Trump, tariff
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President Trump is reportedly pushing for higher blanket tariffs on imports from the European Union, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. The Financial Times reported that Trump wants a minimum of a 15% to 20% tariff on EU goods as part of any deal.
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President Donald Trump is readying plans for industry-specific tariffs to kick in alongside his country-by-country duties in two weeks, ramping up his push to reshape the US’s standing in the global trading system by penalizing purchases from abroad.
The S&P 500 and Nasdaq Composite ended little changed on Friday, overcoming a brief dip triggered by a Financial Times report indicating U.S. President Donald Trump was pushing for steep new tariffs on European Union products.
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European exporters say a 30% U.S. import tariff would drive prices unsustainably high and hammer their sales. While some manufacturers are shifting their supply chains stateside or elsewhere, not all businesses have the same flexibility — and can't easily replace the developed U.
The average effective tariff rate has been around 16%, Morgan Stanley Wealth Management calculates, 5 times higher than the past average of 3%.
The Trump administration is imposing a substantial tariff on a raw material that is critical for electric vehicle batteries, which could significantly raise the cost of building EVs in the United States.
President Trump has threatened to increase Mexico’s tariff rate to 30 percent starting Aug. 1, claiming the country hasn’t sufficiently tackled drug cartels.
After slashing billions in foreign aid, including shutting down the U.S. Agency for International Development, the Trump administration says it is forging a new approach: "commercial diplomacy." Trade,