Trump plans Texas visit on Friday to survey flooding damage from ‘100-year catastrophe'
'This is a hundred-year catastrophe and it's just so horrible to watch,' Trump told reporters.
President Trump announced Sunday that later in the week, he plans to visit Texas' Hill County, where devastating floods have killed at least 80 people.
AP
Advertisement
Asked if he plans to head to the Lone Star State to survey the damage, Trump said he'll 'probably' go on Friday.
'I would've done it today but we just would've been in their way,' the president added.
This is a developing story. Please check back for more information.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
27 minutes ago
- Forbes
Paramount Settles Trump Suit For $16M With President's No-Tax Playbook
The Paramount logo is displayed at Columbia Square along Sunset Blvd in Hollywood, California on ... More March 9, 2023. (Photo by Patrick T. Fallon / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images) The news that Paramount settled with President Trump for $16 million over alleged 60 Minutes edits that Trump alleged favored then Vice President Kamala Harris prompted criticism from some in the media. When Harris was asked about the Biden administration's relationship with Israel's prime minister, CBS producers used different portions of her answer on two programs. One response was on CBS' 'Face the Nation,' with a shorter one on '60 Minutes.' Many in the media criticized Paramount, but like other lawsuits that Trump has settled, there was an interesting tax angle. The money goes to pay Trump's legal fees, and to his Presidential Library. Trump used the same technique in his $15 million settlement with ABC News over alleged defamation by George Stephanopoulos. Meta also settled with Trump, paying $25 million over suspending his social media accounts, and the funds once again were for legal fees and his Presidential Library. The widespread assumption is that this avoids taxes. In general, though, the IRS view is that settling a lawsuit by having the money paid to charity may not always be a 100% tax solution. In some cases, a plaintiff's request to have settlement funds paid to charity are viewed by the IRS as a payment first to the plaintiff, and then a contribution by him to charity. That may be subject to percentage income limits, which in some cases means that the whole charitable contribution deduction may not be available in the year of the settlement. Paying Trump's Legal Fees If the settlement pays legal bills that President Trump would otherwise owe, the IRS could call that taxable income. When someone discharges your liability, the IRS often views that as income, even you never handle the cash. Similarly, if Trump receives a reimbursement out of the Paramount settlement for legal fees that he has already paid, is that income? It depends on whether Trump has deducted the legal fees on his taxes that are later reimbursed. If he has deducted the fees, the IRS usually requires reimbursed amounts to be treated as income. Directing settlement money to charity can work in some cases, but even that is not foolproof, as noted above. And having the settlement agreement direct the money to someone else — say a friend or relative — usually does not avoid taxes to the plaintiff either. The IRS taxes the person who had a legal right to payment. Many plaintiffs win or settle a lawsuit only to be surprised that they have to pay taxes. Some don't realize it until tax time the following year when IRS Forms 1099 arrive in the mail. Taxes on legal settlements are based on the origin of your claim. If you get laid off at work and sue for wages, you'll be taxed as wages, usually with a portion on a Form 1099 for emotional distress. But the rules are full of exceptions and nuances, so be careful, how settlement awards are taxed. One limited exclusion from taxes applies to physical injury damages. Before 1996, all 'personal' damages were tax-free, so emotional distress and defamation produced tax-free recoveries. But since 1996, your injury must be 'physical.' Trump alleged that the the '60 Minutes' edits caused him mental anguish, but that clearly would not qualfy for a tax exclusion. The IRS treats mental anguish, as well as physical symptoms of emotional distress (like headaches and stomachaches) as taxable. There are many chicken or egg tax cases, and many plaintiffs take aggressive positions on their tax returns, trying to explain their IRS Form 1099. Haggling over tax details before you sign and settle is best. Such agreements aren't binding on the IRS or the courts in later tax disputes, but they are usually not ignored by the IRS. Most legal disputes involve multiple issues. You might claim that the defendant kept your laptop, frittered away your trust fund, underpaid you, failed