Trump escalates tensions with Russia as he repositions nuclear submarines
Military expert Glenn Ignazzio joins CTV to discuss the implications of U.S. President Donald Trump repositioning nuclear submarines after a Russian threat.
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Toronto Star
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- Toronto Star
Trump's politically motivated sanctions against Brazil strain relations among old allies
SAO PAULO (AP) — U.S. President Donald Trump has made clear who his new Latin America priority is: former Brazilian President Jair Bolsonaro, a personal and political ally. In doing so, he has damaged one of the Western hemisphere's most important and long-standing relationships, by levying 50% tariffs that begin to take effect Wednesday on the largest Latin America economy, sanctioning its main justice and bringing relations between the two countries to the lowest point in decades.
CTV News
a few seconds ago
- CTV News
A look at the top buyers of Russian oil as Trump pressures China and India to stop buying it
An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, Tuesday, Oct. 11, 2022, one of the largest facilities for oil and petroleum products in southern Russia. (AP Photo, File) U.S. President Donald Trump is pushing China and India to stop buying oil from Russia and helping fund the Kremlin's war against Ukraine. Trump is raising the issue as he seeks to press Russian President Vladimir Putin to agree to a ceasefire. But cheap Russian oil benefits refiners in those countries as well as meeting their needs for energy, and they're not showing any inclination to halt the practice. Three countries are big buyers of Russian oil China, India and Turkey are the biggest recipients of oil that used to go to the European Union. The EU's decision to boycott most Russian seaborne oil from January 2023 led to a massive shift in crude flows from Europe to Asia. Since then, China has been the No. 1 overall purchaser of Russian energy since the EU boycott, with some US$219.5 billion worth of Russian oil, gas and coal, followed by India with $133.4 billion and Turkey with $90.3 billion. Before the invasion, India imported relatively little Russian oil. Hungary imports some Russian oil through a pipeline. Hungary is an EU member, but President Viktor Orban has been critical of sanctions against Russia. The lure of cheaper oil One big reason: It's cheap. Since Russian oil trades at a lower price than international benchmark Brent, refineries can fatten their profit margins when they turn crude into usable products such as diesel fuel. Russia's oil earnings are substantial despite sanctions The Kyiv School of Economics says Russia took in $12.6 billion from oil sales in June. Russia continues to earn substantial sums even as the Group of Seven leading industrialized nations has tried to limit Russia's take by imposing an oil price cap. The cap is to be enforced by requiring shipping and insurance companies to refuse to handle oil shipments above the cap. Russia has, to a great extent, been able to evade the cap by shipping oil on a 'shadow fleet' of old vessels using insurers and trading companies located in countries that are not enforcing sanctions. Russian oil exporters are predicted to take in $153 billion this year, according to the Kyiv institute. Fossil fuels are the single largest source of budget revenue. The imports support Russia's ruble currency and help Russia to buy goods from other countries, including weapons and parts for them. David Mchugh, The Associated Press
CTV News
a few seconds ago
- CTV News
U.S. to initially impose ‘small tariff' on pharma imports, Trump says
President Donald Trump talks to reporters on the South Lawn of the White House before he boards Marine One en route to Joint Base Andrews, Md., Friday, Aug. 1, 2025, in Washington. (AP Photo/Mark Schiefelbein) WASHINGTON — U.S. President Donald Trump said on Tuesday that the United States would initially place a 'small tariff' on pharmaceutical imports before hiking it to 150 per cent within 18 months and eventually to 250 per cent in an effort to boost domestic production. 'In one year, one and a half years maximum, it's going to go to 150 per cent and then it's going to go to 250 per cent because we want pharmaceuticals made in our country,' Trump told CNBC in an interview. He did not specify the initial tariff rate on pharmaceuticals. Trump said last month that pharmaceutical tariffs could reach as high as 200 per cent. He said in February that sectoral tariffs on pharmaceuticals and semiconductor chips would start at '25 per cent or higher,' rising substantially over the course of a year. Trump said on Tuesday that he plans to announce tariffs on semiconductors and chips in the 'next week or so,' but gave no further details. The United States has been conducting a national security review of the pharmaceutical sector, and the industry has been preparing for possible sector-specific tariffs. The administration has not announced when the results of that probe will be released. Several drugmakers have pledged multibillion-dollar investments in U.S. manufacturing as Trump threatens import tariffs, with AstraZeneca recently committing US$50 billion to expand its American operations. PhRMA, the main lobbying group for the industry, did not immediately respond to a request for comment. A framework agreement between the United States and the EU sets out that tariffs on pharmaceuticals and semiconductors are currently zero, but if the United States raises tariffs following its import investigation, they will be capped at 15 per cent. --- Reporting by Patrick Wingrove in New York, Andrea Shalal in Washington and Bhargav Acharya in Toronto; Editing by Doina Chiacu and Mark Porter
