Donald Trump said the EU had been dragging its heels “to put it mildly” on sealing a tariff deal with the US, repeating his assessment that his threat of a 50% tariff on imports from the bloc was an “extremely” satisfactory move. He commended the EU for calling to “quickly establish meeting dates” but reignited fears of a trade war with the region by adding criticism of the EU to his statement on his Truth Social platform on Tuesday. “I was extremely satisfied with the 50% tariff allotment on the…
Tag: Trump tariffs
Trump threatens 25% tariff on iPhones if they are not made in US
Donald Trump has threatened to impose a 25% tariff on iPhones if they are not made in the United States, as he stepped up the pressure on Apple to build its signature product in America. The US president caused a pre-trading dip in Apple shares with a post on the Truth Social platform stating that iPhones sold inside the US must be made within the country’s borders. Trump said in the post: “I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold…
Trump tariffs could lead to surge of cheap Chinese vapes in UK, experts say
China is set to flood Britain with cheap vapes, researchers have said, as manufacturers seek to capitalise on the world’s second biggest market after Donald Trump’s tariffs. A trade standoff between Washington and Beijing has thrown the business world into chaos, with investors watching as each country dares the other to blink first. After last week’s uneasy truce, the total US import tax on Chinese-made vapes stood at about 60%. That has sent China’s $11.1bn (£8.4bn) e-cigarette export industry, already scarred by stringent domestic restrictions in 2022, back to the…
This pause in the trade war will be brief. Small businesses, plan accordingly
Donald Trump’s massive Chinese tariffs are on pause. The media debated. Wall Street rejoiced. Many of my clients breathed a sigh of relief. Big retailers jumped for joy. But for how long? For starters, the tariffs that weren’t paused – a 10% levy on all Chinese goods, plus a bonus 20% tax that somehow relates to fentanyl, are still in place. When you take into consideration existing tariffs on steel from previous Trump and Biden administrations, the effective tariff rate on Chinese goods is actually closer to 40%, according to…
Gone in 40 days: how Trump’s ‘liberation day’ tariff assault unraveled
Donald Trump hailed a new chapter in the US’s economic history on 2 April, dubbed “liberation day” by his administration, as he announced plans for an extraordinary barrage of US tariffs on the world. The chapter lasted 40 days. The page has already been turned. But the impact of those six chaotic weeks, from higher prices to slowing growth, is still unfolding – and the US president is already threatening further adjustments. The story continues. Trump had been steered away from his aggressive instincts on trade during his first term,…
Which Trump tariffs are active, which are paused and what’s next?
Over the last few months, Donald Trump has introduced a confusing and evolving slate of tariffs against specific countries and industries that the president has deemed as threats to US industry. Many of his harshest tariffs have been paused, and some exemptions have been made, but a handful of tariffs are still in place. Trump has continued to threaten more of them, though the future of the president’s trade war remains unclear. Here’s what we know so far about the status of US tariffs on imported goods. Active Most of…
Trump says he has a ‘little problem’ with Tim Cook over Apple’s India production
Donald Trump has admonished Apple and its chief executive over the tech firm’s reported plans to source production of US-bound iPhones from India. The US president said he had a “little problem” with Apple’s Tim Cook, after reports that the company is planning to switch assembly of handsets for the US market from China to India. “I had a little problem with Tim Cook yesterday,” said Trump, speaking in Qatar on Thursday. Referring to Apple’s recent promise to spend $500bn (£375bn) in the US, he added: “I said to him:…
Nissan open to making cars for Chinese partner in Sunderland, says CEO
Nissan’s new chief executive has said the Japanese carmaker would be open to building cars for a Chinese partner at its factory in Sunderland as he confirmed it would not be closed in a round of deep cost cuts. This week Nissan revealed plans to close seven factories and cut 20,000 jobs after sustaining heavy losses. Ivan Espinosa said on Thursday the UK plant at Sunderland would not be among the factories to close and he would consider building cars for China’s Dongfeng. Sunderland, where it employs 6,000 people, is…
US to cut ‘de minimis’ tariff on goods from China to as low as 30%
The US will cut the “de minimis” tariff for low-value shipments from China to as low as 30%, according to a White House executive order and industry experts, further de-escalating a potentially damaging trade war between the world’s two largest economies. The order published late on Monday offers some relief to big Chinese e-commerce players Shein and Temu and follows a weekend deal between Beijing and Washington to unwind for 90 days most of the tit-for-tat tariffs imposed on each other’s goods since early April. While their joint statement after…
The Guardian view on Trump’s leftward lurch: the ‘lunatics’ are running the right | Editorial
It’s striking to see Donald Trump, who built his re-election campaign around attacking the “radical left”, now borrowing some of its economic policies. In just months, he has shifted from denouncing “communist” price controls to saying he would implement them, and from defending tax breaks for the wealthy to proposing tax increases on those earning more than $2.5m a year if it benefits poorer Americans. These moves echo longstanding proposals from progressives like Bernie Sanders – despite Mr Trump’s past efforts to portray such ideas as “lunatic”. The irony is hard…