
Behind the Scenes of Trump's Comeback - CNN Political Briefing - Podcast on CNN Podcasts
00:00:02
The Trump campaign and the Republican side had a better sense of where the voters were. They had a sense of how to reach voters than the Democratic side did. And more than anything, they had more enthusiasm on his side.
David Chalian
00:00:17
'Josh Dawsey has a unique perspective on last year's election. He's one of the authors of a new book out this week called 2024: How Trump Retook the White House and the Democrats Lost America. It's a deep dive into what he and his co-authors describe as one of the most consequential presidential elections in our history. Josh, who's an investigative reporter for The Wall Street Journal, wrote it along with his colleagues, New York Times reporter Tyler Pager and Isaac Arnsdorf of The Washington Post. They conducted more than 350 post-election interviews to compile the account, which includes previously unreported details from the Trump, Biden and Harris campaigns. It is indeed a must-read. I'm CNN's Washington Bureau Chief and Political Director David Chalion, and this is the CNN Political Briefing.
David Chalian
00:01:14
Josh, thanks so much for being here, and congratulations on the book.
Josh Dawsey
00:01:16
I'm thrilled to be here with you.
David Chalian
00:01:18
First, I just wanna ask, when you set out to report out a campaign book and you are also a campaign reporter, just talk through the process of like, how much in your real time of covering the campaign are you collecting in your notebook stuff that doesn't make it into your stories, or how much of this is just all reporting from after the election until now? What is the process of getting this together?
Josh Dawsey
00:01:40
It's a mix of both. When we were doing this book, I was on staff at the Washington Post. I've since taken a new job at the Wall Street Journal, but I promised our bosses at the Washington Post that if we had anything that was headline news, that was major news that we found out in a way that we could report it, I would immediately share it with them. And we did that. There was nothing for the book that we held back because we thought, oh, you know, we've got to save this for the book. If we had news, we gave the news to our bosses. But you do pick up all sorts of things in reporting out a campaign. You know when you're at the hotel it's 10 p.m., and there's campaign aides sitting around the bar having a glass of wine, you talk to someone. You pick up atmospherics; you pick up sort of scenes; you pick up kind of the things that you live that really don't make it into a newspaper story or a web story, because you're sort of constrained for space. You have 1500 words or a thousand words or shorter, and you're really trying to get as many facts as possible in a story. And a book allows you to sort of do more. The other thing that the book allowed us to do, I think that campaign reporting doesn't allow us to do easily, is have really long conversations with people. A lot of my life has been writing about Trump for most of the last decade, as you know. And a lot of it, you're getting someone on the phone for eight minutes. You're trying to confirm something. You're chasing someone down to get 10 minutes of their time. With the book, we were able, with people on both sides of the aisle, to set up interviews that stretched five, six, seven hours, right? And, you know, we sent them sort of at times prompts in advance. Here are the things we want to talk about. Do your best to remember, bring notes, anything you have on these things. And then, obviously, we talked about whatever the sources wanted to talk about, as well. But it was able to do some deeper reporting that gave you, I think, some real color of what it's like to be on a campaign.
David Chalian
00:03:30
One of the things, Josh, that you write about in the book was looking at how the Trump campaign understood that they, in their polling, had an appeal, a growth appeal with African Americans and Latinos that perhaps wasn't present in previous campaigns that Trump had run. And then you point to a couple of events that your sources talk to you about where that came to life for them. Walk us through that. What did your sources tell you about either the Fulton County jail moment or the event up in the Bronx and what that instructed the campaign?
