Texas and California joust for political advantage, with Trump power and US House majority in play
In Texas, Democrats on Monday prevented their state's House of Representatives from moving forward, at least for now, with a redrawn congressional map sought by Trump to shore up Republicans' 2026 midterm prospects as his political standing falters.
In California, Democrats encouraged by Gov. Gavin Newsom are considering new political maps that could slash five Republican-held House seats in the liberal-leaning state while bolstering Democratic incumbents in other battleground districts. The move is intended to undercut any GOP gains in Texas, potentially swinging House control and giving Democrats a counterweight to Trump on Capitol Hill.
A draft plan aims to boost the Democratic margin in California to 48 of 52 congressional seats, according to a source familiar with the plan who was not authorized to discuss it publicly. That's up from the 43 seats the party now holds. It would need approval from lawmakers and voters, who may be skeptical to give it after handing redistricting power to an independent commission years ago.
The rivalry puts a spotlight on two states that for years have dueled over jobs, innovation, prestige — even sports — with the backdrop of clashing political visions — one progressive, one conservative.
A standoff in Texas after Democrats leave the state
After dozens of Democrats left Texas, the Republican-dominated House was unable to establish the quorum of lawmakers required to do business. Republican Gov. Greg Abbott has made threats about removing members who are absent from their seats. Democrats counter that Abbott is using 'smoke and mirrors' to assert legal authority he does not have.
The House quickly issued civil arrest warrants for absent Democrats and Abbott ordered state troopers to help find and arrest them, but lawmakers physically outside Texas are beyond the jurisdiction of state authorities.
'If you continue to go down this road, there will be consequences," House Speaker Rep. Dustin Burrows said from the chamber floor, later telling reporters that includes fines.
Democrats' revolt and Abbott's threats intensified a fight over congressional maps that began in Texas but now includes Democratic governors who have pitched redrawing their district maps in retaliation — even if their options are limited. The dispute also reflects Trump's aggressive view of presidential power and his grip on the Republican Party nationally, while testing the longstanding balance of powers between the federal government and individual states.
The impasse centers on Trump's effort to get five more GOP-leaning congressional seats in Texas, at Democrats' expense, before the midterms. That would bolster his party's chances of preserving its fragile U.S. House majority, something Republicans were unable to do in the 2018 midterms during Trump's first presidency. Republicans currently hold 25 of Texas' 38 seats. That's nearly a 2-to-1 advantage and already a wider partisan gap than the 2024 presidential results: Trump won 56.1% of Texas ballots, while Democrat Kamala Harris received 42.5%.
The California pushback: A move to undercut GOP House members
According to the tentative California proposal, districts now held by Republican Reps. Ken Calvert, Darrell Issa, Kevin Kiley, David Valadao and Doug LaMalfa would see right-leaning voters shaved and Democratic voters boosted in a shift that would make it likely a left-leaning candidate would prevail in each race.
In battleground districts held by Democratic Reps. Dave Min, Mike Levin and Derek Tran, the party's edge would be boosted to strengthen their hold on the seats, the source said.
Democratic members of California's congressional delegation were briefed on the new map on Monday, according to a person familiar with the meeting who requested anonymity to discuss private conversations.
The proposal is being circulated at the same time that Democratic Gov. Gavin Newsom has said he wants to advance partisan redistricting. He says he won't move ahead if Texas pauses its efforts.
Newsom said he'd call a special election for the first week of November. Voters would weigh a new congressional map drawn by the Democratic-controlled Legislature.
'California will not sit by idly and watch this democracy waste away,' Newsom said Monday.
More than 1,800 miles (2,900 kilometers) from Austin, New York Gov. Kathy Hochul appeared with Texas Democrats and argued their cause is national.
'We're not going to tolerate our democracy being stolen in a modern-day stagecoach heist by a bunch of law-breaking cowboys,' Hochul said Monday. 'If Republicans are willing to rewrite rules to give themselves an advantage, then they're leaving us with no choice: We must do the same. You have to fight fire with fire.'
Status of the vote
In Texas, legislators who left the state declined to say how long they'll hold out.
'We recognized when we got on the plane that we're in this for the long haul,' said Rep. Trey Martinez Fischer while in Illinois.
Texas House Democratic Caucus leader Gene Wu said members 'will do whatever it takes' but added, 'What that looks like, we don't know.'
