueling speculation about retaliation. Talk of reciprocal action has since faded, even as Lula criticizes Trump's rationale for the tariff hike, defending the independence of Brazil's judiciary and insisting any negotiations should remain strictly focused on trade. U.S. tariff exemptions granted last week for Brazil's aviation, energy and mining industries were taken in Brasilia as evidence that patient diplomacy and lobbying by affected U.S. companies seeking relief was the best way to get results in Washington. Brazil also said it plans to file a formal complaint at the World Trade Organization over the tariffs, even though that dispute settlement system has been stalled since the first Trump administration. "You still need to go through the available channels," one Brazilian official said, while acknowledging that a resolution is unlikely under the current state of the WTO. More immediately, the government is fine-tuning measures to shield sectors most hurt by the U.S. tariffs set to take effect on Wednesday, extending financial relief to companies already facing canceled contracts. Officials have said the package will likely include credit lines and possible tweaks to the export credit insurance and export financing mechanisms, according to one of the sources. Finance Minister Fernando Haddad, who said relief measures could begin rolling out this week, on Friday said the government was never committed to retaliating against Washington. "We never used that verb to characterize the actions the Brazilian government will take," he said. "These are actions to protect sovereignty, to protect our industry, our agribusiness, our agriculture," he told reporters. "That word (retaliation) was not present in the president's speech, nor in any minister's." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26 minutes ago
- Yahoo
Trump Slaps Tariffs, Modi Fires Back -- Is India Breaking Away from the US?
Indian Prime Minister Narendra Modi isn't backing down. Days after President Donald Trump slapped a surprise 25% tariff on Indian exports and warned of more action over India's oil ties with Russia, Modi doubled down on his buy local message. He urged citizens to prioritize Indian-made goods, while sources familiar with the matter told Bloomberg that New Delhi hasn't ordered refiners to stop buying Russian crude. Instead, refinersboth public and privateare still choosing suppliers based on commercial logic. The backdrop: Trump is ramping up pressure on India for its energy and diplomatic relationship with Moscow, just as global markets remain uneasy over war financing and shifting trade alliances. Warning! GuruFocus has detected 9 Warning Signs with GS. The rhetoric is heating up fast. Trump's team has accused India of cheating the US on trade and immigration, and signaled that all options are on the table to respond to its Russian oil purchases. But while the public messaging may sound tough, India isn't giving up much. Officials said US trade talks are still on, but they won't open up politically sensitive sectors like agriculture and dairy. And recent dealslike the one India just signed with the UKsuggest that Modi's government is moving at its own pace, carefully protecting domestic interests even while staying at the negotiating table. The pushback highlights how India, now the world's fastest-growing large economy, is becoming less willing to compromise under outside pressure. Despite the rising tension, markets aren't panicking. Indian equities climbed on Monday, while the rupee and government bonds also strengthened. The boost came after oil prices dropped sharplythanks to OPEC+ signaling it could raise output in Septemberwhich is a major win for India, a net fuel importer. While Indian refiners are preparing fallback plans in case Russian crude becomes unavailable, there's no sign of a near-term disruption. India is signaling it may not easily yield to pressure, even from a key partner. For global investors watching this unfoldincluding those with exposure to geopolitical-sensitive names like Tesla (NASDAQ:TSLA)India's balancing act between Washington and Moscow could become a defining theme for emerging market strategy in the months ahead. This article first appeared on GuruFocus.
Associated Press
28 minutes ago
- Associated Press
August recess can't hide tensions ahead for Congress on spending and Trump nominations
WASHINGTON (AP) — Lawmakers have left Washington for the annual August recess, but a few weeks of relative quiet on the U.S. Capitol grounds can't mask the partisan tensions that are brewing on government funding and President Donald Trump's nominees. It could make for a momentous September. Here's a look at what's ahead when lawmakers return following the Labor Day holiday. A bitter spending battle ahead Lawmakers will use much of September to work on spending bills for the coming budget year, which begins Oct. 1. They likely will need to pass a short-term spending measure to keep the government funded for a few weeks while they work on a longer-term measure that covers the full year. It's not unusual for leaders from both parties to blame the other party for a potential shutdown, but the rhetoric began extra early this year, signaling the threat of a stoppage is more serious than usual. On Monday, Senate Democratic leader Chuck Schumer and House Democratic leader Hakeem Jeffries sent their Republican counterparts a sharply-worded letter calling for a meeting to discuss 'the government funding deadline and the health care crisis you have visited upon the American people.' They said it will take bipartisanship to avert a 'painful, unnecessary shutdown.' 'Yet it is clear that the Trump Administration and many in your party are preparing to go it alone and continue to legislate on a solely Republican basis,' said the letter sent to Senate Majority Leader John Thune and House Speaker Mike Johnson. Republicans have taken note of the warnings and are portraying the Democrats as itching for a shutdown they hope to blame on the GOP. 'It was disturbing to hear the Democrat leader threaten to shut down the government in his July 8 Dear Colleague letter,' Thune said on Saturday. '... I really hope that Democrats will not embrace that position but will continue to work with Republicans to fund the government.' Different approaches from the House and Senate So far, the House has approved two of the 12 annual spending bills, mostly along party lines. The Senate has passed three on a strongly bipartisan basis. The House is pursuing steep, non-defense spending cuts. The Senate is rejecting many of those cuts. One side will have to give. And any final bill will need some Democratic support to generate the 60 votes necessary to get a spending measure to the finish line. Some Democratic senators are also wanting assurances from Republicans that there won't be more efforts in the coming weeks to claw back or cancel funding already approved by Congress. 'If Republicans want to make a deal, then let's make a deal, but only if Republicans include an agreement they won't take back that deal a few weeks later,' said Sen. Elizabeth Warren, D-Mass. Rep. Chuck Fleischmann, R-Tenn., a veteran member of the House Appropriations committee, said the Democratic minority in both chambers has suffered so many legislative losses this year, 'that they are stuck between a rock and their voting base.' Democrats may want to demonstrate more resistance to Trump, but they would rue a shutdown, he warned. 'The reality would be, if the government were shut down, the administration, Donald Trump, would have the ability to decide where to spend and not spend,' Fleischmann said. 'Schumer knows that, Jeffries knows that. We know that. I think it would be much more productive if we start talking about a short-term (continuing resolution.)' Republican angry about pace of nominations Republicans are considering changes to Senate rules to get more of Trump's nominees confirmed. Thune said last week that during the same point in Joe Biden's presidency, 49 of his 121 civilians nominees had been confirmed on an expedited basis through a voice vote or a unanimous consent request. Trump has had none of his civilian nominees confirmed on an expedited basis. Democrats have insisted on roll call votes for all of them, a lengthy process than can take days. 'I think they're desperately in need of change,' Thune said of Senate rules for considering nominees. 'I think that the last six months have demonstrated that this process, nominations is broken. And so I expect there will be some good robust conversations about that.' Schumer said a rules change would be a 'huge mistake,' especially as Senate Republicans will need Democratic votes to pass spending bills and other legislation moving forward. The Senate held a rare weekend session as Republicans worked to get more of Trump's nominees confirmed. Negotiations focused on advancing dozens of additional Trump nominees in exchange for some concessions on releasing some already approved spending. At times, lawmakers spoke of progress on a potential deal. But it was clear that there would be no agreement when Trump attacked Schumer on social media Saturday evening and told Republicans to pack it up and go home. 'Tell Schumer, who is under tremendous political pressure from within his own party, the Radical Left Lunatics, to GO TO HELL!' Trump posted on Truth Social. __ Associated Press writers Mary Clare Jalonick and Joey Cappelletti contributed to this report.
