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Economic Times
8 hours ago
- Politics
- Economic Times
Brazil's former President Bolsonaro ordered to wear an electronic ankle monitor, prohibited from leaving the house
AP Brazil's former President Jair Bolsonaro leaves the Secretariat of Penitentiary Administration where he arrived after the Supreme Court ordered him to be fitted with an electronic ankle monitor in Brasilia, Brazil, Friday. Brazil's former President Jair Bolsonaro has been ordered to wear an ankle monitor, authorities said on Friday, in a move he described as "a supreme humiliation." The development came as federal police conducted searches at his home and his party's headquarters in Brasília, in compliance with a Supreme Court order. The order prohibits Bolsonaro from leaving the house at night, communicate with foreign ambassadors and diplomats or approach embassies. The former president is also barred from using social media or contacting other individuals under investigation by the Supreme Court, including his son, Eduardo Bolsonaro, a Brazilian lawmaker who currently lives in the United States and is known for his close ties to U.S. President Donald Trump. Bolsonaro is currently on trial at the Supreme Court accused of leading an alleged attempt to stage a coup to overturn the 2022 election in which he was defeated by left-wing president Luiz Inácio Lula da Silva.'It is a supreme humiliation,' Bolsonaro told journalists in Brasilia after putting on the ankle monitoring. 'I never thought about leaving Brazil, I never thought about going to an embassy, but the precautionary measures are because of that.'On Thursday, Trump wrote to Bolsonaro describing his ally's treatment by the Brazilian legal system as terrible and unjust. 'This trial should end immediately!,' the U.S. President said, adding that he 'strongly voiced' his disapproval through his tariff policy. On Friday, the U.S. State Department announced visa restrictions on Brazilian judicial officials.'President Trump made clear that his administration will hold accountable foreign nationals who are responsible for censorship of protected expression in the United States,' Secretary of State Marco Rubio said in a statement. "Brazilian Supreme Federal Court Justice Alexandre de Moraes's political witch hunt against Jair Bolsonaro created a persecution and censorship complex so sweeping that it not only violates basic rights of Brazilians, but also extends beyond Brazil's shores to target Americans.'I have therefore ordered visa revocations for Moraes and his allies on the court, as well as their immediate family members effective immediately,' Rubio Supreme Court's restrictions on Bolsonaro are part of a second investigation against Eduardo for allegedly working with U.S. authorities to impose sanctions against Brazilian who is also the rapporteur of the case, said that the former president and his son's recent actions were 'blatant confessions of criminal conduct,' such as coercion during legal proceedings, obstruction of investigations and attacks on national sovereignty.'Alexandre de Moraes doubled down,' Eduardo said on X, mentioning the order to the Supreme Court justice ahead of the criminal cases against his father. His elder brother, Sen. Flávio Bolsonaro, said on X: 'Prohibiting a father from speaking to his own son is the greatest symbol of the hatred that has consumed Alexandre de Moraes.'Live aerial footage from local broadcasters showed federal police vehicles outside Bolsonaro's residence in Brasí Sóstenes Cavalcante, the leader of Bolsonaro's party in the lower house, told The Associated Press that officers also searched Bolsonaro's office at the party's headquarters. He described the operation as 'another chapter in the persecution of conservatives and right-wing figures' in Brazil.A lawyer for Bolsonaro did not immediately respond to a request for Tuesday, Brazil's Prosecutor-General Paulo Gonet said in a report to the Supreme Court that the 'evidence is clear: the defendant acted systematically, throughout his mandate and after his defeat at the polls, to incite insurrection and the destabilization of the democratic rule of law.'Bolsonaro has described the trial on X as a 'witch hunt,' echoing a term used by Trump when he came to his South American ally's defense last week, Trump imposed a 50% import tax on Brazil, directly tying the tariffs to Bolsonaro's trial. The U.S. president has hosted the former Brazilian president at his Mar-a-Lago resort when both were in power in 2020. Trump compared the Brazilian's situation to his own. On Tuesday, speaking to reporters at the White House, Trump repeated the claim that the trial is a 'witch hunt.'A source at Brazil's Supreme Court said some justices have already made it clear among themselves that U.S. tariffs will have no effect on Bolsonaro's trial, which is expected to resume between August and September. The staffer spoke under condition of anonymity as they were not authorized to discuss the matter publicly.
