Trump tariffs live updates: Trump says US has reached trade deal with the Philippines as EU, India talks lag
The deal comes as prospects for larger pacts with India and the European Union have soured. Prospects for an interim deal between the US and India before an Aug. 1 deadline have dimmed, according to Reuters. Talks remain deadlocked due to disagreements on key agricultural and dairy products.
Meanwhile, the European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as Trump plays hardball and makes a no-deal outcome more likely.
EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals.
'If they want war, they will get war,' a German official told the WSJ, while noting there was still time to hammer out a deal.
Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect.
Trump wants at least a 15% to 20% tariff on EU goods, according to the FT. He threatened 30% duties from Aug. 1, targeting other countries and sectors like copper, pharma, and chips.
Last week, Trump said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries.
Earlier in July, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as "the deals" themselves.
Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days.
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.
Trump says US has reached trade deal with the Philippines
President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House.
He posted on Truth Social:
This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1.
The Philippines is the US's 29th-largest trade partner.
Copper-laden ships race to reach US ahead of tariffs
Fascinating angle from Bloomberg:
Read more here.
Coca-Cola CFO on tariffs: 'We think we can manage'
Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs.
"June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year.
"We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance."
Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts.
Read more here.
Bessent says he will meet Chinese officials, discuss tariff deadline extension
US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he plans to meet his Chinese counterpart next week and discuss an extension of an August 12 deadline for higher tariffs. Both China and the US reached a trade truce in London last month to prevent escalating tariffs.
Reuters reports:
Read more here.
RTX cuts 2025 profit forecast as tariff costs weigh
US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading.
Reuters reports:
Read more here.
GM's core profit slides in second quarter as Trump's tariffs bite
Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war.
Reuters reports:
Read more here.
Canadian boycott of US spirits hurts broader alcohol sales: Trade group
American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group.
Reuters reports:
Read more here.
AstraZeneca announces $50B US manufacturing investment, matching its big pharma peers
Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad.
Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals.
Read more here
Trump targeting trade loopholes risks 70% of China exports to US
China's growth could be eroded due to President Trump's efforts to target the country via its trading partners across global supply chains, according to Bloomberg Economics.
China is using other countries like Vietnam and Mexico more to make products for the US, a trend that accelerated after Trump's first trade war. China's share of total value- added manufacturing of goods destined for the US via Vietnam and Mexico surged 22% in 2023 from 14% in 2017.
Bloomberg News reports:
Read more here.
India-US interim trade deal prospects dim ahead of tariff deadline: Sources
Hopes for a US-India trade deal before the August 1 deadline are fading, with talks stuck over cuts to farm and dairy tariffs, according to sources.
Reuters reports:
Read more here.
Orange juice importer says Trump's Brazil tariffs will raise US prices
Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration.
Bloomberg reports:
A US orange juice distributor is suing over President Donald Trump's move to impose a 50% tariff on Brazil starting next month.
Johanna Foods Inc. is arguing that Trump's reasons for the levy increase — including support for Brazil's former right-wing President Jair Bolsonaro — don't present 'unusual and extraordinary' threats that give him emergency authority to circumvent Congress' taxing power.
The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US.
Read more here.
Brazil acknowledges possibility of no US trade deal by August 1
President Trump's August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won't be reached in time.
Reuters reported:
Read more here.
US steelmaker Cleveland-Cliffs touts 'positive impact' of tariffs
Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump's protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a "positive impact" on the US steel and automotive industries.
The Section 232 steel tariffs "have played a significant role in supporting the domestic steel industry," Goncalves said during the company's earnings call.
'So far, there's no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries," Goncalves added. "We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs."
Goncalves said the only place where it's having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were "insufficient."
Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30.
Read more about how Cleveland-Cliffs' stock is trading.
Bessent: Trump more concerned about quality of deals than making deals by Aug. 1
Treasury Secretary Scott Bessent on Monday said the US wouldn't rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump's sweeping tariffs to kick in.
