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Egypt Independent
14 hours ago
- Business
- Egypt Independent
Trump's trade deals are stalling out at the worst possible time
CNN — With just a week and a half remaining of a 90-day pause on President Donald Trump's 'Liberation Day' tariffs, the White House is running out of time to negotiate its long-promised trade deals that could bring some certainty to an increasingly uneasy economy. But with just two trade frameworks inked and dozens to go before the July 9 deadline, that timeframe appears increasingly unlikely — just as America's economy might be taking a turn for the worse. For months, the Trump administration has said deals are imminent, working with 18 key partners to lower trade barriers while hundreds of other countries wait in line to get out from under the burden of higher tariffs. But the timeframe continues to shift. 'I've made all the deals,' Trump said in a Time interview in late April, saying trade negotiations with foreign partners were nearly complete. 'I've made 200 deals.' More than two weeks later, Trump acknowledged that hundreds or even dozens of deals aren't possible on such a short timeframe — a point he reiterated Friday at a press briefing at the White House. 'You know, we have 200 countries,' Trump said. 'We can't do that. So at a certain point, over the next week and a half or so, or maybe before, we're going to send out a letter. We talked to many of the countries, and we're just going to tell them what they have to pay to do business in the United States. And it's going to go very quickly.' That notion of establishing new tariffs for countries that can't or won't reach a deal with the United States has been floating around for over two months, but the timeline keeps getting pushed back. On April 23, Trump said his administration would 'set the tariff' for countries that fail to negotiate new terms in the following few weeks. On May 16, Trump said that 'at a certain point, over the next two to three weeks … we'll be telling people what they'll be paying to do business in the United States.' Meanwhile, the United States remains in active negotiations with its key trading partners. But those deals have been promised for months, too, with little to show for it. On June 11, Commerce Secretary Howard Lutnick said a flood of deals was coming. 'You're going to see deal after deal, they're going to start coming next week and the week after and the week after. We've got them in the hopper,' he told CNBC. On Thursday, Lutnick told Bloomberg 10 deals would be announced imminently. US Commerce Secretary Howard Lutnick and Secretary of the Treasury Scott Bessent stand as President Donald Trump signs executive orders. Nathan Howard/Reuters But White House press secretary Karoline Leavitt also said Thursday that 'the deadline is not critical,' a point that Treasury Secretary Scott Bessent emphasized to Fox Business on Friday: Bessent said he thinks trade negotiations could be 'wrapped up' by Labor Day, providing a more relaxed framework for inking deals than the previously prescribed July 9 deadline. Meanwhile, Trump made clear Friday that trade policy could continue to grow more aggressive. In a social media message Friday, he said that the United States was pulling out of trade talks with Canada because of its digital services tax and that the administration would set a new tariff for its northern neighbor within the next week. And Bessent told CNBC Friday that about 20 countries could return to their 'Liberation Day' tariff rate starting on July 9, while others would receive longer windows to negotiate. He didn't name the countries that would receive the higher levies, but some nations' tariffs were set as high as 50% before Trump hit pause. 'The idea that uncertainty will be resolved early this summer appears to be completely dead,' Justin Wolfers, an economics professor at the University of Michigan, told CNN. 'This means tariff aggression is not dead. That's probably not super surprising but some of us allowed ourselves moments of optimism.' The economy may be starting to turn The problem with the perpetually pushed-back tariff timetable is that the economy could really use some deals right about now. After several months of strong economic news but incredibly weak consumer sentiment, America is starting to see those trends reverse: The vibes are on the rebound, but evidence is mounting that the economy is getting worse. Consumer sentiment climbed 16% this month, the University of Michigan said in its latest survey released Friday. Although consumer sentiment remains weak, the stock market is at an all-time high, which could give Americans a confidence boost. But that's not translating into spending. Consumer spending unexpectedly fell in May for the first time since January, the Commerce Department reported Friday. In real terms, consumer spending has now fallen so far in 2025. Inflation is ticking higher, job growth is slowing and retail sales are sinking. That's a concern, because consumer spending makes up two-thirds of America's economy. 'Households are anxious about what tariff-induced price hikes will do to their spending power, while concerns about the robustness of the jobs market are on the rise,' said James Knightley, chief US economist for ING, in a note to clients Friday. 'Equity markets have recovered and are at all-time highs, but house prices nationally are starting to come under downward pressure.' Many mainstream economists argue that the low inflation of the spring that helped boost consumer sentiment represents a calm before the summer storm, when they expect prices to rise as companies finish selling off inventories of products they had brought to the United States before Trump imposed tariffs. Friday's inflation report showed that the changeover to higher-tariff goods may have already begun to happen. 'Higher prices from tariffs may be starting to work their way through the economy,' said Robert Ruggirello, chief investment officer at Brave Eagle Wealth Management. Although tax cuts from Trump's sweeping domestic policy agenda could help mitigate higher prices from tariffs, Trump's trade war continues to risk retaliation from American's key trading partners. Higher tariffs from foreign countries could slow the US economy, risking a recession. 'Trading partners taking retaliatory action could have a lasting impact on US output and, accordingly, public finances,' said Michel Nies, an economist at Citi. That's why trade deals are so urgent: America's economy remains strong, but cracks are forming. Tariffs are a big reason why. More delays will generate more uncertainty. And those good vibes could turn bad pretty quickly. CNN's Matt Egan contributed to this report.
