The U.S. Can Rise to the Chinese Challenge
Because we were able to avoid a mutually catastrophic military conflict with the Soviet Union, we won the Cold War through the skillful use of nonmilitary advantages. These included economic power, technological superiority, diplomacy, strategic communications behind the Iron Curtain and around the world, development and humanitarian assistance, security assistance, alliances and ideology. We were lucky that the Soviet Union, while a military superpower, was weak in every other way, economically and technologically most of all. After the 1950s, its ideology had little appeal around the world.
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Yahoo
36 minutes ago
- Yahoo
Trump tariffs live updates: Trump to start sending out tariff letters as July 9 deadline looms
Time has run out for some US trade partners looking to make deals ahead of President Trump's July 9 deadline for tariffs to snap back to higher levels. Letters will start going out to countries on Friday to notify them of the tariff rates they will face on imports to the US, Trump told reporters, to go into effect on Aug. 1. The first 10 or 12 letters sent out will be followed by similar batches. 'By the ninth they'll be fully covered,' Trump said, per Bloomberg. 'They'll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.' The Trump team has so far been focused on hammering out trade deals, though it has succeeded in nailing only three pacts so far.. Treasury Secretary Scott Bessent has said around 100 partners would likely see a minimum "reciprocal" rate of 10% come next week, adding that he expects a "flurry" of deals to materialize before the deadline. Here is where things stand with various partners: China: The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago. Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country's imports face a 20% tariff — lower than the 46% he 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. Many US goods will see no duty upon import to Vietnam. Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of "30%, 35%, or whatever the number is that we determine." Notably, that proposal is higher than the 24% "Liberation Day" level. "They're very tough. You have to understand, they're very spoiled," he said. 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 pharmaceuticals, alcohol, semiconductors, and commercial aircraft as part of a trade deal. Bessent said US-EU talks would continue through the weekend. Trump has threatened 50% tariffs on the bloc's imports. 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 after Trump threatened to cut off trade talks. They are aiming for a deal by mid-July. 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. President Trump said his administration will begin sending letters to trading partners on Friday laying out what tariff rates they will face on imports to the US. Countries will have to start paying the duties from Aug. 1, Trump told reporters on Thursday. The move marks a shift from earlier US optimism that talks would deliver scores of deals with its more than 170 trading partners, under pressure to beat a July 9 tariff deadline. The "take it or leave it" letters go out with just days to go to that deadline for resumption of sweeping tariffs laid out in April by Trump. Bloomberg reports: Read more here. Bloomberg News reports: Read more here. The US trade deal with Vietnam should be seen as a early sign to Asian countries that higher tariffs are not going anywhere. Bloomberg News reports: Read more here. Vietnam negotiators said on Thursday that they are still working with the US to finalize the details of the trade deal, which was announced by President Trump on Wednesday. No further details have been provided to businesses and investors beyond the tariff rates disclosed so far. Bloomberg News reports: Read more here. Treasury Secretary Bessent has been making the rounds today, talking about the Trump tax bill and tariffs as next week's July 9 deadline looms. Per Reuters, Bessent said around 100 countries are likely to see a "reciprocal" tariff of 10%: Bessent also said Trump would ultimately decide whether to extend that July 9 deadline for countries negotiating "in good faith." Bloomberg News reports Read more here. German car exports to the US fell in April and May as import tariffs imposed by the Trump administration hit German automakers' sales, according to data from the VDA industry association. Reuters reports: Read more here. Luxury watch specialist, Watches of Switzerland warned on Thursday that its profit margin could fall this year as the luxury watch sector adjusts to higher US tariffs. Reuters reports: Read more here. The South Korean President Lee Jae Myung said on Thursday that it still remains unclear if trade talks between Seoul and Washington can result in a deal before next week's deadline to avert sweeping tariffs from President Donald Trump. Bloomberg News reports: Read more here. President Trump has his eye on any loopholes that China may use to swerve tariffs. Trump's two-tired trade deal with Vietnam takes aim at practices China has used to avoid US tariffs, such as the widespread shifting of production to Southeast Asian factories and the illegal "origin washing" of exports through their ports. Beijing has responded and said it was 'conducting an assessment' of the US-Vietnam trade deal, adding: 'We firmly oppose any party striking a deal at the expense of China's interests.' 