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Yahoo
16 minutes ago
- Yahoo
Trump's 40% Penalty for Tariff Dodging Missing Key Details
(Bloomberg) -- President Donald Trump has threatened to pile an additional 40% tariff on any product that Washington determines to be 'transshipped' through another country, a punishment aimed at stopping goods mainly from China dodging US duties. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival We Should All Be Biking Along the Beach Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus That penalty was included in the White House announcement Thursday evening that laid out global tariff rates from 10% to 41%. But many countries are still missing the 'rules of origin' details necessary to determine what the US considers transshipped. 'It is still not clear how this will be implemented in practice,' Leah Fahy, chief economist at Capital Economics, said in a note Friday. A decision on those rules will be made in the coming weeks, a senior US official said in Washington on Thursday. The US had earlier said the issue would be resolved before Aug. 1. The details are particularly important for countries in Southeast Asia, such as Vietnam, which have emerged as key suppliers of goods to the US. Many of the firms and factories had shifted from China in response to Trump's first trade war with Beijing and most still rely on Chinese inputs for production. Thailand's Deputy Minister of Commerce Chantawit Tantasith, for instance, said the country's 19% tariff rate allows it to maintain a competitive edge, as it's on par with Malaysia, Indonesia, Cambodia and the Philippines, and below Vietnam's 20%. However, the transshipment issue is still unresolved. 'We must await further clarification from the US regarding the negotiation process and rules of origin,' Chantawit said Friday in a statement. The country's Finance Minister Pichai Chunhavajira said in a separate statement that local content should be more than 40% to be classified as a Thai product, but that the country hasn't reached an agreement with the US on those details. While it didn't provide specifics, the White House release Thursday said the US would publish every six months a list of countries and 'specific facilities used in circumvention schemes' to help public procurement, commercial due diligence and national security reviews. The unspoken target of the rule has been China, which Trump has blamed for abusing free-trade rules to hollow out American manufacturing and jobs with cheaper imports. Trump is set to make the final call on maintaining a tariff truce with China before it expires in two weeks. Stephen Olson, a former US trade negotiator now with the ISEAS-Yusof Ishak Institute in Singapore, sees the transshipment issue complicating those talks. 'China will correctly perceive the transshipment provisions as directed against its interests,' Olson said. 'And it will inevitably spill over into its ongoing trade negotiations with the US.' Beijing called out the issue on social media, highlighting the 'very significant' impact it might have on Vietnam. 'The current US restrictions on 'transshipment' will make foreign companies hesitant to continue investing, affecting the layout of industrial parks and foreign investment in Vietnam,' said Yuyuan Tantian, an account affiliated with China's state broadcaster that's frequently used to signal Beijing's thinking on trade issues. Some analysts expect the punitive tariff to have little impact on China or the ability of its manufacturers to get goods to American buyers — directly or indirectly. 'Enforcement is likely to be challenging,' Fahy wrote. 'Even if outright rerouting is reduced, trade diversion will continue to dampen the impact of US tariffs on China's aggregate export performance.' --With assistance from Jasmine Ng, Jenni Marsh, Josh Xiao and Claire Jiao. (Updates with detail from executive order in 10th paragraph.) Burning Man Is Burning Through Cash Russia Builds a New Web Around Kremlin's Handpicked Super App Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. 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
Associated Press
17 minutes ago
- Associated Press
US envoy visits distribution site in Gaza as humanitarian crisis worsens
DEIR AL-BALAH, Gaza Strip (AP) — U.S. President Donald Trump's special envoy Steve Witkoff visited southern Gaza on Friday during international outrage over starvation, shortages and deadly chaos near aid distribution sites. Witkoff and U.S. Ambassador to Israel Mike Huckabee toured one of Gaza Humanitarian Foundation's distribution sites in Rafah, Gaza's southernmost city, according to an official involved with the visit. The official requested anonymity because he was not authorized to brief the media. All four of the group's distribution sites are in zones controlled by the Israeli military and throughout their months in operation have become flashpoints of desperation, where starving people scramble for scarce aid. Hundreds have been killed by either gunfire or trampling. The Israeli military says it has only fired warning shots at people who approach its forces, and GHF says its armed contractors have only used pepper spray or fired warning shots to prevent deadly crowding. Witkoff's visit comes a week