Biden aides look to Fifth Amendment as autopen probe widens
Anthony Bernal, chief of staff to Jill Biden when she was first lady, on Wednesday became the latest top official to invoke his constitutional right against self-incrimination, repeatedly telling the House Oversight Committee that he 'respectfully' declined to answer members' questions in an attempt to shield himself from being thrust further into legal jeopardy.
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Yahoo
8 minutes ago
- Yahoo
Trump announces 25% tariff on India and unspecified penalties for buying Russian oil
WASHINGTON (AP) — The United States will impose a 25% tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil, President Donald Trump said Wednesday. The new tariffs were part of a flurry of trade activity that included a series of executive actions regarding Brazil, copper and shipments of goods worth less than $800, as well as a reduced 15% tax on imports from South Korea, including its autos. It was all a prelude to Friday when Trump's new tariff regime is scheduled to start, an event the White House has portrayed as a testament to Trump's negotiating skills even as concerns persist about the taxes hurting growth and increasing inflationary pressures. India 'is our friend,' Trump said on his Truth Social platform announcing the taxes, but its tariffs on U.S. products 'are far too high.' The Republican president added India buys military equipment and oil from Russia, enabling Moscow's war in Ukraine. As a result, he intends to charge an additional 'penalty' starting on Friday as part of the launch of his administration's revised tariffs on multiple countries. Trump told reporters on Wednesday the two countries were still in the middle of negotiations on trade despite the tariffs slated to begin in a few days. 'We're talking to India now," the president said. "We'll see what happens.' The Indian government said Wednesday it's studying the implications of Trump's tariffs announcement. India and the U.S. have been engaged in negotiations on concluding a 'fair, balanced and mutually beneficial' bilateral trade agreement over the last few months, and New Delhi remains committed to that objective, India's Trade Ministry said in a statement. Trump on Wednesday also signed separate orders to tax imports of copper at 50% and justify his 50% tariffs on Brazil due to their criminal prosecution of former President Jair Bolsonaro and treatment of U.S. social media companies. Trump also signed an order saying that government now had the systems in place to close the tariff loophole on 'de minimis' shipments, which had enabled goods priced under $800 to enter America duty-free, largely from China. The South Korea agreement will impose a 15% tariff, instead of the 25% Trump had threatened. South Korea would also buy $100 billion in energy resources from the U.S. and provide $350 billion for 'investments owned and controlled by the United States, and selected by myself, as president,' Trump said. There is also an agreement with Pakistan that includes the development of its oil reserves. Meanwhile, Treasury Secretary Scott Bessent briefed Trump on trade talks with China. Trump's view on tariffs Trump's announcement comes after a slew of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia — all of which he said would open markets for American goods while enabling the U.S. to raise tax rates on imports. The president views tariff revenues as a way to help offset the budget deficit increases tied to his recent income tax cuts and generate more domestic factory jobs. While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in U.S. growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers. There's also the possibility of more tariffs coming on trade partners with Russia as well as on pharmaceutical drugs and computer chips. Kevin Hassett, director of the White House National Economic Council, said Trump and U.S. Trade Representative Jamieson Greer would announce the Russia-related tariff rates on India at a later date. Tariffs face European pushback Trump's approach of putting a 15% tariff on America's long-standing allies in the EU is also generating pushback, possibly causing European partners as well as Canada to seek alternatives to U.S. leadership on the world stage. French President Emmanuel Macron said Wednesday in the aftermath of the trade framework that Europe 'does not see itself sufficiently' as a global power, saying in a cabinet meeting that negotiations with the U.S. will continue as the agreement gets formalized. 'To be free, you have to be feared,' Macron said. 'We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.' Seeking a deeper partnership with India Washington has long sought to develop a deeper partnership with New Delhi, which is seen as a bulwark against China. Indian Prime Minister Narendra Modi has established a good working relationship with Trump, and the two leaders are likely to further boost cooperation between their countries. When Trump in February met with Modi, the U.S. president said that India would start buying American oil and natural gas. The new tariffs on India could complicate its goal of doubling bilateral trade with the U.S. to $500 billion by 2030. The two countries have had five rounds of negotiations for a bilateral trade agreement. While U.S. has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the country's population for livelihood, Indian officials said. The Census Bureau reported that the U.S. ran a $45.8 billion trade imbalance in goods with India last year, meaning it imported more than it exported. At a population exceeding 1.4 billion people, India is the world's largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine. The new tariffs could put India at a disadvantage in the U.S. market relative to Vietnam, Bangladesh and, possibly, China, said Ajay Sahai, director general of the Federation of Indian Export Organisations. 'We are back to square one as Trump hasn't spelled out what the penalties would be in addition to the tariff,' Sahai said. 'The demand for Indian goods is bound to be hit.' ___ Roy reported from New Delhi. Associated Press writers Samuel Petrequin in Paris, and Darlene Superville and Seung Min Kim in Washington contributed to this report. Josh Boak And Rajesh Roy, The Associated Press 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
