Articles tagged with “tariffs”

The International Monetary Fund warned Tuesday that President Donald Trump's tariff policies and retaliatory measures from trading partners could severely impact global economies, with the US facing significant damage. Global growth is projected to slow to 2.8% this year, down from 3.3% in 2023, marking a sharp decline below historical averages. The US economy is expected to grow just 1.8% in 2025, a steep drop from 2.8% in 2024. These forecasts are gloomier than January's estimates, reflecting the effects of recent tariff hikes pushing import taxes to century high levels.

US Vice President JD Vance arrived in New Delhi for talks with Indian Prime Minister Narendra Modi, aiming to accelerate a bilateral trade deal amid global trade tensions. The discussions will address regional and global issues while navigating Washington's tariff policies. Vance, accompanied by his wife Usha and their children, visited Delhi's Akshardham temple ahead of formal meetings. Modi will host a dinner for the vice president following their discussions. The visit comes as countries negotiate trade deals before the July 9 expiration of President Donald Trump's temporary tariff pause. India recently reduced tariffs on some US goods but maintains a $45 billion trade surplus. Bilateral trade between the US and India reached $190 billion last year, with both nations targeting $500 billion in future trade. Vance's trip precedes Trump's expected visit later this year for the Quad summit. Indian officials expressed optimism that the talks would strengthen ties between the two nations. Vance is also scheduled to tour Agra and Jaipur with his family during his stay.

A historian has warned that Donald Trump could face Britain's "apex weapon" if he sparks a global trade war as president. Dr. Martin Farr, a senior lecturer at Newcastle University, suggested the U.S. might encounter the influence of the British Royal Family as a strategic response. The remarks highlight potential diplomatic tensions over trade policies. Farr described the Royal Family as one of the UK's most powerful assets, capable of shaping international relations. The comments come amid speculation about how nations might counter aggressive trade measures. While no specific actions were detailed, the statement underscores the UK's potential leverage in global economic disputes. The warning follows Trump's history of imposing tariffs during his first term. Analysts are closely watching how world leaders might respond to renewed protectionist policies. The Royal Family's soft power has long been a tool for British diplomacy, though its role in trade conflicts remains unconventional. The situation remains speculative as Trump has yet to outline detailed trade plans.

South Korea aims to leverage its shipbuilding industry as a key bargaining chip in upcoming trade talks with the United States. As the world's secondlargest shipbuilder, Seoul hopes to assist President Trump's goal of reviving U.S. maritime industries in exchange for relief from proposed tariffs on exports like cars and steel. Officials confirmed shipbuilding will be part of a new trade deal, alongside potential largescale purchases of American liquefied natural gas to reduce South Korea's trade surplus. Trade Minister Ahn Dukgeun called shipbuilding a critical negotiating tool, citing the Trump administration's expressed interest in cooperation. South Korea has avoided retaliatory tariffs, opting instead for dialogue. Finance Minister Choi Sangmok plans to meet U.S. Treasury officials next week to advance discussions. The talks aim to balance economic interests while maintaining the longstanding alliance between the two nations.

President Donald Trump's tariff policies have prompted Switzerland to reassess its economic strategy, moving closer to the European Union. The tariffs have impacted Swiss trade relations, forcing the nation to seek stronger EU ties. This shift highlights broader geopolitical changes as countries adjust alliances in response to evolving U.S. trade policies.

Global stock markets surged following President Donald Trump's decision to ease certain tariffs and signs of stabilization in the U.S. bond market. The S&P 500 gained 0.8% on Monday, while the Dow Jones Industrial Average also rose 0.8%. The Nasdaq composite saw similar gains as investor confidence improved. The move comes amid ongoing trade tensions between the U.S. and China, with markets reacting positively to the reduced economic uncertainty. Analysts noted that the bond market's reduced volatility also contributed to the rally. Investors remain cautious, however, as trade negotiations continue. The uptick in major indices reflects optimism over potential progress in trade talks. Market watchers will monitor further developments closely for signs of sustained economic stability. The rally follows weeks of fluctuations driven by geopolitical and economic concerns.