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      in US Politics

      Trump vows to impose tariffs as experts warn of price hikes and angry allies

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      Donald Trump doubled down on his promise to levy tariffs on all imports in a bid to boost American manufacturing, a proposal that economists say would probably mean higher prices for consumers while angering US allies.“To me, the most beautiful word in the dictionary is ‘tariffs’,” Trump said in an often-combative conversation with John Micklethwait, editor-in-chief of Bloomberg News, at the Economic Club of Chicago on Tuesday. “It’s my favorite word.”Trump was grilled on the potential impacts of tariffs, and often dodged questions about the tangible impacts of the levies on inflation and geopolitics. Trump is proposing an at least 10% blanket tariff on all imports, with tariffs as high as 60% on goods from China.“You see these empty, old, beautiful steel mills and factories that are empty and falling down,” Trump said. “We’re going to bring the companies back. We’re going to lower taxes for companies that are going to make their products in the USA. And we’re going to protect those companies with strong tariffs.”

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      Though speaking in Chicago, Trump repeated many of the claims he made at the Detroit Economic Club last week. At the time, Trump bashed the city, saying it has a high crime rate and few job opportunities.“We’re a developing nation, too,” he said on Tuesday. “Take a look at Detroit.”Trump centered the auto industry, claiming that tariffs would encourage car manufacturers to build plants in the US – an assertion some economists have suggested amounts to wishful thinking.“The higher the tariff, the more you’re going to put on the value of those goods, the higher people are going to have to pay,” Micklethwait told Trump.“The higher the tariff, the more likely it is that the company will come into the United States and build a factory,” Trump said in response, to applause from the audience.Micklethwait pointed out that economists have estimated Trump’s economic proposals would add $7.5tn to the US deficit, twice the amount as Kamala Harris’s proposals. He also pointed out that the tariffs would also be targeting American allies.“Our allies have taken advantage of us, more so than our enemies,” Trump said.When asked whether he had talked to Vladimir Putin after the end of his presidency, Trump said that he doesn’t “comment on that, but I will tell you that if I did, it’s a smart thing”.“If I’m friendly with people, if I can have a relationship with people, that’s a good thing, not a bad thing,” he said.Trump was also asked about his stance on the Federal Reserve, specifically on comments he has made against Fed chair Jerome Powell, whom Trump first appointed in 2018.“I think if you’re a very good president with good sense, you should at least get to talk to [the Fed],” Trump said. “I think I have the right to say, as a very good businessman … I think you should go up or down a little bit.“I don’t think I should be allowed to order it, but I think I have the right to put in comments as to whether or not interest rates should go up or down.”Even a recommendation from the White House as to what the Fed should do with interest rates would amount to a significant step away from the central bank’s long-established independence.Trump frequently made personal jabs at Micklethwait, saying “I know you’re an anti-tariff guy” and at one point: “This is a man who has not been a big Trump fan.” More

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      in Elections

      China Holds War Games in a Warning to Taiwan’s Leader

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      The drills were seen as a response to a speech by President Lai Ching-te of Taiwan, who said last week that China had “no right to represent” the island.China began holding military drills in areas surrounding Taiwan on Monday, days after Beijing accused the self-governing island’s president of promoting independence in a National Day address. China said its army, navy, air force, rocket force and other forces were taking part in the drills to test their ability to fight alongside each other, and to send a warning to Taiwan, which Beijing claims as its territory. It did not say when the exercises would conclude.“This is a powerful deterrent against the separatist activities of ‘Taiwan independence’ forces and a legitimate and necessary action to defend national sovereignty and maintain national unity,” said Senior Col. Li Xi, a spokesman for the Chinese People’s Liberation Army Eastern Theater Command, which oversees an area including Taiwan, according to state media. In a social media post, the Eastern Theater Command said it was “ready to fight at all times.”Taiwan’s Ministry of National Defense, in a statement, expressed “strong condemnation for such irrational and provocative behavior” and said it had dispatched troops to respond to the Chinese drills. Experts in Taiwan said the scale of the exercises was not immediately clear, given that no prior notice had been given and few details had been made public. A map posted by Chinese state media depicted the drills as being conducted in six large areas encircling Taiwan. China called the exercise “Joint Sword-2024B,” suggesting that it was a continuation of a two-day exercise in May, called “Joint Sword-2024A,” that was held after President Lai Ching-te of Taiwan was sworn in. Beijing dislikes Mr. Lai, accusing him and his party of seeking independence.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      in Elections

