Trump news at a glance: tariff threats draw muted reaction from Asian allies amid hopes deals can be reached
Japan, South Korea, Malaysia, Kazakhstan and Tunisia were handed the lowest tariff rate of 25% while Laos and Myanmar – both facing high rates of poverty – were hit with the highest at 40%.
Trump posted copies of his tariff letters to each of the countries on his social media site and press secretary Karoline Leavitt said more letters would be sent later this week.
Japanese prime minister Shigeru Ishiba said some progress had been made on avoiding higher tariffs of up to 35% that Trump had suggested recently, while South Korea's industry ministry said it planned to intensify US trade talks by 1 August to 'reach a mutually beneficial result'.
South Africa's president, Cyril Ramaphosa, said the 30% US tariff rate was unjustified given that 77% of US goods entered South Africa with no tariffs.
Here is more on the tariffs and other key US politics news of the day:
The US president revealed plans to step up his trade wars on Monday but delayed tariff hikes on goods from key economies until next month, amid widespread confusion over his controversial economic strategy.
Trump announced countries including Japan, South Korea and South Africa would face tariffs of up to 40% as part of a fresh wave of levies to kick in on 1 August. No increases will take place on Wednesday, however, after he extended a previous pause.
Read the full story
Benjamin Netanyahu told Donald Trump that he would nominate him for the Nobel peace prize on Monday, as the two leaders met for the first time since the US launched strikes on Iran's nuclear program as part of a short-lived war between Israel and Iran.
Trump was expected to press Netanyahu to agree to a ceasefire in Israel's war against Hamas in Gaza amid an outcry over the humanitarian cost of an offensive that has led to nearly 60,000 deaths.
Read the full story
A pregnant physician who was denied a Covid-19 vaccine is suing the Trump administration alongside a group of leading doctors' associations, charging that the administration sought to 'desensitize the public to anti-vaccine and anti-science rhetoric', according to their attorney.
Read the full story
The Trump administration has ended temporary protections for people from Honduras and Nicaragua in the latest phase of its effort to expel undocumented people from the US.
The Department of Homeland Security announced it would end temporary protected status for an estimated 72,000 Hondurans and 4,000 Nicaraguans in moves that will come into effect in about 60 days. Citizens of the two Central American nations were accorded the status after Hurricane Mitch in 1998, which left 10,000 dead after it ripped through the region.
Read the full story
Planned Parenthood sued the Trump administration on Monday over a provision in Trump's sweeping domestic policy bill that would strip funding from health centers operated by the reproductive healthcare and abortion provider.
In a complaint filed in Boston federal court, Planned Parenthood said the provision was unconstitutional and its clear purpose was to prevent its nearly 600 health centers from receiving Medicaid reimbursements.
Read the full story
A review of files held by the US government on the financier Jeffrey Epstein has said there is no secret client list to be released, and confirmed his August 2019 death by suicide while in federal custody, both of which contradict conspiracy theories.
Read the full story
After the cruelty, the mockery. As the first detainees were being hauled into Donald Trump's controversial migrant jail in the inhospitable wetlands of the Florida Everglades last week, his supporters were indulging in some parallel retail therapy.
'Surrounded by swamps & pythons, it's a one-way ticket to regret,' the Florida Republican party's official X account crowed, hawking its new range of Alligator Alcatraz-themed shirts and hats. 'Grab our merch to support tough-on-crime borders! Limited supply – get yours before the gators do!'
Read the full story
Mexican prosecutors accuse boxer Julio César Chávez Jr of being a henchman for the Sinaloa drugs cartel and say he used his skills to pummel rival gang members 'like a punchbag' before his recent arrest in the US.
Donald Trump has issued his claiming the far-right leader is the victim of a 'witch-hunt' in his home country.
Catching up? Here's what happened on .
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
9 minutes ago
- Bloomberg
Trump Signals Growing Impatience With Russia
Donald Trump said the US will send more weapons to Ukraine. The president didn't say what weapons Washington planned to deliver, only that they would be replacements. He also said the US would impose 100% 'secondary' tariffs on Russia if there's no ceasefire deal in 50 days.