Josh Dawsey
00:04:04
'So there was a surreal scene that we recount in the book. The president has been indicted. He's going to this rat-filled, you know, grotesque Fulton County jail. There've been lots of deaths there. Federal monitors have looked into it. I mean, this is one of the more grim places probably in the United States. And while they're riding to the jail through neighborhoods in Atlanta, you have all of these people coming out from their porches on the balcony sort of to watch the motorcade, the Secret Service motorcade go to the Fulton County Jail so the former president, obviously became the president again, could have his mug shot taken. And a lot of those people were cheering and whooping and hollering. Now some were booing; some were giving the middle finger, but there was a mix of responses there. And I think that was one of the things in the book we say is that Susie Wiles, who's now chief of staff, told folks that was the most surreal moment really of her life, riding through the streets of Atlanta, in predominantly African American neighborhoods, being there with Trump, right? And then you saw that again in the Bronx. I mean, he got a large, large crowd, tens of thousands of people. And a lot of them were not just, you know, white men, right? They were all sorts of people: African Americans, Latino, Hispanic voters. And if you look at the analytics of this election, all of those groups moved considerably towards Trump, right? The theory of the case, and you have to sort of give Trump's folks credit for this, right? They said, oh, we're gonna win more black voters. And critics said, he can't win more black voters, look at things he said over the years. Look what he's done. We're gonna win more Hispanic voters. This is how we're gonna do it. People said, we can't do that. Various places, they ran pretty shrewd operations to run those numbers up in unlikely areas. And I think a lot of folks at the time, not inside the sort of inner circle of the campaign, but a lot folks on the outside and some of the media questioned whether they were sort of delusional, and they weren't delusational. They were able to do it.
David Chalian
00:06:07
Yeah, because those two events that you describe, I think anybody that followed the campaign remember those two of events. And it's just fascinating to hear what your reporting said from inside the campaign.
Josh Dawsey
00:06:16
Can I add one more beat on that? One of the other things we obtained for the book was this memo from the campaign's top data and political folks. They wrote it in February 2024. And the analysis was that the thing that Trump needed to do was run up the score with the men. It was not, you know, the traditional, oh, we've got to get suburban women. We've got to get independent voters. We've gotta go to the middle. We've gotta find all these people. They decided that the best theory of the case for Trump to win. Was to go after these folks, low propensity voters, that means folks who don't always vote, folks who vote rarely, folks who are hard to reach, to go after them because those people would vote for Trump. And when they analyzed the data, they showed that Trump's biggest slippage from 2016 to 2020 was actually with men. It wasn't with women. It wasn't sort of the conventional wisdom. And so what you saw the campaign do, they did try and run up the score, sort of, with white men, right? And they went after Latino men, Black men, but a lot of it was a gender gap more than it was anything else.
David Chalian
00:07:21
Yeah. And of course, that slippage from '16 to '20 is because the opponent on the other side went from being a female to a male candidate, right? And so Joe Biden was performing a little bit better with men than either Hillary Clinton or Kamala Harris proved to. Again, February '24, they were running against Biden and wanted to make sure that they were addressing that growth that Biden was able to do between '16 and '20 there. I just want to go up to 30,000 feet here for one second and say, so you report the totality of this campaign. So, just broadly, Josh, like what was the 2024 presidential campaign about?
Josh Dawsey
00:07:53
'Well, the 2024 presidential campaign on the Democratic side was about a party that ignored lots of warning signs and a party that the American public was telling them they thought Biden was too old. They pushed Biden through. Then Biden drops out. Kamala Harris, a lot of her positions, polling showed, were not very popular. They sort of kept with a lot those positions. They didn't move to the middle. Folks were upset about the economy. The Democratic Party, I think, did not espouse, I mean, Biden argued, and with some facts behind it, that the economy did well on some measures, but people weren't feeling it. And you can't tell people, you know, if someone says they're feeling cold, you can say it's actually hot, and believe me. People feel what they feel, right? And campaigns have to be where the people are. I don't want to sit here and act like a Nostradamus, you know, after the campaign and say, oh, it was so obvious at the time, because none of these things are obvious at the time, right? It's difficult, right? And you talk to folks on both sides, but I do think what our book showed is that the Trump campaign and the Republican side had a better sense of where the voters were, had a better sense of how to reach voters than the Democratic side did. And, more than anything, they had more enthusiasm on his side, and I think what he also showed was that there were so many things that would knock out a traditional candidate: ninety-one felonies, you know taking classified documents hiding in the bathroom refusing to return them, getting indicted You know getting indited for his role and sort of perpetuating the false election was stolen, the false narrative and horrific things at the Capitol. You know the case in New York where he gets indicted and charged. A lot of legal scholars saw that case was the weakest of the bunch, but there were just all of these things that piled up, and Trump was most comfortable, our reporting showed, as a martyr, as a victim. And one of the things I don't think I realized in real time, but in the reporting for the book, it sort of made more sense to me, I sort of saw him angry and flailing away at all of these cases, and, you know, and he was angry at times. But there was a more concerted strategy from Trump and his lawyers to turn public sentiment against the prosecutors, meanwhile, while lawyers were delaying every case through every imaginable means until the end, right? He saw this sort of Herculean feat of, he was in all of this legal trouble. He had to get out. And he told me in the interview for the book, he said, you know, one of the reasons I had to win was if I lost, my life was not gonna be pleasant. And I think he saw that as an existential reason to run.
