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First Post
30 minutes ago
- First Post
‘Everyone's a loser': From Canada to Laos, Trump's sweeping tariffs spare no one, not even the US
President Donald Trump's tariff onslaught this week left a lot of losers – from small, poor countries like Laos and Algeria to wealthy US trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. read more President Donald Trump's latest wave of sweeping tariffs is shaking the foundations of global trade and leaving a trail of economic pain across rich and poor nations alike. Countries such as Laos, Algeria, Canada and Switzerland are now facing steep levies as Trump intensifies his protectionist agenda. But while allies scramble for exemptions and rivals brace for economic fallout, but analysts say no one has truly come out ahead not even the United States. 'In many respects, everybody's a loser here,'' Barry Appleton, co-director of the Center for International Law at New York Law School told AP. Since returning to the presidency six months ago, Trump has torn up traditional trade norms, replacing multilateral agreements with a unilateral approach driven by threats and economic clout. 'The biggest winner is Trump,' said Alan Wolff, former deputy director-general of the World Trade Organization. 'He bet that he could get other countries to the table on the basis of threats, and he succeeded dramatically.'' STORY CONTINUES BELOW THIS AD Trump's tariff regime began on April 2, dubbed 'Liberation Day' when he imposed 'reciprocal' taxes of up to 50% on imports from countries with which the U.S. runs trade deficits, and a 10% baseline tax on others. Declaring the trade imbalance a national emergency under a 1977 law, Trump bypassed Congress to implement the sweeping changes, now being challenged in court. After an initial market selloff, Trump paused the new tariffs for 90 days to allow room for negotiations. Some countries took the opportunity to strike deals, though often under heavy pressure. The United Kingdom agreed to a 10% tariff, up from 1.3%, despite having maintained a trade surplus with the U.S. for nearly two decades. The European Union and Japan settled for 15%, lower than the threatened 30% and 25%, respectively. Other countries that agreed to higher tariffs include Pakistan, South Korea, Vietnam, Indonesia, and the Philippines. Even those with reduced levies compared to April levels remain far worse off than pre-Trump norms. Angola's tariffs dropped from 32% to 15%, but were below 1.5% in 2022. Taiwan saw its April rate of 32% lowered to 20%, but still faces a financial burden. '20% from the beginning has not been our goal, we hope that in further negotiations we will get a more beneficial and more reasonable tax rate,' Taiwan's President Lai Ching-te said Friday. Trump also rolled back Lesotho's tariff from 50% to 15%, but economic damage there may already be done. On the harsher end, nations that refused to bend or angered Trump in other ways got slammed. Laos and Algeria whose GDPs per capita are a fraction of America's now face tariffs of 40% and 30%, respectively. STORY CONTINUES BELOW THIS AD Brazil was hit with a 50% tax, reportedly in retaliation for its treatment of former President Jair Bolsonaro. Despite a consistent U.S. trade surplus with Brazil, the tariff went ahead. Canada was slapped with a 35% import tax, a move some analysts tie to Ottawa's plan to recognise Palestinian statehood, a position contrary to Trump's strong support of Israeli Prime Minister Benjamin Netanyahu. Switzerland, which didn't secure a deal, was struck with a 39% tariff, more than the 31% initially proposed. 'The Swiss probably wish that they had camped in Washington'' to make a deal, Wolff commented. 'They're clearly not at all happy.'' Trump's actions are now facing legal scrutiny. A group of American companies and a dozen states are suing, arguing that he overstepped his authority under the 1977 law. A New York court recently blocked the tariffs, but allowed collection to continue pending appeal, which may end up before the US Supreme Court. STORY CONTINUES BELOW THIS AD Judges on the US Court of Appeals have expressed scepticism about the justification behind Trump's measures. 'If (the tariffs) get struck down, then maybe Brazil's a winner and not a loser,'' Appleton said. Although Trump frames tariffs as a way to tax foreign countries, in practice, U.S. importers bear the cost and pass it on to American consumers. Goldman Sachs estimates that foreign exporters have absorbed only a fifth of the tariff burden, leaving U.S. businesses and households to shoulder the rest. Major retailers and manufacturers including Walmart, Nike, and Ford — have raised prices in response. 'This is a consumption tax, so it disproportionately affects those who have lower incomes,'' said Appleton. 'Sneakers, knapsacks … your appliances are going to go up. Your TV and electronics are going to go up. Your video game devices, consoles are going to up because none of those are made in America.'' With average U.S. tariffs rising from 2.5% at the start of 2025 to 18.3% — the highest since 1934 — Yale's Budget Lab estimates the policy will cost the average American household $2,400 this year. STORY CONTINUES BELOW THIS AD 'The U.S. consumer's a big loser,″ Wolff concluded. With inputs from agencies
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First Post
30 minutes ago
- First Post
US-Israel strategy aims to end Gaza war, disarm Hamas: Witkoff
