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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As the 90-day pause on President Trump’s Liberation Day tariffs nears its end, the administration faces the challenge of delivering on promised trade deals. Despite initially aiming for “90 deals in 90 days,” the administration has only secured one confirmed deal with the United Kingdom, along with preliminary agreements with China and a potential deal with India. Negotiations with Japan are faltering, with the possibility of increased tariffs looming if an agreement isn’t reached. Experts suggest that the lack of progress stems from uncertainty about the administration’s objectives and the complexity of trade negotiations. Consequently, the deadline may be extended, with the expectation that most critical trade deals will be finalized by Labor Day.
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President Donald Trump is threatening tariffs on Japanese exports due to claims of Japan’s unwillingness to buy American rice, a claim contradicted by existing trade data showing Japan imported $298 million worth of US rice last year. While ongoing trade talks between the two countries are underway, Japanese officials have not stated they will stop purchasing US rice in the future, and discussions are still in progress. Trump’s remarks may be referencing a US Trade Representative report criticizing Japan’s rice import system. This threat coincides with the looming deadline for Trump’s “reciprocal” tariffs, with the future tariff rates for impacted countries still uncertain.
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In a stark economic forecast, the Federal Reserve projects aggressive stagflation for the remainder of 2025, anticipating 3 percent inflation, a 1.4 percent GDP decline, and 4.5 percent unemployment. This projection follows the Trump administration’s consideration of increased aid to Israel and the passage of the “One Big Beautiful Bill Act,” which significantly increases the national deficit. Fed Chair Powell reiterated that the current economic downturn stems directly from President Trump’s tariffs. The Fed maintains its current interest rate policy despite the projected stagflation.
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Learning Resources and hand2mind petitioned the Supreme Court to expedite their challenge to President Trump’s tariffs, citing the significant economic impact on businesses and consumers. The companies argue that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose these tariffs. They request a September or October hearing, aiming to circumvent the appeals process currently underway in the D.C. Circuit Court. A lower court previously ruled against the administration, finding IEEPA did not authorize the tariffs, though this ruling was limited in scope. The Supreme Court’s intervention is sought to swiftly address the ongoing substantial financial harm caused by the tariffs.
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In the days leading up to President Trump’s April 9th tariff pause, numerous members of Congress engaged in stock transactions totaling millions of dollars, raising ethical concerns. These transactions, many occurring amidst market volatility spurred by Trump’s trade policy announcements, involved both Democrats and Republicans. While lawmakers claim trades were managed by third-party advisors, the timing has fueled suspicion of insider trading. Experts and some on Capitol Hill argue that the lack of transparency and enforcement around congressional stock trading undermines public trust.
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President Trump doubled tariffs on steel and aluminum imports from 25% to 50%, citing insufficient domestic production and national security concerns. This action, building upon a previous executive order, significantly impacts Ukraine, whose metallurgical exports constitute a large portion of its U.S. trade. While the White House claims the tariffs will bolster domestic industries, Ukraine’s economy, already strained by war, faces further jeopardy. The U.K. is exempt from the increased tariffs, remaining at 25%. Trump justified the increase as a simplification of metal import duties and alluded to potential retaliatory measures.
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President Trump’s executive order doubling steel and aluminum tariffs to 50% temporarily excludes the UK due to a May 2025 US-UK economic prosperity deal. This deal, not yet in effect, aims to eliminate these tariffs entirely but could be revoked if the UK fails to comply with its terms. Until the deal’s parliamentary implementation, UK steel exporters remain subject to the 25% tariff. The UK government is working to finalize the agreement and protect British businesses.
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President Trump doubled tariffs on steel and aluminum imports from 25% to 50%, impacting businesses reliant on imported metals. While the move aims to bolster the domestic steel industry, critics foresee negative consequences, including retaliatory tariffs from trade partners and substantial job losses in other US sectors. The UK received an exemption, maintaining a 25% tariff, due to ongoing trade negotiations. Economists predict further economic damage from the increased prices resulting from this protectionist measure.
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Lee Jae-myung, South Korea’s newly elected president, faces immediate challenges upon assuming office, including addressing the economic fallout from President Trump’s tariffs. His victory, secured with a narrow margin over conservative rival Kim Moon-soo, provides him with a strong mandate and legislative power due to his party’s control of the National Assembly. However, he must navigate a complex foreign policy landscape, balancing relations with the U.S. and China amidst ongoing trade disputes and the Trump administration’s hawkish stance toward Beijing. His first priority will be establishing an emergency task force to tackle the economic and trade crisis, while simultaneously addressing the delicate North Korea situation and striving to restore political stability.
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John Q. Hosedrinker