Senate could be forced stay in Washington despite August recess
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Yahoo
3 minutes ago
- Yahoo
US-China talks to restart as hopes grow for trade war truce extension
The US and China are due to start a fresh round of talks on Monday as expectations grow that the world's two biggest economies could agree a 90-day extension to their trade war truce. The meetings in Sweden - led on Washington's side by Treasury Secretary Scott Bessent and for Beijing by Vice Premier He Lifeng - come hours after US President Donald Trump announced a framework tariffs deal with the European Union. The current 90-day truce between the US and China - which saw the two countries temporarily lowering tariffs on each other - is set to end on 12 August. Since Trump returned to the White House in January, the US and China had raised import levies on each other to more than 100%. The current 90-day tariffs pause came after top officials from the US and China met in Geneva and London earlier this year. Last week, Bessent said talks with China were in "a very good place" and suggested the new round of talks could result in a second truce. On Monday, citing sources on both sides, the Hong Kong-based South China Morning Post reported that the US and China are expected to extend the truce by another three months. The BBC has contacted the Chinese embassy in the US and the US Treasury Department for comment. The latest US-China talks come after Washington struck deals with both the EU and Japan in the last week. On Sunday, Trump and European Commission President Ursula von der Leyen announced a trade agreement framework. It ended a months-long standoff between two of the world's biggest economic partners. Last week, Trump said Washington had agreed a "massive" trade deal with Tokyo. Under the agreement, Japan would invest $550bn (£407bn) in the US while its goods sold to America would be taxed at 15% when they reach the country - below the 25% tariff Trump had threatened. The US has also struck tariffs deals with the UK, Indonesia and Vietnam. At 10%, Britain has negotiated the lowest US tariff rate so far. No similar breakthrough is expected from the US-China talks this week but, with expectations of an extension to their truce, there are hopes that global trade will not be hit by fresh tariffs disruption. Asia is reeling from Trump's tariff salvo – is anyone winning? What the US-Japan deal means for Asia and the world Sign in to access your portfolio
Yahoo
3 minutes ago
- Yahoo
Vice President JD Vance is on the road again to sell the Republicans' big new tax law
COLUMBUS, Ohio (AP) — Vice President JD Vance is hitting his home state on Monday to continue promoting the GOP's sweeping tax-and-border bill. He will be in Canton, Ohio, to talk about the bill's 'benefits for hardworking American families and businesses,' according to his office. Aides offered little detail in advance about the visit, but NBC News reported that his remarks will take place at a steel plant in Canton, located about 60 miles south of Cleveland. The visit marks Vance's second trip this month to sell the package, filled with a hodgepodge of conservative priorities that Republicans have dubbed the 'One Big, Beautiful Bill' as the vice president becomes its chief promoter on the road. In West Pittston, Pennsylvania, Vance told attendees at an industrial machine shop that they should be able to keep more of their pay in their pockets, highlighting the law's new tax deductions on overtime. Vance also discussed a new children's savings program called Trump Accounts and how the new law promotes energy extraction, while decrying Democrats for opposing the bill that keeps the current tax rates, which would have otherwise expired later this year. The legislation cleared the GOP-controlled Congress by the narrowest of margins, with Vance breaking a tie vote in the Senate for the package that also sets aside hundreds of billions of dollars for Trump's immigration agenda while slashing Medicaid and food stamps. The vice president is also stepping up his public relations blitz on the bill as the White House tries to deflect attention away from the growing controversy over Jeffrey Epstein. The disgraced financier killed himself, authorities say, in a New York jail cell in 2019 as he awaited trial on sex trafficking charges. Trump and his top allies stoked conspiracy theories about Epstein's death before Trump returned to the White House and are now reckoning with the consequences of a Justice Department announcement earlier this month that Epstein did indeed die by suicide and that no further documents about the case would be released. Questions about the case continued to dog Trump in Scotland, where he on Sunday announced a framework trade deal with the European Union. Asked about the timing of the trade announcement and the Epstein case and whether it was correlated, Trump responded: 'You got to be kidding with that." 'No, had nothing to do with it,' Trump told the reporter. 'Only you would think that." The White House sees the new law as a clear political boon, sending Vance to promote it in swing congressional districts that will determine whether Republicans retain their House majority next year. The northeastern Pennsylvania stop is in the district represented by Republican Rep. Rob Bresnahan, a first-term lawmaker who knocked off a six-time Democratic incumbent last fall. On Monday, Vance will be in the district of Democratic Rep. Emilia Sykes, who is a top target for the National Republican Congressional Committee this cycle. Polls before the bill's passage showed that it largely remained unpopular, although the public approves of some individual provisions such as increasing the child tax credit and allowing workers to deduct more of their tips on taxes.