CNBC
9 minutes ago
- CNBC
Tax cuts for private jet buyers expected to lead to surge in sales
The new federal spending bill is expected to boost sales of private jets, as owners take advantage of faster write-offs of the purchase price. Jet brokers and advisors said they've seen a burst of activity from clients who were holding off on purchases until the bill was signed. Among its many new tax provisions is the reinstatement of "bonus depreciation," which allows businesses to immediately write off 100% of the purchase price of capital equipment, including private jets. Individuals, who typically own a jet through their private business or holding company, can now write off the entire cost of a new or used jet in the first year of ownership for any plane placed into service in or after Jan. 19, 2025. The tax benefit only applies to business jets, not jets used for personal use. It revives a provision of the 2017 tax cuts and replaces the current phased-out depreciation percentages of 60% in 2024 and 40% in 2025. "We've had a number of owners who were looking to upgrade and have been waiting for this," said Barry Shevlin, CEO of FlyUSA, the aviation solutions company. "And I have at least a half-dozen others who are looking to buy after this was passed." The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them. Subscribe here to get access today. The tax stimulus comes at just the right time for the private jet industry, which has seen a slowdown in growth from its feverish pitch in 2020 and 2021. The industry saw a surge in new owners, charter fliers and fractional owners after Covid, but many of the wealthy who bought planes then for the first time have started selling them or moving to fractional ownership due to higher-than expected maintenance and pilot costs. The number of pre-owned business jets for sale increased to an average monthly rate of over 1,800 in the first half, according to JetNet. That's up from 1,744 in the first half of 2024. The average time on market has also increased, to 418 days from 386 days, the data firm said. "During Covid, a lot of the people who bought planes didn't know what they were getting into," Shevlin said. "They were shocked by what it cost and what it involved." Philip Rushton, founder and president of Aviatrade, said there are now around 23 to 25 Gulfstream G650ERs on the market, which is slightly higher than usual. "It's certainly normalized after Covid," he said. The big rush to buy private jets, however, may not start until the fall. Brokers said private jet purchases typically spike at the end of the year, when companies and individuals are finalizing their tax bills. Matt Walter, managing partner at Guardian Jet, said the ultra-wealthy won't decide to buy a plane just because of a tax change. "But it certainly helps that decision," he said. "If you planned to upgrade your plane in 12 months, maybe you do it in six months instead." He said he's advising clients to buy before September but sell after September, because demand will likely surge in the fall. "You want to buy before it gets crazy," he said. "After September, you're going to be competing with other buyers and also competing for inspection slots. In a heated market, everyone is going to be trying to do the same thing and trying to find inspection slots."
CNBC
9 minutes ago
- CNBC
Trump threatens 100% tariffs on Russian export buyers unless Ukraine peace deal is reached by September
President Donald Trump on Monday threatened to impose "secondary tariffs" on Russia's trade partners "at about 100%" if President Vladimir Putin does not agree to a deal to end his invasion of Ukraine in 50 days. "We're very, very unhappy with them, and we're going to be doing very severe tariffs, if you don't have a deal in 50 days, tariffs at about 100%, they call them secondary tariffs," Trump said from the White House while meeting with NATO's secretary general, Mark Rutte. He said that he is "disappointed" with Putin, because he thought they would have had a deal months ago. "So based on that, we're going to be doing secondary tariffs," Trump continued. Secondary tariffs would impose levies on the countries and entities that buy Russia's exports. They could take an especially heavy toll on countries that rely on Russian fossil fuels as part of their energy plan, like China, India, Brazil and Turkiye. This is not the first time that Trump has threatened to impose "secondary tariffs" on Russia over its ongoing war with Ukraine. But his Monday remarks escalate the threat with a deadline in September, and underscore his increasing frustration with the Russian leader. In March, Trump said that, "If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine... and if I think it was Russia's fault, I am going to put secondary tariffs on oil, on all oil coming out of Russia." It was unclear Monday what products would be impacted by Trump's latest secondary tariff threat.