"We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview.
More from Reuters:
Read more here.
More signs that Europe is hardening its stance
We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. The Wall Street Journal has a big report out today with some more details of those plans — and details on how delicate negotiations are on even thinner ice, as President Trump keeps wanting more.
The report said the EU got a "surprise" when US officials said Trump would want a higher baseline tariff in any deal, likely north of 15%, after months of talks around a 10% baseline.
That apparently prompted Germany, Europe's largest economy, to swing to more of an alignment with France, which has been pushing a harder line throughout the negotiations.
'All options are on the table,' a German official said. The official said there was still time to negotiate a deal but added, 'If they want war, they will get war.'
More from the report:
Read more here.
Stellantis warns of $2.7B loss as tariffs bite
Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs.
The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan.
Reuters reports:
Read more here.
EU to prepare its retaliation plan as US hardens its stance on trade talks
EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal.
Bloomberg reports:
Read more here.
Lutnick 'confident' US will get tariffs deal done with EU before Aug. 1 deadline
WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in.
Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement.
"These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation."
President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
Lutnick said that was a hard deadline.
"Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS.
Read more here
Trump's tariffs are already shaping the holiday shopping season
NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices.
But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises.
'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not."
Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations.
Read more here
Hawaii coffee growers say Trump tariffs may curb demand
(Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too.
Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable.
But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans.
While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms.
Read more here
Trump says US has reached trade deal with the Philippines
President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House.
He posted on Truth Social:
This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1.
The Philippines is the US's 29th-largest trade partner.
President Trump said Tuesday the US had reached a trade deal with the Philippines following its president's visit to the White House.
He posted on Truth Social:
This doesn't seem to move the needle much for the Philippines, whose imports to the US will see a 19% tariff instead of the 20% Trump had threatened from Aug. 1.
The Philippines is the US's 29th-largest trade partner.
Copper-laden ships race to reach US ahead of tariffs
Fascinating angle from Bloomberg:
Read more here.
Fascinating angle from Bloomberg:
Read more here.
Coca-Cola CFO on tariffs: 'We think we can manage'
Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs.
"June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year.
"We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance."
Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts.
Read more here.
Coca-Cola's (KO) CFO said the company is managing President Trump's tariffs.
"June turned out to be a disappointing month," Coca-Cola CFO John Murphy told Yahoo Finance on Tuesday. He noted that tariffs continue to create uncertainty heading into the second half of the year.
"We think we can manage absorbing any of the impacts with the various levers that we have at our disposal. It's always a local decision as to how to utilize those levers, but right now, it's something that we factored into our rest of year guidance."
Yahoo Finance's Brooke DiPalma reports that Coca-Cola reported earnings for its second quarter that topped forecasts.
Read more here.
Bessent says he will meet Chinese officials, discuss tariff deadline extension
US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he plans to meet his Chinese counterpart next week and discuss an extension of an August 12 deadline for higher tariffs. Both China and the US reached a trade truce in London last month to prevent escalating tariffs.
Reuters reports:
Read more here.
US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he plans to meet his Chinese counterpart next week and discuss an extension of an August 12 deadline for higher tariffs. Both China and the US reached a trade truce in London last month to prevent escalating tariffs.
Reuters reports:
Read more here.
RTX cuts 2025 profit forecast as tariff costs weigh
US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading.
Reuters reports:
Read more here.
US aerospace and defense giant RTX (RTX) cut its 2025 profit forecast on Tuesday, citing President Trump's trade war as the major reason. Shares of the company fell 3% in premarket trading.
Reuters reports:
Read more here.
GM's core profit slides in second quarter as Trump's tariffs bite
Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war.
Reuters reports:
Read more here.
Tariffs have started to hit US automaker General Motors (GM), who reported a fall in second quarter core profit of 32% to $3 billion on Tuesday. The automaker said tariffs have sapped $1.1 billion from results as it continues to grapple with President Trump's challenging trade war.
Reuters reports:
Read more here.
