Australian woman Erin Patterson convicted of mushroom murders
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Poland reinstates border controls with Germany, Lithuania amid migration fears
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Netanyahu heads to Washington but will 'victory lap' be overshadowed by Gaza?
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France 24
an hour ago
- France 24
Trump extends tariffs deadline, hikes levies for over a dozen countries
US President Donald Trump reignited his trade war by threatening more than a dozen countries with higher tariffs Monday -- but then said he may be flexible on his new August deadline to reach deals. Trump sent letters to trading partners including key US allies Japan and South Korea, announcing that duties he had suspended in April would snap back even more steeply in three weeks. Tokyo and Seoul would be hit with 25 percent tariffs on their goods, he wrote. Countries including Indonesia, Bangladesh, Thailand, South Africa and Malaysia were slapped with duties ranging from 25 percent to 40 percent. But in a move that will cause fresh uncertainty in a global economy already unsettled by his tariffs, the 79-year-old once again left the countries room to negotiate a deal. "I would say firm, but not 100 percent firm," Trump told reporters at a dinner with visiting Israeli Prime Minister Benjamin Netanyahu when asked if August 1 deadline was firm. Pressed on whether the letters were his final offer, Trump replied: "I would say final -- but if they call with a different offer, and I like it, then we'll do it." The US president had unveiled sweeping tariffs on imports on what he called "Liberation Day" on April 2, including a baseline 10 percent tariff on all countries. But he quickly suspended all tariffs above 10 percent for 90 days following turmoil in the markets. They were due to kick back in on Wednesday and Trump sent the letters in advance of that deadline. Trump's near-identically worded letters to Japanese and South Korean leaders said he would impose 25 percent tariffs as their trading relationships with Washington were "unfortunately, far from Reciprocal." 08:59 He warned of further escalation if there was retaliation against the levies. But Trump on Monday also signed an order formally extending the Wednesday deadline, postponing it to August 1. 'President's prerogative' The new August date effectively marks a further delay -- and Trump's latest comments threaten to compound the uncertainty over when the deadline really is. According to letters posted to Trump's Truth Social platform, products from Indonesia will face a 32 percent tariff, while the level for Bangladesh is 35 percent and Thailand, 36 percent. Most countries receiving letters so far had duties similar or unchanged from rates threatened in April, although some like Laos and Cambodia saw notably lower levels. The Trump administration is under pressure to show results after promising "90 deals in 90 days." So far only two firm deals have emerged, with Britain and Vietnam, plus an agreement to dial back super-high tit-for-tat tariffs with China. Japan's Prime Minister Shigeru Ishiba said Sunday that he "won't easily compromise" in trade talks with Washington. Asked why Trump opted to start with Japan and South Korea, Leavitt said: "It's the President's prerogative, and those are the countries he chose." "This announcement will send a chilling message to others," said Asia Society Policy Institute Vice President Wendy Cutler, referring to Trump's initial letters to Tokyo and Seoul. "Both have been close partners on economic security matters," she said, adding that companies from Japan and South Korea have made "significant manufacturing investments in the US in recent years." US Treasury Secretary Scott Bessent said Monday that there would be more deals coming up: "We are going to have several announcements in the next 48 hours." Major US stock indexes fell from records Monday on Trump's fresh threats. The Nasdaq tumbled 0.9 percent and the S&P 500 lost 0.8 percent. Trump has also threatened another 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of "Anti-American policies" after they slammed his duties at a summit. But partners are still rushing to avert Trump's tariffs altogether. The European Commission said EU chief Ursula von der Leyen had a "good exchange" with Trump on trade when the pair spoke Sunday.
