Trump Threatens 10% Tariff for ‘Anti-American' BRICS Alignment
'Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,' Trump said Sunday night in a Truth Social post. 'There will be no exceptions to this policy.'
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Yahoo
5 minutes ago
- Yahoo
Trump tariffs live updates: Trump says he won't extend August 1 deadline after letters to Japan, South Korea, others
President Trump ramped up his tariff threats on Tuesday with a post on Truth Social, saying there will be no extensions and that money will be due and payable starting Aug. 1. "There has been no change to this date, and there will be no change," Trump wrote. "In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted." Trump's renewed firmness on that deadline came after he posted a flurry of letters warning world leaders, threatening to impose tariffs similar to those he announced in April. On Monday, Trump posted 14 letters from countries, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%. The moves highlighted the topsy-turvy nature of the president's trade policy, which now theoretically allows more time for negotiation. Since Trump's April pause, the US has only clinched trade deals with the UK and Vietnam thus far, as well as a framework with China. Meanwhile, China warned Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains. Last month, the US and China agreed on a trade framework to ease tensions, but many details remain vague. Investors are now waiting to see if this agreement can withstand a new round of trade brinkmanship. "One conclusion is abundantly clear: dialogue and cooperation are the only correct path," the official People's Daily said in a commentary, referring to the exchanges in the current round of China-US trade tension. Here is where things stand with various other partners: Vietnam: The deal with Vietnam will see the country's imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff "on any transshipping" — when goods shipped from Vietnam originate from another country, like China. European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is reportedly racing to clinch a deal this week. Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed, with a deal by mid-July in focus. 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. Here's a look at the 14 countries that got tariff letters on Monday, as well as their key exports to the US and response, per the AP: Myanmar: Key exports include clothing, leather goods, and seafood. Laos: Key exports include shoes with textile uppers, wood furniture, electronic components, and optical fiber. Cambodia: Key exports include textiles, clothing, shoes, and bicycles. Thailand: Key exports include computer parts, rubber products, and gemstones. Response: Thailand's Deputy Prime Minister Pichai Chunhavajira said Thailand will continue to push for tariffs negotiations with the United States. Thailand on Sunday submitted a new proposal that includes opening the Thai market for more American agricultural and industrial products and increasing imports of energy and aircraft. Bangladesh: Key exports include clothing. Response: Bangladesh's finance adviser Salehuddin Ahmed said Bangladesh hopes to negotiate for a better outcome. There are concerns that additional tariffs would make Bangladesh's garment exports less competitive with countries like Vietnam and India. Serbia: Key exports included software and IT services and car tires. Indonesia: Key exports include palm oil, cocoa butter, and semiconductors. Bosnia and Herzegovina: Key exports include weapons and ammunition. South Africa: Key exports include platinum, diamonds, vehicles, and auto parts Response: The office of South African President Cyril Ramaphosa said in a statement that the tariff rates announced by Trump mischaracterized the trade relationship with the US, but it would 'continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States' after having proposed a trade framework on May 20. Japan: Key exports include autos, auto parts, and electronics. Response: Japanese Prime Minister Shigeru Ishiba called the tariff 'extremely regrettable' but said he was determined to continue negotiating. Ishiba said Trump's tariff rate is lower than the levels he had threatened earlier and opens the way for further negotiations. Kazakhstan: Key exports include oil, uranium, ferroalloys, and silver. Malaysia: Key exports include electronics and electrical products. Response: Malaysia's government said it will pursue talks with the US A Cabinet meeting is scheduled for Wednesday. South Korea: Key exports include vehicles, machinery, and electronics. Response: South Korea's Trade Ministry said early Tuesday that it will accelerate negotiations with the United States to achieve a deal before the 25% tax on its exports goes into effect. Tunisia: Key exports include animal and vegetable fats, clothing, fruit and nuts. Read more here. While the 90 deals in 90 days hasn't materialized, the 14 letters sent out Monday detailing new tariff rates — and additional ones expected today — offer a new jolt to trade talks. And over the next week, the European Union and India will be in particular focus as the Trump administration makes progress on deals. Yahoo Finance's Ben Werschkul reports: Read more here. US imports of contanerized goods from China fell 28.3% in June versus the same period last year, after higher tariffs on goods extended a steep drop that began in May, according to supply chain technology provider Descartes. Reuters reports: Read more here. President Trump posted on Truth Social that the US will begin