UK's Starmer to Propose Gaza Peace Plan to Trump and Allies
Starmer will also discuss the UK-led plan 'in the coming days' with his cabinet and with other international allies, including Arab states, his spokesman Dave Pares told reporters in London on Monday, without providing further details.
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Yahoo
24 minutes ago
- Yahoo
Trump gives Mexico 90-day tariff reprieve as deadline for higher duties looms
By David Lawder and Aida Pelaez-Fernandez (Reuters) -U.S. President Donald Trump gave Mexico a 90-day reprieve from higher tariffs to negotiate a broader trade deal but was expected to issue higher final duty rates for most other countries as the clock wound down on his Friday deal deadline. The extension, which avoids a 30% tariff on most Mexican non-automotive and non-metal goods compliant with the U.S.-Mexico-Canada Agreement on trade, came after a Thursday morning call between Trump and Mexican President Claudia Sheinbaum. "We avoided the tariff increase announced for tomorrow," Sheinbaum wrote in an X social media post, adding that the Trump call was "very good." Approximately 85% of Mexican exports comply with the rules of origin outlined in the USMCA, shielding them from 25% tariffs related to fentanyl, according to Mexico's economy ministry. Trump said that the U.S. would continue to levy a 50% tariff on Mexican steel, aluminum and copper and a 25% tariff on Mexican autos and on non-USMCA-compliant goods subject to tariffs related to the U.S. fentanyl crisis. "Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many," Trump said in a Truth Social post without providing details. Trump is expected to issue tariff rate proclamations later on Thursday for countries that have not struck trade deals by a 12:01 a.m. EDT (0401 GMT) deadline. South Korea agreed on Wednesday to accept a 15% tariff on its exports to the U.S., including autos, down from a threatened 25%, as part of a deal that includes a pledge to invest $350 billion in U.S. projects to be chosen by Trump. But goods from India appeared to be headed for a 25% tariff after talks bogged down over access to India's agriculture sector, drawing a higher-rate threat from Trump that also included an unspecified penalty for India's purchases of Russian oil. Although negotiations with India were continuing, New Delhi vowed to protect the country's labor-intensive farm sector, triggering outrage from the opposition party and a slump in the rupee. TOUGH QUESTIONS FROM JUDGES Trump hit Brazil on Wednesday with a steep 50% tariff as he escalated his fight with Latin America's largest economy over its prosecution of his friend and former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies. The run-up to Trump's tariff deadline was unfolding as federal appeals court judges sharply questioned Trump's use of a sweeping emergency powers law to justify his sweeping tariffs of up to 50% on nearly all trading invoked the 1977 International Emergency Economic Powers Act to declare an emergency over the growing U.S. trade deficit and impose his "reciprocal" tariffs and a separate fentanyl emergency. The Court of International Trade ruled in May that the actions exceeded his executive authority, and questions from judges during oral arguments before the U.S. Appeals Court for the Federal Circuit in Washington indicated further skepticism. "IEEPA doesn't even say tariffs, doesn't even mention them," Judge Jimmie Reyna said at one point during the hearing. CHINA DEAL NOT DONE U.S. Treasury Secretary Scott Bessent said the United States believes it has the makings of a trade deal with China, but it is "not 100% done," and still needs Trump's approval. U.S. negotiators "pushed back quite a bit" over two days of trade talks with the Chinese in Stockholm this week, Bessent said in an interview with CNBC. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end escalating tit-for-tat tariffs and a cut-off of rare earth minerals. (Additional reporting by Doina Chiacu and Susan Heavey in Washington and Aftab Ahmed in New Delhi; Editing by Nick Zieminski) 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
Hamilton Spectator
25 minutes ago
- Hamilton Spectator
In Canada's pledge to recognize Palestine, much depends on what comes after the words