David Chalian
00:10:30
Which is just astounding to think about. We have a lot more to dig into. We're gonna take a quick break. We'll have a little bit more with Josh Dawsey in just a moment. You and I are speaking as we are approaching the one year anniversary of the assassination attempt in Butler and the conversation between Schumer and Biden that happened on that same day, July 13th, that sort of indicated to Biden that this was done. So we're now one year from these monumental moments that shaped this campaign. And you report in the book that even before the debate on CNN, in June of '24, that the Trump team was concerned that maybe Biden wasn't going to be the candidate all the way through, or at least wanted to develop a strategy for if that eventuality were to be?
Josh Dawsey
00:11:29
Yeah, there was discussions about that, but I don't think they were that serious. I think there were sort of preliminary discussions. I think after the debate happened, one of the things we have in the book is Trump's team is so determined to keep Biden in the race, and they're sort of sitting around thinking about what is it, is there anything we can do to keep this guy in, and one of the most interesting parts of the book to me is once Biden gets out, and Kamala Harris becomes a nominee, how angry Trump is about it. I mean he has about a month there where he goes to the National Association of Black Journalists Conference and sort of lashes out, is screaming at donors, at events, is losing it on his staff. It was a chapter in the book called Cruel Summer. And there's really, all the folks, the veterans of a Trump campaign, recall this hot August, end of July and August of last year, as by far the worst stretch of the campaign.
David Chalian
00:12:22
Cruel summer is the flip coin of "Brat Summer?"
Josh Dawsey
00:12:24
Yeah, well "Cruel Summer's" a Taylor Swift, it's a Taylor Swift lyric. We had to give Taylor Swift a little credit in the book. You mentioned the shooting day as well. I just want to make one point. My favorite chapter in the book, actually, is titled July 13th. And we saw that as the most pivotal day of the campaign because not only, you know, was the president, the candidate then, now the president, had an assassination attempt against his life. Biden was at his beach house in Delaware, furiously trying to save his campaign, meeting with members of Congress, meeting with Schumer, meeting with his top aides. The meetings were not going well. And, in the book, we sort of spend one chapter elongating that day. It's one of the longest chapters in the book, but we sort go through, hour by hour, this pivotal day in American history. And I think, you know, lots of things in the campaign you just can't get to, even in a book. There's so many things you could include and not include, but that day felt worthy of like a big examination and, I hope, you know, if you're, if you're listening, you'll check it out.
David Chalian
00:13:24
So one theme throughout the year, and this gets back to what you were saying about Trump's strategic pursuit of turning all of his legal troubles into political success. Given the initial sort of lackluster entrance into the race in November of '22, the conservative enthusiasm for DeSantis at that point as a potential thing. Whether Trump really still had the hold on his party after the '22 midterms. I can't find an example, and I don't know what your reporting shows on this. There never seemed to be a successful line of attack to land on the president. And then that carried as a problem in the general election, too. And I'm wondering, like, was there a line of attack that Trump people were preparing for that never came to be that they thought would be more problematic? Or what were they thinking as they saw, both their Republican opponents and then the Democratic opponents, not really be able to land something.