to reimburse you for a business trip, or other items. Even if your dispute relates to one course of conduct, there's a good chance the total settlement involves several types of consideration. How Legal Fees Are Taxed How legal fees are taxed is tricky too. If you are the plaintiff and use a contingent fee lawyer, you'll be treated (for tax purposes) as receiving 100% of the money recovered by you and your attorney, even if the defendant pays your lawyer directly. If your case is fully nontaxable (say an auto accident in which you are injured), that shouldn't cause any tax problems. But if your recovery is taxable, watch out. Say you settle a suit for intentional infliction of emotional distress against your neighbor for $100,000, and your lawyer keeps $40,000. You might think you'd have $60,000 of income. Instead, you'll have $100,000 of income. In 2005, the U.S. Supreme Court held in Commissioner v. Banks, that plaintiffs generally have income equal to 100% of their recoveries. even if their lawyers take a share. How about deducting the legal fees? In 2004, Congress enacted an above the line deduction for legal fees in employment claims and certain whistleblower claims. But outside these two areas, in some cases it is very difficult to find a deduction for legal fees. Tax advice early before the case settles and the settlement agreement is signed is best. Fortunately, there are often ways to deduct legal fees even under the new law. Punitive Damages & Interest Punitive damages and interest are always taxable. If you are injured in a car crash and collect $50,000 in compensatory damages and $5 million in punitive damages, the former is tax-free. But the $5 million is fully taxable, and you can have trouble deducting your attorney fees. The same occurs with interest. You might receive a tax-free settlement or judgment, but pre-judgment or post-judgment interest is always taxable (and can produce attorney fee problems). Sometimes, that can make it attractive to settle your case rather than going to judgment.
Forbes
32 minutes ago
- Forbes
See Trump's Major Tariff Flip-Flops—As President Floats New Fees On BRICS Countries
Feb. 7 Trump made his first public comments about imposing sweeping tariffs on foreign imports—after already announcing separate tariffs on goods from China, Canada and Mexico—telling reporters he wanted reciprocal tariffs that match the duties countries levy on American goods, saying he wants to make sure 'we're treated evenly' and that 'we don't want any more, any less.' Feb. 13 Trump signed a memorandum directing his administration to fix its 'non-reciprocal trade arrangements' with other countries by 'determining the equivalent of a reciprocal tariff with respect to each foreign trading partner,' taking into account what tariffs a country levies on American goods, but also related costs like value-added taxes and nontariff trade barriers like regulations that make it harder for the U.S. to import their goods. March 26 The Trump administration announced 25% tariffs on imported cars to be imposed starting April 3, with an extension to imported auto parts starting May 3, as Trump suggested the levies would accelerate 'tremendous growth in the automobile industry' as automakers build more U.S.-based plants. March 27 Trump indicated his auto tariffs would be 'permanent' throughout his second term. March 31 White House Press Secretary Karoline Leavitt told reporters there would be 'no exemptions at this time' to Trump's impending tariffs on foreign goods. April 2 Trump rolled out his tariff policy at a 'Liberation Day' event at the White House, releasing details of the plan that showed nearly all countries (even uninhabited ones) facing tariffs ranging from 10% and 50%—but the Trump administration appeared to calculate by just dividing a country's trade surplus with the U.S. by its export value, rather than the more sophisticated formula the administration claimed (flip-flop No.1 ). Contrary to Leavitt's March 31 comments, the executive order imposing the tariffs exempted 'copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, and energy and energy products' (flip-flop No. 2). Trump also backtracked on his previous commitment for the U.S. to charge reciprocal tariffs matching the ones other countries impose on American goods, saying in his speech the administration would instead 'charge them approximately half of what … [other countries] have been charging us, so the tariffs will be not a full reciprocal,' adding, 'I could have done that, I guess, but it would have been tough for a lot of countries and we didn't want to do that' (flip-flop No. 3). April 3, 4 p.m. EDT Trump trade adviser Peter Navarro denied to CNBC that Trump intended to negotiate his tariffs with other countries—saying, 'This is not a