It was nearly 80 years ago that a Canadian diplomat and future prime minister first laid out the boundaries of an independent and equal Palestinian state. Lester B. Pearson was chairman of the United Nations committee that drafted the former British territory's 1947 partition plan . Had it not been hindered by a war the following year that led to the creation of the state of Israel and kicked off a decades-long cycle of violence, the plan would have carved up the land into side-by-side Arab and Jewish territories. On Wednesday, Prime Minister Mark Carney took a significant step to revive the idea of a two-state solution to the conflict, one he said has been ' steadily and gravely eroded ' by the Oct. 7 Hamas attack on Israel . In announcing that he would recognize a Palestinian state before the United Nations General Assembly in September, Carney said Canada was 'standing with all people who choose peace over violence or terrorism.' It is a step that Middle East observers see as a potentially powerful signal, one that comes in concert with an identical pledge from France and a warning that Britain will follow suit if Israel does not agree to a ceasefire in Gaza and commit to a peace deal . On top of snubbing Israeli Prime Minister Benjamin Netanyahu, the recognition of Palestine risks isolating the United States, which could end up as the only permanent member of the United Nations Security Council resisting the movement. This is important because a potential United Nations member state must first have the backing of the UNSC before submitting to a vote of the General Assembly, where 147 out of 193 countries already support Palestinian statehood. The move by Canada, France and the United Kingdom could also split the wealthy and influential G7 member states and push their numbers into the majority at the G20. But this political recognition is far from a magic wand that will end the war and the humanitarian crisis in the Gaza Strip. Much depends on what comes after the words. If recognition is not followed by action, the declaration will remain largely symbolic, said Yossi Mekelberg, a senior consulting fellow with Chatham House in London. Canada can intervene in the case against Israel in support of the principles of international law. Canada can intervene in the case against Israel in support of the principles of international law. But it could also prove to be hugely significant if it leads to a larger plan to end the war in Gaza , free the remaining Israeli hostages, deliver humanitarian aid and rebuild the devastated territory, reduce tensions in the West Bank and forge a long-term peace between Israelis and Palestinians. 'It actually should have been done long before as a way to overcome the asymmetry in negotiation between a state (Israel) and a non-state actor (the Palestinian Authority),' Mekelberg said in an interview. Carney, who spoke with Palestinian Authority President Mahmoud Abbas following his declaration, said he expects the governing body, which administers the West Bank, to commit to governance reforms, to holding elections in 2026 and to demilitarizing the Palestinian state. 'It puts the onus on the Palestinians to behave as a state and not as a liberation movement,' Mekelberg said. The Israeli government has strongly objected to the move, saying that recognition is a reward for terrorism and supports a movement that wants to destroy Israel, not live beside it in peace. On Thursday, U.S. President Donald Trump wrote on social media that Canada's decision ' will make it very hard for us to make a trade deal with them .' Trump posted on Truth Social the move 'will make it very hard for us to make a trade deal' with Canada. Trump's deadline for a trade deal is Friday. Trump posted on Truth Social the move 'will make it very hard for us to make a trade deal' with Canada. Trump's deadline for a trade deal is Friday. The U.S. State Department also announced Thursday that it had decided to prevent Palestinian political leaders from obtaining travel visas on grounds they had, among other things, attempted to 'internationalize' the conflict with Israel through legal proceedings at the International Criminal Court and the International Court of Justice.' But the decision by Canada, France and Britain — three countries with historically close ties to Israel — to back the Palestinian cause will also make it hard for average Israelis to ignore the existence of a shifting tide in global public opinion. This, even if a Pew Research survey published last month found that only about one in five Israelis believed it was possible for separate Israeli and Palestinian states to peacefully coexist, while half said it was not possible. The prospects for a peaceful future have little to do with the determination about whether a territory constitutes a state. The generally accepted definition was agreed to nearly a century ago at a gathering of mostly central and South American countries in Uruguay. They signed a treaty, the 1933 Montevideo Convention , resolving that a state existed as