Legislative walkouts often only delay passage of a bill, like in 2021, when many Democrats left Texas for 38 days to protest proposed voting restrictions. Once they returned, Republicans passed that measure.
Lawmakers cannot pass bills in the 150-member House without two-thirds of members present. Democrats hold 62 seats in the majority-Republican chamber, and at least 51 left the state, according to a Democratic aide.
The Texas Supreme Court held in 2021 that House leaders could 'physically compel the attendance' of missing members, but no Democrats were forcibly brought back to the state after warrants were served. Republicans answered by adopting $500 daily fines for lawmakers who don't show.
Abbott, meanwhile, continues to make unsubstantiated claims that some lawmakers have committed felonies by soliciting money to pay for potential fines for leaving Texas during the session.
___
Barrow reported from Atlanta. Blood reported from Los Angeles. Associated Press writers Joey Cappelletti in Washington, John Hanna in Topeka, Kansas, and Andrew DeMillo in Little Rock, Arkansas, also contributed to this report.
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Trump tariffs live updates: US outlines new tariff guidance as India calls Trump's warning ‘unjustified'
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In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. 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But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. Greer: Latest tariffs 'pretty much set' and unlikely to change (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. Berkshire's consumer goods companies feel the sting of Trump's tariffs Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. US has 'makings of a deal' with China, Bessent says Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks sink after Trump's latest tariff blitz Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Trump's 40% penalty for tariff dodging missing key details President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. 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
28 minutes ago
- Yahoo
Trump Vows to Ramp Up India Tariffs in Escalation of Russia Spat
(Bloomberg) -- President Donald Trump said he would be 'substantially raising' the tariff on Indian exports to the US over the Asian nation's purchases of Russian oil, a move New Delhi slammed as unjustified in an escalating fight between the two major economies. PATH Train Service Resumes After Fire at Jersey City Station Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole Seeking Relief From Heat and Smog, Cities Follow the Wind 'India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,' Trump wrote on social media Monday. 'They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA.' Trump didn't say by how much he would increase the levy. Last week, he announced a 25% rate on Indian exports — one of the highest of any major economy — and vowed more duties if India continued to buy oil from Russia. The US president's warning comes ahead of an Aug. 8 deadline for Russia to reach a truce with Ukraine, with the administration threatening so-called secondary sanctions on countries that purchase Russian energy. Ukraine's allies view those purchases as helping to prop up Russian leader Vladimir Putin's economy and undercutting pressure on Moscow to end a war that is now in its fourth year. India has been a top Trump target in the campaign to end the war. Prime Minister Narendra Modi — who previously enjoyed warm relations with Trump — has been defiant, urging Indians to buy local goods and signaling that his country will continue to buy Russian oil. In a social media post on Monday, India's Ministry of External Affairs hit out at the European Union and the US for continuing to buy energy and other materials from Russia when 'such trade is not even a national compulsion.' It noted that India began buying oil from Russia because traditional supplies were diverted to Europe after the start of the war, and the US 'encouraged such imports.' 'The targeting of India is unjustified and unreasonable,' the ministry said. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.' India has morphed into a major buyer of Moscow's crude since the 2022 invasion of Ukraine, spurred on by discounts. On average, the country has been buying Russian crude at a rate of about 1.7 million barrels a day so far this year, according to tanker tracking data compiled by Bloomberg. India exported about 1.4 million barrels a day of refined fuels in the first half of this year, according to Kpler data compiled by Bloomberg. Diesel or gasoil cargoes made up approximately 40% of total fuel exports, while gasoline and blending components comprised about 30% of the shipments. Still, it's hard to quantify how much of India's oil exports derive specifically from Russian crude because refiners generally consume an array of barrels and then sell an even wider range of fuels. The EU recently launched a package of sanctions that will ban the purchase of fuel made from Russian crude, but traders are still waiting for the body to detail how the measures would work in practice. At least four tankers discharged millions of barrels of Russian crude at Indian refineries at the weekend, a sign the closely scrutinized deliveries are continuing as normal. Any disruption to Indian purchases of Russian oil could force it to look elsewhere for supplies. Last week, the country's largest processor bought several million barrels of crude from the US and UAE in sudden large purchases that were set to be delivered relatively quickly, people familiar with the matter said. Under the president's deadline for Putin to halt the fighting in Ukraine, secondary sanctions targeting buyers of Russian oil could be imposed Friday. 