President Trump announced letters would be sent to countries, warning of tariff reinstatement if trade deals aren’t finalized. Commerce Secretary Howard Lutnick clarified that tariffs would take effect on August 1st, while the president sets the rates. This announcement pushes back the original July 9th deadline, with tariffs potentially ranging from 10 to 70 percent, as previously announced. Trump also threatened additional tariffs on countries aligning with BRICS, adding to the uncertainty surrounding the trade war.
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Following threats of new tariffs by former U.S. President Donald Trump against countries aligning with BRICS, China responded that the economic group does not seek confrontation and does not target any specific nation. China’s Foreign Ministry emphasized BRICS’ focus on cooperation and inclusivity in response to the potential tariff hikes. Trump’s plans to reimpose higher tariffs threaten to disrupt global trade, despite a recent trade agreement between the U.S. and China. The BRICS summit in Brazil condemned the tariff increases without naming Trump, while key leaders, Xi Jinping and Vladimir Putin, were notably absent.
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President Donald Trump has threatened a 10 percent tariff on countries aligning with the BRICS nations, which includes Russia, potentially impacting Russian President Vladimir Putin. This follows a BRICS summit where they condemned Trump’s import tariffs and strikes on Iran. Trump’s warning, posted on Truth Social, also comes after the group criticized U.S. tariffs and NATO’s increased defense spending. This could signal a tougher stance toward Russia, with the 90-day pause on Trump’s reciprocal tariffs set to expire soon.
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On Sunday, President Trump announced plans to send letters to US trade partners beginning Monday, outlining new tariff rates on goods sold to Americans, with some deals also in the works. Although the president was initially uncertain about the implementation date, the Commerce Secretary clarified that the new rates would take effect on August 1st. These tariffs, originally set in April and delayed until July 9th, now offer a further reprieve, while also creating uncertainty for importers. US officials are also preparing for major trade announcements in the coming days, and the possibility for deadlines being pushed back exists based on the nature of negotiations.
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A White House insider claims the Trump administration’s trade talks are more about entertainment than achieving actual trade deals. The insider stated that the president enjoys the attention the “tariff conversation” brings, dismissing the self-imposed deadlines as a theatrical production. Despite announcing a three-month window for new agreements, and hinting at numerous finalized deals, only a few limited arrangements have been made before the deadline. This ambivalence has led to concerns from some of the president’s allies who question his commitment to securing new trade opportunities.
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A Senate bill, approved by former President Donald Trump, proposes a 500% tariff on goods from countries trading with Russia, specifically targeting India and China, who are major purchasers of Russian oil. The bill, co-sponsored by Senator Lindsey Graham, aims to pressure these nations to cease supporting Russia’s war efforts in Ukraine. Initially facing resistance from the White House, the bill has gained momentum, potentially causing a significant shift in US trade relations with Beijing and New Delhi. While the administration previously expressed hesitations regarding sanctions’ economic impact, it now seems prepared to support the legislation.
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Federal Reserve Chair Jerome Powell testified that the central bank would have eased monetary policy if not for President Trump’s tariff plan. Powell stated that the Fed’s decision to hold rates steady was influenced by the increased inflation forecasts resulting from the tariffs. Despite pressure from the White House, the Fed has held the key borrowing rate steady, and Powell acknowledged the potential for future rate adjustments depending on economic data. He also stated that he could not comment on the likelihood of a rate cut in July.
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France’s Macron calls tariffs imposed by powerful countries a form of “blackmail,” and the statement, delivered during a speech at an international conference, immediately sparks a complex web of thoughts. The very notion of a prominent leader using such strong language warrants immediate attention. It forces us to consider the underlying motives and implications of using tariffs as a tool in global trade. It’s not just about the economics of it all. It’s about power dynamics and how they shape international relationships.
Essentially, Macron’s declaration is a condemnation of the way some powerful nations leverage their economic weight. The term “blackmail” implies an element of coercion, a threat that’s intended to manipulate and gain an advantage, not as a means of fair balancing within the trade system.… Continue reading
President Trump revealed that the U.S. government has identified a buyer for TikTok, with details to be released within two weeks, and anticipated that Chinese approval will be necessary. The app was mandated to find a new owner or face a ban due to concerns about data security, with the deadline extended multiple times, most recently to September 17th. Potential buyers include groups of wealthy individuals. During the interview, the president also commented on upcoming tariffs on imported goods, set to be decided in letters being sent out imminently, based on trade deficits and the treatment of the US by other countries.
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In May, a key inflation gauge indicated that prices remained stubbornly high, with prices up 2.3% compared to the previous year. Core prices, excluding food and energy, rose 2.7% annually, exceeding the Federal Reserve’s 2% target. Simultaneously, consumer spending decreased by 0.1% for the first time since January. While tariffs have influenced prices of certain goods, falling prices in other areas have offset these increases.
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John Q. Hosedrinker 
Matt Underwood