after U.S. officials walked away from ceasefire talks in Qatar, blaming Hamas and pledging to seek other ways to rescue Israeli hostages and make Gaza safe. White House press secretary Karoline Leavitt said Thursday that he was sent to craft a plan to boost food and aid deliveries as part of an effort 'to save lives and end this crisis,' while Trump wrote on social media that the fastest way to end the crisis would be for Hamas to surrender and release hostages. International organizations have said Gaza has been on the brink of famine for the past two years. The Integrated Food Security Phase Classification, the leading international authority on food crises, said recent developments, including a complete blockade on aid for 2 1/2 months, mean the 'worst-case scenario of famine is currently playing out in Gaza.' Though the flow of aid has resumed, including via airdrops, the amount getting into Gaza remains far lower than what aid organizations say is needed. A security breakdown in the territory has made it nearly impossible to safely deliver food to starving Palestinians, much of the limited aid entering is horded and later sold at exorbitant prices. In a report issued Friday, Human Rights Watch called it 'a flawed, militarized aid distribution system that has turned aid distributions into regular bloodbaths.' Israel's military and prime minister's office did not respond to request for comment on the report. A July 30 video published Thursday by the U.N. Office for the Coordination of Humanitarian Affairs showed an aid convoy driving past a border crossing as gunfire ricocheted off the ground near where crowds congregated. 'We were met on the road by tens of thousands of hungry and desperate people who directly offloaded everything from the backs of our trucks,' said Olga Cherevko, an OCHA staff member. The war between Israel and Hamas started when Hamas attacked southern Israel on Oct. 7, 2023, killing around 1,200 people and abducting 251 others. They still hold 50 hostages, including around 20 believed to be alive. Most of the others have been released in ceasefires or other deals. Israel's retaliatory offensive has killed more than 60,000 Palestinians, according to Gaza's Health Ministry. Its count doesn't distinguish between militants and civilians. The ministry operates under the Hamas government. The U.N. and other international organizations see it as the most reliable source of data on casualties. ___ Metz reported from Jerusalem and Frankel from Tel Aviv, Israel.
Business Insider
19 minutes ago
- Business Insider
Africa's richest country hit with 30% US tariff after trade talks fail
South Africa is set to face a 30% tariff on its exports to the United States starting next week, after failing to secure a trade agreement before the deadline. South Africa will face a 30% tariff on exports to the U.S. as part of a broader trade adjustment policy. The tariffs, set to take effect next week, will impact automotive, agro-processing, steel, and chemical sectors. Negotiations to prevent the tariffs included $3.3 billion in proposed investments, which ultimately fell short. South Africa is set to face a 30% tariff on its exports to the United States starting next week, after failing to secure a trade agreement before a deadline imposed by former U.S. President Donald Trump. The tariffs, outlined in an executive order signed Thursday, will apply to dozens of countries, with rates ranging between 10% and 41%. The measures take effect in seven days as part of Trump's broader push to renegotiate trade relationships in favour of the U.S., Reuters reported. Pretoria had been negotiating for months to avert the tariff hike, proposing to buy U.S. liquefied natural gas and pledging $3.3 billion in investments into American industries. But those overtures fell short, even after a last-minute attempt to sweeten the deal. South African Trade Minister Parks Tau called the tariff escalation a direct threat to the country's export-driven sectors, particularly automotive manufacturing, agro-processing, steel, and chemicals. The U.S. is South Africa's second-largest bilateral trading partner after China. Key South African exports to the U.S. include vehicles, iron and steel products, and citrus fruits. Political tensions cloud trade talks Relations between South Africa and the United States have sharply declined since Donald Trump returned to the White House in January. The fallout reflects deeper strains in U.S.-South Africa relations. According to South African officials, trade negotiations were entangled with political frictions, most notably Washington's disapproval of South Africa's affirmative action policies, its land reform agenda, and its decision to bring a genocide case against Israel, a close U.S. ally, before the International Court of Justice. Trump, who has repeatedly criticised South Africa's policies, has falsely accused the government of forcibly seizing land from white farmers. In response, the South African government defended its stance, calling the land reform effort a constitutional measure aimed at addressing historical racial inequalities in land ownership dating back to apartheid. Officials also stressed that, contrary to international speculation, no land expropriations have occurred.
