Latest news with #tariffwars
Bloomberg
18-07-2025
- Business
- Bloomberg
Brazil's Lula Won a Tariff Battle — But Not the War Yet
Brazil's President Luiz Inácio Lula da Silva has emerged as an early winner of Trump's tariff wars. The White House's sloppy announcement last week — a splenetic letter from Trump unveiling 50% tariffs on Brazilian goods from Aug. 1 over his mostly political grievances about the treatment of his ally Jair Bolsonaro — clearly backfired. Initial polls show that, as was evident from the start, most Brazilians saw Trump's threats as gratuitous meddling in their internal affairs. Both Lula's personal approval rating and support for his foreign policy ticked up after the episode.
Daily Mail
16-07-2025
- Business
- Daily Mail
Wall Street banks cash in on market turmoil sparked by Donald Trump's tariff wars
Wall Street's banks have cashed in on the turmoil triggered by Donald Trump's tariff wars. Profits at Goldman Sachs rose by a fifth in the second quarter to £2.8billion as traders put in a record performance. Morgan Stanley reported a 15 per cent rise in income to £2.6billion as wealthy clients 'bought the dip' as markets tumbled on the back of Trump's trade war before rebounding. And Bank of America beat profit estimates, driven by tumultuous markets that helped its traders bring in more revenue.
Daily Mail
06-07-2025
- Business
- Daily Mail
The TACO President? Why I refuse to bet against Trump the deal maker - or his chances of reeling in the biggest prize of all...
The TACO President? Trump will Always Chicken Out? That's been the slur levelled by some financial traders amid the many twists and turns of the tariff wars waged by the 47th president against America's competitors. The big threats, the really big threats, simply never come true has been the claim. Take the plans for a gargantuan 145 per cent levy on Chinese goods. These have settled at an effective rate of around 30 per cent, which is serious, but not so very different from the 25 per cent charged on imports under the Biden administration. But no one is calling Trump a chicken after the extraordinary bombing mission that took out much of Iran 's nuclear processing capacity last month. Flying B2 stealth bombers loaded with 30,000lb 'bunker busting' bombs into the heart of Iran was truly audacious move and one that it was widely predicted no president would dare to make. In truth, however, the claim that Trump was the TACO president was always false – and that's because, even now, Trump's critics still have no idea about how he actually works. Why bomb Iran, at the risk of angering his own MAGA base? Why do it when serious experts were warning that even those giant payloads might not have been enough to seriously knock the mullahs off course? Iran is almost certain to acquire a nuclear bomb at some stage down the road. But when it comes to Trump, it's all about the deal, stupid. And the Middle East is a great example of the president at work. However intractable the war in Gaza might seem, Trump wants an end to it. Now wheels are in motion. Hamas and Israel are already talking in Doha. The Israeli Prime Minister is due in Washington this week and, although he's not yet landed, Benjamin Netanyahu already knows the terms. Trump bombed Iran and now Netanyahu must fulfil his part of the deal bring the hostilities to a close, even though to do so, could collapse his government - and place not just his political career but his liberty in jeopardy. Hence another Trump intervention: those extraordinary demands that Israel drop charges of bribery and fraud still faced by Netanyahu – which he denies. Unwarranted interference in the justice system of a friendly power? Another late-night rush of blood to the head by an insomniac president? No, a signal from Trump that an end to the Gazan bloodshed is imperative, even if that means Israel's Prime Minister avoids a trial. Perhaps it's a coincidence, but an Israeli court has just delayed the trial on undisclosed diplomatic and security grounds. Whatever the criticisms of Trump, he has a deep abhorrence of needless killing. And he is driven by this conviction: there has to be a deal to get the outcome that works all round, even if that means using threats, drama and brinkmanship. It's true, of course, that his play in the Middle East might not work – but there again, it might. And no one else has come close to striking at the heart of Iran or bringing Irael to heel. Sure, Trump didn't end the war in Ukraine on day one. Sure, the Israeli hostages have yet to be returned, despite his threats and promises. But if one thing was certain about his moribund predecessor, Joe Biden, it's that nothing at all was going to happen. With fire after fire breaking out in the world kitchen, meanwhile, someone has to act. Ukraine, China, the destructive forces of globalisation and immigration, the failure of the West to spend on defence… on these and many other issues, Trump has forced a conversation that simply wasn't taking place. Which means that however theatrical his initial boasts might have been, America is already in a better situation. There is also a personal stake for the arch deal maker - of course. Trump has made no secret of his wish for a Nobel Peace Prize, or his belief that he merits the award for his leadership in the Middle East. And however outlandish such a prospect might seem, I, for one, am unlikely to bet against it.
