Nebraska Representative Don Bacon warned that tariffs are negatively impacting his state’s economy, citing a 6% decrease in Nebraska’s GDP over the last year, primarily due to trade issues affecting corn and soybean exports. Despite a national GDP rebound in the second quarter, economists anticipate tariffs will create economic headwinds, particularly for states reliant on trade. Bacon, a critic of the trade policies, highlighted Nebraska and Iowa’s struggles, where agriculture plays a central role, as they face potential strain on commodity prices and exports. While the IMF upgraded global growth forecasts, experts like Thomas Sampson and Bill Adams foresee tariffs hindering U.S. economic growth.
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Following an executive order by US President Trump imposing a 25% tariff on Indian imports due to continued oil trade with Russia, India’s Ministry of External Affairs (MEA) issued a strong response. The MEA condemned the tariff increase as unfair and unreasonable. In defense of its national interests, India declared it would take all necessary measures. The increase brings the total tariff on Indian goods to 50%.
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President Donald Trump has imposed a new 25% tariff on India, bringing the total levies against the major US trading partner to 50%. This action, announced in an executive order, stems from India’s import of Russian oil, with the President warning of similar actions against other countries engaging in such trade. The new tariffs are set to take effect in 21 days, following the implementation of previously announced tariffs, making this among the highest levies the US has imposed on any trading partner. India responded by calling the tariffs “unfair, unjustified, and unreasonable,” emphasizing that their oil imports are based on market factors and energy security.
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President Trump has declared a 25% tariff on India, effective August 1st, along with an additional penalty for purchasing energy and arms from Russia. This decision stems from concerns over India’s high tariffs and trade barriers, as well as its continued trade with Russia amidst the ongoing conflict in Ukraine. The US president stated that the August first deadline will not be extended, reflecting his determination to adjust trade relations. India’s government, while assessing the impact, has reiterated its commitment to prioritizing national interests in ongoing trade deal negotiations with the US.
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President Trump has increased his demands in trade talks with the European Union as the August 1 deadline approaches, according to sources familiar with the negotiations. Discussions have stalled, with the EU seeking a deal similar to the UK’s, which maintained a 10% tariff. Trump has expressed concern over the EU’s trade surplus with the U.S., while EU officials argue for a more balanced view including services and investments.
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China’s holdings of US Treasury bonds decreased for the third consecutive month in May, reaching the lowest level since March 2009, amidst ongoing trade tensions with the United States and anxieties surrounding financial markets. The reduction occurred despite a temporary truce in the trade war. This decrease followed China’s fall to third place among foreign holders of US debt. Fears of escalating trade conflicts have increased speculation about China selling off its large holdings of US Treasury bonds.
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US trade talks with Indonesia, currently at nearly $40 billion in 2024, show growing US exports and imports. Senior Indonesian officials confirmed they are preparing a joint statement regarding tariffs, following Trump’s threat of a 32% tariff rate and similar letters sent to other trading partners. Trump has stated that talks with India are moving in a similar direction and that a trade deal with Vietnam is nearly complete. The implementation of these tariffs would raise the US effective average tariff rates, potentially making it the highest since 1933.
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The European Union warns that a 30% tariff on goods imported from the bloc by the United States would effectively halt trade. EU Trade Commissioner Maroš Šefčovič expressed concern over the potential for “super-negative” effects on both sides of the Atlantic and emphasized the EU’s desire for a negotiated agreement with Washington. The EU is delaying countermeasures on US exports to allow for more negotiation, but is preparing to retaliate. European stocks fell on Monday following the new tariff threat.
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Following President Trump’s threat to impose significant tariffs on EU imports, French President Emmanuel Macron urged the EU to prepare for a trade war and defend its interests. While other European leaders like those in Italy, the Netherlands, Germany, and Ireland called for a measured response, the influential Federation of German Industries saw Trump’s announcement as a warning. EU ambassadors are scheduled to meet to discuss tactics, with potential divisions in approach expected at an upcoming trade ministers’ summit. This comes after Trump’s previous claims of unfair EU duties on US imports, despite evidence to the contrary, raising concerns among MEPs about the long-term implications of such tariffs.
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John Q. Hosedrinker