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 New York 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.
As tariff deadline nears, these are the countries that have a deal — and those that don’t
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.
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.