negotiation. This is not that. This is a national emergency'—after Lutnick told CNN earlier that day Trump was 'not going to back off' his tariffs. April 3, 5 p.m. EDT Trump told reporters aboard Air Force One he was open to negotiating the tariffs—less than an hour after Navarro's comments—saying the U.S. has 'great power to negotiate' because of the tariffs and he was open to making a deal 'if somebody said that we're going to give you something that's so phenomenal, as long as they're giving us something that's good' (flip-flop No. 4). April 4, 8:44 a.m. EDT Trump insisted he wouldn't back off his tariff policy, writing on Truth Social, 'TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE.' April 6, 9-11:30 a.m. EDT Multiple Trump advisers suggested on Sunday shows Trump will not back off his tariffs for the foreseeable future, with Treasury Secretary Scott Bessent telling 'Meet the Press' the tariffs are 'not the kind of thing you can negotiate away in days or weeks' and Lutnick telling CBS News 'there is no postponing' the tariffs taking effect. Trump aides also suggested the president was open to negotiations, however, with White House economic adviser Kevin Hassett telling ABC News 'more than 50 countries' have reached out about starting talks, while Bessent said negotiations were 'gonna be a decision for President Trump, but … he's created maximum leverage for himself' (flip-flop No. 5). Lutnick seemingly doubled down on tariffs being imposed on smartphone imports, despite the tariffs causing Apple's stock price to decline, telling CBS, 'The army of millions and millions of human beings screwing in little, little screws to make iPhones, that kind of thing is going to come to America.' April 7, 11:14 a.m. EDT Trump threatened additional 50% tariffs on China in response to Beijing retaliating against his tariffs and said 'all talks' with the country's government 'will be terminated,' but said his administration would begin tariff negotiations 'immediately' with other countries that have reached out—with Bessent then confirming shortly after the president had directed him to begin negotiations with Japan. April 7, 3 p.m. EDT Speaking to reporters in the Oval Office, Trump said he was 'not looking at' pausing his tariffs, and, when asked if his tariffs were permanent or if they could be negotiated, said, 'Both can be true,' adding, 'There can be permanent tariffs, and there can also be negotiations.' The president also insisted he would move forward with his tariff agenda despite them roiling the stock market, saying, 'No other president would be willing to do what I'm doing,' but 'I don't mind going through it because I see a beautiful picture at the end.' April 8 Trump trade representative Jamieson Greer testified to the Senate Finance Committee the White House 'will have the president's plan go into effect' on April 9 as scheduled—denying there would be any delay—but the government was 'coupling that with immediate negotiations.' April 8, 1 p.m. EDT Leavitt told reporters during a press briefing that Trump has directed his trade team to 'have tailor-made trade deals with each and every country that calls up this administration to strike a deal,' and emphasized Trump intended to bring manufacturing of tech products to the U.S., saying the president 'absolutely' thinks iPhones and other products could be made in the U.S. and Trump 'believes we have the labor, we have the workforce, we have the resources to do it.' April 9, 9:33 a.m. EDT Trump told Americans to 'BE COOL' after the stock market plunged in response to his tariffs taking effect at 12:01 a.m. EDT, writing on Truth Social, 'Everything is going to work out well,' and later urging Americans to buy stock and for companies to move their operations to the U.S. April 9, 1:18 p.m. EDT In a stunning about face, Trump announced on Truth Social he was pausing the worst of his tariffs on most countries for 90 days, though he would continue a baseline 10% tariff rate and raise his tariffs on most Chinese goods by 125%. (flip-flop No. 6). Trump officials suggested immediately after his announcement the pause was part of the president's negotiating strategy, with Bessent telling reporters, 'This was his strategy all along' and Trump 'goaded China into a bad position,' while Leavitt told reporters, 'Many of you in the media clearly missed the art of the deal.' The president almost immediately contradicted those comments, telling reporters later Wednesday he had decided to pause the tariffs because 'people were jumping a little bit out of line. They were getting yippy,' also saying his plan to pause the tariffs 'probably came together early this morning,' after the tariffs had taken effect (flip-flop No. 7). April 9, 3 p.m. EDT Trump also told reporters in the Oval Office he still intends