CNA
04-07-2025
- Business
- CNA
BRICS nations to gather without Xi, Putin
RIO DE JANEIRO: BRICS leaders will meet in Rio de Janeiro from Sunday (Jul 4), with the bloc depleted by the absence of China's Xi Jinping, who is skipping the annual summit of emerging economies for the first time in 12 years. The grouping, often seen as a Chinese-driven counterbalance to Western power, meets as members face imminent and costly tariff wars with the United States. Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be dominated by Beijing, which grew much faster and larger than the rest. China has not said why Xi will miss the summit, a first since he became president in 2012. "I expect there will be speculation about the reasons for Xi's absence," said Ryan Hass, a former China director at the US National Security Council who is now with the Brookings Institution think tank. "The simplest explanation may hold the most explanatory power. Xi recently hosted Lula in Beijing," said Hass. The Chinese leader will not be the only notable absentee. War crime-indicted Russian President Vladimir Putin is also opting to stay away, but will participate via video link, according to the Kremlin. So too will Iran's President Masoud Pezeshkian, whose nation is still reeling from a 12-day conflict with Israel. Hass said that Putin's non-attendance and the fact that India's prime minister will be a guest of honor in Brazil could also be factors in Xi's absence. "Xi does not want to appear upstaged by Modi," who will receive a state lunch, he said. "I expect Xi's decision to delegate attendance to Premier Li (Qiang) rests amidst these factors." Still, the Xi no-show is a blow to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage. In the year to November 2025, Brazil will have hosted a G20 summit, a BRICS summit, and COP30 international climate talks, all before heading into fiercely contested presidential elections next year. Lula is expected to run again for an unprecedented fourth term in office. 'Cautious tone' For BRICS leaders who do make the trip to the "cidade maravilhosa", the marvelous city, the economy will be top of the agenda. Lula on Friday defended the idea of finding an alternative to the dollar for trade among BRICS nations. "I know it is complicated. There are political problems," Lula said at a BRICS banking event. "But if we do not find a new formula, we are going to finish the 21st century the way we started the 20th." But with many, including China, locked in difficult trade negotiations with the United States, they may be wary of roiling the mercurial US president. President Donald Trump has warned that starting Friday, countries will receive letters stating the amount their exports to the United States will be tariffed. He has also threatened to impose 100 percent tariffs on countries that challenge the dollar's international dominance. "We're anticipating a summit with a cautious tone: it will be difficult to mention the United States by name in the final declaration," Marta Fernandez, director of the BRICS Policy Center at Rio's Pontifical Catholic University, told AFP. This is particularly the case for China, she said: "This doesn't seem to be the right time to provoke further friction" between the world's two leading economies. On a range of other issues, from the Middle East to climate, BRICS members will have to overcome deep-seated differences. Consensus-building difficult Original members of the bloc Brazil, Russia, India, and China have been joined by South Africa and, more recently, by Saudi Arabia, Iran, the United Arab Emirates, Egypt, Ethiopia, and Indonesia. Analysts say that it has given the grouping more potential international punch. The BRICS now represent nearly half of the world's population and 40 percent of its GDP. But it has also opened many new fault lines, not least over how strongly to challenge the United States. This expansion "makes it all the more difficult to build a strong consensus," said Fernandez. BRICS members did not issue a strong statement on the Iran-Israel conflict and subsequent US military strikes due to their "diverging" interests, according to Oliver Stuenkel, a professor of international relations at the Getulio Vargas Foundation. Brazil, nevertheless, hopes that countries can take a common stand at the summit, including on the most sensitive issues. "BRICS (countries), throughout their history, have managed to speak with one voice on major international issues, and there's no reason why that shouldn't be the case this time on the subject of the Middle East," Brazil's Foreign Minister Mauro Vieira told AFP.