Indian Express
19 hours ago
- Entertainment
- Indian Express
Squid Game director reveals real-world figures who inspired VIPs: ‘They no longer hide behind a curtain'
The Squid Game series was inspired by some real-life experiences of director Hwang Dong Hyuk. In the show, we mostly follow the players, poor and desperate, ready to kill each other for money. And while we kept slamming some players for behaving selfishly, the show makes it clear that the real villains are not the players, but the ultra-rich watching from the top. These are the VIPs, treating the lives of people they consider beneath them as nothing more than a circus for their amusement. In a recent interview with Time magazine, director Hwang opened up about how some of the biggest tech billionaires and those in power inspired the role, and whether some of the characters have real-life resemblance. The VIP's first appeared in season 1, episode 7 and were shown as filthy rich people gulping alcohol, speaking English, wearing gold animal masks, and betting on the players' lives. They treat it like gambling on horses. In Season 1, they stayed in their luxury rooms and watched everything from behind the scenes, pampered and protected by the Front Man, played by Lee Byung Hun. Later, it was revealed that Oh Il Nam was the head of VIP's who played as player 001. He was dying, so he created the game for fun, a jab at how the rich are disconnected from human life and suffering. In season 3, however, these VIP's get down into the game themselves, take off their masks and kill people with their bare hands. Also read: Squid Game Season 3 ending explained: The truth about Gi Hun's fate, the mystery woman, and all survivors Director Hwang Dong Hyuk said this was intentional. He wanted to show how the rich no longer even bother to hide their power. 'In the past, those that really controlled the system and maintained power were hidden behind the curtain, almost like this big unseen conspiracy. However, it's no longer the case, especially in America,' Hwang told Time. 'We talk a lot about oligarchy these days, but these so-called big tech owners, they step up, telling everyone who they're backing with their money. They willingly take their masks off, almost as if to declare, 'We're the ones running everything. We're the ones in control,' he added. Director Hwang said that while the concept of the VIPs is not based on one person, while writing the final script, he started seeing some familiarity with the current scenario in the world. Like Elon Musk, for example. 'Elon Musk is everywhere these days, right?' Hwang said, adding, 'Everybody talks about him. Not only is he the head of a huge tech company that controls the world almost, but he's also a showman. After writing [Season 3], of course I thought, 'Oh, some of the VIPs do kind of resemble Elon Musk.'' The director even revealed that, although it was very unintentional and he didn't plan it that way, one of the VIPs also resembles US President Donald Trump. Also read: Squid Game 3 ending: 7 burning questions answered in Netflix thriller finale; future possibilities explored Hwang, during the interview, also revealed how his own struggle with money and the 2008 financial crisis shaped this story. He spoke about the recent political fights in South Korea, referring to the president's impeachment, and even the US Capitol attack on January 6, 2021, when some Trump supporters stormed into the building. All these events made him realise the extent people go when driven by hate and greed. He feels that people have forgotten how to disagree and now outright disregard others as evil. And with the rise of AI, algorithms, and fake news, Hwang began to ask: 'Are elections even working anymore?' In the second-last episode, players are even told to vote on who to kill next, and one option is to eliminate the baby in Gi Hun's hands. That's when one Player says, 'Let's vote on who should get eliminated, and keep it democratic, like they're not talking about murder.'