collecting tariff revenue for the "letter" tariffs beginning on Aug. 1. He also stressed that he will not grant any tariff pause extensions after that date. "As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025," Trump wrote. "There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!" Trump's social media post echoes his sentiment last Thursday, when he told reporters, "As far as I'm concerned, we're done." When asked if tariff rates could change again in the next month, Trump added, "I would say firm but not 100% firm." As my colleague Ben Werschkul pointed out, some market participants have taken the letters as a hawkish signal that at least some of these tariffs will remain in effect. Stocks edged lower in morning trading Tuesday as investors assessed whether Trump might dial back tariffs again. Read more here. Today marks the start of Amazon Prime Day (AMZN), a shopping event exclusively for Prime members, where they can access deals on a wide range of products. Amazon Prime Day typically lasts four days but tariff-related price worries have meant that Amazon may have to extend its annual sales event and start offering new membership perks to Gen Z shoppers. Prime day, which has been running for 11 years, promises a flurry of summer deals and starts at 3:01 ET. Amazon has said that it will have deals dropping every 5 minutes during certain periods over the next few days. But reports have said that some Amazon retailers will be sitting this years event out due to President Trump's tariffs. 'Prime Day will provide an early indication on consumer appetite, especially in categories like apparel, electronics and TVs, where price drops are expected to be the deepest,' said Vivek Pandya, lead analyst at Adobe Inc., which expects Amazon and other US retailers to generate $23.8 billion in online sales during the four-day event. Some hope the event will provide a glimpse into how much consumers are spending and what they are buying amid mixed signals around the US economy. 'Prime Day will be quite a test,' said Romain Fouache, the CEO of Akeneo, which sells software used by online merchants. The firm conducted a survey of 1,000 US shoppers showing that 1 in 4 respondents planned to skip Prime Day due to tariffs while 57% said they would more closely monitor prices. Read more here. Yahoo Finance's Washington Correspondent Ben Werschkul reports: Read more here. Trade tensions have dampened US small business confidence, which slipped in June due to firms citing that they had too much inventory. Reuters reports: Read more here. The executive director of the United Nations trade agency said Tuesday that the Trump administration's decision to extend the negotiating deadline for tariff rates is causing prolonged uncertainty and instability for countries. Reuters reports: Read more here. When President Trump and Japanese Premier Shigeru Ishiba first met in February, the pledge from Tokyo to the US of a $1 trillion investment appeared to help relations, with Trump citing their "fantastic relationship". However, in the months since, trade negotiations with the US have not gone as well, and Japan's efforts seemed to have backfired. Reuters reports: Read more here. India is panning to source 10% of its cooking gas imports from the US starting in 2026, according to people familiar with the matter. This latest news is part of a broader effort to boost energy purchases and narrow its trade gap with the US. Reuters reports: Read more here. Southeast Asia economies are preparing to step up trade negotiations with Washington after President Trump hit them with steep tariffs. Reuters reports: Read more here. Reuters reports: Read more here. Samsung Electronics ( reported a far worse than expected 56% plunge in second-quarter operating profits on Tuesday, citing weak AI chip sales. This has now deepened investor concerns over the tech giant's ability to revive its struggling semiconductor business. The world's biggest memory chipmaker blamed the profit miss on US restrictions on advanced AI chips for China. Reuters reports: Read more here. China has warned President Trump against restarting trade tensions. Beijing threatened retaliation against nations that strike supply chain deals with the US that sideline China. Washington and Beijing reached a trade framework last month in London with the aim of calming tensions, but now investors are watching closely to see if it will last. This warning from China follows Trump's recent wave of letters to global leaders, in which he threatened new tariffs similar to those he unveiled in April. Reuters reports: Read more here. The European Union is meeting to push through an outline of the trade deal currently being negotiated to avoid the brunt of Trump's tariffs past July 9 and into a further period of negotiation. Bloomberg reports: Read more here. President Trump just posted his latest batch of letters informing country leaders of the tariffs their goods' exports to the US will face. Per Yahoo Finance's Ben Werschkul, here's a look at the countries included in this batch — and how their newly announced rates compare to April's: Thailand: April: 36% Now: 36% Cambodia: April: 49% Now: 36% Serbia: April: 37% Now: 35% Bangladesh: April: 37% Now: 35% Indonesia: April: 32% Now: 32% Bosnia and Herzegovina: April: 35% Now: 30% Tunisia: April: 28% Now: 25% Yahoo Finance's Ben Werschkul writes: President Trump just posted additional letters revealing new tariff rates for five additional countries. The letters contain similar language and terms urging foreign companies to move production to the US and warning that