Canadian boycott of US spirits hurts broader alcohol sales: Trade group
American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group.
Reuters reports:
Read more here.
American imports to Canada have dropped sharply due to Canadian provinces' boycott of US spirits amid the ongoing trade war with the United States, according to a Canadian liquor trade group.
Reuters reports:
Read more here.
AstraZeneca announces $50B US manufacturing investment, matching its big pharma peers
Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad.
Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals.
Read more here
Pharmaceutical giant, AstraZeneca (AZN) announced it plans to invest $50 billion in US manufacturing by 2030, in the hopes it will avoid steep tariffs on imported components manufactured abroad.
Yahoo Finance's senior reporter Anjalee Khemlani looks at how AstraZeneca's latest US investment keeps pace with its big pharma rivals.
Read more here
Trump targeting trade loopholes risks 70% of China exports to US
China's growth could be eroded due to President Trump's efforts to target the country via its trading partners across global supply chains, according to Bloomberg Economics.
China is using other countries like Vietnam and Mexico more to make products for the US, a trend that accelerated after Trump's first trade war. China's share of total value- added manufacturing of goods destined for the US via Vietnam and Mexico surged 22% in 2023 from 14% in 2017.
Bloomberg News reports:
Read more here.
China's growth could be eroded due to President Trump's efforts to target the country via its trading partners across global supply chains, according to Bloomberg Economics.
China is using other countries like Vietnam and Mexico more to make products for the US, a trend that accelerated after Trump's first trade war. China's share of total value- added manufacturing of goods destined for the US via Vietnam and Mexico surged 22% in 2023 from 14% in 2017.
Bloomberg News reports:
Read more here.
India-US interim trade deal prospects dim ahead of tariff deadline: Sources
Hopes for a US-India trade deal before the August 1 deadline are fading, with talks stuck over cuts to farm and dairy tariffs, according to sources.
Reuters reports:
Read more here.
Hopes for a US-India trade deal before the August 1 deadline are fading, with talks stuck over cuts to farm and dairy tariffs, according to sources.
Reuters reports:
Read more here.
Orange juice importer says Trump's Brazil tariffs will raise US prices
Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration.
Bloomberg reports:
A US orange juice distributor is suing over President Donald Trump's move to impose a 50% tariff on Brazil starting next month.
Johanna Foods Inc. is arguing that Trump's reasons for the levy increase — including support for Brazil's former right-wing President Jair Bolsonaro — don't present 'unusual and extraordinary' threats that give him emergency authority to circumvent Congress' taxing power.
The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US.
Read more here.
Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration.
Bloomberg reports:
A US orange juice distributor is suing over President Donald Trump's move to impose a 50% tariff on Brazil starting next month.
Johanna Foods Inc. is arguing that Trump's reasons for the levy increase — including support for Brazil's former right-wing President Jair Bolsonaro — don't present 'unusual and extraordinary' threats that give him emergency authority to circumvent Congress' taxing power.
The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US.
Read more here.
Brazil acknowledges possibility of no US trade deal by August 1
President Trump's August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won't be reached in time.
Reuters reported:
Read more here.
President Trump's August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won't be reached in time.
Reuters reported:
Read more here.
US steelmaker Cleveland-Cliffs touts 'positive impact' of tariffs
Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump's protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a "positive impact" on the US steel and automotive industries.
The Section 232 steel tariffs "have played a significant role in supporting the domestic steel industry," Goncalves said during the company's earnings call.
'So far, there's no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries," Goncalves added. "We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs."
Goncalves said the only place where it's having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were "insufficient."
Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30.
Read more about how Cleveland-Cliffs' stock is trading.
Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump's protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a "positive impact" on the US steel and automotive industries.
The Section 232 steel tariffs "have played a significant role in supporting the domestic steel industry," Goncalves said during the company's earnings call.
'So far, there's no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries," Goncalves added. "We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs."
Goncalves said the only place where it's having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were "insufficient."
Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30.