to impose additional tariffs on pharmaceuticals as well as semiconductor chips, saying the U.S. will build a chips factory that 'will be one of the largest plants in the world' and everything needed in order to approve it will be 'done in a matter of months.' April 10, 11 a.m. EDT Trump stood by his tariff policy as markets went down again after an initial rally in response to the 90-day pause, saying at a Cabinet meeting, 'We think we're in very good shape. We think we're doing very well. Again, there'll be a transition cost and transition problems, but in the end, it's going to be a beautiful thing.' April 11, 5 p.m. EDT Trump told reporters on Air Force One he thinks his 10% baseline tariff rate is likely 'the floor,' though there 'could be a couple of exceptions,' also saying he's 'very comfortable now' with at least 145% tariffs on Chinese imports while still leaving room for negotiations. April 11, 10:36 p.m. EDT U.S. Customs and Border Protection issued 'Reciprocal Tariff Exclusion' guidance saying smartphones, computers and other electronic devices were now exempt from the tariffs, countering the previous statements from Trump and his officials suggesting they wanted to move such manufacturing to the U.S. (flip-flop No. 8). April 12 The White House said in response to the exemption on tech products the administration still wants to move manufacturing of those products to the U.S., with Leavitt saying in a statement, 'President Trump has made it clear America cannot rely on China to manufacture critical technologies such as semiconductors, chips, smartphones, and laptops … these companies are hustling to onshore their manufacturing in the United States as soon as possible.' April 13, 9 a.m. EDT Lutnick told ABC's 'This Week' the exemption on semiconductors and other goods is only temporary, claiming Trump is still crafting tariffs on tech goods and pharmaceuticals that will be rolled out 'in probably a month or two.' April 13, 3:36 p.m. EDT Trump claimed on Truth Social that contrary to the customs announcement, there was 'no Tariff 'exception' announced on Friday' and the tariffs on smartphones and other goods are 'just moving to a different Tariff 'bucket,' adding his administration will be 'taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations' (flip-flop No. 9). Later in the day, Trump told reporters aboard Air Force One that he would soon announce tariff rates for chips, semiconductors and pharmaceuticals, also promising that tariffs would be restored for electronics 'very soon,' but he would also 'talk to companies,' arguing, 'You have to show a certain flexibility. Nobody should be so rigid.' April 14 Trump told reporters he would consider pausing his tariffs on automobiles as he noted some automakers moved production to the U.S., saying, 'I'm looking at something to help some of the car companies, where they're shifting to parts that were made in Canada, Mexico and other places.' April 17, 4 p.m. EDT Trump told reporters his administration is 'going to make a deal with everybody' on trade and he thinks the deals will be 'concluded' 'over the next three or four weeks,' adding, 'At a certain point, if we don't make a deal we'll just set a limit, we'll set a tariff … and we'll say, 'Come in and shop.'' Trump also told reporters that day he'll 'make a very good deal with China' and he's '100 percent' sure the U.S. can make a trade deal with the European Union, adding he's 'in no rush' to announce deals with specific countries. April 22, 4 p.m. EDT Trump told reporters he won't play 'hard ball' with China in their tariff negotiations and floated that he could lower his punishing 145% tariff rate on Chinese imports, saying it is 'very high' and the rate will 'come down substantially, but it won't be zero'—contradicting his previous comments that he's 'comfortable' with where the tariffs now stand (flip-flop No. 10). April 23, 11 a.m. EDT Bessent countered Trump's comments about lowering China's tariffs, telling reporters Trump had not made any offer to unilaterally lower the tariff rate on Chinese goods—though he added, 'I don't think either side believes that the current tariff levels are sustainable, so I would not be surprised if they went down in a mutual way.' The president and his treasury secretary also conflicted on whether the U.S. is already in trade negotiations with China: Trump told reporters his administration is 'actively' talking with China, while Bessent told reporters in a separate appearance that 'both sides are waiting to speak to the other,' adding when asked if that meant the two countries aren't in trade discussions, 'Not yet.' April 29 Trump signed an executive order exempting companies paying the 25% tariff on imported cars and auto parts from paying other tariffs, such as those on steel and aluminum (flip-flop No. 11). Companies will also receive a reimbursement on tariffs for imported parts equal to up to 3.75% of the value of a new car in the first year and 2.5% of the car's value in the second year before it's phased out, multiple outlets reported. May 6, 12 p.m. EDT Trump tamped down hopes of imminent trade deals with other countries in comments to reporters, complaining about people asking, 'How many deals are you signing this week?' and suggesting his officials were misspeaking about wanting to sign deals with every country who asks—despite previously saying he would make deals with 'everybody.' (flip-flop No. 12). 