President Trump's Middle East envoy, Steve Witkoff, has assured families of Israeli hostages that the US is working closely with Prime Minister Netanyahu on a strategy to end the Gaza war. read more Palestinians climb onto trucks as they seek for aid supplies that entered Gaza through Israel in Beit Lahia, northern Gaza Strip. Reuters On Saturday, President Donald Trump's Middle East envoy assured the relatives of hostages held by the Palestinian terrorist organisation Hamas that he was working with the Israeli government on a strategy that would successfully end the Gaza war. Trump has made ending the Gaza war a top priority for his administration, although discussions have been stalled. Steve Witkoff is visiting Israel as the government faces growing pressure over the deteriorating humanitarian situation in the region. STORY CONTINUES BELOW THIS AD In a recording of the meeting, reviewed by Reuters, Witkoff is heard saying: 'We have a very, very good plan that we're working on collectively with the Israeli government, with Prime Minister Netanyahu … for the reconstruction of Gaza. That effectively means the end of the war.' The White House did not immediately reply to a request for comment on his statements. Witkoff also stated that Hamas was willing to disarm in order to end the conflict, despite the group's continuous refusal to lay down its weapons. In reaction to the reported words, Hamas, which has controlled Gaza since 2007 but has been brutally battered by Israel during the conflict, stated that it will not give up 'armed resistance' until a 'independent, fully sovereign Palestinian state with Jerusalem as its capital' is formed. Indirect talks between Hamas and Israel aimed at negotiating a 60-day ceasefire in the Gaza conflict and an agreement for the release of half the captives ended last week in impasse. On Saturday, Hamas released its second video in two days of Israeli hostage Evyatar David. In it, David, skeletally thin, is shown digging a hole, which, he says in the video, is for his own grave. Witkoff met with Netanyahu on Thursday. Afterward, a senior Israeli official said an understanding between Israel and Washington was emerging that there was a need to move from a plan to release some of the hostages to a plan to release all the hostages, disarm Hamas and demilitarize the Gaza Strip, echoing Israel's key demands for ending the war. STORY CONTINUES BELOW THIS AD Gaza starvation On Tuesday, Qatar and Egypt, who are mediating ceasefire efforts, endorsed a declaration by France and Saudi Arabia outlining steps toward a two-state solution to the Israeli-Palestinian conflict. As part of it, they said Hamas must hand over its arms to the Western-backed Palestinian Authority. Witkoff arrived in Israel with Netanyahu's government facing a global outcry over devastation in Gaza and the starvation growing among its 2.2 million people. The crisis has also prompted a string of Western powers to announce they may recognize a Palestinian state. On Friday, Witkoff visited a U.S.-backed aid operation in southern Gaza, which the United Nations has partly blamed for deadly conditions in the enclave, saying he sought to get food and other aid to people there. Dozens have died of malnutrition in recent weeks after Israel cut off all supplies to the enclave for nearly three months from March to May, according to Gaza's health ministry. It said on Saturday that it had recorded seven more fatalities, including a child, since Friday. STORY CONTINUES BELOW THIS AD Israel blames Hamas for the suffering in Gaza and says it is taking steps for more aid to reach its population, including pausing fighting for part of the day in some areas, air drops and announcing protected routes for aid convoys. U.N. agencies have said that airdrops of food are insufficient and that Israel must let in far more aid by land and quickly ease the access to it. The Gaza war began when Hamas killed more than 1,200 people and took 251 hostage in an attack on southern Israel on October 7, 2023, according to Israeli figures. Israel's offensive has since killed more than 60,000 Palestinians, according to Gaza health officials. According to Israeli officials, 50 hostages now remain in Gaza, only 20 of whom are believed to be alive.
NDTV
an hour ago
- NDTV
'US Tariffs Will Hurt Andhra Aqua Farmers, We Will Help Them': Chandrababu Naidu
Hyderabad: Andhra Pradesh is exploring options to ensure the fallout of the US imposing 25 per cent tariffs on India does not affect the state's aqua farmers, Chief Minister Chandrababu Naidu said on Saturday. Addressing farmers for the first time since US President Donald Trump announced the tariff hike, Mr Naidu in his first comment on the US tariff hike said the state government is supporting aqua farmers by giving them electricity at 1.50 paise per unit. "The increase in tariffs in America will burden the aqua farmers in the state," he said. "We have taken note of the matter and we will discuss it with farmers in a day or two. Then we will make an action plan." The chief minister said fishermen were given Rs 10,000 earlier. "But now we will give Rs 20,000 each. We have given financial aid to 1.30 lakh people under the Matsyakarula Sevalo," he added. Prime Minister Narendra Modi has also said the welfare of farmers, small industries and young people remains the government's "top priority" as the country stays on track to become the world's third-largest economy. At an event in Uttar Pradesh's Varanasi, his Lok Sabha constituency, the prime minister reaffirmed the resilience of the Indian economy amid turbulence triggered by the US tariff hike, saying India must remain vigilant about its economic interests and adopt "swadeshi (indigenous)" products. "There is an atmosphere of global instability. All countries are focusing on their individual interests. India is going to become the third biggest economy in the world and this is why India will have to stay alert as far as its economic interests are concerned," PM Modi said. Apart from the tariffs, Mr Trump announced a penalty on India for buying Russian oil.
