Military expert calls Trump's behaviour 'despicable' with regards to Russia-Ukraine war
Military expert Walter Dorn on Trump's talk with Zelenskyy, his handling of the war, and Ukraine's strike on a Russian air base.
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Winnipeg Free Press
42 minutes ago
- Winnipeg Free Press
Pressure from Trump for trade deals before Wednesday deadline, but hints of more time for talks
WASHINGTON (AP) — The Trump administration is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline, with plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in Aug. 1. That furthers the uncertainty for businesses, consumers and America's trading partners, and questions remain about which countries will be notified, whether anything will change in the days ahead and whether President Donald Trump will once more push off imposing the rates. Trump and his top trade advisers say he could extend the time for dealmaking but they insist the administration is applying maximum pressure on other nations. Kevin Hassett, director of the White House National Economic Council, told CBS' 'Face the Nation' on Sunday that Trump would decide when it was time to give up on negotiations. 'The United States is always willing to talk to everybody about everything,' Hassett said. 'There are deadlines, and there are things that are close, so maybe things will push back past the deadline or maybe they won't. In the end the president is going to make that judgment.' Stephen Miran, the chair of the White House Council of Economic Advisers, likewise said countries negotiating in good faith and making concessions could 'sort of, get the date rolled.' The steeper tariffs that President Donald Trump announced April 2 threatened to overhaul the global economy and lead to broader trade wars. A week later, after the financial markets had panicked, his administration suspended for 90 days most of the higher taxes on imports just as they were to take effect. The negotiating window until July 9 has led to announced deals only with the United Kingdom and Vietnam. Trump imposed elevated tariff rates on dozens of nations that run meaningful trade surpluses with the U.S., and a 10% baseline tax on imports from all countries in response to what he called an economic emergency. There are separate 50% tariffs on steel and aluminum and a 25% tariff on autos. Since April, few foreign governments have set new trade terms with Washington as the Republican president demanded. Trump told reporters early Friday that his administration might be sending out letters as early as Saturday to countries spelling out their tariff rates if they did not reach a deal, but that the U.S. would not start collecting those taxes until Aug. 1. On Friday night, he said he would 'probably send out 10 or 12' letters on Monday, each reflecting 'different amounts of money, different amounts of tariffs and somewhat different statements.' He and his advisers have declined to say which countries would receive the letters. Treasury Secretary Scott Bessent rejected the idea that Aug. 1 was a new deadline and declined to say what might happen Wednesday. 'We'll see,' Bessent said on CNN's State of the Union. 'I'm not going to give away the playbook.' He said the U.S. was 'close to several deals,' and predicted several big announcements over the next few days. He gave no details. 'I think we're going to see a lot of deals very quickly,' Bessent said. Trump has announced a deal with Vietnam that would allow U.S. goods to enter the country duty-free, while Vietnamese exports to the U.S. would face a 20% levy. That was a decline from the 46% tax on Vietnamese imports he proposed in April — one of his so-called reciprocal tariffs targeting dozens of countries with which the U.S. runs a trade deficit. Asked if he expected to reach deals with the European Union or India, Trump said Friday that 'letters are better for us' because there are so many countries involved. 'We have India coming up and with Vietnam, we did it, but much easier to send a letter saying, 'Listen, we know we have a certain deficit, or in some cases a surplus, but not too many. And this is what you're going to have to pay if you want to do business in the United States.' Canada, however, will not be one of the countries receiving letters, Trump's ambassador, Pete Hoekstra, said Friday after trade talks between the two countries recently resumed. Monday Mornings The latest local business news and a lookahead to the coming week. 'Canada is one of our biggest trading partners,' Hoekstra told CTV News in an interview in Ottawa. 'We're going to have a deal that's articulated.' Canadian Prime Minister Mark Carney has said he wants a new deal in place by July 21 or Canada will increase trade countermeasures. Hoekstra would not commit to a date for a trade agreement and said even with a deal, Canada could still face some tariffs. But 'we're not going to send Canada just a letter,' he said. ___ Price reported from Bridgewater, New Jersey. AP Business Writer Matt O'Brien in Providence, Rhode Island, contributed to this report.