'I think my people haven't made it clear, we will sign some deals,' Trump told reporters, 'but much bigger than that is we're going to put down the price that people are going to have to pay to shop in the United States. Think of us as a super luxury store, a store that has the goods.' The president also suggested to reporters he did not feel any urgency to start negotiating with China, claiming the U.S. is 'losing nothing' by not trading with Beijing and answering 'no' when asked if he would bring the tariff rate on Chinese goods down in order to start negotiations. May 6, 7 p.m. EDT Shortly after Trump's comments, however, Bessent and Greer said they would participate in discussions with Chinese officials in Switzerland over the weekend—which Beijing claims the Trump administration requested, though Trump later denied that (flip-flop No. 13). May 8 Trump announced his administration's first trade deal—or at least the framework for one—which was made with the United Kingdom, and still leaves the 10% baseline tariff on U.K. imports in place. May 9, 7:26 a.m. EDT Trump floated a potential 80% tariff rate on Chinese imports, writing on Truth Social, '80% Tariff on China seems right! Up to Scott B.'—after floating to reporters the day before he was now open to lowering tariffs on China, saying that if negotiations over the weekend went well, 'You know [the tariff rate is] coming down' (flip-flop No. 14). May 9, 1 p.m. EDT Leavitt told reporters Trump's 10% tariffs on foreign goods will be permanent even after the Trump administration completes trade deals with other countries, saying the president is 'determined to continue with that 10% baseline tariff.' May 12 After suggesting Sunday they had reached some kind of agreement, Bessent and Chinese officials announced Monday a 90-day pause on the worst of the two countries' tariffs on the other's goods, with the U.S. lowering its tariff rate on most Chinese goods to a combined 30%, which includes both the 'Liberation Day' tariffs and the 20% tariffs the Trump administration had previously imposed—and is far below the 80% figure Trump floated (flip-flop No. 15). May 16 Trump suggested he will reimpose new tariff rates without completing trade deals with other countries—despite the White House claiming he would offer trade deals to 'each and every country that calls up this administration to strike a deal'—telling reporters, 'We have ... 150 countries that want to make a deal, but you're not able to see that many countries' (flip-flop No. 16). The president suggested Lutnick and Bessent will be 'sending letters out' in the coming weeks to foreign governments that the administration won't reach trade deals with, in which the Trump administration will 'be telling people what they'll be paying to do business in the United States.' May 18 Bessent told CNN the Trump administration is largely focused on negotiating with just 18 key trading partners and backtracked on Trump's claim letters imposing new tariff rates will be sent out to other countries the Trump administration doesn't have time to negotiate with, telling CNN and 'Meet the Press' that letters will only be sent to nations who don't negotiate in 'good faith' informing them their tariffs will return to their previous April 2 rates (flip-flop No. 17). Bessent also suggested for the first time that the Trump administration could impose blanket tariff rates on different global regions, such as central America or parts of Africa. May 19 Hassett claimed Monday to Fox Business the Trump administration has a 'number of deals' on the table that could be finalized over the next two weeks, suggesting those could serve as a template for other countries' trade deals with the U.S., and echoed Bessent in suggesting the Trump administration will reimpose its April 2 tariff rates on any countries who don't reach deals. May 23, 7:19 a.m. EDT After previously reversing his tariffs on Apple products, Trump threatened 25% tariffs on iPhones in an early morning Truth Social post, saying he will impose the tariff on Apple if its phones being sold in the U.S. are not 'manufactured and built in the United States, not India, or