Read more about how Cleveland-Cliffs' stock is trading.
Bessent: Trump more concerned about quality of deals than making deals by Aug. 1
Treasury Secretary Scott Bessent on Monday said the US wouldn't rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump's sweeping tariffs to kick in.
"We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview.
More from Reuters:
Read more here.
Treasury Secretary Scott Bessent on Monday said the US wouldn't rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump's sweeping tariffs to kick in.
"We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview.
More from Reuters:
Read more here.
More signs that Europe is hardening its stance
We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. The Wall Street Journal has a big report out today with some more details of those plans — and details on how delicate negotiations are on even thinner ice, as President Trump keeps wanting more.
The report said the EU got a "surprise" when US officials said Trump would want a higher baseline tariff in any deal, likely north of 15%, after months of talks around a 10% baseline.
That apparently prompted Germany, Europe's largest economy, to swing to more of an alignment with France, which has been pushing a harder line throughout the negotiations.
'All options are on the table,' a German official said. The official said there was still time to negotiate a deal but added, 'If they want war, they will get war.'
More from the report:
Read more here.
We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. The Wall Street Journal has a big report out today with some more details of those plans — and details on how delicate negotiations are on even thinner ice, as President Trump keeps wanting more.
The report said the EU got a "surprise" when US officials said Trump would want a higher baseline tariff in any deal, likely north of 15%, after months of talks around a 10% baseline.
That apparently prompted Germany, Europe's largest economy, to swing to more of an alignment with France, which has been pushing a harder line throughout the negotiations.
'All options are on the table,' a German official said. The official said there was still time to negotiate a deal but added, 'If they want war, they will get war.'
More from the report:
Read more here.
Stellantis warns of $2.7B loss as tariffs bite
Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs.
The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan.
Reuters reports:
Read more here.
Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs.
The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan.
Reuters reports:
Read more here.
EU to prepare its retaliation plan as US hardens its stance on trade talks
EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal.
Bloomberg reports:
Read more here.
EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal.
Bloomberg reports:
Read more here.
Lutnick 'confident' US will get tariffs deal done with EU before Aug. 1 deadline
WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in.
Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement.
"These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation."
President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
Lutnick said that was a hard deadline.
"Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS.
Read more here
WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in.
Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement.
"These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation."
President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
Lutnick said that was a hard deadline.
"Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS.
Read more here
Trump's tariffs are already shaping the holiday shopping season
NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices.
But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises.
'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not."
Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations.
Read more here
NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices.
But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises.
'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not."
Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations.
Read more here
Hawaii coffee growers say Trump tariffs may curb demand
(Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too.
Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable.
But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans.
While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms.
Read more here
(Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too.
Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable.
But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans.
While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms.
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CNN
25 minutes ago
- CNN
Powell privately adamant that he will serve out his full term at the Fed
Federal Reserve Chair Jerome Powell has told multiple associates and allies that there's no chance he will bow to President Donald Trump's calls for him to resign, vowing to withstand several more months of the president's unprecedented, multi-pronged assault over Powell's refusal to lower interest rates. The top central banker has privately argued that he must stay put for more than just personal reasons — the fate of his chairmanship is now linked with that of the Fed's overall independence, according to people familiar with the discussions. He has said that stepping down now would undermine the institution's longstanding freedom from political interference. 'He feels very strongly that his responsibility is to maintain that independence,' said GOP Sen. Mike Rounds of South Dakota, who is among those who have personally questioned Powell over whether he might quit. 