any tariff increases will face retaliation. Per Trump, the US will impose tariffs on the following countries starting on Aug. 1: Myanmar: 40% (below the 44% set under the "Liberation Day" program) Laos: 40% (versus 48% previously) South Africa: 30% (versus 30% previously) Kazakhstan 25% (versus 27% previously) Malaysia: 25% (versus 24% previously) Approximately 12 countries will receive letters from President Trump today informing them of new tariff rates, White House press secretary Karoline Leavitt stated in a press briefing on Monday. The remaining countries will also receive letters in the coming days and weeks. Leavitt declined to say which countries will receive the letters today and said that all missives will be posted to Trump's Truth Social account. So far, the president has posted two letters addressed to the leaders of Japan and South Korea outlining 25% tariffs. President Trump will also sign an executive order delaying the July 9 deadline for all countries to Aug. 1 later today, Leavitt stated. The EU faces a tough challenge this week — either swallow higher tariffs to avoid a trade war with the US or retaliate to put pressure on the US to compromise. The FT reports: Read more here. Here's a look at the 14 countries that got tariff letters on Monday, as well as their key exports to the US and response, per the AP: Myanmar: Key exports include clothing, leather goods, and seafood. Laos: Key exports include shoes with textile uppers, wood furniture, electronic components, and optical fiber. Cambodia: Key exports include textiles, clothing, shoes, and bicycles. Thailand: Key exports include computer parts, rubber products, and gemstones. Response: Thailand's Deputy Prime Minister Pichai Chunhavajira said Thailand will continue to push for tariffs negotiations with the United States. Thailand on Sunday submitted a new proposal that includes opening the Thai market for more American agricultural and industrial products and increasing imports of energy and aircraft. Bangladesh: Key exports include clothing. Response: Bangladesh's finance adviser Salehuddin Ahmed said Bangladesh hopes to negotiate for a better outcome. There are concerns that additional tariffs would make Bangladesh's garment exports less competitive with countries like Vietnam and India. Serbia: Key exports included software and IT services and car tires. Indonesia: Key exports include palm oil, cocoa butter, and semiconductors. Bosnia and Herzegovina: Key exports include weapons and ammunition. South Africa: Key exports include platinum, diamonds, vehicles, and auto parts Response: The office of South African President Cyril Ramaphosa said in a statement that the tariff rates announced by Trump mischaracterized the trade relationship with the US, but it would 'continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States' after having proposed a trade framework on May 20. Japan: Key exports include autos, auto parts, and electronics. Response: Japanese Prime Minister Shigeru Ishiba called the tariff 'extremely regrettable' but said he was determined to continue negotiating. Ishiba said Trump's tariff rate is lower than the levels he had threatened earlier and opens the way for further negotiations. Kazakhstan: Key exports include oil, uranium, ferroalloys, and silver. Malaysia: Key exports include electronics and electrical products. Response: Malaysia's government said it will pursue talks with the US A Cabinet meeting is scheduled for Wednesday. South Korea: Key exports include vehicles, machinery, and electronics. Response: South Korea's Trade Ministry said early Tuesday that it will accelerate negotiations with the United States to achieve a deal before the 25% tax on its exports goes into effect. Tunisia: Key exports include animal and vegetable fats, clothing, fruit and nuts. Read more here. While the 90 deals in 90 days hasn't materialized, the 14 letters sent out Monday detailing new tariff rates — and additional ones expected today — offer a new jolt to trade talks. And over the next week, the European Union and India will be in particular focus as the Trump administration makes progress on deals. Yahoo Finance's Ben Werschkul reports: Read more here. US imports of contanerized goods from China fell 28.3% in June versus the same period last year, after higher tariffs on goods extended a steep drop that began in May, according to supply chain technology provider Descartes. Reuters reports: Read more here. President Trump posted on Truth Social that the US will begin collecting tariff revenue for the "letter" tariffs beginning on Aug. 1. He also stressed that he will not grant any tariff pause extensions after that date. "As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025," Trump wrote. "There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!" Trump's social media post echoes his sentiment last Thursday, when he told reporters, "As far as I'm concerned, we're done." When asked if tariff rates could change again in the next month, Trump added, "I would say firm but not 100% firm." As my colleague Ben Werschkul pointed out, some market participants have taken the letters as a hawkish signal that at least some of these tariffs will remain in effect. Stocks edged lower in morning trading Tuesday as investors assessed whether Trump might dial back tariffs again. Read more here. Today marks the start of Amazon Prime Day (AMZN), a shopping event exclusively for Prime members, where they can access deals on a wide range of products. Amazon Prime Day typically lasts four days but tariff-related price worries have meant that Amazon may have to extend its annual sales event and start offering new membership perks to Gen Z shoppers. Prime day, which has been running for 11 years, promises a flurry of summer deals and starts at 3:01 ET. Amazon has said that it will have deals dropping every 5 minutes during certain periods over the next few days. But reports have said that some Amazon retailers will be sitting this years event out due to President Trump's tariffs. 