'If such a situation arises, China will take resolute countermeasures to safeguard its legitimate rights and interests,' the ministry added. Bloomberg News reports: Read more here. The US and India are on the verge of sealing the deal when it comes to reducing tariffs. But there appears to be one sticking point ahead of President Trump's July 9 deadline and it centers around dairy and agriculture. Here's an explainer on why farm goods may hold up a trade deal between the two nations. Reuters reports: Read more here. China is growing more worried as President Trump strikes deals with other countries. On Thursday Beijing hit out at the US-Vietnam trade deal, amid concerns that the US is using "Liberation Day" tariff negotiations with countries to curb China's export machine. The deal with Vietnam, which was announced by the US President on Wednesday, lowers tariffs on Hanoi's exports from 46% to 20%, but it retains a 409% levy on t"trans-shipping" of goods, which China believes is aimed at its re-exports to the US. .The FT reports: Read more here. Indonesia plans to sign a $34 billion deal with US businesses next week to increase purchases and help secure a trade agreement before the July 9 deadline, its top economic minister said Thursday. Reuters reports: Read more here. The trade truce between the US and China may be holding for now, but China is becoming wary that it may thaw. Beijing's concerns stem from what may be happening elsewhere and the US's efforts to forge deals that could isolate Chinese firms from global supply chains. The US has removed export restrictions on chip design software and ethene shipments. China has responded by making concessions over its rare earth export controls. But despite this, China is still on edge. Bloomberg News reports: Read more here. Trade negotiations between the US and India have been moving forward. But unresolved issues over US dairy and agriculture have caused some disagreements between the two sides, according to sources familiar with the talks. Reuters reports: Read more here. The US has removed export restrictions on chip design software and ethane shipments to China, easing trade tensions between the two countries. China recently made concessions over its rare earth export controls. Software companies Synopsys (SNPS), Cadence (CDNS), and Siemens (SIEGY) said they will now restore access for their Chinese customers. These firms develop important electronic design automation tools used in chipmaking. The US also lifted licensing rules for ethane producers. Earlier restrictions were part of Trump's response to China blocking rare earth exports, which had disrupted supply chains for cars, aerospace, and defense industries. Reuters reports: Read more here. President Trump had targeted Vietnam with some of the highest tariffs of any country on his April "Liberation Day." That's at least partly because he and top advisers have made Vietnam an example of a country that is allegedly "ripping off" the US. Vietnam has become the US's 10th-largest trade partner, according to US Census data. And it is the seventh-largest source of imports, sending goods worth over $130 billion. It contains factories for some of the biggest US-based apparel makers, including Nike (NKE) and Lululemon (LULU). Vietnam became a destination for companies looking to diversify manufacturing as US-China tensions escalated over the past decade. Vietnam's trade surplus with the US ballooned to over $123 billion last year. This year's US trade deficit with Vietnam stood over $50 billion through just April as companies raced to move more operations out of China. President Trump followed up his previous announcement of a trade deal with Vietnam with some additional details on social media. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam," Trump posted on Truth Social. Trump wrote that the two sides agreed to a 20% tariff rate on all goods sent from Vietnam to the US and a 40% tariff rate on transshipment — essentially, when goods from China or other countries are routed through Vietnam. Tariffs on goods from the country were previously set to return to 46% on July 9. Vietnam also lowered tariffs on US goods to zero, Trump said, and is lowering trade barriers. The president suggested US automakers could introduce more SUVs to the Southeast Asian country. "In return, Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade," Trump wrote. "In other words, they will 'OPEN THEIR MARKET TO THE UNITED STATES,' meaning that, we will be able to sell our product into Vietnam at ZERO Tariff." The US and Vietnam are said to be very close to a establishing a trade framework that will see goods given a scaled range of tariffs depending on the percentage of foreign content, according to people familiar with the talks. Reuters reports: Read more here. Tariffs have hit electric vehicle maker, Rivian (RIVN) who reported a sharp fall in second-quarter deliveries on Wednesday as demand for its EVs