8 minutes ago
- Yahoo
Trump Unleashes a Flurry of Trade Surprises on Eve of Deadline
(Bloomberg) -- President Donald Trump unleashed a series of tariff deals and demands on allies and adversaries alike on the eve of his Friday deadline aimed at establishing a new global trade order. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus We Should All Be Biking Along the Beach The US president on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan, and a painful 25% levy on imports from India that was accompanied by criticism of its purchases of Russian energy and weapons. Deals were also in the offing for Thailand and Cambodia after they agreed to a ceasefire Monday, buttressing Trump's self-professed goal of being seen as a global peacemaker. Trump also shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs. The onslaught comes on the eve of an Aug. 1 deadline, when the White House threatened reciprocal levies for countries without bilateral agreements, which most don't have. Trump has said rates globally will come in from 15% all the way to 50% — executing policies he believes will bring home manufacturing and raise government revenue, while giving him enormous leverage on countries whose exports depend on US consumers. 'Today we got a flurry of details and it's the case of the old saying: 'you can't see the forest for the trees,'' said Rob Subbaraman, chief economist at Nomura Holdings Inc. 'Stepping back, Trump has by and large followed through on his tariff threats. Right now it's just a lot of noise.' Most countries are still without a trade deal, and key details are scant for those who have one — including potential exemptions, investment promises and potential changes to rules of origin. The uncertainty and confusion amid the long rollout of Trump's new trade order has already hit global economic growth and weighed on investment, even as markets remain optimistic. 'These deals ramming against the clock — it's really not a good sign,' said Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis. The reach pushes countries to an agreement to avoid potentially higher levies, but could end up costing their economies more, she said. Meanwhile, the mood music between the US and China remains favorable for now. Speaking in the White House on Wednesday, Trump said the US will have a 'very fair deal with China.' Talks this week in Sweden strengthened trust between the two sides and boosted confidence in resolving economic disputes via discussions, the Communist Party's official newspaper said. The trade news wasn't limited to foreign countries. US consumers and small businesses will soon face higher costs on shipments, as Trump announced tariffs would apply from Aug. 29 on de minimis shipments, or imports that are below $800. Such shipments have been a boon for consumers and retailers, many of them in China, that ship products direct. A surprise reprieve for many Brazilian goods rallied its currency and stocks. Meantime, Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning, sending the peso higher. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Prospects for a better deal dimmed further when Trump posted on Truth Social that Canada's decision to back Palestinian statehood 'will make it very hard for us to make a Trade Deal with them.' For South Korea, the 15% includes autos, as well as a $350 billion South Korean fund for US investments including energy and shipbuilding. As with Japan, the US investments would be directed by Trump, the president said. And for both funds, 90% of the profits would flow back to the US, Commerce Secretary Howard Lutnick said in a post on X. For India, Trump threatened a still-undefined additional penalty over its purchases of Russian energy, on top of a 25% tariff on imports from the nation. Any move on Russian oil may come up in talks with China, given that Beijing also takes substantial volumes of Moscow's crude, which the US has targeted since its 2022 invasion of Ukraine. Oil was holding Thursday near the highest in almost six months. Russia Builds a New Web Around Kremlin's Handpicked Super App Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P.
CBS News
11 minutes ago
- CBS News
Woman found dead in car in Rocklin parking lot, police say
Authorities are investigating after a 21-year-old woman was found dead inside a vehicle in a Rocklin parking lot Wednesday afternoon. The Rocklin Police Department said officers responded to a call at 3:23 p.m. reporting an unresponsive woman along the 1000 block of Sunset Boulevard. When they arrived at the scene, officers located the woman inside the vehicle and confirmed she was dead. Police say there were no obvious signs of foul play, and the woman was found alone in the car. The Placer County Coroner's Office will release the woman's identity and determine the official cause of death.
