TikTok turns to users in fight against misinformation
The popular video-sharing app announced Wednesday that users accepted into its pilot program can start providing additional context to short videos and rate other users' comments as part of the new Footnotes feature.
TikTok first announced in April that it was testing Footnotes, opening up applications for users to become contributors in the pilot.
'Footnotes draws on the collective knowledge of the TikTok community by allowing people to add relevant information to content on our platform,' the platform said.
Much like the Community Notes programs at both X and Meta, only Footnotes that are deemed helpful by enough contributors who typically have differing opinions will become visible to others.
In its April announcement, TikTok noted its ranking system was inspired by the open-source system used by other platforms, linking to a page detailing the source code behind Twitter's Community Notes. Twitter was renamed X following its acquisition by Elon Musk.
Meta, the parent company of Instagram and Facebook, similarly adopted the Community Notes approach earlier this year to replace its third-party fact-checking program — a decision that was highly scrutinized given the timing of the announcement shortly before President Trump took office.
However, unlike X and Meta, TikTok is not ditching its fact-checking program.
'Footnotes adds to these efforts with more ways to add helpful details that may be missing, ultimately enriching discussions on TikTok and improving the experience for viewers, contributors and creators alike,' the platform said in April.
In addition to rolling out Footnotes, TikTok also announced several new safety and well-being features Wednesday.
The platform is adding new features for parental oversight of teen accounts. Parents will now be able to receive automatic notifications when their children upload content that is visible to others and have greater insight into their privacy settings.
TikTok is also adding new 'missions' aimed at boosting well-being, as well as new tools to allow creators to filter out certain comments, words, phrases and emojis on their content and pre-check whether their content qualifies for users' main feed.
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Yahoo
18 minutes ago
- Yahoo
Trump tariffs live updates: EU still sees US trade turbulence as India hits back at Trump
The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU added that it still expects turbulence in its trade dealings with the US. The Trump administration has said new tariffs won't hit goods already en route to the US before 12:01am Thursday, per a Bloomberg report. Exemptions include US-Mexico-Canada (USMCA) products and items for aid. But a 40% tariff will target goods rerouted to dodge duties. Meanwhile, India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump alleged on Truth Social. "They don't care how many people in Ukraine are being killed by the Russian War Machine." Trump has trained his ire on both India and China over its purchases of Russian oil. China called the demand a key hurdle in trade talks. Trump signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week. Yahoo Finance's Ben Werschkul has more details on the latest orders. You can see the new rates Trump is set to levy in the graphic below: In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline: Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs. The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, Trump said. Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1. The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29. Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ). The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. US tariff on EU goods set at flat 15% The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. India hits back at Trump's tariff threat India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Mazda forecasts nearly $1B profit hit from US tariffs Reuters reports: Read more here. Diageo warns of $200M tariff hit Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit. Reuters reports: Read more here. Trump administration posts guidance on tariff rollout Bloomberg News reports: Read more here. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. Greer: Latest tariffs 'pretty much set' and unlikely to change (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. US tariff on EU goods set at flat 15% The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. India hits back at Trump's tariff threat India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( reported a sales slowdown for July due to US tariffs. Bloomberg News reports: Read more here. Mazda forecasts nearly $1B profit hit from US tariffs Reuters reports: Read more here. Reuters reports: Read more here. Diageo warns of $200M tariff hit Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit. Reuters reports: Read more here. Diageo (DEO) warned of a $200 million impact from tariffs on Tuesday and forecast flat full-year sales, after a periof of demand, share price turbulence and a sudden CEO exit. Reuters reports: Read more here. Trump administration posts guidance on tariff rollout Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Rolex, luxury watchmakers brace for Trump's tariffs on Swiss imports Yahoo Finance's Pras Subramanian reports: Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Trump says he will 'substantially' raise tariffs on India President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," wrote Trump on Monday morning. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. President Trump's sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil. Swiss prepare 'more attractive offer' to US to avert 39% tariff Bloomberg reports: Read more here. Bloomberg reports: Read more here. EU to suspend US tariff countermeasures for 6 months The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. The European Union announced on Monday that it would suspend its two packages of US tariff countermeasures for 6 months. This follows the trade deal the US and EU reached last week Sunday. Reuters reports: Read more here. Swiss gold trading takes spotlight in trade talks with Trump President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. President Trump's tariffs on Switzerland were prompted by the country being the world's largest hub for gold refining. Gold flows in from places like South America, Africa and gets processed in Switzerland and then exported to countries like the US. This gold trade makes Switzerland's exports to the US look large and the refiners don't get to keep most of the profits. Bloomberg News: Read more here. Greer says US-China talks 'about halfway there' on rare earths US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. US Trade Representative Jamieson Greer said on Sunday that rare earths were a key focus in last week's Stockholm talks. He told CBS the US had secured supply commitments from China but noted the two sides are "about halfway there." Bloomberg News reports: Read more here. Swatch CEO calls on Swiss president to meet Trump to solve tariff dispute Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact of President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market. In addition, Swatch Group ( Chief Executive Nick Hayek called on Swiss President Karin Keller-Sutter to meet President Trump in Washington to negotiate a better deal than the 39% tariffs announced on Swiss imports into the United States. Hayek told Reuters on Monday he was confident an agreement could still be reached before the tariffs, which were announced on Friday, went into effect on Aug. 7. Bloomberg News reports: Read more here. Malaysia agrees to boost tech, LNG purchases from US as part of trade deal Reuters reports: Read more here. Reuters reports: Read more here. Trump presses India, China to halt Russian oil buys as trade talks roll on The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' The US and China are making progress on a trade deal, but a major sticking point remains: Washington wants Beijing to stop buying oil from Iran and Russia. China has pushed back, saying it will secure energy based on its own national interests. