U.S. envoy Steve Witkoff meets with Netanyahu in Israel
U.S. special envoy Steve Witkoff is meeting with Israeli Prime Minister Benjamin Netanyahu in Jerusalem today to discuss the humanitarian crisis in Gaza.
Their meeting comes amid international calls for surging humanitarian aid into the Gaza Strip in response to reported starvation and famine in the enclave.
Trump said earlier this week that Israel “has a lot of responsibility for flow of aid,” emphasizing that its government could greatly expand access to food.
Trump says he will meet with South Korean trade delegation today
Trump said in a Truth Social post that he would be meeting with the South Korean trade delegation this afternoon and "will be interested in hearing" the country's proposal to reduce the pending U.S. tariff on South Korean goods.
"Likewise, other Countries are making offers for a Tariff reduction. All of this will help reduce our Trade Deficit in a very major way," Trump said "A full report will be released at the appropriate time."
Steep tariff rates are expected to kick in tomorrow, affecting imports from many U.S. trading partners.
Trump and JPMorgan CEO Jamie Dimon met twice recently
JPMorgan Chase Chairman and CEO Jamie Dimon visited Trump twice recently in the Oval Office and discussed trade, the Federal Reserve, interest rates, the overall economy and regulations, according to a source close to Dimon.
The Wall Street Journal first reported the meeting.
Dimon leads what is by multiple measures America's largest bank. Recently, he said "the independence of the Fed is absolutely critical" amid unrelenting attacks against Fed Chair Powell and the central bank by Trump and his top administration officials.
Trump has called Dimon as "a highly overrated globalist," but later said in an interview with Bloomberg that he was someone he would consider for treasury secretary, a position that went to Scott Besssent.
Treasury secretary: 'We have the makings of a deal’ with China on trade
Treasury Secretary Scott Bessent told CNBC this morning that he believes "we have that makings of a deal" with China after two days of trade talks in Stockholm with top Chinese officials.
Bessent said that he and U.S. Trade Representative Jamieson Greer "will be speaking to President Trump today" about extending China's current tariff deadline of Aug. 12.
Without extending that deadline or reaching a deal, China's tariff rates would rise from their current 30% levels.
"There are still a few technical details to be worked out," Bessent added.
U.S. and Pakistan say they reached tariff deal, but don't mention rate
Reuters
The United States and Pakistan said they had clinched a deal that Islamabad described as leading to lower tariffs on its exports, while Trump touted a pact to help develop the South Asian nation’s oil reserves.
Neither mentioned the tariff rate that was agreed upon.
Pakistan, which Washington has designated a “major non-NATO ally” in its effort to counter rival China’s influence in the region, faced a potential tariff of 29% declared in April that was later suspended for 90 days to allow trade talks.
“We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,” Trump wrote on social media.
Read the full story here.
Trump’s tariffs face crucial court test on eve of latest deadline
Trump’s global tariff regime heads to court today in a fight for its survival.
Starting at 10 a.m. ET, a panel of 11 judges in Washington, D.C., will hear about 45 minutes of arguments each from the Trump administration and two small businesses that say many of his import duties are illegal.
Read the full story here.
As tariff deadline nears, these are the countries that have a deal — and those that don’t
Lim Hui Jie, CNBC and Sophie Kiderlin, CNBC
Come tomorrow, the world will have to contend with higher tariff rates from the Trump administration, raising the specter of even more economic uncertainty.
For most countries, that can of worms has been kicked twice down the road, from “Liberation Day” on April 2, to July 9, and now to Aug. 1.
Back in April, Trump had claimed to have done “over 200 deals” in an interview with Time magazine, and trade adviser Peter Navarro had said that “90 deals in 90 days” was possible. The country has fallen far short of that, with only eight deals in 120 days, including one with the 27-member European Union.
Here are where things stand in global trade.
Read the full story here.
Trump says India and Russia can 'take their dead economies down together'
Trump criticized the economic relationship between Russia and India, a key Asian partner that is widely considered a counterweight to China, amid contentious trade talks with New Delhi.
Trump said yesterday that he would impose a 25% tariff on Indian imports starting tomorrow, along with an unspecified “penalty” over India’s purchases of Russian energy and military equipment despite Moscow’s war on Ukraine. He later signaled that talks with India were ongoing, before unleashing more criticism online.
“I don’t care what India does with Russia. They can take their dead economies down together, for all I care,” Trump said in a late-night post on Truth Social. “We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together,” he continued. “Let’s keep it that way.”
India is one of the main suppliers of U.S. imports, at about $90 billion last year. It also recently became the top source of smartphone imports, with Apple CEO Tim Cook predicting in May that the majority of iPhones sold in the U.S. would have India as their country of origin starting this quarter.
Trump says Canada could undermine U.S. trade talks by recognizing Palestinian state
Trump criticized Canada’s plan to recognize a Palestinian state, saying in a late-night post on Truth Social that it “will make it very hard for us to make a Trade Deal with them.”
Prime Minister Mark Carney said yesterday that Canada would recognize a Palestinian state in September, amid a broader global shift against Israel’s policies in the Gaza Strip. The announcement follows similar moves by France and Britain.
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