'Secondary sanctions and tariffs against those that are paying for this war — like China, India and Brazil — by buying the oil that Russia is producing, is an obvious next step to try and bring this war to an end,' Matt Whitaker, the US ambassador to NATO, told Bloomberg Television. 'This is really going to hit them where it counts, and that is in their main revenue source, which is the sale of oil to these countries.' Trade Talks Trump's escalating tariffs stunned India after months of negotiations. The president has intensified his rhetoric against India, assailing its levies and other barriers to US goods. He's also hit out at the nation's energy purchases from Russia and participation in the BRICS group of developing economies, in particular over the bloc's consideration of alternatives to the US dollar. The Indian government has indicated it intends to continue talks with the US in hopes of securing lower tariffs. India is considering ramping up natural gas purchases from the US and increasing imports of communication equipment and gold. Officials see those moves as helping to narrow India's trade surplus with the US, a key concern for Trump. The US had a trade deficit with India of about $43 billion last year, the 11th largest, according to figures from the International Monetary Fund. But there are numerous sticking points, with Modi reluctant to open up sensitive sectors like agriculture and dairy to the US. Relations between Modi and Trump have deteriorated in the president's second term. After clashes earlier this year between India and Pakistan, Trump threatened to block access to US markets if the countries did not halt the fighting. Trump has claimed his actions brought peace, a view that has rankled Modi's government. Pressure on Russia India has been caught in the middle of Trump's enhanced focus on ending Russia's war in Ukraine. The president vowed to quickly end Russia's invasion but those efforts have been stymied by Putin, who has responded with only maximalist demands for Ukrainian territory and refused face-to-face discussions with Ukrainian President Volodymyr Zelenskiy. Trump has grown increasingly frustrated with Putin, leading to his latest threats to impose economic penalties on Moscow. He has floated tougher sanctions in the past only to delay action in hopes of preserving negotiations. Trump told reporters Sunday that special envoy Steve Witkoff would go to Russia this week — on Wednesday or Thursday — for further discussions. Tensions between Washington and Moscow intensified last week when Trump said he had moved two nuclear submarines in response to 'highly provocative statements' from former Russian President Dmitry Medvedev. --With assistance from Julian Lee, Prejula Prem and Simon Casey. (Updates throughout. An earlier version corrected data on Indian exports of refined fuels.) AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay Russia's Secret War and the Plot to Kill a German CEO Government Steps Up Campaign Against Business School Diversity What Happens to AI Startups When Their Founders Jump Ship for Big Tech How Podcast-Obsessed Tech Investors Made a New Media Industry ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
36 minutes ago
- Yahoo
"Call Me A Communist But I Think Stopping Cancer Research Is Worse Than Being Nice To A Pregnant Trans Person": 49 Of The Best, Most Brutal, And Funniest Political Tweets Of The Month
Editor's Note: While we can't endorse what X has become, we can bring you the worthwhile moments that still exist there, curated and free of the surrounding chaos. American politics — well, frankly, global politics — is chaos right now, but I find it comforting to know I'm not alone in thinking the world has gone bananas. So, here are 49 of the best, most relatable, and sometimes funny political tweets from the last month: 1. 2. 3. Twitter: @caitcamelia 4. 5. Related: 6. 7. @AJA_Cortes / Twitter: @AJA_Cortes 8. Note: A different image of Omar was used here due to photo rights. 9. 10. 11. Note: The image of Trump in the original tweet was replaced here due to photo rights. 12. 13. 14. 15. 16. Related: 17. 18. 19. 20. 21. 22. RSBN / Twitter: @FPWellman 23. 24. 25. Related: 26. 27. 28. 29. Elevation Pictures / Twitter: @evermoresivy 30. Fox News / @hasanthehun / Twitter: @hasanthehun 31. 32. 33. 34. 35. Note: The images in the original tweet were replaced with the meme due to photo rights. 36. C-SPAN / Twitter: @hemantmehta 37. 38. Related: 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. And finally: Twitter: @carlyincontro See you next time! For more political tweets, check out our most recent roundup: "Straight-up Orwellian": 25 Of The Very, Very, Very Best Political Tweets Of The Week Also in In the News: Also in In the News: Also in In the News:
