Trump Threatens 200% Tariffs on Medicine as Trade War Uncertainty Looms

President Trump has set a firm August 1 deadline for tariffs, ruling out extensions. Talks with the EU are ongoing, with a new tariff rate announcement expected. Trump also called for Federal Reserve Chairman Jerome Powell to resign. Meanwhile, restrictions on foreign land purchases and high pharmaceutical tariffs have been announced. Federal Reserve Chair Jerome Powell emphasized the need for a non-political approach to economic stability amid trade war uncertainty. President Trump previously threatened to fire Powell, causing market turmoil. Powell, appointed during Trump’s first term, maintains a “wait and see” stance on interest rates.

French President Macron calls for Britain and France to reduce reliance on US and China trade to mitigate risks. Macron’s state visit to Britain is the first by a European leader post-Brexit. Macron emphasizes the need to de-risk both countries from excessive dependency on major trade partners.

US Treasury Secretary reports $100bn collected in tariff income, potentially rising to $300bn by 2025. However, trade economist warns tariffs could hinder US economic growth. Stock markets in London and Europe remain resilient despite Trump’s trade war moves, with US markets showing mixed reactions.

South African President Ramaphosa challenges Trump’s 30% tariff imposition on 14 countries, including South Africa. Ramaphosa argues the tariff does not accurately represent trade data, urging South African companies to diversify. Trump indicates the tariff could be modified based on trade talks’ outcome.

EU economy chief stresses urgency in clinching a deal with the US to prevent damaging tariffs. Negotiations aim to avoid economic turmoil from looming levies. Trump extends tariff deadline to August 1, but EU pushes for a deal this week to remove uncertainty affecting the economy and investment decisions. US stock markets showed mixed reactions as the S&P remained flat, the Nasdaq rose slightly, and the Dow fell slightly in response to President Trump’s tariff threats. Analysts are optimistic about US share prices, predicting significant growth in the S&P 500 within the next year.

Japanese bond yields have surged due to election-related cash handouts, causing concern among investors. Germany’s finance minister warned of retaliation if a fair trade deal cannot be reached with the US. Ireland’s foreign affairs minister urged intensive negotiations to avoid increased tariffs and protect industries like pharma. Every single day, more than four billion euro worth of goods and services are traded across the Atlantic Ocean,” Mr Harris said. He expressed concerns about pharma issues in trade negotiations with the Trump administration. Wall Street indexes were mixed after Trump’s tariff threats, but a slight rebound was expected.

Japan’s yen was trading near its weakest level against the dollar in two weeks due to uncertainty over US tariffs. Bond yields in Japan have climbed, causing concerns about increased debt sales and selling pressure. Global markets are watching the super-long end amid heightened vigilance.

Government borrowing costs worldwide surged after Trump’s tariff threats, causing bond yields to rise sharply. The UK saw a five basis point climb in gilt yields, pushing borrowing costs above 4.63pc. Global concerns over debt sales have caused Japanese 30-year yields to near record levels.

Under Trump’s latest trade actions, Japan faces a higher US tariff rate of 25pc on August 1 if a deal is not reached. Negotiations have been hindered by Japan’s rice crisis, causing tensions between the two nations. Trump criticized Japan for not accepting American rice despite a reported rice shortage.

Cambodia’s chief negotiator praised Trump’s reduction of tariff threats from 49pc to 36pc, calling it a “huge victory.” The negotiation deadline was extended to August 1. This move was seen as positive progress in trade talks between Cambodia and the US. 1. In a groundbreaking discovery, scientists have identified a new planet outside our solar system that could potentially support life. The planet, named Proxima Centauri b, orbits the star Proxima Centauri and has conditions that may be conducive to hosting liquid water.

2. The World Health Organization has declared the coronavirus outbreak a global health emergency. The virus, originating in China, has quickly spread to multiple countries around the world. Health officials are working to contain the outbreak and prevent further transmission.

3. The United States has reached a historic milestone by becoming the world’s largest producer of oil and natural gas. This achievement is largely attributed to advancements in technology, such as hydraulic fracturing, that have enabled increased production of fossil fuels in the country.

4. A new study has found that the use of e-cigarettes may increase the risk of developing respiratory conditions such as asthma and chronic obstructive pulmonary disease (COPD). The study suggests that the chemicals in e-cigarettes can cause inflammation in the lungs, leading to these serious health issues. 1. The United States has reached a grim milestone of 700,000 COVID-19 deaths, with experts warning of a potential surge in cases due to the Delta variant.

2. President Biden unveiled a plan to combat climate change, pledging to reduce greenhouse gas emissions by 50% by 2030.

3. In sports news, the Los Angeles Lakers are facing a challenging start to the NBA season with injuries to key players LeBron James and Anthony Davis.

4. The United Nations issued a report warning of a global food crisis, citing climate change and conflicts as major contributing factors.

5. A new study shows that remote work has led to increased employee productivity, but also raised concerns about mental health and work-life balance. 1. The stock market saw a significant increase today, with the Dow Jones Industrial Average gaining over 300 points. This surge was driven by positive earnings reports from tech giants like Apple and Microsoft.

2. A major winter storm is expected to hit the East Coast this weekend, bringing heavy snow and strong winds. Residents are urged to prepare for potential power outages and hazardous road conditions.

3. The CDC announced that the Omicron variant of COVID-19 is now the dominant strain in the United States, accounting for over 70% of new cases. Health officials are urging Americans to get vaccinated and boosted to protect against the variant.

4. In entertainment news, actor Will Smith has been nominated for an Academy Award for his performance in the film “King Richard.” This marks Smith’s fifth Oscar nomination and has been met with widespread praise from critics and fans alike.

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