What Could Be International Impact of Trump's Tariffs?
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Boston Globe
5 minutes ago
- Boston Globe
Trump survived many scandals, but the Epstein story poses a new test
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up But Epstein clearly has posed a problem for the White House. At minimum, it has been a distraction at a time when Trump wants to tout his legislative victories. If it continues to grab public attention, it could pose a more significant threat at a time when Trump's standing with the public already has been on the decline, though polling shows him steady with his own party. Advertisement Trump lashed out at the Journal's story after it was published, threatening to sue both the newspaper and its owner, Rupert Murdoch, who has been an important, although inconstant, political ally. The next day, he filed a libel lawsuit in federal court in southern Florida, alleging the article defamed him. Advertisement Trump's handling of concerns related to Epstein, the wealthy child sex predator who died in jail in 2019, recently provoked a rare eruption among the president's most loyal supporters, prompting MAGA leaders to caution that some in Trump's base could become disillusioned enough to sit out the midterm elections. Many Americans believe the U.S. government has hidden information on possible associates of Epstein who may also have committed sex crimes against minors. Some have questioned the official ruling that Epstein's death was a suicide. A Reuters/Ipsos poll conducted Tuesday and Wednesday found 60 percent of Americans think the 'government is hiding details about Epstein's death,' including 55 percent of Republicans. And 69 percent said the federal government is hiding details about Epstein's clients, including 62 percent of Republicans. The belief that others took part in Epstein's abuse of minors was especially prominent among some of the president's strongest supporters, who believed Trump would expose the corruption upon retaking office. The Justice Department's announcement this month that there were no more files from Epstein's case that warranted release caused intense anger among those people and among some MAGA influencers. At least among prominent MAGA figures, however, the Journal article has triggered a now-familiar reaction - causing Trump's fractured base to quickly rally around him as a victim. That has quieted much of the recent MAGA frustration. At least for now. 'This is primarily a within-MAGA problem,' Whit Ayres, a longtime Republican pollster, said of the Epstein situation. 'The vast majority of Americans don't spend every waking moment wondering what happened to Epstein.' Advertisement The other group of Americans among whom the Epstein case could pose a problem for Trump, however, are the less-partisan, more disengaged, occasional voters among whom Trump did extremely well during the 2024 campaign. Even before the Epstein case, Trump had been losing ground among such voters. A characteristic quality of such voters is disaffection from the political system and suspicion that it favors the wealthy and well connected. The Epstein case plays into those voters' existing feelings and could cause some who have supported Trump to lose faith in him. Democrats have tried to capitalize on that, seizing on the issue and calling for the Trump administration to release files about the Epstein case. At least so far, however, not many voters have been closely tuned in to news about the case, although online search traffic has increased sharply in recent days. A Quinnipiac University poll conducted over the past week found that a relatively small share of voters, 2 in 10, said they were following news about the Epstein files 'very closely.' Top right-wing commentators over the past week issued negative predictions, some dire, about Republicans losing down-ballot seats in next year's midterm elections. Some longtime MAGA supporters felt betrayed that Trump was not sufficiently going after the so-called Deep State, they warned, while other newcomers to the movement, including young men who were not previously politically active, would simply be disenchanted and not bother to show up again to the polls. By the end of the week, most of those warnings from prominent Trump supporters had quieted, replaced by solidarity behind the president. Among those recently sounding the alarm was Stephen K. Bannon, Trump's former adviser who hosts a daily talk show popular with Trump's MAGA supporters. Bannon and other prominent right-wing commentators Friday were still calling for the administration to release more files on Epstein, and to appoint a special counsel - which the White House has said Trump will not do. But they directed their chief ire at a familiar enemy: the news media. Advertisement This time, it was toward Murdoch, the owner of the Wall Street Journal and a number of other conservative-leaning news outlets, including Fox News. Bannon has long argued that Murdoch, despite his conservative credentials, was out to take down Trump politically. 'MAGA is now united, because they can see there's a common enemy. They see exactly what the reality is - it's the Deep State, with their media partners, led by Murdoch, that's out to destroy Trump,' Bannon told The Washington Post, framing the saga as a conspiracy against the president, rather than about the White House's decision-making on Epstein. 'And that's been obvious from the beginning.' Prominent conservatives were quick to mock the allegations raised against Trump, posting their own stick-figure drawings of women as a nod to the Journal's reporting that Trump's 50th birthday card to Epstein included an apparent hand-drawn outline of a naked woman. Trump allies - and even one recent high-profile enemy, Elon Musk - also quickly dismissed the alleged text included in the card, saying it did not sound like something Trump would write. Trump and his White House advisers have expressed annoyance for much of the past two weeks at the continued focus on Epstein. Fresh off a July 4 signing of Trump's 'One Big Beautiful Bill,' which the White House has touted as the fulfillment of some of Trump's campaign promises, the president and his team have wanted to talk about anything else. Advertisement 'I have had more success in 6 months than perhaps any President in our Country's history, and all these people want to talk about, with strong prodding by the Fake News and the success starved Dems, is the Jeffrey Epstein Hoax,' Trump wrote on Truth Social earlier in the week. By Thursday night, that aggravation had turned to anger, with Trump vowing to sue Murdoch and the Wall Street Journal over the reporting on a letter he said was 'fake.' While Trump and his administration have insisted that the general public is not concerned about Epstein or their review of documents related to him, recent polling shows that voters across the spectrum question his handling of the case. The Reuters/Ipsos poll found 54 percent of Americans disapproved of how Trump was handling the issue, while just 17 percent approved. Republicans were split on Trump's handling of the issue, with 35 percent approving, 30 percent disapproving and 35 percent unsure or not answering the question. 'President Trump is the proud leader of the MAGA movement and currently has record-high support among Republicans,' White House spokeswoman Liz Huston said in a statement, adding that Trump is 'quickly delivering' on promises, and describing America as 'the hottest country ever as a result.' White House officials in recent days have repeatedly touted a recent CNN poll that shows Trump's approval rating notching up slightly among Republicans. The same survey, however, shows just over 60 percent of all voters opposing Trump's new spending bill. 'I don't know that he's worried about the general electorate at all at this point,' Ayres said, adding that the latest news story about Trump and Epstein seems to help Trump with his base, 'because it creates a typical enemy.' Advertisement 'But it doesn't resolve the fundamental issue of the Epstein files,' Ayres continued, 'and what they will or will not release to the public.' - - - Emily Guskin and Scott Clement contributed to this report.