'Prime Day will provide an early indication on consumer appetite, especially in categories like apparel, electronics and TVs, where price drops are expected to be the deepest,' said Vivek Pandya, lead analyst at Adobe Inc., which expects Amazon and other US retailers to generate $23.8 billion in online sales during the four-day event. Some hope the event will provide a glimpse into how much consumers are spending and what they are buying amid mixed signals around the US economy. 'Prime Day will be quite a test,' said Romain Fouache, the CEO of Akeneo, which sells software used by online merchants. The firm conducted a survey of 1,000 US shoppers showing that 1 in 4 respondents planned to skip Prime Day due to tariffs while 57% said they would more closely monitor prices. Read more here. Yahoo Finance's Washington Correspondent Ben Werschkul reports: Read more here. Trade tensions have dampened US small business confidence, which slipped in June due to firms citing that they had too much inventory. Reuters reports: Read more here. The executive director of the United Nations trade agency said Tuesday that the Trump administration's decision to extend the negotiating deadline for tariff rates is causing prolonged uncertainty and instability for countries. Reuters reports: Read more here. When President Trump and Japanese Premier Shigeru Ishiba first met in February, the pledge from Tokyo to the US of a $1 trillion investment appeared to help relations, with Trump citing their "fantastic relationship". However, in the months since, trade negotiations with the US have not gone as well, and Japan's efforts seemed to have backfired. Reuters reports: Read more here. India is panning to source 10% of its cooking gas imports from the US starting in 2026, according to people familiar with the matter. This latest news is part of a broader effort to boost energy purchases and narrow its trade gap with the US. Reuters reports: Read more here. Southeast Asia economies are preparing to step up trade negotiations with Washington after President Trump hit them with steep tariffs. Reuters reports: Read more here. Reuters reports: Read more here. Samsung Electronics ( reported a far worse than expected 56% plunge in second-quarter operating profits on Tuesday, citing weak AI chip sales. This has now deepened investor concerns over the tech giant's ability to revive its struggling semiconductor business. The world's biggest memory chipmaker blamed the profit miss on US restrictions on advanced AI chips for China. Reuters reports: Read more here. China has warned President Trump against restarting trade tensions. Beijing threatened retaliation against nations that strike supply chain deals with the US that sideline China. Washington and Beijing reached a trade framework last month in London with the aim of calming tensions, but now investors are watching closely to see if it will last. This warning from China follows Trump's recent wave of letters to global leaders, in which he threatened new tariffs similar to those he unveiled in April. Reuters reports: Read more here. The European Union is meeting to push through an outline of the trade deal currently being negotiated to avoid the brunt of Trump's tariffs past July 9 and into a further period of negotiation. Bloomberg reports: Read more here. President Trump just posted his latest batch of letters informing country leaders of the tariffs their goods' exports to the US will face. Per Yahoo Finance's Ben Werschkul, here's a look at the countries included in this batch — and how their newly announced rates compare to April's: Thailand: April: 36% Now: 36% Cambodia: April: 49% Now: 36% Serbia: April: 37% Now: 35% Bangladesh: April: 37% Now: 35% Indonesia: April: 32% Now: 32% Bosnia and Herzegovina: April: 35% Now: 30% Tunisia: April: 28% Now: 25% Yahoo Finance's Ben Werschkul writes: President Trump just posted additional letters revealing new tariff rates for five additional countries. The letters contain similar language and terms urging foreign companies to move production to the US and warning that any tariff increases will face retaliation. Per Trump, the US will impose tariffs on the following countries starting on Aug. 1: Myanmar: 40% (below the 44% set under the "Liberation Day" program) Laos: 40% (versus 48% previously) South Africa: 30% (versus 30% previously) Kazakhstan 25% (versus 27% previously) Malaysia: 25% (versus 24% previously) Approximately 12 countries will receive letters from President Trump today informing them of new tariff rates, White House press secretary Karoline Leavitt stated in a press briefing on Monday. The remaining countries will also receive letters in the coming days and weeks. Leavitt declined to say which countries will receive the letters today and said that all missives will be posted to Trump's Truth Social account. So far, the president has posted two letters addressed to the leaders of Japan and South Korea outlining 25% tariffs. President Trump will also sign an executive order delaying the July 9 deadline for all countries to Aug. 1 later today, Leavitt stated. The EU faces a tough challenge this week — either swallow higher tariffs to avoid a trade war with the US or retaliate to put pressure on the US to compromise. The FT reports: Read more here. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Newsweek