took a hit from competition and tariff-driven economic uncertainty. Reuters reports: Read more here. President Trump said his administration will begin sending letters to trading partners on Friday laying out what tariff rates they will face on imports to the US. Countries will have to start paying the duties from Aug. 1, Trump told reporters on Thursday. The move marks a shift from earlier US optimism that talks would deliver scores of deals with its more than 170 trading partners, under pressure to beat a July 9 tariff deadline. The "take it or leave it" letters go out with just days to go to that deadline for resumption of sweeping tariffs laid out in April by Trump. Bloomberg reports: Read more here. Bloomberg News reports: Read more here. The US trade deal with Vietnam should be seen as a early sign to Asian countries that higher tariffs are not going anywhere. Bloomberg News reports: Read more here. Vietnam negotiators said on Thursday that they are still working with the US to finalize the details of the trade deal, which was announced by President Trump on Wednesday. No further details have been provided to businesses and investors beyond the tariff rates disclosed so far. Bloomberg News reports: Read more here. Treasury Secretary Bessent has been making the rounds today, talking about the Trump tax bill and tariffs as next week's July 9 deadline looms. Per Reuters, Bessent said around 100 countries are likely to see a "reciprocal" tariff of 10%: Bessent also said Trump would ultimately decide whether to extend that July 9 deadline for countries negotiating "in good faith." Bloomberg News reports Read more here. German car exports to the US fell in April and May as import tariffs imposed by the Trump administration hit German automakers' sales, according to data from the VDA industry association. Reuters reports: Read more here. Luxury watch specialist, Watches of Switzerland warned on Thursday that its profit margin could fall this year as the luxury watch sector adjusts to higher US tariffs. Reuters reports: Read more here. The South Korean President Lee Jae Myung said on Thursday that it still remains unclear if trade talks between Seoul and Washington can result in a deal before next week's deadline to avert sweeping tariffs from President Donald Trump. Bloomberg News reports: Read more here. President Trump has his eye on any loopholes that China may use to swerve tariffs. Trump's two-tired trade deal with Vietnam takes aim at practices China has used to avoid US tariffs, such as the widespread shifting of production to Southeast Asian factories and the illegal "origin washing" of exports through their ports. Beijing has responded and said it was 'conducting an assessment' of the US-Vietnam trade deal, adding: 'We firmly oppose any party striking a deal at the expense of China's interests.' 'If such a situation arises, China will take resolute countermeasures to safeguard its legitimate rights and interests,' the ministry added. Bloomberg News reports: Read more here. The US and India are on the verge of sealing the deal when it comes to reducing tariffs. But there appears to be one sticking point ahead of President Trump's July 9 deadline and it centers around dairy and agriculture. Here's an explainer on why farm goods may hold up a trade deal between the two nations. Reuters reports: Read more here. China is growing more worried as President Trump strikes deals with other countries. On Thursday Beijing hit out at the US-Vietnam trade deal, amid concerns that the US is using "Liberation Day" tariff negotiations with countries to curb China's export machine. The deal with Vietnam, which was announced by the US President on Wednesday, lowers tariffs on Hanoi's exports from 46% to 20%, but it retains a 409% levy on t"trans-shipping" of goods, which China believes is aimed at its re-exports to the US. .The FT reports: Read more here. Indonesia plans to sign a $34 billion deal with US businesses next week to increase purchases and help secure a trade agreement before the July 9 deadline, its top economic minister said Thursday. Reuters reports: Read more here. The trade truce between the US and China may be holding for now, but China is becoming wary that it may thaw. Beijing's concerns stem from what may be happening elsewhere and the US's efforts to forge deals that could isolate Chinese firms from global supply chains. The US has removed export restrictions on chip design software and ethene shipments. China has responded by making concessions over its rare earth export controls. But despite this, China is still on edge. Bloomberg News reports: Read more here. Trade negotiations between the US and India have been moving forward. But unresolved issues over US dairy and agriculture have caused some disagreements between the two sides, according to sources familiar with the talks. Reuters reports: Read more here. The US has removed export restrictions on chip design software and ethane shipments to China, easing trade tensions between the two countries. China recently made concessions over its rare earth export controls. Software companies Synopsys (SNPS), Cadence (CDNS), and Siemens (SIEGY) said they will now restore access for their