'I've asked him, and he says no, that would reduce the independence of the Federal Reserve.' Powell's determination to serve out his term through May 2026 ensures he will remain the target of a White House-led attacks on the Fed, which has faced intensifying pressure to cut interest rates. That coordinated effort has put the central bank's traditionally staid decision-making under intense scrutiny — and raised fresh concerns about the potential economic consequences of meddling with monetary policy for political purposes. A low-key economic expert who did a stint in the George H.W. Bush administration, Powell has earned a reputation over more than a decade at the Fed as studiously non-partisan 'straight shooter' who relies on reams of data to make decisions, according to people who worked with him. His detachment from day-to-day politics, despite what one of the people described as his moderately conservative learnings, helped Powell earn bipartisan support in the Senate when Trump nominated him to chair the Fed in 2017. But the no-frills approach that appealed to Trump in his first term has since become yet another strike against the Fed chair. The president has repeatedly bristled at Powell's unwillingness to engage with his calls to cut rates. And Powell's generally stoic personality has done little to win Trump over. 'I think he's terrible,' Trump said earlier this month. 'It's like talking to a chair. No personality.' Trump has ratcheted up his criticism in recent weeks, openly saying he hopes Powell resigns, accusing him of trying to damage his presidency and insulting him on a near-daily basis as 'stupid,' a 'numbskull' and 'truly one of my worst appointments.' Those attacks have been regularly amplified by Trump aides and close allies, who at some points have spread unfounded rumors that the Fed chair's resignation was imminent. The White House in recent weeks has spent significant time spotlighting the price tag of a renovation project at the Fed, launching investigations into the cost overruns for the $2.5 billion project and suggesting it could be a fireable offense. On Thursday, Trump sought to press the issue by traveling to the Fed to tour the construction, where Powell personally escorted him around. The Fed chair stood by as Trump advocated for rate cuts, at one point laughing awkwardly as the president slapped him on the back and said he'd 'love him to lower interest rates.' 'I just want to see one thing happen,' Trump said later. 'Interest rates have to come down.' Despite the criticism, Trump reiterated that he has no plans to fire Powell — his advisers have warned that doing so would tank the financial markets and spark an economic crisis. But Trump and his aides have instead sought to make Powell's tenure as painful as possible to undermine his credibility and potentially even drive him to quit. Trump allies have homed in on the Fed's pricey renovation, viewing it as a particularly potent weapon. (Trump has pushed his own renovations at the White House, albeit on a much smaller scale.) Still, his allies argue that they can use the Fed project to increase public pressure on Powell by contrasting the hefty spending on the Fed headquarters with everyday Americans' struggles to afford homes — something they point out could be alleviated if the central banker would cut interest rates. 'Every day that Jerome Powell is in Washington is a gift to the president,' said one Trump adviser, who likened the pressure campaign to boiling a frog. 'Either Jerome Powell leaps or he boils.' A Federal Reserve spokesman declined to comment for this article, pointing instead to Powell's prior public pledges to serve the entirety of his term. Yet for all the furor coming from the White House, Powell has indicated to associates that he's keeping his head down. Publicly, he's remained solely focused on carrying out the Fed's work setting monetary policy without consideration of the political reverberations. That approach appeared to pay off at least temporarily on Thursday, with Trump backing off his harshest rhetoric following a conversation with Powell during the Fed construction tour that he described as a 'very productive talk.' 'There's always Monday morning quarterbacks, I don't want to be that,' Trump said afterward, declining to criticize the renovations that he and his aides had previously described as a scandal. 'It got out of control, and that happens.' The détente may not hold much longer, with the Fed widely expected to hold rates steady next week and delay any shift in policy until the fall. That decision is likely to infuriate Trump, who has fixated on cutting rates as a way to further juice the economy ahead of next year's midterm elections. But in both private and public, Powell has shrugged off the political implications, emphasizing the need to stick solely to the economic considerations that have long guided the Fed. 'The best defense for the Fed is to get the policy right,' said Bill English, a Yale professor and former director of the Fed's division of monetary affairs. 'I feel sorry for the guy, but the best he can do at this point is hang tough and do the best job he can on monetary policy.' Outside of Trump's orbit, Powell's resolve to finish his term has won praise from Democrats — including many who had previously criticized him during the Biden era when the Fed kept raising rates to try to combat a surge of inflation. At the time, Powell's insistence on keeping rates higher for longer in pursuit of a so-called economic soft landing prompted consternation among some in the Biden White House and the broader Democratic Party who worried the approach would tip the country into a recession. But former officials have since rallied around him, anxious over the potential fallout should Powell decide to leave. 'He's putting the integrity of the institution above himself,' said Jared Bernstein, who chaired the Biden-era Council of Economic Advisers. 'If I were a 72-year-old guy who's getting verbally abused by the president on a daily basis, retirement would look pretty good. But I really believe that Powell is engaged in protecting the institution.' As for Republicans, some lawmakers wary of damaging the Fed's credibility have encouraged the White House to back off its criticisms, arguing that it'll benefit Trump more when Powell does begin lowering interest rates if it doesn't come amid a cloud of political pressure. Yet until that message breaks through, they're putting their faith in Powell — and hoping he stays true to his word. 'The vast majority of the members of the Senate are smart enough to have been in contact with the markets, they've observed the markets, they know what an impact it would be on the markets should there be any inkling that the Fed was being coerced,' said Rounds, the Republican senator. '[Powell's] in the right position. He's got a very tough position, but I respect him for the position he's taken.'


