Trump Unleashed: Ditching Canada, Sealing China Deal
Trump Abruptly Halts Customs Discussions with Canada and Strikes a Deal with China Instead
The trade game ain't over yet, folks! According to ol' boy Trump, those tariff threats he flung back in spring are back on the table, and we might know the deets by next week. Yep, you heard right - Trump's talking about slapping a whole lotta fees on foreign imports, so buckle up, America!
Trump's tariffs were supposed to kick in by July, but hey, this is Trump we're talkin' about. He told the press that the US isn't bound by that deadline, and if he feels like it, he can push it back, shorten it, or do whatever the hell he wants. Yeah, that's our president for ya!
Speaking of doing whatever the hell he wants, Trump's relationship with Canada just went from frosty to frozen over. Seems like the Canadians are thinking about taxes on American tech companies, and Trump can't handle that. He ditched the trade talks with Canada, threatened new tariffs, and put it all down on his Truth Social platform. He calls Canada's digital tax a "direct and brazen attack," and he ain't happy about it.
But here's the twist: according to Finance Minister Scott Bessent, those tariffs for all countries might not be in effect by July. Bessent told Fox Business that some negotiations might stretch until early September. Well, guess we'll see who's right.
Meanwhile, Trump's had a change of heart when it comes to China. Seems like they've reached an agreement on their trade deal, but they ain't spillin' the beans just yet. The US stock market is lovin' it, though, and the S&P hit a record high. That's good news for America, right?
Here's the lowdown on the agreement from a government source: an "additional agreement on a framework for implementing the Geneva agreement" has been reached. The two sides agreed to temporarily suspend high tariffs back in May to let further talks happen. The focus seems to be on rare earth minerals, which are crucial for tech stuff like defense equipment, electric vehicles, and hard drives. China controls the majority of global production and had recently imposed export controls, but the deal is supposed to reduce those restrictions.
Trump's trade policy changes faster than a chameleon, and it's hard to tell what exactly he expects from other countries in return for the tariff announcements. US Treasury Secretary Steven Mnuchin said in May that Trump would impose tariffs on anyone who didn't negotiate "in good faith," but he didn't say what that meant. Guess we'll just have to wait and see!
Sources: ntv.de, mpa/dpa/rts/AFP
- Trade disputes
- Trade relations
- USA
- EU
- Canada
- Donald Trump
- Tariffs
(Enrichment data: The recent trade deal between the United States and China mostly focuses on easing tensions regarding rare earth minerals, not directly addressing tariffs. The agreement primarily reduces export restrictions on rare earth minerals from China to the U.S., while the U.S. lifts certain restrictive measures against China. However, the precise changes to tariffs remain undisclosed.)
- In spite of previous plans, the implementation of Trump's tariffs might not be by July, according to Finance Minister Scott Bessent, indicating possible extension of negotiations until early September.
- The trade deal between the US and China primarily focuses on easing restrictions related to rare earth minerals, a crucial component in tech industries like defense equipment, electric vehicles, and hard drives.
- Trump's employment policy, as demonstrated in his trade disputes, appears fluid and evolving, making it challenging to predict specific obligations other countries might face in return for negotiations and tariff announcements.