Fashion Network
2 hours ago
- Fashion Network
Trump unveils 25% tariffs on goods from Japan, South Korea in letters to leaders
U.S. stocks fell in response, the latest market ruction since Trump unleashed a global trade war on his return to office in January. His moves have repeatedly roiled financial markets and sent policymakers scrambling to protect their economies. U.S.-listed shares of Japanese automotive companies fell, with Toyota Motor down 4.1% in early afternoon trading and Honda Motor off by 3.8%. U.S. Treasury Secretary Scott Bessent said earlier on Monday he expected to make several trade announcements in the next 48 hours, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline. It was not immediately clear if other letters to leaders would be made public ahead of Wednesday's deadline. Bessent did not say which countries could get deals and what they might contain. Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened. "We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals," Bessent said in an interview with CNBC. "So it's going to be a busy couple of days." For its part, the European Union still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Trump had a "good exchange," a Commission spokesperson said. It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner. Adding to the pressure, Trump threatened to impose a 17% tariff on EU food and agriculture exports, it emerged last week. Trump had said on Sunday the U.S. was close to finalizing several trade pacts and would notify other countries by July 9 of higher tariff rates. He said they would not take effect until August 1, a three-week reprieve. He also put members of the developing nations' BRICS group in his sights as its leaders met in Brazil, threatening an additional 10% tariff on any BRICS countries aligning themselves with "anti-American" policies. The BRICS group comprises Brazil, Russia, India and China and South Africa along with recent joiners Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. Trump's comments hit the South African rand. The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome. It had already dropped hopes for a comprehensive trade agreement before the July deadline. "We want to reach a deal with the U.S. We want to avoid tariffs," the spokesperson told reporters at a daily briefing. "We want to achieve win-win outcomes, not lose-lose outcomes." Without a preliminary agreement, broad U.S. tariffs on most imports would rise from their current 10% to the rates set out by Trump on April 2. In the EU's case, that would be 20%. Von der Leyen also held talks with the leaders of Germany, France and Italy at the weekend, Germany said. Chancellor Friedrich Merz has repeatedly stressed the need for a quick deal to protect industries vulnerable to tariffs ranging from cars to pharmaceuticals. The German spokesperson said the parties should allow themselves "another 24 or 48 hours to come to a decision." Germany's Mercedes-Benz said on Monday its second-quarter unit sales of cars and vans had fallen 9%, blaming tariffs. Russia said BRICS was "a group of countries that share common approaches and a common world view on how to cooperate, based on their own interests." "And this cooperation within BRICS has never been and will never be directed against any third countries," said Kremlin spokesman Dmitry Peskov.
Fashion Network
3 hours ago
- Fashion Network
Trump unveils 25% tariffs on goods from Japan, South Korea in letters to leaders
U.S. stocks fell in response, the latest market ruction since Trump unleashed a global trade war on his return to office in January. His moves have repeatedly roiled financial markets and sent policymakers scrambling to protect their economies. U.S.-listed shares of Japanese automotive companies fell, with Toyota Motor down 4.1% in early afternoon trading and Honda Motor off by 3.8%. U.S. Treasury Secretary Scott Bessent said earlier on Monday he expected to make several trade announcements in the next 48 hours, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline. It was not immediately clear if other letters to leaders would be made public ahead of Wednesday's deadline. Bessent did not say which countries could get deals and what they might contain. Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened. "We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals," Bessent said in an interview with CNBC. "So it's going to be a busy couple of days." For its part, the European Union still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Trump had a "good exchange," a Commission spokesperson said. It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner. Adding to the pressure, Trump threatened to impose a 17% tariff on EU food and agriculture exports, it emerged last week. Trump had said on Sunday the U.S. was close to finalizing several trade pacts and would notify other countries by July 9 of higher tariff rates. He said they would not take effect until August 1, a three-week reprieve. He also put members of the developing nations' BRICS group in his sights as its leaders met in Brazil, threatening an additional 10% tariff on any BRICS countries aligning themselves with "anti-American" policies. The BRICS group comprises Brazil, Russia, India and China and South Africa along with recent joiners Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. Trump's comments hit the South African rand. The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome. It had already dropped hopes for a comprehensive trade agreement before the July deadline. "We want to reach a deal with the U.S. We want to avoid tariffs," the spokesperson told reporters at a daily briefing. "We want to achieve win-win outcomes, not lose-lose outcomes." Without a preliminary agreement, broad U.S. tariffs on most imports would rise from their current 10% to the rates set out by Trump on April 2. In the EU's case, that would be 20%. Von der Leyen also held talks with the leaders of Germany, France and Italy at the weekend, Germany said. Chancellor Friedrich Merz has repeatedly stressed the need for a quick deal to protect industries vulnerable to tariffs ranging from cars to pharmaceuticals. The German spokesperson said the parties should allow themselves "another 24 or 48 hours to come to a decision." Germany's Mercedes-Benz said on Monday its second-quarter unit sales of cars and vans had fallen 9%, blaming tariffs. Russia said BRICS was "a group of countries that share common approaches and a common world view on how to cooperate, based on their own interests." "And this cooperation within BRICS has never been and will never be directed against any third countries," said Kremlin spokesman Dmitry Peskov.