USA Today
25 minutes ago
- USA Today
Republicans in Congress head home to angry voters. So much for summer break.
The Jeffrey Epstein case has grown into a full-blown problem for Republicans who were already failing Americans. And that feels like a lose-lose scenario as 2026 midterm elections loom. What are you doing during your summer vacation? U.S. House Speaker Mike Johnson apparently plans to spend his six-week break trying to get his story straight about the Epstein files fiasco. That's a daunting challenge for the Republican from Louisiana, who has flip-flopped from calling for "transparency" on the issue to sending the House home early on July 22 to shut down Republican attempts to release those files. But that's life when you unconditionally surrender the Article I powers that the U.S. Constitution grants Congress as a coequal branch of government to a scandal-prone presidency held by Donald Trump. If Johnson's vacation were a scary summer movie, we'd have to call it 'I Know What You Did With the Epstein Files.' Things don't look much better for the Republicans who are in control of the U.S. Senate. Trump wants that chamber to work through the summer break so it can rubber-stamp his nominees for various positions. If this also were a horror film, it would be a sequel – "No Way Out, Again" – because Trump did the same thing with a compliant Senate during his first term in 2018. So here are the options for congressional Republicans from now until early September: Go home and endure town halls with constituents angry about Trump's broken promise to release the Epstein files and the looming negative impacts of his signature budget bill. Or stay in Washington and answer a growing rush of questions as the Epstein news keeps beating like a "Tell-Tale Heart." Scary stuff, indeed. Epstein files put a stop to Republicans' victory lap Johnson has served less as a speaker of the House and more like a servant to Trump's expectations. And that was working for him. He helped pass Trump's budget bill, which slashes health care for the working poor while offering short-term tax relief for some in return for permanent tax cuts for America's wealthiest people. He did that as well with Trump's "rescission" package, which canceled federal funding that Johnson's own House had previously approved. He and Trump were looking forward to a victory lap on all that, despite consistent polling that shows a majority of American voters don't care for it at all. But the scandal surrounding Jeffrey Epstein, who has been dead for six years, will not pass away. Trump exploited conspiracy theories on the reelection campaign trail about his old cruising buddy, a convicted pedophile who died in prison in 2019 during Trump's first term while awaiting trial on sex trafficking charges. But then Trump, who promised while campaigning in 2024 to release the Department of Justice's files on Epstein, decided recently to keep them secret, enraging his own supporters and putting his Republican allies in Congress in a tight spot. Maybe it's just a coincidence that Attorney General Pam Bondi is reported to have briefed Trump in May that he is mentioned in those very files that his supporters want to see released. So Trump's in a tight spot, too. Johnson's slipshod response to the Epstein secrecy has been to advocate for transparency, which Trump doesn't want, and then revert to presidential servitude by trying to stamp out any attempts at transparency. This has provoked something we rarely see anymore – bipartisanship – as Republican and Democratic members of the House voted together to subpoena the Epstein files. This doesn't look like it will simmer down in six weeks. Americans are clearly unhappy with Trump's Republican regime Republicans are hitting the road with a story that isn't selling well. A July 23 Fox News poll found that 67% of American voters think Trump's administration has not been transparent about Epstein, including 60% of the Republicans surveyed and 56% of Trump's so-called MAGA supporters. And then there's this: Fox News found that 4 out of 5 people in the survey said they were following the Epstein case. We're closing in on the end of July – vacation season – and these people are tuned all the way in on this. Trump's budget bill was also underwater in the poll, with 58% disapproving and 39% in support. That makes for testy town halls, if the Republicans dare to hold them in the next six weeks. And that feels like a lose-lose