EU’s von der Leyen warns of countermeasures if U.S. 30% tariffs go ahead. Okay, so here’s the situation, right? Ursula von der Leyen, who leads the EU, is making it crystal clear: if the U.S. slaps on those proposed 30% tariffs, Europe is going to hit back. No ifs, ands, or buts. It’s a pretty straightforward message, a signal that the EU isn’t going to just sit idly by. This isn’t a bluff; it’s a pre-emptive strike in the ongoing trade war saga.
The sentiment is overwhelmingly that the EU needs to be decisive. The phrase “just fucking do it” encapsulates a lot of the frustration.… Continue reading
President Trump has once again threatened Canada with significant tariffs, this time a 35% levy on Canadian goods starting August 1st. This announcement, conveyed in a letter to Prime Minister Mark Carney, demanded Canada build or manufacture products in the U.S. The letter also referenced Canada’s retaliatory tariffs on American goods and accused Canada of contributing to the fentanyl crisis and causing unsustainable trade deficits. These threats follow a pattern of postponed tariff implementations, earning Trump the nickname “TACO” among Wall Street brokers.
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In response to President Trump’s threat to impose a 35 percent tariff on Canada, Prime Minister Mark Carney vowed to defend Canadian economic interests. Trump’s letter, published on Truth Social, accused Canada of financially retaliating against the United States due to the fentanyl crisis. The economic implications of these tariffs could be severe, given that Canada exports a significant portion of its goods to the U.S. Negotiations are ongoing, with a deadline of August 1st, and Canada has threatened countermeasures if the tariffs are enacted.
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In a recent announcement, former President Trump declared he would impose a 35% tariff on imports from Canada starting next month, citing the opioid crisis as justification and threatening further increases if Canada retaliates. Simultaneously, Trump signaled a potential 15-20% blanket tariff on most trading partners, raising concerns for countries like Australia. This escalation has sparked a potential trade war with Brazil, where President da Silva threatened retaliatory tariffs if Trump follows through on increasing import taxes. These actions signal a broadening of Trump’s trade war tactics, potentially leveraging tariffs for political purposes.
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In response to former US President Trump’s threat to impose a 50% import tax on Brazilian goods, President Lula da Silva vowed to match any imposed tariffs. Trump’s threat, citing Brazil’s treatment of former President Bolsonaro, was met with strong condemnation from Lula. The Brazilian leader asserted that the country would not accept “tutelage” and would impose reciprocal tariffs on US goods if the US followed through with the increase. The trade dispute is fueled by Trump’s disapproval of Bolsonaro’s trial, as well as an argument regarding the US’s trade deficit with Brazil, which data suggests does not exist.
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The Trump administration’s recent announcement of new tariffs targeting imports from South Korea, along with other nations, appears to contradict any overarching goals of trade policy. These tariffs, seemingly in violation of the existing U.S.-Korea Free Trade Agreement (KORUS), undermine a deal that has benefited both countries by increasing trade and investment. This action raises questions about the administration’s intentions, as it undermines the potential to lower trade barriers or renegotiate deals, especially since the existing deal, KORUS 2.0, was renegotiated and considered “fair and reciprocal.” Furthermore, this move could jeopardize future trade negotiations, as other countries may hesitate to make deals with an administration that does not respect agreements it makes.
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India has informed the WTO of its plan to impose retaliatory tariffs totaling nearly $724 million on the U.S. due to increased U.S. tariffs on specific Indian automobiles and parts. This move, detailed in a communication to the WTO, comes amid ongoing negotiations for a mini-trade deal between the two countries. India argues that the U.S. tariffs violate WTO agreements and reserves the right to suspend concessions equivalent to the adverse effects on Indian trade. The proposed tariff increases on selected U.S. products aim to offset the $723.75 million in duties resulting from the U.S. measures, which impact roughly $2.89 billion of Indian imports annually.
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President Trump reignited trade war concerns by threatening Japan and South Korea with 25% duties and additional tariffs on goods from Laos, Myanmar, South Africa, Malaysia, and Kazakhstan. These actions, threatened under the International Emergency Economic Powers Act, came alongside the extension of a key negotiating deadline to August 1st. The move caused market volatility, reminiscent of earlier disruptions in trade policy. Despite the uncertainty, analysts suggest the impact on stocks may be limited this time, while acknowledging potential setbacks for the Federal Reserve’s stance on interest rates, given the inflationary concerns from tariffs.
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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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Matt Underwood 
John Q. Hosedrinker