Indian Express
2 days ago
- Entertainment
- Indian Express
Esha Deol spotted with ex-husband Bharat Takhtani for the first time after divorce, board a flight together
In a rare and unexpected moment, Bollywood actress Esha Deol was seen alongside her former husband Bharat Takhtani at the Mumbai airport on Friday, marking their first public appearance together since announcing their separation in February 2024. The two were captured by paparazzi as they arrived in the same vehicle. A video shared by celebrity photographer Sneh Zala shows Bharat stepping out first and attending to their luggage before making his way toward the terminal. Esha, maintaining her characteristic grace, briefly walked in the opposite direction before pausing to acknowledge the waiting photographers with a quick pose. Moments later, she joined Bharat at the airport entrance, and the pair proceeded inside together. Shared post on Time Also Read | Esha Deol reveals mother Hema Malini's tan removal remedy: '…when you are shooting in bright lights' Their joint appearance follows closely on the heels of another noteworthy moment, Esha recently shared a family photo on Instagram in honour of Father's Day. The image featured her seated between her father, legendary actor Dharmendra, and Bharat. Captioning the post, she wrote, 'Happy Father's Day. Here with my darling papa & Dada to my babies,' offering a glimpse into the respectful rapport the former couple continues to maintain. Previously, in a conversation with the YouTube channel Mamaraazzi, Esha was asked whether 'being a single mom is more rewarding or if it takes a toll.' In response, Esha shared that she doesn't see herself as a single mother and explained: 'I don't like to think of myself as a single mother because I don't behave like one, nor do I allow the other person to behave that way with me. Sometimes in life, due to certain circumstances, roles change. And if a particular equation between two people no longer works, especially when children are involved, it's important for both mature individuals to take responsibility and find a new dynamic, one that keeps the family unit intact for the sake of the children. That's exactly what Bharat and I do.' Esha Deol and Bharat Takhtani were married on June 29, 2012, in a traditional ceremony at Mumbai's ISKCON temple. During their 11 years together, they became parents to two daughters, Radhya (born in 2017) and Miraya (born in 2019). In February this year, the couple publicly confirmed their separation through a joint statement that emphasized mutual respect and a shared commitment to co-parenting.
Korea Herald
2 days ago
- Automotive
- Korea Herald
Hyundai Motor Group named among Time's 100 most influential companies of 2025
South Korea's Hyundai Motor Group has been named one of Time magazine's 100 most influential companies of 2025. It was listed in the Leaders category for the Time 100 Companies list released Thursday, which also included Duolingo, LinkedIn, Penguins Random House, Prada Group and Anthropic. Hyundai is the only South Korean company included in this year's list, and it marks the group's first appearance on the ranking since its affiliate Kia Corp. made the list in 2023. To select 100 companies with the criteria of impact, innovation, ambition and success, editors of the US magazine request suggestions and applications from across sectors, survey its contributors and correspondents around the world and seek advice from outside experts. Calling the company an "automotive dark horse," Time highlighted Hyundai's rapid growth fueled by aggressive investment in eco-friendly vehicles and timely response to consumer preferences. "Hyundai continues to prove that its rise to the top ranks of global automakers -- it was the third-largest automaker in 2024 -- was no fluke," the magazine wrote. "Once saddled with a subpar reputation in the US, sales are surging upward as the South Korea-based giant's Kia and Hyundai brands rack up awards for new EV and hybrid vehicles." The magazine also pointed to Hyundai's efforts to navigate US tariffs, including its recent $21 billion investment in the United States by 2028, saying, "Hyundai's American roots continue to deepen." (Yonhap).
Buzz Feed
2 days ago
- Entertainment
- Buzz Feed
Ryan Reynolds Talks Online Critics After Baldoni Lawsuit
Ryan Reynolds addressed his public image after months of nonsense stemming from the Blake Lively and Justin Baldoni lawsuits. Last December, Blake accused her It Ends With Us co-star and director of sexual harassment and a subsequent retaliation campaign. Justin then sued Blake and Ryan, alleging that they were trying to destroy his reputation, but that lawsuit was recently tossed out by the judge. Justin's team had the option to amend some of their complaints, but they did not. Despite most of Justin's claims obviously being, in my opinion, bullshit, take a look at a post that even mentions Ryan and you'll be met with comments like these: (This is on a post about an Australian sailing team Ryan recently bought with Hugh Jackman, and doesn't even have his face). In a new interview with Time about his numerous business ventures (specifically, Maximum Effort), Ryan declined to comment directly on the legal issues. However, he was asked about whether "tabloids and online discourse" have affected his business ventures. To that, the 48-year-old replied, "I can read something that says, 'He should be drawn and quartered.' I could read something that says I should win a Nobel Prize. Both are meaningless." 'None of us are comprised of our best moments. None of us are defined by our worst moments. We are something in the middle," he added. When later pressed on whether headlines affect his brand and business relationships, Ryan said, "Accessibility and accountability are a big part of how I do people that I work with know me, so there's never a question of anything like that. If you operate with some degree of core values and integrity, they're going to help you up. If you're an asshole, they're not. And that's pretty simple.' Ryan attributes his ability to remain calm to the aftermath of a "brawl" with one of his friends when he was younger. "I skipped rehab in my 20s and decided to go to conflict-resolution workshops in Santa Fe,' he recalled. 'Conflict resolution changed my life in a way that I can't quantify. You don't have to agree with the person. You can empathize, you can validate. You can do all those things and get closer to them without having to just blindly agree or win or lose.' After all, Ryan says that his value "comes from having four kids and a good self-worth isn't farmed out to any one thing that isn't under the roof of my home.' And I'm sure that noooooooone is going to reveal they've joined a borderline conspiracy group in the comments...
