Trump's meeting with a key European official comes as his tariff deadline nears
Trump played golf Saturday at his course in Turnberry on the southwest coast of Scotland and is expected to hit the links again frequently during his five-day visit. On Tuesday, he'll be in Aberdeen, in northeast Scotland, where his family has another golf course and is opening a third next month.
Trump and his son Eric are planning to help cut the ribbon on the new course, where public tee times starting Aug. 13 are already on offer.
The visit with von der Leyen is expected to be behind closed doors and few further details have been released.
Leaving the White House on Friday, Trump said 'we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU.' He said the deal would have to 'buy down' the currently scheduled tariff rate of 30% on the bloc of 27 member states.
Later, von der Leyen posted on X that, 'Following a good call' with Trump, the pair had 'agreed to meet in Scotland on Sunday to discuss transatlantic trade relations, and how we can keep them strong.'
The U.S. and EU seemed close to reaching a deal earlier this month, but Trump instead threatened a 30% tariff rate on the bloc of nations. Still, Trump's original deadline for beginning such tariffs has already passed, and is now delayed until at least Friday.
Flying to Scotland to enjoy his golf courses hasn't stopped the president from talking trade.
After going to Turnberry to play nine holes, have lunch, then play nine more, Trump posted that he'd block any trade deals between the U.S. and Cambodia and Thailand since the two southeast Asian countries remain locked in violent clashes in long-disputed border areas.
Trump wrote that he spoke with Cambodian Prime Minister Hun Manet and Phumtham Wechayachai, the acting prime minister of Thailand, to call for a ceasefire.
'I am trying to simplify a complex situation!' he wrote on Truth Social after disclosing his conversation with the Cambodian leader. After speaking with Wechayachai, Trump said both countries want peace and added: 'Ceasefire, Peace, and Prosperity seems to be a natural.'
The actual likelihood of a deal with the EU, meanwhile, remains to be seen.
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The latest local business news and a lookahead to the coming week.
Trump recently said he thought the odds of reaching a framework with Japan was 25% — but the U.S. and Japan subsequently announced an agreement this past week.
The president also bragged earlier in his term that he would leverage constant threats of steep U.S. tariffs around the globe to negotiate better rates and shrink trade deficits with some of Washington's key allies. But, so far, that effort has fallen well short of expectations, meaning the onus may be on Trump to be able to announce an agreement with a bloc as key to global commerce as the EU.
Trump is also set to meet Monday in Scotland with British Prime Minister Keir Starmer, after the two announced a trade framework in May and a larger agreement last month during the G7 in Canada. Trump says that deal is concluded and that the pair will discuss other matters — though the White House has suggested it still needs some polishing.
Without an EU deal, the bloc said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes.
If Trump follows through on his threat of tariffs against Europe, it could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the U.S.
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Global News
13 minutes ago
- Global News
Thailand, Cambodia ceasefire appears to hold as villagers return home
A ceasefire between Thailand and Cambodia appeared to hold Tuesday as tensions lingered despite a truce agreement to end deadly border clashes following economic pressure from the U.S. The ceasefire that was reached in Malaysia was supposed to take effect at midnight, but was quickly tested. The Thai army accused Cambodia of launching attacks in multiple areas early Tuesday but Cambodia said there was no firing in any location. The Thai army later said fighting has stopped after military commanders along the border from both sides met. They agreed to halt troop movements, avoid escalation and establish coordination teams ahead of a joint border committee meeting in Cambodia on Aug. 4, army spokesman Major Gen. Winthai Suvaree said. Cambodian Defense Minister Tea Seiha said he spoke to his Thai counterpart about 'incidents' that occurred during the implementation of the ceasefire but stressed the Cambodian army abided by the truce. He said Cambodian defense officials will lead a delegation of diplomats, foreign military attachés and others to observe the situation. Story continues below advertisement The Thai government separately said it has lodged complaints to Malaysia, the U.S. and China about Cambodia's alleged breach of the ceasefire agreement. Along the border, there were signs of calm with some of the more than 260,000 people displaced by the fighting returning to their homes. The agreement was made under U.S. pressure Cambodian Prime Minister Hun Manet and Thailand's acting Prime Minister Phumtham Wechayachai had agreed Monday to an 'unconditional' halt in fighting that have killed at least 41 people. The meeting was hosted by Malaysian Prime Minister Anwar Ibrahim as annual chair of the Association of Southeast Asian Nations. He called the ceasefire a 'vital first step towards de-escalation and the restoration of peace and security.' Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Secretary of State Marco Rubio said the U.S. applauded the ceasefire declaration. 