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the U.S. threat of a 100% tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. In India, Prime Minister Narendra Modi has rejected pressure from President Trump, encouraging people to buy local goods. India has not told its oil refiners to stop purchasing Russian oil, and those decisions remain up to each company. 'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.' Japan PM: Win-win trade deal with US may be hard to implement Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariff policy leaves some partners losers but few winners WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. WASHINGTON (AP) — President Donald Trump's tariff onslaught left a lot of losers — from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They're now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug. 7. The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. Read more here. Switzerland business minister says it could revise tariffs offer ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. Read more here. Greer: Latest tariffs 'pretty much set' and unlikely to change (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. Trump introduces tiers for trade partners in latest approach to tariffs President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. 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CNBC
21 minutes ago
- CNBC
Russia weighs into U.S.-India tariff spat, saying New Delhi can choose its own trade partners
Russia on Tuesday weighed into the growing spat between India and the U.S., with the Kremlin saying New Delhi is free to choose its own trading partners. Washington and India's leadership are at loggerheads over imports of Russian oil, with U.S. President Donald Trump threatening New Delhi with much steeper tariffs if it continues to purchase the commodity from Russia. The Kremlin, an important trading partner of India's and one which had stayed silent as the spat erupted in the last few days, commented that Trump's tariff threats are "attempts to force countries to stop trade relations with Russia." "We do not consider such statements to be legitimate," Kremlin Press Secretary Dmitry Peskov continued, speaking to reporters Tuesday. "We believe that sovereign countries should have, and have the right to choose their own trade partners, partners in trade and economic cooperation. And to choose those trade and economic cooperation regimes that are in the interests of a particular country." The dispute between Trump and New Delhi is being closely watched by investors after Trump threatened on Monday that he would be "substantially raising" the tariffs on India, although he did not specify the level of the higher tariffs. The president had threatened a 25% duty on Indian exports, as well as an unspecified "penalty" last week. He also accused India of buying discounted Russian oil and "selling it on the Open Market for big profits." India hit back at the U.S. later on Monday, accusing it and the European Union of hypocrisy. "It is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion [for them]," the foreign ministry said in a statement. Western countries have used sanctions and import restrictions as a way to stifle Moscow's oil export-generated revenues that fund its war machine against Ukraine. However, some of Russia's trading partners, particularly India and China, have continued their purchases of discounted Russian crude that their economies largely rely on. India and Russia's trade relationship has grown since the invasion of Ukraine in 2022; Russia became India's leading oil supplier after the war began, with imports increasing from just under 100,000 barrels per day before the invasion — 2.5% of total imports — to more than 1.8 million barrels per day in 2023 — 39% of overall imports, the U.S. Energy Information Administration said earlier this year.
Yahoo
40 minutes ago
- Yahoo
Futures edge up on growing Fed rate-cut bets; earnings in focus
(Reuters) -Wall Street futures edged higher on Tuesday, building on momentum from the previous session as expectations for the Federal Reserve's interest rate cuts grew, while investors assessed a new round of major corporate earnings. At 5:23 a.m. ET, Dow E-minis were up 46 points, or 0.1%, S&P 500 E-minis were up 7.75 points, or 0.12% and Nasdaq 100 E-minis were up 34.25 points, or 0.15%. Wall Street on Monday recorded its best session since May 27 and recouped losses from Friday's selloff as weaker-than-expected July jobs data and significant downward revisions to previous months' data intensified bets for a September interest rate cut. According to CME Group's Fedwatch tool, the odds for a September rate cut now stand at 88.2%, compared with 63.3% a week earlier. Market participants expect at least two quarter-point cuts by the end of the year. In another twist, President Donald Trump's decision to fire the head of the Bureau of Labor Statistics, responsible for past jobs data, stoked investors' fears about the integrity of economic data. Federal Reserve Governor Adriana Kugler's surprise resignation on Friday also opened avenues for Trump to shake up the Fed's leadership earlier than expected. The U.S. president has repeatedly criticized Fed Chair Jerome Powell for not cutting interest rates. "U.S. growth resilience has been relatively remarkable so far, even if the U.S. job market is raising doubts about what's coming next," said Amelie Derambure, senior multi-asset portfolio manager at Amundi. The final July reading of S&P Global's Purchasing Managers' Index is scheduled for release at 9:45 a.m. ET, followed by the Institute for Supply Management's non-manufacturing PMI at 10:00 a.m. ET. Investors also weighed the impact of U.S. tariffs on global economies and corporate earnings. Trump on Monday threatened to raise import tariffs on goods from India over its Russian oil purchases, while New Delhi called the attack "unjustified" and vowed to protect its economic interests. Markets were also still watching if Trump will decide to extend a trade truce with China that expires on August 12, or potentially let tariffs shoot back up to triple-digits. Earnings from major names on Tuesday include Advanced Micro Devices, Pfizer, Snap, Rivian, and Yum Brands. Among other movers, Palantir Technologies rose 5.4% in premarket trading after raising its annual revenue forecast for the second time, driven by strong demand for its AI-linked services. Online telehealth company Hims and Hers Health crashed 12.4% after missing Street estimates for second-quarter revenue, as subscribers for its compounded versions of weight-loss drugs declined. Inspire Medical Systems sank 25.3% after its second-quarter earnings failed to impress investors. Sign in to access your portfolio