Josh Dawsey
00:14:20
Well, on the general election, I think the Trump folks were more concerned about abortion. They believe that the Democrats would talk about abortion more, they believed that they would make abortion a more effective message, that Trump appointed the justices that overturned Roe v. Wade in the majority. They viewed that as a political potential loser for them, but he sort of even shrewdly navigated the abortion issue by not taking a national position, leaving it up to the states. I think in the general election, the thing they were most worried about was abortion. In the primary election, it's interesting. Before Trump is indicted in New York, his numbers are wobbly. I mean, I went back and looked at polling at the time, and his own people knew they were wobbly. His PAC, Tony Fabrizio, who's his pollster, and others commissioned a poll. DeSantis was within about 10 points of him, right? And they realized they had to firebomb DeSantis. That was their word that we quote in the book, from the left and the right, because they didn't view anyone else as a real threat, right? So they sort of do this spectacular, not saying in a good way, but just across the board spectacular attack on DeSantis, right? They're going after him for personal things, they're going to after him for professional things. And a lot of Trump's staff were former DeSantis aides who hated him and were enjoying this with great fanfare. And DeSantis sort of sat back and didn't do anything. And so for five months, Trump just hammered him, hammered him, hammered him, and he didn't do anything, right? And so by the time Trump gets indicted in New York, the party is rallying sort of back towards Trump in a way already. And then that coalesces behind him in a really significant way, in a way that even surprised Trump. I mean, he told me for the book, I was kind of surprised how quickly these guys came out immediately and defended me, right? Because, you know, he's thinking to himself, would I go out and defend someone who was my opponent? Probably not. And then after that, the party was sort of back with him. And one of the things we have in the book is that DeSantis's team commissioned all these focus groups. What could we land on Trump? Where is he vulnerable? What do they not like? And like they couldn't find anything. They would say, you know, Trump actually didn't finish building the wall. Trump built only a few miles of the wall, and people go, that's not true, right? The voters were just giving him remarkable amounts of latitude. But here's a question that I don't think we ever will know. And I think one of the things this book tries to do is sort of look at the individual choices people made along the way and how they became a mosaic of history. But if DeSantis jumps in earlier when Trump is vulnerable, right, and other Republicans stop defending him and start attacking him before he's indicted, when he is showing some slippage and weakness...I don't know.
David Chalian
00:17:13
Yeah. My last question for you, since you have covered Trump for a decade now and talked to him for this book, I know you guys have reported about sort of the phone calls with Biden and Harris on the day after the election and the concession and all of that. Did you get a sense in talking to the president, whether or not he ever contemplated or was reflective about the fact that like they were doing something that he didn't afford Biden and Harris when they were coming in, that, you know, Biden inviting him to the White House or acknowledging defeat? Do you know if he, or in talking to his aides, like, if that was ever a moment for him of reflection about how he didn't approach it that way after.
Josh Dawsey
00:17:54
'You know, that's a good question. I never heard that from any of the conversations that I had with his aides. Some of his aides were certainly aware of that. When I interviewed him in Mar-a-Lago for the book, I must say I did not ask that question. Maybe I should have asked that question. We spent 30 minutes together for the book and, you know, it was very surreal being down there because the last time I had been to Mar-A-Lago for an interview, it had been in the GOP primary where he was very much still fighting back. I mean, there was no guarantees he was going to be president. A lot of folks were not around. And the day that I went to the club, 10 days before he was inaugurated, the club was teeming with visitors, would-be ambassadors, senators, hangers-on, everyone, right? But the most sort of remarkable thing to me, I'm sitting out in the lobby; there's all these couches in the lobby. It's a beautifully gold sort of ostentatious room, two white couches, gold ceilings, gold everywhere. And I'm sitting there, and there are all of these sort of rooms off of it, dining rooms, large dining rooms, private offices, around this lobby which is sort of the hub of Mar-a-Lago, and it's where everyone sort of stands and mills about to wait to see the President of the United States when he comes around. So Trump sees me sitting out in the lobby, I'm sitting there on my computer, and he's like, Josh, I'm gonna be a little late, you know why? And I'm like, why? And he goes, Mark Zuckerberg's in there. He whispers to me, he's like, Mark Zuckerberg's in there. I'm like, oh really? He's like, yeah, Zuckerberg. I'm like, okay, like, cool, I guess, right? And Zuckerberg, it was his second visit down there.
David Chalian
00:19:30
Clearly, Trump thought it was cool.