'President (Donald) Trump and I are committed to an immediate cessation of violence and expect the governments of Cambodia and Thailand to fully honor their commitments to end this conflict,' Rubio said in a statement. Story continues below advertisement 2:56 Thailand-Cambodia conflict: Leaders to meet in Malaysia to discuss end to border dispute Hun Manet said Tuesday that Trump had called to offer congratulations for the peace move. He posted on social media that Trump pledged the U.S. would join the monitoring process along with Malaysia to ensure the ceasefire is implemented. Trump also called Phumtham after his return to Bangkok. Phumtham said Trump told him that Thailand's talks with Washington to negotiate tariff levels on Thai exports could now proceed and that he would seek to make them as favorable as possible. The ceasefire comes days before the U.S. is expected to announce new trade tariff decisions. Cambodia and Thailand have both been two of the hardest-hit countries as a result of Trump's trade war, with 36% tariff on goods from both countries taking effect this coming Friday. Trump had warned that the U.S. might not proceed with trade deals with either country if hostilities continued, giving both sides a face-saving justification for halting the clashes. Story continues below advertisement Residents along the long-disputed border are wary Cambodia and Thailand have clashed in the past over their 800-kilometer (500-mile) border. The fighting began Thursday after a land mine explosion along the border wounded five Thai soldiers. Tensions had been growing since May when a Cambodian soldier was killed in a confrontation that created a diplomatic rift and roiled Thailand's domestic politics. Residents on both sides of the border expressed relief about the ceasefire but remained wary, unsure how long the peace would last. 'I am very concerned that new fighting may break out. Thailand often provokes the fighting first, but then accuses Cambodia. Their aims is that they want to occupy our temples (along the border). I really don't want to see any new fighting happen.' said Soklang Slay, as he helped his daughter move back into her home in Cambodia's Oddar Meanchay province, where heavy fighting had occurred. Story continues below advertisement Soklang Slay and his family dug a bunker to shield themselves from artillery when fighting started but fled on the second day when bombings intensified. 2:00 Trump urges ceasefire as Thailand-Cambodia conflict continues In Thailand's Surin province, village chief Kritsada Jindasri said he heard heavy firing and explosions Monday night before silence fell at midnight. 'We are still cautious. We still don't totally believe (that it would stop). We still wait to assess the situation,' said Kitsada, who had stayed back along with 60 other community leaders after some 400 villagers evacuated last week. His brother, Jirayu Jindasri, returned home after seeking refuge with relatives. 'I still don't feel comfortable, because they just announced it for the first day. I'm not confident. If it breaks out again, I'll have to go,' he said. Analysts said the ceasefire remains tenuous and politically complicated. Story continues below advertisement Kokthay Eng, a Cambodian researcher in history, politics, and international relations, said Trump's 'trade leverage and strongman mentality have helped save Thai and Cambodian people from further bloodshed.' But he warned that the ceasefire may not last if the Thai government fails to secure lower U.S. tariffs. 'It is risky and will require clear markers to build traction,' said Southeast Asian political expert Bridget Welsh. 'A proper border survey should begin immediately. Right now, it's on pause because the roots of the conflict have yet to be addressed.' —Sopheng Cheang reported from Samrong, Cambodia. Associated Press writer Eileen Ng in Kuala Lumpur, Malaysia, Chalida Ekvitthayavechnukul and Grant Peck in Bangkok, and Anton L. Delgado in Samrong contributed to this report.
Cision Canada
13 minutes ago
- Cision Canada
GoldMining Inc. Highlights State of Alaska's Commitment to Critical Infrastructure Supporting U.S. GoldMining's Whistler Gold-Copper Project
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Winnipeg Free Press
13 minutes ago
- Winnipeg Free Press
Trump's tariffs could squeeze US factories and boost costs by up to 4.5%, a new analysis finds
WASHINGTON (AP) — As President Donald Trump prepares to announce new tariff increases, the costs of his policies are starting to come into focus for a domestic manufacturing sector that depends on global supply chains, with a new analysis suggesting factory costs could increase by roughly 2% to 4.5%. 'There's going to be a cash squeeze for a lot of these firms,' said Chris Bangert-Drowns, the researcher at the Washington Center for Equitable Growth who conducted the analysis. Those seemingly small changes at factories with slim profit margins, Bangert-Drowns said, 'could lead to stagnation of wages, if not layoffs and closures of plants' if the costs are untenable. The analysis, released Tuesday, points to the challenges Trump might face in trying to sell his tariffs to the public as a broader political and economic win and not just as evidence his negotiating style gets other nations to back down. The success of Trump's policies ultimately depends on whether everyday Americans become wealthier and factory towns experience revivals, a goal outside economists say his Republican administration is unlikely to meet with tariffs. Trump has announced new frameworks with the European Union, Japan, the Philippines, Indonesia and Britain that would each raise the import taxes charged by the United States. He's prepared to levy tariffs against goods from dozens of other countries starting on Friday in the stated range of 15% to 50%. The U.S. stock market has shown relief the tariff rates aren't as high as Trump initially threatened in April and hope for a sense of stability going forward. Trump maintains the tariff revenues will whittle down the budget deficit and help whip up domestic factory jobs, all while playing down the risks of higher prices. 