scenario with the 2026 midterm elections looming ever larger. Face your angry constituents and be ready to go viral on social media, exactly the kind of things that would-be opponents mine for campaign commercials. Or duck and cover and get branded a coward, exactly the kind of thing that would-be opponents exploit for campaign commercials. No matter which way Republicans go, at home or in Washington, they should first ask themselves: Does Trump care about how any of this impacts me and my future in politics, or is he only interested in protecting himself? I think they already know the answer. Trump is – now, in the past, in the future, always – looking out only for himself. That prompts two more questions. Why is he working so hard to keep the Epstein files secret? And do you really want to be on the record helping him with that secrecy if the files are finally released? Follow USA TODAY columnist Chris Brennan on X, formerly known as Twitter: @ByChrisBrennan. Sign up for his weekly newsletter, Translating Politics, here.


CNN
25 minutes ago
- CNN
Powell privately adamant that he will serve out his full term at the Fed
Federal Reserve Chair Jerome Powell has told multiple associates and allies that there's no chance he will bow to President Donald Trump's calls for him to resign, vowing to withstand several more months of the president's unprecedented, multi-pronged assault over Powell's refusal to lower interest rates. The top central banker has privately argued that he must stay put for more than just personal reasons — the fate of his chairmanship is now linked with that of the Fed's overall independence, according to people familiar with the discussions. He has said that stepping down now would undermine the institution's longstanding freedom from political interference. 'He feels very strongly that his responsibility is to maintain that independence,' said GOP Sen. Mike Rounds of South Dakota, who is among those who have personally questioned Powell over whether he might quit. 'I've asked him, and he says no, that would reduce the independence of the Federal Reserve.' Powell's determination to serve out his term through May 2026 ensures he will remain the target of a White House-led attacks on the Fed, which has faced intensifying pressure to cut interest rates. That coordinated effort has put the central bank's traditionally staid decision-making under intense scrutiny — and raised fresh concerns about the potential economic consequences of meddling with monetary policy for political purposes. A low-key economic expert who did a stint in the George H.W. Bush administration, Powell has earned a reputation over more than a decade at the Fed as studiously non-partisan 'straight shooter' who relies on reams of data to make decisions, according to people who worked with him. His detachment from day-to-day politics, despite what one of the people described as his moderately conservative learnings, helped Powell earn bipartisan support in the Senate when Trump nominated him to chair the Fed in 2017. But the no-frills approach that appealed to Trump in his first term has since become yet another strike against the Fed chair. The president has repeatedly bristled at Powell's unwillingness to engage with his calls to cut rates. And Powell's generally stoic personality has done little to win Trump over. 'I think he's terrible,' Trump said earlier this month. 'It's like talking to a chair. No personality.' Trump has ratcheted up his criticism in recent weeks, openly saying he hopes Powell resigns, accusing him of trying to damage his presidency and insulting him on a near-daily basis as 'stupid,' a 'numbskull' and 'truly one of my worst appointments.' Those attacks have been regularly amplified by Trump aides and close allies, who at some points have spread unfounded rumors that the Fed chair's resignation was imminent. The White House in recent weeks has spent significant time spotlighting the price tag of a renovation project at the Fed, launching investigations into the cost overruns for the $2.5 billion project and suggesting it could be a fireable offense. On Thursday, Trump sought to press the issue by traveling to the Fed to tour the construction, where Powell personally escorted him around. The Fed chair stood by as Trump advocated for rate cuts, at one point laughing awkwardly as the president slapped him on the back and said he'd 'love him to lower interest rates.' 'I just want to see one thing happen,' Trump said later. 