Latest news with #internationalTrade
Bloomberg
08-07-2025
- Business
- Bloomberg
Trump's Tariff Warning Letters Upset Peak Shipping Season
President Donald Trump issued his first round of trade letters Monday, setting new rates for more than a dozen countries, while pushing back the deadline for 'reciprocal' tariffs until Aug 1. So far, consumers have not been feeling the heat from the tariffs, largely because the goods on store shelves now were imported in a front-loading frenzy ahead of the initial levies Trump announced in April.
CBS News
07-07-2025
- Business
- CBS News
Trump says he'll start sending countries tariff letters at noon
President Trump said on social media this weekend that he would start sending tariff increase letters to countries with which the U.S. does not reach satisfactory trade deals beginning at noon on Monday. Trade experts expect a number of foreign nations to receive notices that higher tariff rates will go into effect August 1. Mr. Trump said the "tariff letters" would go out at 12:00 p.m. EST, ahead of a July 9 deadline for the U.S.'s trade partners to negotiate deals or else face country-based tariff rates. President Trump announced so-called "reciprocal tariff" rates on April 2, which he dubbed "Liberation Day." He instituted a 90-day pause on the country-specific levies, which expires July 9. "I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th," Trump said on Truth Social late Sunday. "Thank you for your attention to this matter! DONALD J. TRUMP, President of The United States of America." The White House did not immediately respond to CBS MoneyWatch's request for comment on which countries would receive letters notifying them of higher tariff rates. Similar to club membership fee Trade policy expert Barry Appleton, co-director of Center for International Law at New York Law School, told CBS MoneyWatch that the country-based levies are akin to membership fees guaranteeing entry into a private club. "What's been going on since 'Liberation Day' is Trump has been receiving applications for membership," Appleton told CBS MoneyWatch. "He has countries coming to him with proposals of what they would negotiate in the deal." Similar to a club, Appleton said, "the administration decides what to charge, whether it's full price, friends and family, or a special friends and family rate," in reference to the Trump administration'different levies on different nations. "It depends on what you're going to give him." Appleton added that the U.S. has the ability to charge "whatever the market will pay, and a lot of countries desperately want access to the U.S." On Monday, Mr. Trump is expected to announce which countries will be subject to higher tariffs than the baseline 10% rate currently on all imports to the U.S. Those rates would likely go into effect Aug. 1, Mr. Trump said Friday. The president had previously said they would kick in on July 9. "Good, bad, ugly" scenarios Brian Mulberry, portfolio manager at Zacks Investment Management, told CBS MoneyWatch that countries the Trump administration believes have been engaging in good-faith negotiations will not receive notices Monday. "Ultimately, countries that have been actively participating in negotiations already will get some type of reciprocal structure," he said. There are three broad outcomes as far as rates go, he added. "We have a good, bad, ugly scenario," Mulberry said. A 10% tariff rate would be a "good" outcome, whereas 20% tariffs would be bad, and anything higher would be considered "ugly." "Countries had an opportunity over the past 90 days to make they're best offers, and if you were not participating, you could end up getting a number," he said.
Yahoo
04-07-2025
- Business
- Yahoo
Trump plans to send 10 letters a day dictating tariff rates to other countries
WASHINGTON – President Donald Trump told reporters he would start sending out letters to other countries as early as July 4 dictating their tariff rates to sell products in the United States, rather than negotiating scores of individual trade deals. 'My inclination is to send a letter out saying what tariff they're going to be paying,' Trump said July 3. 'It's just much easier.' His comments came as a July 9 deadline approaches for the reimposition of hefty tariffs on countries around the world. His announcement of worldwide tariffs in April sent the world's financial markets spiraling before he paused the fees for 90 days for most countries. Since then, Trump has announced trade deals with Vietnam and the United Kingdom, and the framework for a deal with China. He aims for 10% baseline tariff and greater fees for specific countries based on U.S. trade deficits with them. But he has said he is unwilling to extend his deadline and it would be difficult to negotiate deals with 170 other countries. Disputes remain with major trading partners such as Canada, Mexico and the European Union. 'How many deals can you make?' Trump said. 'You can make more deals, but they're very much more complicated.' 'It's just so many countries,' he added. Trump said countries seeking deals begin talking about specific products such as beef or ethanol, but that he would prefer to have flat tariff rates of 20%, 25% or 30% for each country. 'I'd rather send out a letter saying this is what you're going to pay to do business in the United States,' Trump said. Trump said he expects to send out about 10 letters per day, starting July 4. 'I'd rather just do a simple deal where you can maintain and control it,' Trump said. This article originally appeared on USA TODAY: Trump plans to send 10 letters a day dictating tariff rates to countries
Yahoo
01-07-2025
- Business
- Yahoo
French President Emmanuel Macron labels tariffs as 'blackmail'
French President Emmanuel Macron has strongly criticised the use of tariffs by powerful nations, describing them as a form of "blackmail" rather than a tool for rebalancing international trade. His remarks, delivered on Monday at the International Conference on Financing for Development in Seville, Spain, come as the European Union navigates sensitive trade negotiations with the United States ahead of a July 9 deadline. While he did not specifically name the United States or U.S. President Donald Trump, Mr Macron's comments were made in the context of ongoing global trade tensions. "We need to restore freedom and equity to international trade, much more than barriers and tariffs, which are devised by the strongest, and which are often used as instruments of blackmail, not at all as instruments of rebalancing," he stated. The French leader also called for a re-evaluation and strengthening of the World Trade Organization (WTO) to align its objectives with global efforts to combat inequality and climate change. He condemned the current climate of trade disputes, adding: "Bringing back a trade war and tariffs at this moment in the life of the planet is an aberration, especially when I see the tariffs that are being imposed on countries that are just beginning their economic takeoff." Mr Macron's remarks follow the imposition of sweeping global tariffs by Donald Trump in April, which initially ranged from 10 to 50 per cent on imports into the United States, though these were later mostly lowered for a 90-day period. The United Nations trade agency had previously warned that such tariffs could have a "catastrophic impact" on developing countries, with some of the world's least developed nations, including Lesotho, Cambodia, Laos, Madagascar, and Myanmar, facing some of the highest levies. A vocal critic of Washington's tariff campaign, Mr Macron has also previously argued that it is an "aberration" to demand increased European defence spending while simultaneously engaging in a trade war.
LBCI
30-06-2025
- Business
- LBCI
France's Macron calls tariffs imposed by powerful countries a form of 'blackmail'
French President Emmanuel Macron said on Monday that tariffs levied by powerful countries were often a form of "blackmail" rather than instruments to rebalance trade. His comments, made during a speech at the International Conference on Financing for Development in Seville, Spain, came as the European Union was negotiating a trade deal with the United States ahead of a July 9 deadline, although he did not specifically refer to the United States or U.S. President Donald Trump. "We need to restore freedom and equity to international trade, much more than barriers and tariffs, which are devised by the strongest, and which are often used as instruments of blackmail, not at all as instruments of rebalancing," Macron said. He also urged support—and a rethinking—of the World Trade Organization to bring it in line with its goals to fight inequality and climate change. Reuters