Josh Dawsey
00:19:32
He was mediating this case with him. And sure enough, I'm sitting there, and in a few minutes, Zuckerberg walks out, and then I'm sitting in the room with him, this sort of panoramic dining room overlooking the ocean. In the middle of our interview, Elon Musk walks in. This was when Elon and Trump were still sort of simpatico, and he's talking to him. And I said to Trump, I said, you know, you have basically, pardon my French here on your podcast, all these guys down here kissing your ass. Like, they're all signed up to be down here with you. And he was like, yeah, he was thinking if I lost, they wouldn't have been here, you know that, right? And I was like, yeah, I do know that. And he goes, and if I was him, I wouldn't have been here either. And he sort of realized like what his power was in that moment, right? That he had, he had chartered his comeback, and all of these people really wanted something from him again, and he had leverage.
David Chalian
00:20:20
Josh Dawsey, congratulations on the book. Thank you so much for all the excellent reporting and the insights. Really appreciate it.
Josh Dawsey
00:20:26
Thank you for having me.
David Chalian
00:20:28
That's it for this week's edition of the CNN Political Briefing. Remember, you can reach out to us with your questions about Trump's new administration. Our contact information is in the show notes. CNN Political Briefing is a production of CNN Podcasts. This episode was produced by Emily Williams. Dan Dzula is our Technical Director, and Steve Lickteig is the Executive Producer of CNN Podcasts. Our senior producers are Faiz Jamil and Felicia Patinkin. Support from Alex Manasseri, Robert Mathers, Jon Dianora, Leni Steinhardt, Jamus Andrest, Nichole Pesaru, and Lisa Namerow. We'll be back with a new episode next Friday. Thanks so much for listening.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
Trump tariffs live updates: China truce extension reported, Lutnick discusses EU deal potential
The South China Morning Post reported on Sunday that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday." Also on Sunday, with President Trump in Scotland for negotiations with European Commission President Ursula von der Leyen, US Commerce Secretary Howard Lutnick said that the EU has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. "The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30% tariffs that he set," Lutnick told Fox News, adding that Trump was looking to increase access for U.S. firms. On Friday, Trump put the odds of a trade deal with the European Union at "50-50," even as negotiators from both sides have expressed optimism about reaching a deal before the Aug. 1 deadline. Trump also said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners, including the EU, India, and Canada. Trump said the US hasn't had a "lot of luck" with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement. President Trump last week touted a $550 billion investment in the US that Japan made as part of trade negotiations that set a 15% tariff on goods imported into the US from Japan. On Saturday, Japanese trade negotiator Ryosei Akazawa suggested the money could be used to help finance a Taiwanese chipmaker building plants in the US. Akazawa did not name a specific Taiwanese company, but in March, Taiwan's TSMC announced a $100 billion investment in the US, on top of plans to build three plants in Arizona, one of which is already operating. "For example, if a Taiwanese chipmaker builds a plant in the U.S. and uses Japanese components or tailors its products to meet Japanese needs, that's fine too," he said. In any case, the Japan trade deal may have set a precedent for Trump's new baseline tariff rate. As the US finalized the deal with Japan and advanced talks with the EU, Trump said tariffs would range from 15% to 50%, with tougher partners facing higher rates. Trump's April "Liberation Day" tariffs had set a baseline rate of 10% on all US trading partners. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Lutnick: EU has to offer Trump 'a good enough deal' to avoid 30% tariffs As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. Reuters reports Lutnick said the EU appeared to want to make a deal: On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism. Read more here. LG says consumers rushed to buy appliances ahead of tariffs Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Japan says $550 billion investment could finance Taiwanese chipmaker in US The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. More cracks form in the US-Japan trade agreement We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). EU head to meet with Trump this weekend in bid to clinch deal Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Trump: 'We haven't really had a lot of luck with Canada' President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." Some headlines from Trump on tariffs this morning Via Bloomberg: Trump: US will sell 'so much' beef to Australia President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. World's No. 3 automaker Kia takes $570M tariff hit in Q2 Reuters reports: Read more here. Puma shares dive after warning of full-year loss, US tariff