Newsweek
6 minutes ago
- Newsweek
Trump Tariff Deal With US Ally Takes Late Blow
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Japanese Prime Minister Shigeru Ishiba said he would remain in position to see through the trade negotiations with President Donald Trump's White House, after suffering a major election defeat as the deadline to make a tariff deal closes in. The defeat cost Ishiba's coalition government its majority in Japan's upper house on Sunday, July 20. It means the coalition now has a minority in both houses of the Diet, which could complicate finalizing a trade deal that requires lawmaker approval. Ishiba said he takes the result seriously, but his priority is to avoid creating a political vacuum and to tackle impending challenges, including the August 1 deadline for a tariff deal with Trump. The Japanese leader said he hopes to reach a mutually beneficial deal and meet Trump, who has been sending letters to U.S. trading partners informing them of their new import tariff rate due to take effect in August unless a last-minute deal is made. This is a developing article. Updates to follow. This article includes reporting by The Associated Press.
CNBC
6 minutes ago
- CNBC
CNBC Daily Open: The silver lining of positive earnings could be too blinding
Friday, Aug. 1 — the "hard deadline" of U.S. President Donald Trump's updated tariffs — is less than two weeks away. Investors, however, seem mostly unbothered thus far. For last week, while the Dow Jones Industrial Average dipped marginally, the S&P 500 and Nasdaq Composite rose 0.6% and 1.5%, respectively. Even a report that Trump wanted a minimum of 15%-20% tariffs on the European Union only dealt a minimal blow to markets, which mostly closed unchanged Friday. Although those figures are higher than the universal 10% baseline tariff Trump reportedly wanted — and which the EU is hoping to secure — they are still lower than the 30% Trump said he will impose on the bloc in his July 12 letter. An upbeat start to earnings season has alsohelped to quell tariff fears for now. Around 83% of the S&P 500 companies that have reported earnings have exceeded expectations, according to FactSet data. In particular, big banks such as JPMorgan Chase and Goldman Sachs, which serve as barometers for economic activity, had solid beats, boosting investor sentiment. Next in the spotlight are Big Tech earnings, which will be released in the weeks right before Aug. better than expected, they might dispel geopolitical jitters — or cause investors to dismiss trade fears too readily. In these stormy times, every silver lining has a dark cloud. Aug. 1 is a 'hard deadline' for new tariffs. U.S. Commerce Secretary Howard Lutnick said Sunday that the tariffs will take effect next month, but left open the possibility of continuing trade negotiations after the date. U.S. stock futures are little changed Sunday stateside. On Friday, the S&P 500 and Nasdaq Composite closed around the flatline. The Dow Jones Industrial Average, however, lost 0.32%. Asia-Pacific markets traded mixed Monday. China keeps its benchmark lending rates steady. On Monday, the People's Bank of China announced it was holding the 1-year loan prime rate at 3.0% and the 5-year LPR at 3.5%. After the move, the offshore yuan remained mostly flat. Huawei has evolved from a telecom giant to artificial intelligence leader. Despite — or precisely because of — restrictions imposed on the Chinese company by the U.S. in 2019, Huawei has achieved breakthroughs in its chips and appears to be Beijing's answer to Nvidia. [PRO] The beneficiary of a foldable phone from Apple. While the Cupertino-based company has yet to release a foldable — unlike its rivals such as South Korea's Samsung and China's Honor — buyers are already lining up for a potential major supplier. Singapore dollar exhibits safe-haven currency features. But it's no yen or Swiss franc — yet While the greenback remains the world's reserve currency of choice, the dollar index has fallen over 9% year to date. The outlook for the Japanese yen has been clouded by trade worries. Against such a backdrop, analysts suggest there could be an alternative safe-haven currency in the making: the Singapore dollar.
