What We Are Reading Today: Bad Company by Megan Greenwell
Greenwell pulls back the curtain on shadowy multibillion dollar companies like Apollo Global Management, Bain Capital, and KKR, telling a larger story about how private equity is reshaping the economy, disrupting communities, and hollowing out the very idea of the American dream itself.
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Arab News
3 hours ago
- Arab News
Trump says tariff letters to 12 countries signed, going out Monday
NEW JERSEY: US President Donald Trump said he had signed letters to 12 countries outlining the various tariff levels they would face on goods they export to the United States, with the "take it or leave it" offers to be sent out on Monday. Trump, speaking to reporters aboard Air Force One as he traveled to New Jersey, declined to name the countries involved, saying that would be made public on Monday. Trump had earlier on Thursday told reporters that he expected a first batch of letters to go out on Friday, a national holiday in the United States, though the date has now shifted. In a global trade war that has upended financial markets and set off a scramble among policymakers to guard their economies, Trump in April announced a 10% base tariff rate and additional amounts for most countries, some ranging as high as 50%. However, all but the 10% base rate were subsequently suspended for 90 days to allow more time for negotiations to secure deals. That period ends on July 9, although Trump early on Friday said the tariffs could be even higher - ranging up to 70% - with most set to go into effect August 1. "I signed some letters and they'll go out on Monday, probably twelve," Trump said, when asked about his plans on the tariff front. "Different amounts of money, different amounts of tariffs." Trump and his top aides initially said they would launch negotiations with scores of countries on tariff rates, but the US president has soured on that process after repeated setbacks with major trading partners, including Japan and the European Union. He touched on that briefly late on Friday, telling reporters: "The letters are better ... much easier to send a letter." He did not address his prediction that some broader trade agreements could be reached before the July 9 deadline. The shift in the White House's strategy reflects the challenges of completing trade agreements on everything from tariffs to non-tariff barriers such as bans on agricultural imports, and especially on an accelerated timeline. Most past trade agreements have taken years of negotiations to complete. The only trade agreements reached to date are with Britain, which reached a deal in May to keep a 10% rate and won preferential treatment for some sectors including autos and aircraft engines, and with Vietnam, cutting tariffs on many Vietnamese goods to 20% from his previously threatened 46%. Many US products would be allowed to enter Vietnam duty free. A deal expected with India has failed to materialize, and EU diplomats on Friday said they have failed to achieve a breakthrough in trade negotiations with the Trump administration, and may now seek to extend the status quo to avoid tariff hikes.
Al Arabiya
7 hours ago
- Al Arabiya
Trump says US will start talks with China on TikTok deal this week
US President Donald Trump said on Friday he will start talking to China on Monday or Tuesday about a possible TikTok deal. He said the United States 'pretty much' has a deal on the sale of the TikTok short-video app. 'I think we're gonna start Monday or Tuesday… talking to China, perhaps President Xi or one of his representatives, but we pretty much have a deal,' Trump told reporters on Air Force One. Last month, Trump extended to September 17 a deadline for China-based ByteDance to divest the US assets of TikTok. A deal had been in the works this spring to spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. Trump said the United States will probably have to get a deal approved by China. When asked how confident he was that China would agree to a deal, he said, 'I'm not confident, but I think so. President Xi and I have a great relationship, and I think it's good for them. I think the deal is good for China and it's good for us.'
Al Arabiya
7 hours ago
- Al Arabiya
Trump says likely to start informing countries of US tariffs Friday
President Donald Trump said he plans to start sending letters informing trading partners of their tariff rates as soon as Friday, as negotiations to avoid higher US levies enter the final stretch. 'My inclination is to send a letter out and say what tariff they're going to be paying,' he told reporters on Thursday. 'It's just much easier.' He added: 'We're going to be sending some letters out, starting probably tomorrow.' His comments come days before steeper duties are set to take effect on dozens of economies — customized to each of them — ranging from Taiwan to the European Union. These tariffs were part of a broader announcement in April where Trump imposed a 10 percent duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days. But he swiftly paused the hikes until July 9, allowing for trade talks to take place. Countries have been pushing to strike deals that would help them avoid these elevated duties. US officials have signaled that there could be a flurry of trade pacts announced in the coming days. But so far, the Trump administration has only unveiled deals with the UK and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other's products. As his July deadline approaches, Trump has repeatedly said he plans to inform countries of US tariff rates by sending them letters.