impact Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. Trump tariffs wreaking havoc in Brazil's citrus belt Reuters reports: Read more here. South Korea weighs US investment pledge to trim auto tariff Trade discussions between the US and South Korea have led both sides to investigate the idea of creating a fund to invest in American projects. A report said this possible deal would be similar to the agreement Japan struck Tuesday with President Trump. The details of the plan are still not clear, but the US has been seeking pledges totaling hundreds of billions of dollars. However, further talks on a deal between the two sides may have to wait as a trade meeting between the US and South Korea has been postponed after Treasury Secretary Scott Bessent became unavailable due to a scheduling conflict, South Korea's Finance Ministry said Thursday. Bloomberg reports: Read more here. Lutnick: EU has to offer Trump 'a good enough deal' to avoid 30% tariffs As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. Reuters reports Lutnick said the EU appeared to want to make a deal: On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism. Read more here. As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1. Reuters reports Lutnick said the EU appeared to want to make a deal: On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism. Read more here. LG says consumers rushed to buy appliances ahead of tariffs Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Japan says $550 billion investment could finance Taiwanese chipmaker in US The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday. Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It's not a loan or anything, it's a signing bonus," Trump said. Read more here. More cracks form in the US-Japan trade agreement We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). EU head to meet with Trump this weekend in bid to clinch deal Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Trump: 'We haven't really had a lot of luck with Canada' President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." Some headlines from Trump on tariffs this morning Via Bloomberg: Via Bloomberg: Trump: US will sell 'so much' beef to Australia President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions. Trump added that other countries who had refused US beef products were on notice. Reuters reports: Read more here. World's No. 3 automaker Kia takes $570M tariff hit in Q2 Reuters reports: Read more here. Reuters reports: Read more here. Puma shares dive after warning of full-year loss, US tariff impact Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. Puma ( shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit. Reuters reports: Read more here. LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. Trump tariffs wreaking havoc in Brazil's citrus belt Reuters reports: Read more here. Reuters reports: Read more here. South Korea weighs US investment pledge to trim auto tariff Trade discussions between the US and South Korea have led both sides to investigate the idea of creating a fund to invest in American projects. A report said this possible deal would be similar to the agreement Japan struck Tuesday with President Trump. The details of the plan are still not clear, but the US has been seeking pledges totaling hundreds of billions of dollars. However, further talks on a deal between the two sides may have to wait as a trade meeting between the US and South Korea has been postponed after Treasury Secretary Scott Bessent became unavailable due to a scheduling conflict, South Korea's Finance Ministry said Thursday. Bloomberg reports: Read more here. Trade discussions between the US and South Korea have led both sides to investigate the idea of creating a fund to invest in American projects. A report said this possible deal would be similar to the agreement Japan struck Tuesday with President Trump. The details of the plan are still not clear, but the US has been seeking pledges totaling hundreds of billions of dollars. However, further talks on a deal between the two sides may have to wait as a trade meeting between the US and South Korea has been postponed after Treasury Secretary Scott Bessent became unavailable due to a scheduling conflict, South Korea's Finance Ministry said Thursday. Bloomberg 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
25 minutes ago
- Yahoo
TACO not on the menu: Howard Lutnick says tariffs start August 1 with no extensions