a legal entity wherever four basic criteria were met: a permanent population; a defined territory; a government; and the capacity to enter into relations with other states. Canada's own difficult history with the Quebec independence movement and the geopolitical chaos prompted by the fall of communism in the 1990s is a reminder that what is written on paper rarely translates neatly into what occurs in real life. It took nearly a decade after the guns had fallen silent for Canada to recognize Kosovo as a state separate from neighbouring Serbia, although the Balkan nation still does not have a seat at the UN. In the case of Palestine and Israel, Canada and dozens of other frustrated countries have determined that recognition can serve as a potential precursor to peace, not simply as a reward for having achieved an end to the fighting. Mekelberg said that rather than viewing international recognition of Palestine as an attack on Israel, it should be seen as a 'pro-Israeli move' to end the wars, to ensure Israel's security and to fulfil the potential of both the Arab and Jewish populations. 'It's not a punishment,' he said. 'It's a step toward once and for all, finishing a conflict that is not only 77 years old, it's more than 100 years old.' Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
NBC News
26 minutes ago
- NBC News
A key U.S. inflation gauge rose last month as Trump's tariffs lifted goods prices
WASHINGTON (AP) — The Federal Reserve's preferred inflation gauge ticked higher last month in a sign that President Donald Trump's broad-based tariffs are starting to lift prices for many goods. Prices rose 2.6% in June compared with a year ago, the Commerce Department said Thursday, up from an annual pace of 2.4% in May. Excluding the volatile food and energy categories, prices rose 2.8% in the past year, the same as the previous month, which was revised higher. The figures are above the Fed's 2% goal. The uptick in prices helps explain the central bank's reluctance to cut its key interest rate this week, despite repeated demands from Trump that it do so. On Wednesday, the Fed left its key rate unchanged at 4.3%, and Chair Fed Powell suggested it could take months for the central bank to determine whether the import duties will cause just a one-time rise in prices, or a more persistent increase in inflation. Trump has attacked Powell personally and repeatedly, and did so again on Thursday for the Fed's reluctance to cut rates, calling him 'TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair.' On a monthly basis, prices ticked up 0.3% from May to June, while core prices also rose 0.3%. Both figures are higher than consistent with the 2% target. 'The above-target rise in core prices in June, upward revisions to previous months' data and the sharp rise in core goods inflation will do little to ease the Fed's concerns about tariff-driven inflation,' said Harry Chambers, assistant economist at Capital Economics, a forecasting firm. 'If these pressures persist, as we expect, a September cut looks unlikely.' The government's measure of gas prices jumped 0.9% from May to June, while grocery costs rose 0.3%. Many longer-lasting goods that are heavily imported saw clear price increases, with furniture prices up 1.3% just last month, appliances up 1.9%, and computers up 1.4%. The cost of some services fell dramatically last month, offsetting some of the price pressures from goods. Air fares dropped 0.7% from May to June, while the cost of hotel rooms plunged 3.6% just in one month. Thursday's report also showed that consumer spending rose 0.3% from May to June, a modest rise that suggests Americans are still spending cautiously. Adjusted for inflation, the increase was just 0.1%, the government said. Americans' incomes also picked up just modestly, rising 0.3% last month, a rebound after a 0.4% drop in May. But adjusted for inflation and taxes, incomes were flat in June. Consumers have been cautious all year. On Wednesday, the government said the economy expanded at a 3% annual rate in the second quarter, a solid showing but one that masked some red flags. Consumer spending, for example, rose at a lackluster 1.4% pace, after an even smaller gain of 0.5% in the first three months of the year. A sharp drop in imports in the April-June quarter, which followed a surge in the first quarter, provided a big lift to the government's calculation of U.S. gross domestic product. Earlier this month, the government reported that its more closely-watched consumer price index, its primary inflation measure, also ticked higher in June as the cost of heavily-imported items such as appliances, furniture, and toys increased.