Associated Press
6 minutes ago
- Associated Press
Can his golf course 'further' US-UK relations? Trump will use meeting with prime minister to try
EDINBURGH, Scotland (AP) — President Donald Trump once suggested his golf course in Scotland 'furthers' the U.S.-U.K. relationship. Now he's getting the chance to prove it. British Prime Minister Keir Starmer is meeting Monday with Trump at a golf property owned by the president's family near Turnberry in southwestern Scotland — then later traveling to Abderdeen, on the country's northeast coast, where there's another Trump golf course and a third is opening soon. During his first term in 2019, Trump posted of his Turnberry property, 'Very proud of perhaps the greatest golf course anywhere in the world. Also, furthers U.K. relationship!' Starmer is not a golfer, but toggling between Trump's Scottish courses shows the outsized influence the president puts on properties bearing his name — and on golf's ability to shape geopolitics. While China initially responded to Trump's tariff threats by retaliating with high import taxes of its own on U.S. goods but has since begun negotiating easing trade tensions, Starmer and his country have taken a far softer approach. He's gone out of his way to work with Trump, flattering the president repeatedly during a February visit to the White House, and teaming up to announce a joint trade framework on tariffs for some key products in May. Starmer and Trump then signed a trade agreement during the G7 summit in Canada that freed the U.K.'s aerospace sector from U.S. tariffs and used quotas to reduce them on auto-related industries from 25% to 10% while increasing the amount of U.S. beef it pledged to import. The prime minister's office says Monday's meeting will also touch on Israel's war with Hamas in Gaza, and that it hopes to welcome the Trump administration working with officials in Qatar and Egypt to bring about a ceasefire. Starmer plans to stress the urgent need to cease the fighting and work to end starvation and other suffering occurring amid increasingly desperate circumstances in Gaza. Also on the agenda, according to Starmer's office, are efforts to promote a possible peace deal to end fighting in Russia's war with Ukraine — particularly efforts at forcing Russian President Vladimir Putin to the negotiating table in the next 50 days. Protesters, meanwhile, have planned a demonstration in Balmedie, near Trump's existing course, after demonstrators took to the streets on Saturday to decry the president's visit. Discussions with Starmer follow Trump meeting Sunday with European Commission chief Ursula von der Leyen at his Turnberry course. They announced a trade framework that will put 15% tariffs on most goods from both countries — though many major details remain pending. On Tuesday, Trump will be at the site of his new course near Aberdeen for an official ribbon cutting. It opens to the public on Aug. 13 and tee times are already for sale — with the course betting that a presidential visit can help boost sales. There are still lingering U.S.-Britain trade issues that need fine-tuning after the previous agreements, including the tariff rates Washington imposes on steel imported from the U.K. Even as some trade details linger and both leaders grapple with increasingly difficult choices in Gaza and Ukraine, however, Starmer's attempts to stay on Trump's good side appears to be working. 'The U.K. is very well-protected. You know why? Because I like them — that's their ultimate protection,' Trump said during the G7. Also likely to improve Trump's mood is the fact that the U.S. ran an $11.4 billion trade surplus with Britain last year, meaning it exported more to the U.K. than it imported. Census Bureau figures this year indicate that the surplus could grow. The president has for months railed against yawning U.S. trade deficits with key allies and sees tariffs as a way to try and close them in hurry. Trump is set to return to Britain in September for an unprecedented second state visit. Trump will be hosted then by King Charles III and Queen Camilla at Windsor Castle.
