Trump, Donald J

More stories

  • 125 Shares183 Views

    in Economy

    Senate Votes to Rescind Some Trump Tariffs, With G.O.P. Support

    by

    The Senate on Wednesday approved a measure that would block some of the tariffs President Trump has imposed on Canada, with a handful of Republicans joining Democrats to pass a resolution that would halt levies set to take effect this week.The measure is all but certain to stall in the House, where G.O.P. leaders have moved preemptively to shut down any move to end Mr. Trump’s tariffs. But Senate passage of the measure on a vote of 51 to 48 — just hours after Mr. Trump unveiled sweeping tariffs on more than 100 trading partners, including the European Union, China, Britain and India — sent a signal of bipartisan congressional opposition to the president’s trade war.The resolution targets the emergency powers Mr. Trump invoked in February to impose sweeping tariffs on Canada, a move that has rattled markets and drawn bipartisan criticism from lawmakers concerned about the economic impact on their states and districts.Mr. Trump imposed the tariffs in an executive order that cited the International Economic Emergency Powers Act, a Cold War-era law that has most often been used to impose sanctions on rogue states and human rights violators. His administration argued that unchecked drug trafficking from Canada constituted a dire threat to American national security and used it as justification to unilaterally impose 25 percent tariffs on America’s closest trading partner.“The president has justified the imposition of these tariffs on, in my view, a made-up emergency,” said Senator Tim Kaine, Democrat of Virginia and the lead sponsor of the resolution. “The fentanyl emergency is from Mexico and China. It’s not from Canada.”The resolution, cosponsored by two fellow Democrats, Senators Mark Warner of Virginia and Amy Klobuchar of Minnesota, seeks to revoke the emergency declaration and, with it, Mr. Trump’s ability to enforce the tariffs set to go into effect on Wednesday.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 125 Shares110 Views

    in Economy

    Americans’ Reaction to Trump’s Tariffs Vary From Worried to Enthused

    by

    President Trump’s announcement of sweeping universal and so-called reciprocal tariffs on countries around the world drew a swift rebuke on Wednesday from business groups, trade experts, Democratic lawmakers and many economists who warned that they would raise prices for American consumers and slow economic growth.“This is catastrophic for American families,” said Matt Priest, president and chief executive of the Footwear Distributors and Retailers of America. “We had hoped the president would take a more targeted approach, but these broad tariffs will only drive-up costs, reduce product quality and weaken consumer confidence.”Other reactions were more muted, and some positive, saying the move was long overdue.“Today is arguably the single greatest trade and economic policy action in the history of the country, and it absolutely cements President Trump’s legacy that he is trying to usher in a new golden age of economy production and prosperity,” said Nick Iacovella, executive vice president at the Coalition for a Prosperous America, a group that supports tariffs. He said the tariffs would contribute to “broadly re-industrializing the United States and creating working class jobs.”Mr. Trump insisted on Wednesday that experts had been wrong all along about his tariffs and that the anxiety about them now were misplaced. But those who will be forced to pay the tariffs were quick to raise concerns about the move, which will increase import taxes on products from some of America’s biggest trading partners including China, the European Union, Japan and India.The National Retail Federation said in a statement that the tariffs would “equal more anxiety and uncertainty for American businesses and consumers.” Tariffs are not paid for by foreign countries or suppliers but by U.S. importers, they said. They also added that “the immediate implementation of these tariffs is a massive undertaking and requires both advance notice and substantial preparation by the millions of U.S. businesses that will be directly impacted.”The National Association of Manufacturers said it was still parsing the details and exact implications of the president’s tariffs. But the group’s president, Jay Timmons, said in a statement that the high costs of new tariffs threatened investment, jobs, supply chains and, in turn, America’s ability to outcompete other nations and lead as the pre-eminent manufacturing superpower.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 138 Shares183 Views

    in Economy

    Trump Reciprocal Tariffs Chart: See Which Countries Have the Highest Rates

    by

    President Trump unveiled sweeping tariffs that included so-called reciprocal actions on dozens of other countries at very high levels.President Trump unveiled sweeping tariffs on Wednesday afternoon, announcing a minimum 10 percent tariff on all trading partners as well as so-called reciprocal actions on dozens of other countries, including some of America’s biggest trading partners.In announcing the new tariffs, his most expansive to date, Mr. Trump said that the global tariffs would help correct decades of unfair relationships and stop other countries from ripping off the United States.China, for example, will see its tariff rate rise to 34 percent, which includes a previous blanket import tax imposed on the country’s goods earlier this year. Vietnam’s imports will be taxed at nearly 50 percent.“If you want your tariff rate to be zero,” Mr. Trump said outside the White House on Wednesday, “then you build your product right here in America.”Notably absent from Wednesday’s announcement were Mexico and Canada, with whom the United States has long had a free-trade pact. But that does not mean they are immune from the trade actions, a sign of how, combined, all-encompassing Mr. Trump’s policies have become.Many of the products that come from the two countries have been affected by previously announced tariffs, including those on foreign-made automobiles that go into effect at midnight Eastern time Thursday. Canada, for example, is a huge producer of cars and auto products that are exported to the United States. All finished vehicles from those countries will now be subject to a 25 percent tariff. More

