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The Independent
20 minutes ago
- The Independent
Manchester United sign teenage Paraguayan defender Diego Leon
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it. Your support makes all the difference.
The Guardian
22 minutes ago
- The Guardian
Here we go again: latest Trump tariff deadline looms amid inflation concerns
When Donald Trump unveiled his 'liberation day' tariffs in the spring, only to pull the plug days later as panic tore through global markets, his officials scrambled to present the climbdown as temporary. Three months of frenetic talks would enable the Trump administration to strike dozens of trade agreements with countries across the world, they claimed. 'We're going to run,' the White House trade adviser Peter Navarro told Fox Business Network. 'Ninety deals in 90 days is possible.' The 90-day pause Trump ordered on his steep tariffs is almost up, and 90 deals have not materialized. The US is again on the brink of launching a trade assault against dozens of countries, with rates including 27% on Kazakhstan, 47% on Madagascar and 36% on Thailand. 'I'm not thinking about the pause,' the president claimed during a briefing with reporters earlier this week, when asked about Wednesday's deadline. 'I'll be writing letters to a lot of countries. And I think you're just starting to understand the process.' Business leaders, lobbyists, economists and investors might disagree. Even officials in Trump's own administration have at times struggled to keep up. Another cliff edge has reared into view, forcing them to return to a familiar question: will he actually go through with this? 'I would suspect he's serious,' said Marc Busch, professor of international business diplomacy at Georgetown University. 'I think he's going to give a pass to the countries negotiating in good faith. But as of 9 July, a lot of the news will be big tariffs that the US hasn't seen since the 1930s are in effect.' A handful of agreements have emerged, cooling some tensions. A partial deal with the UK was first to emerge, before a delicate truce with China, and a pact with Vietnam. Officials are also said to be closing in on a 'framework' arrangement with the EU. But these breakthroughs have been significantly narrower than conventional free trade agreements, which can take years to hammer out. 'These aren't real trade deals. These are cessations of hostility,' said Busch. 'These are purchasing agreements that may or may not appease Trump for maybe a little while, thrown in with some aspirational stuff.' Even if Trump extends the 90-day pause next week, or strikes myriad deals at breakneck pace, current tariff levels are still much higher than they were before his return to office. The effects of this are still filtering through to prices for US consumers. 'The US economy is definitely, I would say, breaking more to the positive than would have been the narrative, or the expectation, kind of right after liberation day,' said John Waldron, president of Goldman Sachs. 'There's still an expectation that we're going to see more inflation over the course of the summer.' Mid-sized businesses in the US face an estimated $82.3bn in additional costs if the US maintains a 10% universal rate on all imports, as well as higher rates of 55% on China and 25% on Mexico and Canada, according to analysis by the JPMorganChase Institute. Such firms 'often play a crucial role in regional economies and as part of larger supply chains', said analysts at the institute. 'If they struggle, it may cause ripple effects for other businesses and their communities.' If the 'liberation day' tariffs are reimposed after the pause, costs would rise significantly. But even if they are not, the duties Trump has already introduced – and remain in force – are leaving companies with a hefty bill. The administration's playbook, of hiking tariffs on a country dramatically and then cutting them back as a result of an agreement, is 'like a retailer that one day increases prices by 100% and another day announces a 30% sale', said Busch. 'It's quite extraordinary that we're still debating this issue,' he added. 'American businesses are already eating and passing on parts of these tariffs to consumers.' No senior federal official has been more vocal about this reality than Jerome Powell, chair of the Federal Reserve, who – despite Trump's public demands and attacks – has kept US interest rates on hold while waiting to see how the administration's trade strategy pans out. 'Someone has to pay for the tariffs,' Powell said at a recent press conference, noting how the cost filters through a supply chain, from the initial manufacturer through to the customer buying a product. 'All through that chain, people will be trying not to be the ones who pick up the cost. 'But ultimately, the cost of the tariff has to be paid and some of it will fall on the end consumer. We know that. That's what businesses say. That's what the data says from past evidence. So we know that's coming.' Trump does not see it this way, insisting that tariffs are taxes on other countries, rather than US businesses and consumers. Whatever happens over the next few days, those attempting to take a longer-term view believe the main actions he has taken in recent months – like imposing blanket 10% tariffs – could remain in place for many years to come. 'We think it's likely that high and broad-based tariffs are here to stay because, of all the purported goals of trade policy, they're proving most successful at raising revenue,' said Michael Pearce, deputy chief US economist at Oxford Economics. 'Given the fiscal challenges that lie ahead, those revenues will be hard for future administrations to replace.'