Tariffs are coming on August 1 and there will be no more extensions, Commerce Secretary Howard Lutnick said. President Donald Trump imposed his 'Liberation Day' tariffs in April, causing a rollercoaster stock market. A week later, he announced a 90-day pause, which has now expired, with many set to take effect Friday. Although the world may have gotten used to Trump announcing sweeping levies before backing out of them shortly thereafter, this time, there's no risk of TACO — the shorthand for "Trump Always Chickens Out" — the commerce secretary suggested. "No extensions. No more grace periods. August 1, the tariffs are set. They'll go into place," Lutnick said on "Fox News Sunday.' World leaders are still more than willing to talk to Trump after the August 1 deadline. 'Between now and then, I think the president's going to talk to a lot of people. Whether they can make him happy is another question, but the president is definitely willing to negotiate and talk to the big economies,' Lutnick continued. Lutnick's announcement of the hard deadline contrasts with the message of Treasury Secretary Scott Bessent days earlier, when he suggested the tariff deadlines were flexible. 'The important thing here is the quality of the deal, not the timing of the deals,' Bessent told CNBC on Monday. The hard deadline comes months after the president earned the TACO acronym after he backed out of his sweeping tariff plan. On April 2, which he's dubbed Liberation Day, Trump declared the day would 'forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again.' Stock market turbulence ensued. The NASDAQ broke a record with its largest single-day point drop in the market's 50-year history as investors responded to Trump's tariff plan. Just one week after Liberation Day, he walked back on his grand plan and the stock market surged. That's when the acronym TACO emerged. Financial Times columnist Robert Armstrong coined the term to describe the president's pattern of implementing trade policy threats, which investors predicted would cause the market to tumble, before he walks back on that policy, leading to a market rebound. Last month, he delayed the July 9 tariff deadline to August 1. Trump is meeting with European Commission chief Ursula von der Leyen on Sunday to try to avoid a potential trade war. "We're working very diligently with Europe, the EU," Trump told reporters before he left for Scotland on Friday. "I would say that we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU." Lutnick also commented on Sunday's meeting. Speaking on 'Fox News Sunday,' he remarked: 'The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30% tariffs that he set.' Trump has announced trade deals with several countries, including Japan, Indonesia, the Philippines, Vietnam and the United Kingdom. He's said letters had been sent out earlier this month to dozens of countries with tariff rates. 'We'll have a straight, simple tariff of anywhere between 15 percent and 50 percent," Trump said this week. "We have 50 [percent] because we haven't been getting along with those countries too well." Economic experts have warned that consumers could pay the price for the new levies. "Now that the Trump administration is concluding deals that would see the tariff rate facing most trading partners settling at between 15% and 20%, with even higher rates levied on Chinese imports, we suspect retailers will be forced to finally raise the prices paid by consumers,' Paul Ashworth, chief North America economist with Capital Economics, said in a research note, CBS News reported. Some companies have preemptively taken action. Trump has threatened a 50 percent tariff on Brazil. The steep levy threats against the country have prompted a New Jersey-based orange juice manufacturer to sue the Trump administration, arguing that the 50 percent tariff could result in a $70 million hit to its business. Sign in to access your portfolio


Boston Globe
27 minutes ago
- Boston Globe
Trump criticized the idea of presidential vacations. His Scotland trip is built around golf.
The White House isn't calling Trump's five-day, midsummer jaunt a vacation, but rather a working trip where the Republican president might hold a news conference and sit for interviews with U.S. and British media outlets. Trump was also talking trade in separate meetings with European Commission chief Ursula von der Leyen and British Prime Minister Keir Starmer. Trump is staying at his properties near Turnberry and Aberdeen, where his family owns two golf courses and is opening a third on Aug. 13. Trump played golf over the weekend at Turnberry and is helping cut the ribbon on the new course on Tuesday. Advertisement He's not the first president to play in Scotland: Dwight D. Eisenhower played at Turnberry in 1959, more than a half century before Trump bought it, after meeting with French President Charles de Gaulle in Paris. But none of Trump's predecessors has constructed a foreign itinerary around promoting vacation sites his family owns and is actively expanding. Advertisement It lays bare how Trump has leveraged his second term to pad his family's profits in a variety of ways, including overseas development deals and promoting cryptocurrencies, despite growing questions about ethics concerns. 'You have to look at this as yet another attempt by Donald Trump to monetize his presidency,' said Leonard Steinhorn, who teaches political communication and courses on American culture and the modern presidency at American University. 