'We've wiped out inflation,' Trump said last Friday before boarding Marine One while on his way to Scotland. But there's the possibility of backlash in the form of higher prices and slower growth once tariffs flow more fully through the world economy. A June survey by the Atlanta Federal Reserve suggested companies would on average pass half of their tariff costs onto U.S. consumers through higher prices. Labor Department data shows America lost 14,000 manufacturing jobs after Trump rolled out his April tariffs, putting a lot of pressure as to whether a rebound starts in the June employment report coming out Friday. With new tariffs in place, there are new costs for factories The Washington Center for Equitable Growth analysis shows how Trump's devotion to tariffs carries potential economic and political costs for his agenda. In the swing states of Michigan and Wisconsin, more than 1 in 5 jobs are in the critical sectors of manufacturing, construction, mining and oil drilling and maintenance that have high exposures to his import taxes. The artificial intelligence sector Trump last week touted as the future of the economy is dependent on imports. More than 20% of the inputs for computer and electronics manufacturing are imported, so the tariffs could ultimately magnify a hefty multitrillion-dollar price tag for building out the technology in the U.S. The White House argues American businesses will access new markets because of the trade frameworks, saying companies will ultimately benefit as a result. 'The 'Made in USA' label is set to resume its global dominance under President Trump,' White House spokesman Kush Desai said. Still lots of uncertainty, but world economy faces a new toll There are limits to the analysis. Trump's tariff rates have been a moving target, and the analysis looks only at additional costs, not how those costs will be absorbed among foreign producers, domestic manufacturers and consumers. Also, the legal basis of the tariffs as an 'emergency' act goes before a U.S. appeals court on Thursday. Treasury Secretary Scott Bessent said in an interview last week on Fox Business Network's 'Kudlow' show countries were essentially accepting the tariffs to maintain access to the U.S. market. 'Everyone is willing to pay a toll,' he said. But what Bessent didn't say is U.S. manufacturers are also paying much of that toll. 'We're getting squeezed from all sides,'' said Justin Johnson, president of Jordan Manufacturing Co. in Belding, Michigan, northeast of Grand Rapids. His grandfather founded the company in 1949. The company, which makes parts used by Amazon warehouses, auto companies and aerospace firms, has seen the price of a key raw material — steel coil — rise 5% to 10% this year. Trump has imposed 50% tariffs on imported steel and aluminum. Jordan Manufacturing doesn't buy foreign steel. But by crippling foreign competition, Trump's tariffs have allowed domestic U.S. steelmakers to hike prices. Johnson doesn't blame them. 'There's no red-blooded capitalist who isn't going to raise his prices'' under those circumstances, he said. Trump says no inflation from tariffs, but businesses see higher prices The Trump White House insists inflation is not surfacing in the economy, issuing a report through the Council of Economic Advisers this month saying the price of imported goods fell between December of last year and this past May. 'These findings contradict claims that tariffs or tariff-fears would lead to an acceleration of inflation,' the report concludes. Ernie Tedeschi, director of economics at the Budget Lab at Yale University, said that the more accurate measure would be to compare the trends in import prices with themselves in the past and that the CEA's own numbers show 'import prices have accelerated in recent months.' The latest estimate from the Budget Lab at Yale is the tariffs would cause the average household to have $2,400 less than it would otherwise have. Keeping the economy on a knife's edge Josh Smith, founder and president of Montana Knife Co., called himself a Trump voter but said he sees the tariffs on foreign steel and other goods as threatening his business. Monday Mornings The latest local business news and a lookahead to the coming week. For instance, Smith just ordered a $515,000 machine from Germany that grinds his knife blades to a sharp edge. Trump had imposed a 10% tax on products from the EU that is set to rise to 15% under the trade framework he announced Sunday. So Trump's tax on the machine comes to $77,250 — about enough for Smith to hire an entry-level worker. Smith would happily buy the bevel-grinding machines from an American supplier. But there aren't any. 'There's only two companies in the world that make them, and they're both in Germany,'' Smith said. Then there's imported steel, which Trump is taxing at 50%. Until this year, Montana Knife bought the powdered steel it needs from Crucible Industries in Syracuse, New York. But Crucible declared bankruptcy last December, and its assets were purchased by a Swedish firm, Erasteel, which moved production to Sweden. Smith beat the tariffs by buying a year's worth of the steel in advance. But starting in 2026, the specialty steel he'll be importing from Sweden is set to be hit with a 50% duty. 'The average American is not sitting in the position I am, looking at the numbers I am and making the decisions each day, like, 'Hey, we cannot hire those extra few people because we might have to pay this tariff on this steel or this tariff on this grinder,'' he said. 'I want to buy more equipment and hire more people. That's what I want to do.'