Time of India
2 days ago
- Business
- Time of India
Faced with geopolitics and trade war, US companies in China report record-low new investment plans
Live Events WASHINGTON: American companies in China are reporting record-low new investment plans for this year and declining confidence in profits, while uncertainty in U.S.-China relations and President Donald Trump's tariffs have become their top concerns, according to a business survey released companies are also challenged by China's slowing economy, where weak domestic demand and overcapacity in local industries are eroding profitability for the Americans.'Businesses in China are less profitable now than they were years ago, but risks, including reputational risk, regulatory risk, and political risk, are increasing,' said Sean Stein, the president of the U.S.-China Business Council , a Washington-based group that represents American companies doing business in China, including major survey, conducted between March and May and drawing from 130 member companies, came after the two countries clashed over tariffs and non-tariff measures, including export controls on critical products such as rare-earth magnets and advanced computer chips. Following high-level talks in Geneva and London, U.S. and Chinese officials agreed to pull back from sky-high tariffs and restrictions on exports, but uncertainty persists as the two sides are yet to hammer out a more permanent trade Sullivan, vice president of business advisory services at the USCBC, said more than half of the companies in the survey indicated they do not have new investment plans in China 'at all' this year."That's a record high,' Sullivan said, noting that it is ''a new development that we have not observed in previous surveys.'Around 40% of companies reported negative effects from U.S. export control measures, with many experiencing lost sales, severed customer relationships, and reputational damage from being unreliable suppliers, according to the survey. Citing national security, the U.S. government has banned exports to China of high-tech products, such as the most advanced chips, which could help boost China's military argued that export controls must be very carefully targeted, because businesses from Europe or Japan, or local businesses in China would immediately fill the void left by American Valley chipmaker Nvidia won approval from the Trump administration to resume sales to China of its advanced H20 chips used to develop artificial intelligence, its CEO Jensen Huang announced on Monday, though the company's most powerful chips remain under U.S. export control 82% of U.S. companies reported profits in 2024, fewer than half are optimistic about the future in China, reflecting concerns over tariffs, deflation, and policy uncertainty, according to the a record high number of American businesses plan to relocate their business operations outside of China, Sullivan said, as 27% of the members indicated so, up from 19% the year a departure from past surveys, concerns over China's regulatory environment, including risks of intellectual property misuse and lack of market access, didn't make it to the top five concerns this year. That's likely a first, and not for a good reason, Stein said.'It is not because things got dramatically better on the Chinese side, but the new challenges, often coming from the U.S., are now posing as much of a challenge,' Stein all the American companies said they cannot remain globally competitive without their Chinese operations.A survey from the European Union Chamber of Commerce in China in May found that European companies were cutting costs and scaling back investment plans in China as its economy slows and fierce competition drives down prices.
Time of India
5 days ago
- Business
- Time of India
One of Trump's closest allies, Georgia Meloni's minister Antonio Tajani, says EU will hit US with €21 billion in tariffs
What triggered this new round of tariff threats? How is the EU planning to respond to President Donald Trump's warning? Live Events Could this escalate into another full-blown trade war? FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel There could be a brewing new transatlantic trade war . Following Donald Trump's threat to impose a 30% tariff on EU and Mexican imports beginning August 1, the European Union says it is prepared to respond with €21 billion in retaliatory Foreign Minister Antonio Tajani says the EU is prepared to retaliate with €21 billion in tariffs if trade talks with the United States fail. Negotiations continue despite warnings of economic Foreign Minister Antonio Tajani stated in a newspaper interview on Monday that if the two sides are unable to come to an agreement on trade, the European Union has already prepared a list of tariffs worth 21 billion euros ($24.52 billion) on U.S. goods, as per a report by also told the daily Il Messaggero that the European Central Bank ought to think about implementing more interest rate cuts and a new "quantitative easing" bond-buying program in order to support the euro zone economy. According to Italy's foreign minister, the list is locked and Sunday, the European Union announced that it would keep pushing for a negotiated settlement and prolong its suspension of countermeasures to U.S. tariffs until early stated that if an agreement with the United States cannot be reached, a second set of tariffs could be imposed besides the 21 billion euros the EU has already prepared. He did, however, add that he was optimistic that negotiations could advance."Tariffs hurt every one, starting with the United States and if stock markets fall that puts at risk the pensions and the savings of the Americans."He stated that an open market and "zero tariffs" between the US, Canada, Mexico, and Europe should be the von der Leyen, president of the European Commission, and French President Emmanuel Macron will collaborate closely with German Chancellor Friedrich Merz to end the growing trade war with the United States, Merz announced on and Brussels are getting closer to a win-win solution, European Trade Commissioner Maros Sefcovic said Monday, but cautioned that a 30% tariff would essentially shut down EU intends to respond with €21 billion in tariffs on U.S. goods, with more likely to negotiations fail, Donald Trump has warned that they could begin as soon as August 1.