Calgary Herald
an hour ago
- Calgary Herald
Nations chase U.S. trade deals as Bessent hints at longer deadline
Article content Cambodia's government said in a statement on Friday that it had agreed with the US on a framework agreement that will be released publicly soon, with a pledge to continue cooperating closely. At 49%, Cambodia's threatened reciprocal tariff was among Trump's highest. The Southeast Asian nation is a sizable exporter of textiles and footwear to the US. Article content Last week Indonesia signaled confidence it is close to securing a 'bold' trade deal with the US that will span critical minerals, energy, defense cooperation and market access ahead of the looming tariff deadline, according to the nation's chief negotiator. Article content Thailand is making a last-ditch effort to avert a 36% US tariff on its exports with offers of greater market access for US farm and industrial goods, along with increased purchases of energy and Boeing jets.
Calgary Herald
an hour ago
- Calgary Herald
OPEC's new supply shock nails on oil market's return to surplus
Article content Oil futures slumped 11% over the past two weeks in London, quickly shrugging off the Israel-Iran conflict and suggesting traders are not convinced extra barrels are vital. Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been predicting a further slide towards $60 this year as Chinese consumption falters and Trump's trade tariffs cast a shadow across the global economy. Article content Broad Support Article content Eight of the alliance's key members decided during Saturday's video-conference to restore 548,000 barrels a day of halted output in August. It's a marked step-up from the 411,000-barrel hikes set for May, June and July, which were already triple the volume initially scheduled for those months. Article content OPEC+ will consider another 548,000-barrel tranche for September at a meeting on Aug. 3, a step that would complete the reversal of a 2.2 million-barrel cutback — made back in 2023 — a year earlier than previously envisioned. Article content Article content The actual supply impact on oil markets will likely be smaller than advertised, as Saudi Energy Minister Prince Abdulaziz bin Salman pressures countries that previously exceeded their production quotas to forego their share of the hikes. Russia and Iraq are showing some signs of compensation, though Kazakhstan continues to cheat. Article content 'The official return of barrels is one thing, but actual new supply versus the headline numbers is another,' said Doug King, chief executive officer of RCMA Capital LLP. 'Diesel premiums are showing the market undersupply. So unless we see physical weakness via visible inventory increases, I don't see a path lower for crude prices.' Article content Officials also stress that the supply additions can be 'paused or reversed subject to evolving market conditions.' But unless they exercise that option, the extra barrels already rubber-stamped will almost inevitably deepen a slide in prices. Article content Article content That would likely mollify President Trump's repeated calls for cheaper fuel costs to staunch the cost-of-living crisis that hurt his predecessor. Trump also has to fend off inflation while lining up a raft of tariffs, and agitating the Federal Reserve to lower interest rates. Article content Yet the rout will take a toll on America's oil industry, from corporate giants like Exxon Mobil Corp., to the shale explorers who widely backed Trump's bid to reclaim the White House. Shale executives said in a recent survey they expect to drill significantly fewer wells this year than planned at the start of 2025 as prices falter. Article content And the pain may well ripple through OPEC+ itself. Article content Saudi Arabia needs more than $90 a barrel to cover government spending, as Crown Prince Mohammed bin Salman embarks on a radical plan to transform the desert kingdom's economy, according to the International Monetary Fund. Riyadh is grappling with a soaring budget deficit, and has been forced to slash spending on some of the prince's flagship projects. Article content If Riyadh tires of the financial strain, it could opt to pull supplies back off the market again. Article content 'They do have the option of a volte-face,' said Neil Atkinson, an independent analyst and former head of the IEA's oil markets and industry division. But in the meantime, 'there's no alternative but to ensure market share and accept lower prices. You might as well accept the world for what it is, which is what they're doing.'
