Fresh clashes break out in Syria as the interim government struggles to ease tensions
In the north, government-affiliated fighters confronted Kurdish-led forces who control much of the region, while in the southern province of Sweida, they clashed with Druze armed groups.
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Forbes
5 minutes ago
- Forbes
President Trump's Anti-Growth Agenda Is Harming Families
President Trump loves the phrase promises made, promises kept. Without a major course correction, the President will fail to keep one of his most important promises to the American public – restoring economic prosperity. A post-election analysis from CBS News noted that 'two thirds of voters described the economy as bad, and those voters who did went big for Trump.' Voters trusted Trump over Harris because life had become unaffordable and future economic prospects seemed dim. And consistent with these perceptions, real median household income grew much faster during Trump's first term than during the Biden era. Unfortunately, voters will be severely disappointed based on the policies President Trump is pursuing. There are many examples. Two of the more disconcerting are his obsession with tariffs and his constant berating of U.S. businesses. Starting with the latter, Trump's targeting of the pharmaceutical industry that he consistently refers to as 'Big PhRMA' is troubling – not only for its impact on a major economic anchor for the U.S. economy, but also the precedent it sets for other industries. As I have addressed previously, there are problems with the U.S. drug pricing system that need to be corrected. However, the solution is not threats of price controls. Yet, on July 31st the President 'sent letters to leading pharmaceutical manufacturers outlining the steps they must take to bring down the prices of prescription drugs in the United States to match the lowest price offered in other developed nations.' Importantly, the President threatened the manufacturers 'that if they 'refuse to step up,' the federal government 'will deploy every tool in our arsenal'' to ensure that the President's will is enforced. These threats are not so veiled references to Trump's Most Favored Nation (MFN) proposal and higher tariffs on imported drugs. The MFN sets the price for a drug at the lowest price charged in other developed countries (OECD), each of which has price controls on drugs. The logic for implementing the MFN is simple – if patients in the U.K., EU, or Canada are paying less money for a drug then so should patients in the U.S. The only reason that the prices for innovative drugs in many OECD countries are lower than the U.S. is because they impose strict price controls and shirk their responsibility for covering the cost of innovation. By forcing these prices here, President Trump is threatening to impose price controls on drugs in the U.S. Making this policy even worse, the Administration consistently complains that 'Europeans are freeloading' and fail to cover their fair share of the costs it takes to create innovative drugs. And he is correct, but the MFN proposal does not end this freeloading. It turns the U.S. into a freeloader. There will be a high cost to patients should the U.S. become just another freeloader that includes diminished drug availability to current patients and reduced hope for new therapies for patients currently living with untreated diseases. Ironically, the policy could even raise total healthcare spending because the reduced drug availability will increase the need for more higher-cost healthcare services such as hospitalizations, surgeries, and emergency department visits. Then there is the signaling problem that arises when the leader of the U.S. government is openly threatening U.S. companies. This jawboning undermines one of our core competitive advantages – a pro-growth business environment grounded in the rule of law. The President's obsession with tariffs – whether on pharmaceuticals, steel, or all imports from a nation – are just as troubling. Tariffs are taxes on U.S. households and businesses. And with the opportunity to stockpile non-tariffed imports over, costs for families are now primed to increase. The tariffs will also raise costs for consumers on domestically produced goods because domestic businesses rely on imports to produce better and more affordable products. As MSNBC reported, 'Procter & Gamble and Walmart are explicitly raising prices because of tariffs.' Small businesses that have smaller margins and less ability to absorb the higher costs are also raising their prices. Facing increased costs, households will be forced to consume less. Particularly noteworthy, given the focus on lowering drug costs discussed above, the tariffs will increase the price of lower-cost generic medicines, which account for 90% of all medicines prescribed annually. Therefore, the President's tariff policies are working at cross purposes to his desire to reduce the costs of medicines for patients. The higher burden from tariffs will not be borne solely by families, domestic manufacturers and retailers of imported goods are also bearing some of these costs. These higher costs reduce the profitability of domestic businesses across a diverse array of industries including automobiles and pharmaceuticals. As the New York Times reported, 'General Motors, Stellantis, Tesla, Mercedes-Benz and Volkswagen have all cited tariffs as one of the main reasons their profits are falling.' The reduced sales and lower profitability is weakening the economy and diminishing employment opportunities – as demonstrated by the latest jobs report that so flustered President Trump. The lower growth environment will subsequently reduce the amount of investment in the U.S. economy. As a result, households across the country will see their earnings growth stagnate while their expenditures on both imported and domestically produced products will increase. Whether through trade or regulatory policies, the Trump Administration is pursuing a decidedly anti-growth policy agenda. The results are completely expected – a weaker economy with slower job growth and diminishing opportunities for families across the country. These outcomes break the fundamental promise that candidate Trump made while running for president – to restore prosperity.