anyplace else' (flip-flop No. 18). May 23, 7:43 a.m. EDT The president also threatened new 50% tariffs on imports from the European Union starting June 1, writing on Truth Social that the bloc 'has been very difficult to deal with' and claiming, 'Our discussions with them are going nowhere!' (flip-flop No. 19). May 23, 9:30 a.m. EDT After Hassett previously suggested that deals with other countries could be announced imminently in the coming weeks, Bessent offered a more pessimistic view, telling Fox News only that he expects there to be 'more and more' deals announced 'as we approach the end of the 90-day period,' which doesn't expire until July (flip-flop No. 20). May 25 Following a call with European Commission President Ursula von der Leyen, Trump said he would postpone imposing 50% tariffs on the European Union to July 9, stating he would 'rapidly get together' with European leaders to 'see if we can work something out' (flip-flop No. 21). May 28 Trump was asked about criticism he's 'chicken[ed] out' by backing down from the harsher tariff rates he imposed, which the president called a 'nasty question,' claiming about his decision to set high tariff rates and then lower them, 'It's called negotiations.' 'You set a number' so it will go down, Trump said, adding he thought the 145% tariff rate that was in place for Chinese imports was 'high' and suggesting he set the 50% tariff rate on the EU in order to get it to the negotiating table—with Trump going on to muse that he'll face criticism calling him 'chicken' if he negotiates with Europe and gets its tariffs down to a more 'reasonable' rate. May 30 Trump announced a raise on steel tariffs from 25% to 50% during an event in Pennsylvania, saying the new rate would go into effect on June 4 (flip-flop No. 22). June 4 The steel and aluminum tariff hike took effect, raising import fees on those products to 50%—except for those from the U.K., which will faces a lower 25% tariff rate thanks to the trade deal the country's government reached with the Trump administration. June 11 Bessent testified to House lawmakers it's 'highly likely' Trump will extend his tariff pause in order to complete negotiations with trading partners, claiming the administration is prepared to 'roll the date forward,' while Trump told reporters later that day he wouldn't rule out an extension. (flip-flop No. 23) June 27 Trump said his administration can 'do whatever we want' on the tariff deadline, saying, 'We could extend it, we could make it shorter,' and claimed the White House would send out letters to other countries 'over the next week and a half or so, or maybe before,' in which the administration is 'just going to tell them what they have to pay to do business in the United States.' June 30 Bessent then suggested tariff rates for any countries who don't reach deals could return to the initial April 2 levels, telling Bloomberg TV that other countries negotiating with the administration 'should be aware that if we can't get across the line because they are being recalcitrant, then we could spring back to the April 2 levels.' July 2 Trump announced the U.S. had reached a trade deal with Vietnam, in which goods from the country will receive a 20% tariff, with 40% for goods that pass through Vietnam from other countries like China. July 3 Bessent told Bloomberg TV there are likely to be a 'flurry' of deals made before the July 9 deadline and that approximately 100 countries would receive a 10% tariff rate on their goods, which Reuters notes would be fewer than the number of countries that were slated to get 10% tariffs before the 90-day pause. Trump told reporters he would start sending out letters Friday to other countries imposing new tariff rates, which he said would range from 'maybe 60 or 70% tariffs' to '10 or 20%'—suggesting he could pose significantly higher tariff rates for some countries than what he first proposed on 'Liberation Day,' when rates maxed out at 50% (flip-flop No. 24). The president also suggested countries would have to start paying their new tariff rates on August 1 'in pretty much all cases,' rather than when the 90-day pause is set to expire July 9. July 6, 10:12 p.m. EDT Trump announced on Truth Social his administration would start sending 'letters and/or deals' on tariffs to other countries starting at noon the following day, pushing back the timeline after he previously promised they would start being sent on July 4 (flip-flop No. 25). The president also threatened additional 10% tariffs on 'any Country aligning themselves with the Anti-American policies of BRICS'—referring to the bloc that includes Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran—as the organization is expected to decry Trump's tariffs at its summit in Brazil (flip-flop No. 26). Get Forbes Breaking News