India Today
10-07-2025
- Business
- India Today
Why Brazil feels less pain despite few exit routes from Trump's tariffs
When US President Donald Trump linked 50% tariffs on Brazil to the trial against his ally, the country's former far-right leader, Washington left Latin America's largest economy with few options to deescalate but may have overestimated the country's vulnerability to the President Luiz Inacio Lula da Silva has neither the political will nor the legal authority to interfere in the case against his predecessor Jair Bolsonaro, who faces charges of plotting a coup in the aftermath of a fierce and bitter 2022 election which Lula is in a stronger position than many developing nations given the country's relatively lower trade exposure to the US, even if high tariffs would still be ACTUALLY HAS A TRADE DEFICIT WITH THE US The US takes in some 12% of Brazil's exports, less than half what China buys, and worth only around 1% of GDP. Mexico - Latin America's second largest economy - sends 80% of its exports to the US"We are a long way from having the same vulnerability that other countries have in regards to the US," said one Brazilian diplomat on condition of anonymity as they are not authorized to speak publicly on the matter."We regret this measure has been taken but... we won't suffer in the short term the brutal impact other economies would."Brazilian coffee in particular is a huge US import and a 50% tariff could send coffee prices soaring. Other products like orange juice could also be investment firm said it saw only "marginal and manageable macroeconomic impact on the Brazilian economy," though others like Goldman Sachs said they expected the tariffs could shave 0.3% to 0.4% off Brazil's GDP if TARIFFSWith the US tariffs more clearly politically motivated than other levies threatened by Trump, Lula is bereft of clear negotiating political motivation behind the tariff threat makes it 'harder to see an off-ramp for Brazil compared with other countries that received tariff letters,' wrote William Jackson, chief emerging markets economist at Capital Trump's letter outlining the Brazil tariffs he decried what he described as a "witch hunt" against far-right ally Bolsonaro, saying the levies were imposed due "in part to Brazil's insidious attacks on Free Elections, and the fundamental Free Speech Rights of Americans."Lula threatened reciprocal measures in a feisty note posted to social media on Wednesday, and on Thursday sources said the government could be looking to change tack and exploring how to deescalate the situation. It was unclear what that might look Lula is not a politician to back down from a fight. Forged in the union movement of the 1980s, the 79-year-old lost three presidential elections before finally winning in 2002 and has dominated the country's leftist politics ever many other world leaders have gone out of their way to placate Trump, Lula called him on Monday an "emperor" that the world did not his Wednesday response, he said: "Brazil is a sovereign nation with independent institutions and will not accept any form of tutelage."Another factor is Lula's domestic woes, with polls pointing to a likely defeat in next year's election. Some experts say he could use the scrap with Trump to rally stepping in to defend Bolsonaro in such an overt way could also backfire on the Brazilian far right, seen by many as having invited this action that could hurt Brazil's economy.'The most probable scenario is that this will end up fostering nationalism in Brazil,' said Oliver Stuenkel, a professor of international relations at Fundacao Getulio Vargas, in Sao Paulo.'If Lula knows how to respond well to this, it could end up strengthening him, just as it also strengthens other leaders of countries that suffer this kind of interference.'- EndsMust Watch
CNBC
10-07-2025
- Business
- CNBC
CCTV Script 09/07/25
On Tuesday local time, after Trump threatened to impose a 50% tariff on copper, U.S. copper futures prices surged—at one point rising by about 17% before pulling back. However, by the close of trading, prices still ended at a record high. Overnight, July-delivery COMEX copper futures rose by 66.05 cents per pound to settle at $5.645 per pound, a gain of about 13%. According to Dow Jones Market Data, this marked the largest single-day increase for that futures contract since 1968. Trump's copper tariff threat comes at a time when the U.S. and countries around the world are projecting a significant increase in copper demand over the next decade. Data centers, automakers, and utility companies are increasingly relying on copper as a key material to build power grids, produce electric vehicles, and support the development of AI and digital infrastructure. According to the U.S. Geological Survey, refined copper consumption in the U.S. in 2024 is around 1.6 million tons. Although the U.S. has abundant copper resources, it still depends on imports from key trading partners to meet demand. Chile is the largest source, accounting for 38% of imports, followed by Canada at 28%, and Mexico at 8%. Research from Morgan Stanley shows that net imports account for 36% of total U.S. copper demand. As a result, Trump's tariff threat has triggered a clear price premium for U.S. copper futures over the global benchmark, London copper futures. According to Bart Melek, Head of Commodity Strategy at TD Securities, when adjusted for exchange rates, U.S. copper prices are currently about $2,000 per ton higher than those in London. This is a significant spread that could attract more copper into U.S. warehouses, thereby putting pressure on global copper supplies. Reporting by the Financial Times also shows that many traders have rushed to ship copper into the U.S. ahead of potential tariff implementation. Large volumes of copper have already flowed into the U.S. from Europe and Asia. Some analysts describe copper trading now as the most sentiment-driven in the entire metals market. Meanwhile, regarding Trump's claim that he would impose tariffs as high as 200% on foreign-made pharmaceuticals, the U.S. pharmaceutical lobby groups have issued warnings, saying that medicines have traditionally been exempt from tariffs and that adding tariffs would raise costs and risk supply shortages. PhRMA, the largest pharmaceutical lobby group in the U.S., reiterated its opposition to tariffs on medicines in a new statement. The group said that every dollar spent on tariffs means one less dollar available for domestic manufacturing or future medical innovation. In 2024, total U.S. pharmaceutical imports amounted to around $212 billion, making medicines the country's fifth-largest import category. Experts warn that imposing tariffs on pharmaceuticals could lead to higher drug prices for Americans.'That would be potentially disastrous for every person, because we need those pharmaceuticals, and it takes those companies a very long time to produce them here in the US."