Yahoo
6 minutes ago
- Yahoo
After a blown deadline, what next for US-Canada trade?
A self-imposed deadline for a new US-Canada trade deal came and went on Friday. So what happens next for these two deeply entwined neighbours? Canada and the US have been locked in a tariff war for six months and, despite talk of "intense" negotiations in recent weeks, a trade agreement remains elusive. Both President Donald Trump and Prime Minister Mark Carney have poured cold water on the idea they will reach a quick, and tariff-free, deal. And Trump's open criticism of Canada's move to recognise a Palestinian state dashed hopes for a last-minute agreement earlier this week. The pessimism marks a shift in tone from as recently as June's G7 meeting, when the two leaders set themselves the summer deadline. Canadian negotiators have come to the conclusion that "it's not the end of the world" if a quick deal isn't reached and "that quality over speed and a rushed agreement matters a lot", said Fen Hampson, a professor of international affairs at Carleton University in Ottawa. Carney - who has been tight-lipped about the negotiation details - has said as much himself, repeating that just "any deal" won't do. Still, there are pressures on both sides to give businesses a reprieve. Conservative leader Pierre Poilievre said on Friday he shares "Canadians' disappointment" that a deal was not reached by the deadline. He urged Carney's Liberals to do more to "take back control of our economic future". Canada is now facing a 35% tariff rate, though there is a carve out for goods compliant under a current free trade deal. American global tariffs on steel, aluminium, autos and auto parts are hurting, as the US is a top market for those sectors. On Sunday, Canada's minister for US-Canada trade Dominic LeBlanc told the BBC's US partner CBS News that trade talks will continue, and that negotiations so far have been "informative, constructive and cordial." LeBlanc added he expects Carney and Trump to speak again in the coming days. "We think there is an option of striking a deal that will bring down some of these tariffs, and provide greater certainty to investment," he said. The Trump administration has justified those tariffs by claiming a lack of co-operation on stemming the flow of illicit drugs like fentanyl. Canada denies that, noting about 1% of US fentanyl imports originate in Canada. It has also brought in new border protections and a "fentanyl czar" in recent months in an effort to address Trump's concerns. Threatened tariffs on copper and the expected end of a global tariff exemption used by shoppers of goods under $800 could also pinch. Canada has responded with C$60bn ($43.3bn; £32.3bn) in counter tariffs on various American goods - the only country along with China to directly retaliate against Trump. "It comes as no surprise that businesses are craving certainty after months and months of tumultuous announcements," said Catherine Fortin-Lefaivre, vice-president of international policy and global partnership at the Canadian Chamber of Commerce. "But at the same time, they're not craving certainty at the expense of a really bad deal." A few factors give Canada some breathing room. On paper, it looks like the country is facing a severe tariff rate from the US, but trade is currently more free than the levies suggest at first glance. In March, Trump announced a tariffs reprieve on goods compliant with the Canada–United States–Mexico Agreement, known in Canada as CUSMA and the US as the USMCA. That deal - negotiated during Trump's first term in office - came into force five years ago. Almost 90% of Canadian exports to the US are ultimately able to cross the border duty free, if firms file out necessary paperwork, under that agreement. "That has given us a buffer, no question about it, that other countries don't have right now," said Prof Hampson. It means Canada is overall paying a much lower tariff rate than many of the deals already inked with the US, like the EU, South Korea and Japan at 15%, or Indonesia and the Philippines at 19%. Ottawa has also brought in some relief programmes for affected industries and has also collected about C$1.5bn more in import duties than in the same period last year, due to the counter tariffs. Why Trump's global tariffs 'victory' may well come at a high price See the Trump tariffs list by country Five things now pricier in Canada due to tariffs 'In business, indecision is killer' - Canadian firms seek certainty And while in the US consumer confidence is up and prices there have remained contained, it helps Canada's negotiating