Text Alerts: We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here . Trump's frequent flip-flopping on tariffs—and taking rates down after the markets get spooked—has earned him the nickname of 'TACO Trump' on Wall Street, which stands for 'Trump always chickens out.' Trump has called the nickname 'nasty' and White House spokesperson Kush Desai decried it as 'asinine' in a statement to The Washington Post. The moniker and belief that Trump will back off his worst tariff threats has stuck around, however, with Deutsche Bank strategists on Tuesday raising their forecasts for the S&P 500 index based on the belief Trump has 'already relented' on tariffs and there will be 'further relents' in the future. Democrats have also seized on the 'TACO Trump' nickname, with the Democratic National Committee parking a taco truck—adorned with a poster of Trump wearing a chicken suit—outside the Republican National Committee's D.C. office. 'You know, if I set a number, a ridiculous high number, and I go down a little bit, a little bit, they want me to hold that number,' Trump told reporters in May as he railed against the 'TACO Trump' name and the suggestion he was 'chickening out' by lowering tariff rates. Referring to the 145% tariff rate previously in place on Chinese goods, Trump continued, 'You know, 145% tariff, even I said, 'Man, that really got up … Whoa, that's high. That's high.'' Two courts have already ruled that Trump's 'Liberation Day' tariffs are unlawful and the president exceeded his authority by imposing them. The tariffs remain in place, however, as appeals courts then put those rulings on hold while the litigation plays out. The appeals court is scheduled to hold oral arguments on July 31 on the most sweeping lawsuit over the tariffs, so there won't be any changes to the tariffs' legality before that date. Plaintiffs in one of the lawsuits over the tariffs asked the Supreme Court to take up the issue on an urgent timeline, requesting that justices hear oral arguments over the tariffs' legality as soon as their next term begins, or even sooner. The court rejected that request, however, so while it's still possible the Supreme Court will ultimately decide whether Trump's tariffs are legal, they won't be doing so within the coming months. Trump and other officials still haven't yet suggested what specific countries could still reach deals with the Trump administration or have high tariff rates imposed on them, and it's ultimately still unclear what the tariff rates will look like when the 90-day deadline runs out this week. The trade deals aren't expected to completely get rid of tariffs on any country, however, as Lutnick claimed after the trade deal with the U.K. was announced that for countries that have trade deficits with the U.S., 'The best they can do is 10%—most likely they'll be higher.' While Trump has threatened tariffs on iPhones and EU goods, it remains to be seen if those will take effect and how long they'll stay in effect, and whether more goods could be either tariffed or exempted from the tariffs. No tariffs have yet been imposed on critical imports like semiconductors, as Lutnick and Trump claimed would be implemented, but they still could impose them in the future. Democratic lawmakers have asked the Trump administration to exempt baby products from its tariffs, which Bessent testified was 'under consideration.' Democrats have decried the constant changes in Trump's tariff policy, which they argue further harm the economy. 'The White House has no idea what it's doing on tariffs and keeps flip flopping. Lutnick now says the tariff exemptions on, for example iPhones, are temporary. Why even do an exemption if you're going to reverse it soon?' Rep. Ted Lieu, D-Calif., said on X on April 13. The White House 'has no strategy, and is rapidly losing credibility.' Trump has long touted tariffs as a cornerstone of his policy agenda, making them a centerpiece of his campaign and repeatedly pledging to put them in effect. His flip-flopping on the 'Liberation Day' tariffs comes after Trump previously shifted his stance in how he handled tariffs on Mexico and Canada, initially announcing hours after his inauguration that he would impose 25% tariffs on Canada and Mexico on Feb. 1, which briefly took effect before he ultimately paused them for 30 days on Feb. 3. The tariffs then took effect again on March 4, though Trump later paused tariffs on automobiles and exempted many products from the tariffs on March 6. Trump has charged forward with his tariff plans despite longstanding warnings from economists that doing so would raise prices for American consumers and harm the economy, which have played out as the tariffs have taken effect, roiling the stock market and leading economic experts to warn of a looming recession.
