BOK Warns of Inflation Risks From US Tariffs, Israel-Iran Crisis
Households also remain burdened by high costs of essentials like food and housing, the BOK said in a semiannual review of inflation published Wednesday. Structural factors, such as housing price imbalances between metropolitan areas in Seoul versus the rest of the country, are keeping living costs high compared with other major economies, the central bank said.
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- Yahoo
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CBS News
25 minutes ago
- CBS News
Trump says U.S., Philippines have trade deal after "beautiful visit" with Philippine president
The U.S. and the Philippines have reached a trade deal, President Trump said Tuesday after his Oval Office meeting with Philippine President Ferdinand "Bongbong" Marcos, Jr. Mr. Trump announced the outlines of a deal on Truth Social, saying the new tariff rate on products imported from the Philippines would be 19%. The president also said the Philippines would lift all tariffs on U.S. goods. The Philippines has not yet confirmed the the agreement or any details. "It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs," Mr. Trump wrote. "The Philippines will pay a 19% Tariff. In addition, we will work together Militarily. It was a Great Honor to be with the President. He is Highly Respected in his Country, as he should be. He is also a very good, and tough, negotiator. We extend our warmest regards to the wonderful people of The Philippines!" The 19% tariff rate is just shy of the 20% tariff rate the Trump administration was set to impose on the Philippines. And it's also higher than the so-called reciprocal tariff of 17% on Philippine imports the administration announced in April. In his Oval Office meeting with Marcos on Tuesday, Mr. Trump said the U.S. and the Philippines were "very close" to reaching a deal, calling Marcos a tough negotiator. "We're very close to finishing a trade deal, big trade deal, actually, Mr. Trump said Tuesday, seated alongside Marcos. "And we do a lot of business with you, so a lot of — a lot of income coming in for both groups." August 1 is the Trump administration's current deadline for countries to reach trade agreements with the U.S. or face higher tariff rates on goods sent to the U.S.
Bloomberg
25 minutes ago
- Bloomberg
Americans Are Paying for Trump's Tariffs, Not Foreign Companies
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