position if they can wait for Americans to start feeling the pain of tariffs. "It's Americans who are going to squawk," said Prof Hampson. Ms Fortin-Lefaivre predicts US businesses, especially smaller firms that don't have the same resources to withstand them, will be pressuring political leaders. "So that pressure could play to our advantage," she said. Canadians also appear willing to give the new prime minister some leeway. Opinion polls suggest they are generally satisfied with his handling of trade. Carney "understands that doing what's best for the economy right now is actually what's best for him politically", Martha Hall Findlay, director of the University of Calgary's School of Public Policy and a former Liberal MP, told the BBC. Trump has said he is imposing tariffs to boost domestic manufacturing, open overseas markets and raise money for the government. He is also using them to push countries like Canada on a range of non-trade issues, including military spending. In the last few weeks, Ottawa has significantly ramped up its defence spending, boosted security at the shared border and killed a digital tax opposed by American tech firms. Those moves show Canada is "doing what the Americans wanted us to do", said Ms Fortin-Lefaivre. She hopes Canadian negotiators are pushing for tariffs to be as low as possible, as well as working to ensure the two deeply integrated supply chains are able to continue working together. Canada is pressing for relief on the 50% steel and aluminium tariffs, which are squeezing US automakers. And on Thursday, Treasury Secretary Scott Bessent signalled in an interview with CNBC that is an option on the table. Trump meanwhile, has raised a number of longstanding trade irritants besides fentanyl, including Canada's protections around its dairy industry. Ottawa has previously warned of more countermeasures to come if talks collapse, though political appetite for that may be waning. Retaliatory tariffs "haven't seemed to have had the kind of impact that we would hope for", British Columbia Premier David Eby recently told Bloomberg. On retaliation, Prof Hampson said: "The Americans have escalation dominance here. So you want to be smart about it." A spokesperson for Carney declined to say whether more countermeasures remained on the table. Meanwhile, Canadian negotiators have been in Washington most of this week and keep pushing talks forward, with the minister responsible for Canada-US trade saying on Friday an acceptable agreement "was not yet in sight". "We all crave the certainty of a deal," said Ms Fortin-Lefaivre. But research by her business group suggests firms are making contingency plans. Almost 40% of goods exporters have already diversified suppliers outside the US, and 28% have diversified buyers. They are also looking ahead to what may be more challenging talks with CUSMA, which has proven a critical backstop, as it is up for review next year. It is all part of a wider push by the country to diversify trade away from the US, pull down barriers that have hindered trade between provinces, and press forward more quickly on major projects. The economic links between the two countries will stay strong - Canada will still be one of the largest trading partners and economic and security allies of the US. But the irony is that Trump's threats may be "forcing Canada to understand we have to get our own economic house in order," said Ms Hall Findlay. "It's going to take some really tough decisions. And I do think our current government gets this." Sign in to access your portfolio
CBS News
35 minutes ago
- CBS News
Pittsburgh police looking for "person of interest" in Downtown shooting
Pittsburgh police are looking for a suspect in connection with Friday's shooting in Downtown Pittsburgh. Police released photos of the man they're looking for, and they're asking for the public's help in order to locate and identify him. He's being called a person of interest. The shooting, which took place in the area of Penn Avenue and Garrison Place, left two people injured. Penn Avenue was closed as police investigated. A woman was shot on the sidewalk in the lower leg, while a man was shot in the arm and the leg. He was located a block away. Police say the suspect ran down Garrison Place toward Liberty Avenue. "No one wants to see violence of any kind in our neighborhoods, especially acts that put lives at risk," Mayor Ed Gainey said, in part, in a statement. "Let me be clear: there is no place for this kind of behavior in our city." If you have any information, you are asked to contact Pittsburgh police.