Chinese customers. These firms develop important electronic design automation tools used in chipmaking. The US also lifted licensing rules for ethane producers. Earlier restrictions were part of Trump's response to China blocking rare earth exports, which had disrupted supply chains for cars, aerospace, and defense industries. Reuters reports: Read more here. President Trump had targeted Vietnam with some of the highest tariffs of any country on his April "Liberation Day." That's at least partly because he and top advisers have made Vietnam an example of a country that is allegedly "ripping off" the US. Vietnam has become the US's 10th-largest trade partner, according to US Census data. And it is the seventh-largest source of imports, sending goods worth over $130 billion. It contains factories for some of the biggest US-based apparel makers, including Nike (NKE) and Lululemon (LULU). Vietnam became a destination for companies looking to diversify manufacturing as US-China tensions escalated over the past decade. Vietnam's trade surplus with the US ballooned to over $123 billion last year. This year's US trade deficit with Vietnam stood over $50 billion through just April as companies raced to move more operations out of China. President Trump followed up his previous announcement of a trade deal with Vietnam with some additional details on social media. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam," Trump posted on Truth Social. Trump wrote that the two sides agreed to a 20% tariff rate on all goods sent from Vietnam to the US and a 40% tariff rate on transshipment — essentially, when goods from China or other countries are routed through Vietnam. Tariffs on goods from the country were previously set to return to 46% on July 9. Vietnam also lowered tariffs on US goods to zero, Trump said, and is lowering trade barriers. The president suggested US automakers could introduce more SUVs to the Southeast Asian country. "In return, Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade," Trump wrote. "In other words, they will 'OPEN THEIR MARKET TO THE UNITED STATES,' meaning that, we will be able to sell our product into Vietnam at ZERO Tariff." The US and Vietnam are said to be very close to a establishing a trade framework that will see goods given a scaled range of tariffs depending on the percentage of foreign content, according to people familiar with the talks. Reuters reports: Read more here. Tariffs have hit electric vehicle maker, Rivian (RIVN) who reported a sharp fall in second-quarter deliveries on Wednesday as demand for its EVs took a hit from competition and tariff-driven economic uncertainty. Reuters reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
China Adviser Says Time ‘Running Out' to Set Up Xi-Trump Meeting
(Bloomberg) -- The US and China need to pick up the pace of preparations if a leaders' summit is to take place in the fall, according to an adviser to the Foreign Ministry in Beijing, drawing attention to the tight timeline facing the two countries in pursuing better ties. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Massachusetts to Follow NYC in Making Landlords Pay Broker Fees Struggling Downtowns Are Looking to Lure New Crowds What Gothenburg Got Out of Congestion Pricing 'If we are going to make this happen, we need to make preparations as soon as possible, and time is running out,' Wu Xinbo, director at Fudan University's Center for American Studies in Shanghai, said on Friday. Wu's message of urgency follows growing confidence that ties between the world's two biggest economies are on the mend after months of hostility and tit-for-tat tariffs. President Donald Trump and his Chinese counterpart Xi Jinping last spoke in early June. 'In the last one week, I have seen tangible progress by both sides, Beijing and Washington, in delivering what they promised to deliver,' Wu said, referring to a trade truce recently struck by the two countries. 'So that is quite a positive sign that finally we get the ball rolling,' added Wu, who last year led a group of experts in the ministry to meet politicians and business executives in the US. Beijing and Washington reached a trade framework last month following talks in London, which remains in effect through mid-August. China agreed to resume shipments of rare earths — key inputs for wind turbines, electric vehicles and military hardware. The US offered to ease some export restrictions on ethane, chip-design software and jet engine components. Signs emerged in recent weeks that both sides are beginning to deliver on their promises. Chinese rare earth magnets are flowing, although not quite to the levels seen before Beijing implemented export curbs in early April, Treasury Secretary Scott Bessent said this week. Washington has lifted recent export license requirements for chip design software sales in China, and approved American ethane exports to the Asian nation without additional approvals. Trump's administration is meanwhile reaching out to business executives to weigh interest in accompanying him on a possible trip to China this year, according to people familiar with the matter. When asked for comment, White House Press Secretary Karoline Leavitt said that