New York Post
33 minutes ago
- New York Post
Trump threatens additional 10% tariff on ‘anti-American' BRICS nations: ‘No exceptions'
President Donald Trump threatened to impose an additional 10% tariff on any country that aligns itself with what he described as the 'Anti-American policies of BRICS,' intensifying global trade tensions as the bloc of developing nations holds its summit in Rio de Janeiro, Brazil. 'Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,' Trump wrote Sunday evening on Truth Social. Trump did not elaborate on which specific policies of BRICS — whose original members include Brazil, Russia, India and China — he considered anti-American. The bloc, formed in 2009, later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, the United Arab Emirates and Indonesia as members. In December, Trump threatened 100% tariffs on BRICS if member nations decided to issue their own currency — a move aimed at potentially undermining the US dollar. 4 President Donald Trump has threatened to impose an additional 10% tariff on any country that aligns itself with what he described as the 'Anti-American policies of BRICS.' Getty Images His comment on Sunday came shortly after BRICS leaders issued a joint statement appearing to criticize Trump's protectionist trade policies. Without naming the US directly, the statement expressed 'serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules,' warning that 'the proliferation of trade-restrictive actions' could disrupt the global economy and exacerbate existing inequalities. The bloc further warned against 'unjustified unilateral protectionist measures, including the indiscriminate increase of reciprocal tariffs.' Stephen Olson, a former US trade negotiator and current visiting senior fellow at the ISEAS-Yusof Ishak Institute, told CNBC that Trump may have been provoked by the BRICS joint statement. 4 BRICS is an international grouping of major emerging economies originally composed of Brazil, Russia, India, China, and South Africa. The nations' leaders are meeting in Rio de Janeiro for their summit. REUTERS According to Olson, the president's reference to 'anti-American' policies may be a response to 'the desire expressed by BRICS members to move beyond a US-led world order in finance and global governance.' However, Olson added that how such alignment would be assessed was 'anyone's guess.' The bloc describes itself as 'a political and diplomatic coordination forum for countries from the Global South and for coordination in the most diverse areas.' According to the Carnegie Endowment for International Peace, the group seeks to challenge Western-led institutions in global economic governance and reduce reliance on the US dollar. In a symbolic show of solidarity, BRICS leaders also condemned military strikes on fellow member Iran, without naming the US or Israel, which carried out the attacks. Chinese President Xi Jinping is being represented by Premier Li Qiang at this year's summit in Rio, while Russian President Vladimir Putin, under an arrest warrant from the International Criminal Court, attended the meeting virtually. 4 In December, then-President-elect Trump threatened 100% tariffs on BRICS if member nations decided to issue their own currency. REUTERS China responded to Trump's new tariff threat at a regular press briefing on Monday. 'China has been consistent in opposing any tariff war, trade war,' and warned that 'arbitrarily slapping tariffs does not serve the interests of any party,' a spokesperson for the Chinese foreign ministry said. She added that China opposed the use of tariffs as 'a tool to coerce others,' according to CNBC's translation of her comments from Mandarin. The new threat from Trump comes as the White House prepares to finalize and deliver letters to trading partners detailing country-specific tariff rates. Trump confirmed that the US would begin sending the letters on Monday, a move that aligns with recent comments by Treasury Secretary Scott Bessent. The Trump administration announced earlier this year that steep reciprocal tariffs, first unveiled in April, would take effect on Aug. 1 for countries that fail to reach trade agreements with the US. 4 BRICS nations criticized Trump's protectionist trade policies. The image above shows containers in Surabaya, Indonesia. AFP via Getty Images A 90-day pause on the tariffs, announced in April, is set to expire on Wednesday. The pause had been instituted just days after the tariff plan was first made public, raising concerns among investors and US trading partners. Bessent pushed back on the idea that the Aug. 1 date was a shifting deadline. 'We are saying this is when it's happening, if you want to speed things up, have at it, if you want to go back to the old rate that's your choice,' Bessent said Sunday on CNN's 'State of the Union.' US stock futures were mixed early Monday morning, as investors reacted to Bessent's comments. Dow Jones Industrial Average futures rose 21 points, or 0.05%, to 45,119.00 before Monday's opening bell. In contrast, S&P 500 futures edged lower by 11.75 points, or 0.19%, to 6,312.50, while Nasdaq futures fell 72.50 points, or 0.31%, to 22,990.00. Oil prices also ticked slightly lower, with West Texas Intermediate crude down 0.08 to $66.92 per barrel, a 0.12% drop. Meanwhile, the yield on the US 10-year Treasury note climbed to 4.364%, up 0.024 percentage points, indicating investor movement into bonds amid the trade policy concerns.
