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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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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John Q. Hosedrinker 
Matt Underwood