'Interest rates have to come down.' Despite the criticism, Trump reiterated that he has no plans to fire Powell — his advisers have warned that doing so would tank the financial markets and spark an economic crisis. But Trump and his aides have instead sought to make Powell's tenure as painful as possible to undermine his credibility and potentially even drive him to quit. Trump allies have homed in on the Fed's pricey renovation, viewing it as a particularly potent weapon. (Trump has pushed his own renovations at the White House, albeit on a much smaller scale.) Still, his allies argue that they can use the Fed project to increase public pressure on Powell by contrasting the hefty spending on the Fed headquarters with everyday Americans' struggles to afford homes — something they point out could be alleviated if the central banker would cut interest rates. 'Every day that Jerome Powell is in Washington is a gift to the president,' said one Trump adviser, who likened the pressure campaign to boiling a frog. 'Either Jerome Powell leaps or he boils.' A Federal Reserve spokesman declined to comment for this article, pointing instead to Powell's prior public pledges to serve the entirety of his term. Yet for all the furor coming from the White House, Powell has indicated to associates that he's keeping his head down. Publicly, he's remained solely focused on carrying out the Fed's work setting monetary policy without consideration of the political reverberations. That approach appeared to pay off at least temporarily on Thursday, with Trump backing off his harshest rhetoric following a conversation with Powell during the Fed construction tour that he described as a 'very productive talk.' 'There's always Monday morning quarterbacks, I don't want to be that,' Trump said afterward, declining to criticize the renovations that he and his aides had previously described as a scandal. 'It got out of control, and that happens.' The détente may not hold much longer, with the Fed widely expected to hold rates steady next week and delay any shift in policy until the fall. That decision is likely to infuriate Trump, who has fixated on cutting rates as a way to further juice the economy ahead of next year's midterm elections. But in both private and public, Powell has shrugged off the political implications, emphasizing the need to stick solely to the economic considerations that have long guided the Fed. 'The best defense for the Fed is to get the policy right,' said Bill English, a Yale professor and former director of the Fed's division of monetary affairs. 'I feel sorry for the guy, but the best he can do at this point is hang tough and do the best job he can on monetary policy.' Outside of Trump's orbit, Powell's resolve to finish his term has won praise from Democrats — including many who had previously criticized him during the Biden era when the Fed kept raising rates to try to combat a surge of inflation. At the time, Powell's insistence on keeping rates higher for longer in pursuit of a so-called economic soft landing prompted consternation among some in the Biden White House and the broader Democratic Party who worried the approach would tip the country into a recession. But former officials have since rallied around him, anxious over the potential fallout should Powell decide to leave. 'He's putting the integrity of the institution above himself,' said Jared Bernstein, who chaired the Biden-era Council of Economic Advisers. 'If I were a 72-year-old guy who's getting verbally abused by the president on a daily basis, retirement would look pretty good. But I really believe that Powell is engaged in protecting the institution.' As for Republicans, some lawmakers wary of damaging the Fed's credibility have encouraged the White House to back off its criticisms, arguing that it'll benefit Trump more when Powell does begin lowering interest rates if it doesn't come amid a cloud of political pressure. Yet until that message breaks through, they're putting their faith in Powell — and hoping he stays true to his word. 'The vast majority of the members of the Senate are smart enough to have been in contact with the markets, they've observed the markets, they know what an impact it would be on the markets should there be any inkling that the Fed was being coerced,' said Rounds, the Republican senator. '[Powell's] in the right position. He's got a very tough position, but I respect him for the position he's taken.'