'In this case, using the trip as a PR opportunity to promote his golf courses.' A parade of golf carts and security accompanied President Trump at Turnberry, on the Scottish coast southwest of Glasgow, on Sunday. Christopher Furlong/Getty President Trump on the links. Christopher Furlong/Getty Presidents typically vacation in the US Franklin D. Roosevelt went to the Bahamas, often for the excellent fishing, five times between 1933 and 1940. He visited Canada's Campobello Island in New Brunswick, where he had vacationed as a child, in 1933, 1936 and 1939. Reagan spent Easter 1982 on vacation in Barbados after meeting with Caribbean leaders and warning of a Marxist threat that could spread throughout the region from nearby Grenada. Presidents also never fully go on vacation. They travel with a large entourage of aides, receive intelligence briefings, take calls and otherwise work away from Washington. Kicking back in the United States, though, has long been the norm. Harry S. Truman helped make Key West, Florida, a tourist hot spot with his 'Little White House' cottage there. Several presidents, including James Buchanan and Benjamin Harrison, visited the Victorian architecture in Cape May, New Jersey. More recently, Bill Clinton and Barack Obama boosted tourism on Massachusetts' Martha's Vineyard, while Trump has buoyed Palm Beach, Florida, with frequent trips to his Mar-a-Lago estate. But any tourist lift Trump gets from his Scottish visit is likely to most benefit his family. 'Every president is forced to weigh politics versus fun on vacation,' said Jeffrey Engel, David Gergen Director of the Center for Presidential History at Southern Methodist University in Dallas, who added that Trump is 'demonstrating his priorities.' Advertisement 'When he thinks about how he wants to spend his free time, A., playing golf, B., visiting places where he has investments and C., enhancing those investments, that was not the priority for previous presidents, but it is his vacation time,' Engel said. It's even a departure from Trump's first term, when he found ways to squeeze in visits to his properties while on trips more focused on work. Trump stopped at his resort in Hawaii to thank staff members after visiting the memorial site at Pearl Harbor and before embarking on an Asia trip in November 2017. He played golf at Turnberry in 2018 before meeting with Russian President Vladimir Putin in Finland. Trump once decried the idea of taking vacations as president. 'Don't take vacations. What's the point? If you're not enjoying your work, you're in the wrong job,' Trump wrote in his 2004 book, 'Think Like a Billionaire.' During his presidential campaign in 2015, he pledged to 'rarely leave the White House.' Even as recently as a speech at a summit on artificial intelligence in Washington on Wednesday, Trump derided his predecessor for flying long distances for golf — something he's now doing. 'They talked about the carbon footprint and then Obama hops onto a 747, Air Force One, and flies to Hawaii to play a round of golf and comes back,' he said. On the green... Christopher Furlong/Getty ... and in the sand. Christopher Furlong/Getty Presidential vacations and any overseas trips were once taboo Trump isn't the first president not wanting to publicize taking time off. George Washington was criticized for embarking on a New England tour to promote the presidency. Some took issue with his successor, John Adams, for leaving the then-capital of Philadelphia in 1797 for a long visit to his family's farm in Quincy, Massachusetts. James Madison left Washington for months after the War of 1812. Advertisement Teddy Roosevelt helped pioneer the modern presidential vacation in 1902 by chartering a special train and directing key staffers to rent houses near Sagamore Hill, his home in Oyster Bay, New York, according to the White House Historical Association. Four years later, Roosevelt upended tradition again, this time by becoming the first president to leave the country while in office. The New York Times noted that Roosevelt's 30-day trip by yacht and battleship to tour construction of the Panama Canal 'will violate the traditions of the United States for 117 years by taking its President outside the jurisdiction of the Government at Washington.' In the decades since, where presidents opted to vacation, even outside the U.S., has become part of their political personas. In addition to New Jersey, Grant relaxed on Martha's Vineyard. Calvin Coolidge spent the 1928 Christmas holidays at Sapelo Island, Georgia. Lyndon B. Johnson had his 'Texas White House,' a Hill Country ranch. Eisenhower vacationed in Newport, Rhode Island. John F. Kennedy went to Palm Springs, California, and his family's compound in Hyannis Port, Massachusetts, among other places. Richard Nixon had the 'Southern White House' on Key Biscayne, Florida, while Joe Biden traveled frequently to Rehoboth Beach, Delaware, while also visiting Nantucket, Massachusetts, and St. Croix in the U.S. Virgin Islands. George H.W. Bush was a frequent visitor to his family's property in Kennebunkport, Maine, and didn't let the start of the Gulf War in 1991 detour him from a monthlong vacation there. His son, George W. Bush, opted for his ranch in Crawford, Texas, rather than a more posh destination. Advertisement Presidential visits help tourism in some places more than others, but Engel said that for some Americans, 'if the president of the Untied States goes some place, you want to go to the same place.' He noted that visitors emulating presidential vacations are out 'to show that you're either as cool as he or she, that you understand the same values as he or she or, heck, maybe you'll bump into he or she.'