6 minutes ago
- Newsweek
IRS Wants New Carve Out for Pastors
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The IRS says pastors who endorse political candidates from the pulpit should not have to risk losing their tax-exempt status — and now it's asking a federal court to interpret the law accordingly. In a joint legal filing, the IRS and a coalition of Christian media and religious groups urged that the Johnson Amendment is not enforced against sermons and religious speech delivered through "usual channels of communication" during worship services. That interpretation, if adopted, would carve out a broad exemption for faith-based political endorsements made in churches. A sign outside the Internal Revenue Service building is photographed May 4, 2021, in Washington. A sign outside the Internal Revenue Service building is photographed May 4, 2021, in Washington. Associated Press The request came in a filing submitted in Texas federal court, where the IRS and the National Religious Broadcasters Association — a prominent evangelical media consortium — are seeking to end an ongoing lawsuit over the issue. The filing asks the court to prohibit the government from enforcing the Johnson Amendment against the plaintiffs. The Johnson Amendment, enacted in 1954 and named after then-Sen. Lyndon B. Johnson, bars tax-exempt organizations, including churches, from formally endorsing or opposing political candidates. Although seldom enforced, it has long been a source of tension between religious groups and federal regulators. The plaintiffs, which include the NRB and several religious leaders, filed the lawsuit last August, arguing the amendment violates their First Amendment rights — specifically, the freedoms of speech and religious exercise. In Monday's court filing, the parties called for the Johnson Amendment to be interpreted so it "does not reach communications from a house of worship to its congregation in connection with religious services through its usual channels of communication on matters of faith." The IRS has historically avoided applying the Johnson Amendment to church sermons or similar religious messages involving electoral politics. Still, faith-based groups have continued to view the rule as a looming threat to free expression. President Donald Trump campaigned on repealing the Johnson Amendment and in 2017 signed an executive order directing the Treasury to ignore it. "I will get rid of and totally destroy the Johnson Amendment," Trump said at that year's National Prayer Breakfast, "and allow our representatives of faith to speak freely and without fear of retribution." Earlier this year, Republican lawmakers introduced legislation aimed at permanently repealing the amendment. This article includes reporting by the Associated Press. This is a breaking news story. Updates to follow.
USA Today
10 minutes ago
- USA Today
'No extensions will be granted': Trump vows new tariff deadline is a firm one
President Trump says he's not extending his latest deadline for higher tariffs beyond Aug. 1, when he's warned new countries will pay higher rates. WASHINGTON ― President Donald Trump says he's not extending his latest tariff deadline any further as the latest the Republican's administration escalates its pressure campaign on longtime U.S. allies to negotiate new trade deals. Trump said he's sticking to a new Aug. 1 starting date for higher tariffs to go into effect as he sends letters to leaders of nations across the world alerting them to new U.S. tariff rates on goods from their countries. "There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025," Trump said in a July 8 post on Truth Social. "No extensions will be granted." More: Trump announces tariff hikes on 14 countries including Indonesia and South Africa Since returning to the White House in January, Trump has taken an on-and-off-again approach to his tariff regime ‒ routinely threatening new fees on goods that he retreats from later. His past efforts have earned him a nickname among Wall Street financial analysts called "TACO trade," an acronym that stands for "Trump always chickens out." Steep "reciprocal" tariffs that Trump initially imposed in early April ‒ but soon after paused for 90 days amid market turbulence ‒ were set to go back into effect July 9. But Trump on July 7 extended the deadline to Aug. 1 after his administration has struggled to secure trade deals with other nations during the pause. More: Trump says 25% tariffs coming for Japan and South Korea as trade war escalates again Trump on Monday announced new tariff rates for 14 countries ranging from 25% to 40%. He said each will go into effect Aug. 1. They include 25% tariffs on imports from Japan and South Korea, major U.S. trading partners. Dozens of more letters to additional countries are expected to go out July 8 and July 9. More: Trump erupts when asked about 'TACO trade' ― a new nickname mocking his tariff approach The new tariffs would more than double, and in some cases quadruple, the fees on imports. Since April, the Trump administration has been imposing a 10% universal tariff on goods from most countries. Top White House trade adviser Peter Navarro had predicted the administration would reach 90 trade deals in 90 days because of the threat of higher tariffs facing countries. But so far, Trump has reached trade agreements with only the United Kingdom and Vietnam. Reach Joey Garrison on X @joeygarrison.