  • 138 Shares183 Views

    in Economy

    With Trump’s Tariffs, the Chasm Between Allies and the U.S. Widens

    by

    President Trump’s announcement of sweeping tariffs on America’s trading partners has widened the rift between the United States and some of its closest allies while reconfiguring the global economic order.Mr. Trump’s plan, which he unveiled on Wednesday and is calling “reciprocal,” would impose a wave of tariffs on dozens of countries. Among major economies most affected were the European Union, which will face 20 percent tariffs under the plan, and China, which will absorb an additional 34 percent on top of existing levies.“The scope and size of tariffs are both substantial and confirm the worst fears of the proponents of free trade,” said Eswar Prasad, a professor at the Dyson School at Cornell University. “Trump is setting off a new era of protectionism that will reverberate worldwide.”Mexico and Canada, two of the United States’ biggest trading partners, would not be subject to any new tariffs beyond the levies the president had previously announced, on imported vehicles, vehicle parts, steel, aluminum and any other goods not traded under the rules of the U.S.-Mexico-Canada Agreement.The new levies include a base line 10 percent tariff on all countries except Canada and Mexico, as well as additional tariffs based on the tariffs other nations apply to U.S. exports and other barriers the administration has deemed unfair.Asian countries were some of the hardest hit. Tariffs on Japan and India will be more than 20 percent, with nations like Vietnam, Cambodia, Bangladesh and Sri Lanka facing even steeper rates. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 163 Shares156 Views

    in Economy

    To Counter Trump’s Tariffs on Goods, Countries May Hit Back at US Services

    by

    President Trump says he is outraged by the fact that the United States imports more goods than it sends to the rest of the world. What he rarely mentions, though, is that when it comes to services, the tables are turned.Service sectors — which include the finance, travel, engineering and medical industries and more — make up the bulk of the American economy. Exports of these services brought more than $1 trillion into the United States last year.But that dominance also gives other countries some clout in negotiations — including the ability to impose some pain on the U.S. economy as they look to retaliate against Mr. Trump’s tariffs on goods.The European Union, for instance, could use tools designed to restrict services coming into the bloc as a cudgel.“The real leverage that the Europeans have is ultimately on the services side,” said Mujtaba Rahman, managing director for Europe at the Eurasia Group, a political research firm. “It will escalate before it de-escalates.”The United States is the largest exporter of services in the world, and a large share of those services, from financial services to cloud computing, are delivered digitally. The country ran a trade surplus in services of nearly $300 billion last year.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 113 Shares91 Views

    in Economy

    Trump’s Global Trade War Makes the Fed’s Task Tougher

    by

    Until a few months ago, the Federal Reserve appeared close to achieving something that many doubted was possible. The economy looked on the cusp of a “soft landing,” a situation where inflation was headed back to the central bank’s 2 percent target without a recession. That put the central bank on track to steadily lower interest rates until borrowing costs reached a level that neither revved up growth nor slowed it down.President Trump’s global trade war has thrown a wrench in those plans. Facing extreme uncertainty about the economic outlook, the central bank has put further interest rate cuts on hold until it has a better sense of how tariffs will affect the economy.What policymakers are trying to sort out is whether they should be more concerned about the hit to growth that is expected from these levies or the probable boost to consumer prices. The “nightmare scenario,” according to Donald Kohn, the former vice chair of the Fed, is one in which inflation rises at the same time that the economy falters, a combination that carries the whiff of stagflation.Making that assessment is by no means a straightforward exercise. Much will depend on how long the tariffs are in place, how other countries retaliate, and how consumers and businesses adapt. Officials are also keeping close tabs on other aspects of the Trump administration’s economic agenda, including steep government spending cuts, immigration restrictions and deregulation. Tax cuts are also on the docket, but because those require congressional approval, their timing and scope remain unclear.At this stage, the economic data presents a mixed picture. Growth in the final quarter of last year was solid and the labor market has yet to show real signs of weakness. The unemployment rate, at 4.1 percent, remains historically low and layoffs have yet to rise in a material way.Most Americans do not expect this to last. According to recent sentiment surveys, the mood has significantly soured on the outlook because of Mr. Trump’s policies. Consumers now expect slower growth, higher unemployment and resurgent inflation.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 100 Shares149 Views

    in Economy

    Trump Says His Tariffs Will Take Effect Wednesday

    by

    President Trump has settled on a final plan for sweeping “reciprocal” tariffs, which are expected to take effect on Wednesday after he announces the details at an afternoon Rose Garden ceremony.The White House press secretary, Karoline Leavitt, confirmed the timeline in a briefing with reporters on Tuesday, adding that Mr. Trump had been huddling with his trade team to hash out the finer points of an approach meant to end “decades of unfair trade practices.”When pressed on whether the administration was worried the tariffs could prove to be the wrong approach, Ms. Leavitt struck a confident note: “They’re not going to be wrong,” she said. “It is going to work.”The administration has been weighing several different tariff strategies in recent weeks. One option examined by the White House is a 20 percent flat tariff on all imports, which advisers have said could help raise more than $6 trillion in revenue for the U.S. government.But advisers have also discussed the idea of assigning different tariff levels to countries depending on the trade barriers those countries impose against American products. They have also said that some nations might avoid tariffs entirely by striking trade deals with the United States.Speaking to reporters in the Oval Office on Monday, Mr. Trump said the United States would be “very nice, relatively speaking,” in imposing tariffs on a vast number of countries — including U.S. allies — that he believes are unfairly inhibiting the flow of American exports.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More