BBC News
35 minutes ago
- BBC News
Wetin di new US tax mean for money wey pipo for abroad dey send to family and friends back home
Di One Big Beautiful Act wey don dey signed into law by di U.S. President Donald Trump dey impose a 1% tax on certain types of cross-border money transfers. Dis go cause worry among African migrants and dia families wey dey rely on cash wey dem dey send give dem from obodoyinbo. For 2024, at least $12 billion bin flow from di United States to African families through remittances. But dis newly approved 1% tax on informal money transfers fit comot millions from dat stream. Di US President Trump budget mega-bill become law afta e pass a final vote for di House of Representatives and afta Congress bin debate di package for days, as members of both di House and Senate also work overnights for di Capitol. Join Pidgin WhatsApp Channel for similar tori dem. However, while di final tax rate dey far lower dan di 3.5% wey dem first propose, di law dey target specific remittance channels. E also apply to transfers wey dem dey make through cash, money orders, or cashier cheques, wit exemptions for transactions wey dem dey send through bank accounts or U.S.-issued debit and credit cards. 'Dis na tax on progress' A Nigerian-born professor wey base for Minnesota, wey no wan make we mention im name, tell di BBC say di tax go directly affect how e dey send money to relatives for Enugu. "I dey build a retirement home for my village and dis require me to send money evritime for di project. I also send money to support my mama back home," e tok. Dis week alone, e don send $700 for building materials. "E fit look like just $7 on evri $700 wey we send, but dis na tax on progress, care, and support. Di emotional cost dey bigger dan di financial one." Though e prefer to use banks, e admit say cash apps dey faster, especially during emergencies. "No be evrione wey we support back home get a bank account. Many dey rely on pickup centres or cash agents. Dis law be like say e blind to dat reality." Di law dey scheduled to take effect on January 1, 2026 as part of a broader effort to boost federal revenues. Di tax dey aimed to tightening oversight of informal cross-border transfers, a category wey include many of di ways African migrants dey send money home. But for millions of African families, dis informal channels no just common, dem dey essential. For Yasmine Atim, a 22-year-old Ugandan computer science student for Texas, di tax go force her to retink how she dey send money to her younger siblings for Central Uganda. "I no dey work full-time, but I try to send $100, $150, or $200 wen I fit," she tok. "Even if na just $1, dat na di money my brother fit use to get a textbook or transport to school." Yasmine dey use a mix of cash apps. "I try to set up a wire transfer once, but my bank no allow international transactions from a student account." For her, remittances no be just about money but about to stay emotionally connected to home. "Sometimes, di only way I fit show up for my family na to send dat money. E dey hurt to tink say di govment want a piece of dat. I fit try make I no send big amounts to reduce di number of transactions wey dem go tax. But dat no go make sense. Family need help wen dem need am." Wetin e mean for Africa Di final text of di law tok say, "we hereby impose on any remittance transfer a tax wey equal 1% of di amount of such transfer. Na di sender go pay di tax." While exemptions exist for transfers through U.S. financial institutions or dose wey dey funded by U.S.-issued debit or credit cards, many African migrants still dey depend on informal channels. Wit foreign aid to Africa wey dey reduce, remittances don become a lifeline. According to World Bank data, remittance flows into Africa bin pass $92 billion (€81 billion) for 2024, wit at least $12 billion wey dey come from di United States. Di U.S. remain di biggest origin kontri for global remittances wey dey account for ova $656 billion for2023 alone. Top African Remittance Recipients (2024) Kontri Remittances ($) Egypt 22.7 Billion Nigeria 19.8 Billion Morocco 12.0 Billion Kenya 4.8 Billion Ghana 4.6 Billion Senegal 3.0 Billion Zimbabwe 3.0 Billion Zambia 2.8 Billion Uganda 1.49 Billion DR Congo 1.3 Billion Source: World Bank, 2024 According to di Africa Finance Corporation 2025 State of Africa Infrastructure Report, remittances don consistently pass foreign direct investment, portfolio flows, and official development assistance. Dis make am di most stable and dependable source of external finance from Africa. "Remittances dey more dan money," di professor for Minnesota tok. "Dem be infrastructure, education, medical care, food, and dignity. To tax am na like to tax veri engine of development for many African homes."