The Independent
29-05-2025
- Business
- The Independent
The US academic partnership with China, under strain for years, faces its biggest threat
Frayed by tariff wars and political battles, the academic ties between the U.S. and China are now facing their greatest threat yet as the Trump administration promises to revoke visas for an unknown number of Chinese students and tighten future visa screening. In a brief statement Wednesday, Secretary of State Marco Rubio said the U.S. will 'aggressively' revoke visas for Chinese students, including those with ties to the Chinese Community Party or studying 'critical fields.' Rubio's statement threatened to widen a chasm between the two nations, building on a yearslong Republican campaign to rid U.S. campuses of Chinese influence and insulate America's research from its strongest economic and military competitor. Rubio's announcement has rattled Chinese students and drawn swift condemnation from the Chinese government and some U.S. lawmakers. It also raised alarm at U.S. campuses that host more than 275,000 students from China and benefit from their tuition payments. Chinese graduate student Kesong Cao, 26, decided to abandon his studies in the U.S. because of Trump's policies. 'I do not feel welcome anymore,' said Cao, a student of cognitive psychology at the University of Wisconsin, who was waiting at Seattle airport Thursday to board a flight home to China. Cao spent eight years in the U.S. and once dreamed of staying as a professor. 'Now it seems like that dream is falling apart,' he said. 'It's a good time to jump ship and think about what I can give back to my own country.' The scope of the visa crackdown wasn't immediately clear, with no explanation on what would constitute ties to the Communist Party. But the impact could be significant if the government goes after any student with family members in the party, said Sun Yun, director of the China program at the Washington-based think tank Stimson Center. Academic ties with China were built over decades Academic leaders in the U.S. have spent years trying to tamp down growing hostility against Chinese students and scholars, saying the benefits of the relationship outweigh the risks. Collaboration between the countries produces tens of thousands of scientific papers a year, yielding major advancements in fields from earthquake prediction to disease treatment. The academic alliance has been built up over decades since both sides resumed diplomatic ties in the 1970s. Chinese researchers are the most frequent international co-authors for U.S. researchers in science and engineering journal articles. Both sides are research powerhouses. Any move that prevents the U.S. from welcoming the smartest people in the world is an 'extremely bad idea,' said L. Rafael Reif, a former president of the Massachusetts Institute of Technology who pushed back against anti-China sentiment during President Donald Trump 's first term. 'This administration will be known historically as the one that began the decline of the U.S. by completely failing to understand the importance of science and technology — and the importance of gathering the most talented human capital from the world to work together towards a thriving United States,' Reif said in a statement to The Associated Press. During his first term, Trump shortened the visas of some Chinese graduate students from five years to one, and he signed an order barring Chinese students from schools with direct links to the People's Liberation Army. More recently, the administration has taken sweeping action against international students. It revoked the legal status for thousands of foreign students in the U.S. this spring before reversing itself. The administration is also trying to block Harvard from enrolling for students, a move put on hold by a judge. David Lampton, a political scientist at Johns Hopkins University, is worried the U.S. will lose talent. 'American universities and society have always successfully relied on their single-minded search for the world's best brains,' he said. Yet critics say it's a lopsided relationship that primarily benefits China. Some conservatives say the exchanges are a US security risk A State Department spokesperson, Tammy Bruce, told reporters Thursday that the U.S. "will not tolerate the CCP's exploitation of U.S universities or theft of U.S. research, intellectual property or technologies to grow its military power, conduct intelligence collection or repress voices of opposition.' House Republicans issued a report last year finding that hundreds of millions of dollars in federal funding has gone toward research that ultimately boosted Chinese advancements in artificial intelligence, semiconductor technology and nuclear weapons. The report argued China's academic collaborations served as 'Trojan horses for technology transfer,' accusing China of 'insidious' exploitation of academic cooperation. At least three American schools have ended their partnerships in China, including the University of Michigan and the Georgia Institute of Technology. Eastern Michigan University was the latest to terminate a Chinese partnership, just hours before Rubio's announcement. Earlier this month, Michigan GOP Reps. John Moolenaar and Tim Walberg wrote to Duke University demanding the school end its campus in China, which was created in a partnership with Wuhan University. The lawmakers raised concerns that the Chinese university has links to the Chinese military, including cyber warfare and satellite tracking. Critics also point to the imbalance in student exchange — only a few hundred U.S. students study abroad in China a year, compared to about 370,000 from China who studied in the U.S. in 2018. President Xi Jinping in 2023 launched a campaign to invite 50,000 young Americans to visit China on exchange and study programs. U.S. universities themselves have come to rely on Chinese students. Even as numbers level off, Chinese students remain the second-largest group of international students in the U.S. behind those from India. Foreign students are typically charged higher tuition rates, subsidizing the education for American students. Gary Locke, a former U.S. ambassador to China, said the visa policy would 'adversely and profoundly' affect U.S. higher education, research institutions, scientific discovery and startups. 'The real story isn't just about visa numbers — it's also about how this changes the competitive landscape for talent, innovation and economic growth in America. Treating every Chinese student as a security threat distorts facts and fuels discrimination against Chinese Americans,' said Locke, now chair of Committee of 100, a group of prominent Chinese Americans focused on U.S.-China relations and issued faced by Chinese citizens in the U.S. ___ Associated Press writers Jocelyn Gecker in San Francisco, Matthew Lee in Washington, and Terry Tang in Phoenix contributed to this report. ___ The Associated Press' education coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