a visit to China hasn't been scheduled at this point. Wu's comments, made on a panel during the World Peace Forum in Beijing, came a day after a senior Chinese official, Liu Jianchao, expressed optimism over the future of China's ties with the US. While calling a war between the two countries 'unimaginable,' Liu highlighted Taiwan and the South China Sea as possible flashpoints. Given Trump's expressed desire to meet with Xi in China this year, the two sides need to move more quickly to make that happen, according to Wu. Wu said a trip to South Korea for the Asia-Pacific Economic Cooperation summit in October could also provide an opportunity for the Republican to visit China. A next step will involve broadening discussion channels between Beijing and Washington beyond trade-focused officials to include other parts of government, including the diplomatic corps and law enforcement agencies. 'You cannot just let the two economic teams arrange for the state visit — for the summit,' Wu said. Now is the time for Wang Yi to meet with his counterpart,' he added, referring to China's foreign minister. The Shanghai-based expert on US-China relations said Trump should do two things during his visit to Beijing: clearly state that China is America's most important commercial partner; and re-affirm that the US doesn't support Taiwan's independence and favors 'China's peaceful reunification.' 'Trump, he's a smarty guy,' said Wu. 'He knows how to make a big deal for the sake of US national interests. He will say the right thing when he's in Beijing.' SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried How to Steal a House China's Homegrown Jewelry Superstar For Brazil's Criminals, Coffee Beans Are the Target ©2025 Bloomberg L.P. 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
CBS News
an hour ago
- CBS News
North Korean man avoids military and landmines to cross border into South Korea
A North Korean who crossed the heavily fortified land border into the South has been detained and taken into custody, Seoul's military said Friday. The North Korean, identified as a male civilian, managed to cross the Military Demarcation Line (MDL) in the midwestern part of the Demilitarized Zone (DMZ) on Thursday, Seoul's Joint Chiefs of Staff said. The MDL is the de facto border, which runs through the middle of the DMZ — the border area separating the two Koreas, which is one of the most heavily mined places on earth. A South Korean soldier is seen in a watchtower at the border with North Korea, divided by the Imjin River in Paju, north of Seoul, on June 5, 2025. PEDRO PARDO/AFP via Getty Images "The military identified the individual near the MDL, conducted tracking and surveillance," the Joint Chiefs of Staff, or JCS, said in a statement. It then "successfully carried out a standard guiding operation to secure custody," it added. The operation took about 20 hours, according to Seoul, after the man was detected by a military surveillance device sometime between 3:00 and 4:00am local time Thursday. The mission to safely guide him to the South involved a considerable number of South Korean troops, the JCS said, and took place in an area difficult to navigate due to dense vegetation and landmine risks. The man stayed mostly still during the day, and South Korea's military approached him at night. He willingly followed the troops after they offered to guide him safely out of the DMZ, according to the JCS. It said "relevant authorities" will investigate the detailed circumstances of the incident. North Koreans are typically handed over to Seoul's intelligence agency for screening when they arrive in the South. History of defections The incident comes after a North Korean soldier defected to the South by crossing the MDL in August last year. Also last year, another North Korean defected to the South across the de facto border in the Yellow Sea, arriving on Gyodong island off the peninsula's west coast near the border between the Koreas. Tens of thousands of North Koreans have fled to South Korea since the peninsula was divided by war in the 1950s, with most going overland to neighboring China first, then entering a third country such as Thailand before finally making it to the South. Defections across the land border that divides the peninsula are relatively rare. The number of successful escapes dropped significantly from 2020 after the North sealed its borders - purportedly with shoot-on-sight orders along the land frontier with China - to prevent the spread of Covid-19. No unusual activities by the North Korean military have been detected, the JCS said Friday. South Korea's President Lee Jae Myung, who took office last month, has vowed a more dovish approach towards Pyongyang compared with his hawkish predecessor Yoon Suk Yeol. "Politics and diplomacy must be handled without emotion and approached with reason and logic," Lee said Thursday. "Completely cutting off dialogue is really a foolish thing to do." This week the Justice Department revealed that North Korea, which recently opened a new coastal tourist site with room for 20,000 guests, has been using remote information technology workers employed unwittingly by U.S. companies to fund its weapons programs.