      China Stocks Surge After Government Measures to Boost Economy

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      The government has fired up investors by encouraging banks to lend more to buyers of stock and real estate, but economists say more stimulus is needed.Share prices surged as trading resumed on Tuesday in mainland China following a weeklong national holiday, as investors rushed in to make bullish bets that Beijing’s leaders are committed to providing stimulus for the faltering Chinese economy.Before the break, the Chinese government jolted stock markets sharply higher with a package of measures aimed at halting the cycle of falling real estate prices and weakening consumer confidence.The central bank and other top financial agencies announced on Sept. 24 that they were cutting interest rates, reducing the minimum down payments for mortgages, and encouraging banks to lend more money for investors to buy shares.Two days later, the ruling Politburo issued an uncommonly blunt call for more to be done to help the economy. Several municipal governments soon followed by trimming or dismantling their restrictions on real estate purchases as a way to stabilize the housing market in their cities.

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      China’s CSI 300 Index
      As of Oct. 8, 2024 9:43 a.m. local time.Source: FactSetBy The New York TimesThe CSI 300, an index of large companies traded in Shanghai and Shenzhen, soared 25 percent in heavy trading over the five sessions before the holiday. Market operators tested their systems on Monday in anticipation of another influx of activity.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      in Elections

      Fears of a Global Oil Shock if the Mideast Crisis Intensifies

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      The threat of an escalating conflict between Israel and Iran has created an “extraordinarily precarious” global situation, sowing alarm about the potential economic fallout.As the world absorbs the prospect of an escalating conflict in the Middle East, the potential economic fallout is sowing increasing alarm. The worst fears center on a broadly debilitating development: a shock to the global oil supply.Such a result, actively contemplated in world capitals, could yield surging prices for gasoline, fuel and other products made with petroleum like plastics, chemicals and fertilizer. It could discourage investment, hiring, and business expansion, threatening many economies — particularly in Europe — with the risk of recession. The effects would be potent in nations that depend on imported oil, especially poor countries in Africa.The possibility of this calamitous outcome has come into focus in recent days as Israel plots its response to the barrage of missiles that Iran unleashed last week. Some scenarios are seen as highly unlikely, yet still conceivable: An Israeli strike on Iranian oil installations might prompt Iran to target refineries in Saudi Arabia or the United Arab Emirates, both major oil producers. Iranian-supported Houthi rebels claimed credit for an attack on Saudi oil installations in 2019. The Trump administration subsequently pinned the blame on Iranian forces.As it has done before, Iran might also threaten the passage of tankers through the Strait of Hormuz, the critical waterway that is the conduit for oil produced in the Persian Gulf, the source of nearly one-third of the world’s oil production. Such a move could entail conflict with American naval ships stationed in the region.That, too, is currently considered to be improbable. But the upheaval in the region in recent months has pushed out the parameters of possibility, rendering imaginable scenarios that were once dismissed as extreme.As Israel plots its next move, it has other targets besides Iranian oil installations. Iran would have reason for caution in crafting its own retaliation. Broadening the war to its Persian Gulf neighbors would invite a punishing response that could push Iran’s own economy — already bleak — to the brink of collapse.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      in Elections

      Gilead Agrees to Allow Generic Version of Groundbreaking H.I.V. Shot in Poor Countries

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      Many middle-income countries are left out of the deal, widening a gulf in access to critical medicines.The drugmaker Gilead Sciences on Wednesday announced a plan to allow six generic pharmaceutical companies in Asia and North Africa to make and sell at a lower price its groundbreaking drug lenacapavir, a twice-yearly injection that provides near-total protection from infection with H.I.V.Those companies will be permitted to sell the drug in 120 countries, including all the countries with the highest rates of H.I.V., which are in sub-Saharan Africa. Gilead will not charge the generic drugmakers for the licenses.Gilead says the deal, made just weeks after clinical trial results showed how well the drug works, will provide rapid and broad access to a medication that has the potential to end the decades-long H.I.V. pandemic.But the deal leaves out most middle- and high-income countries — including Brazil, Colombia, Mexico, China and Russia — that together account for about 20 percent of new H.I.V. infections. Gilead will sell its version of the drug in those countries at higher prices. The omission reflects a widening gulf in health care access that is increasingly isolating the people in the middle.Gilead charges $42,250 per patient per year for lenacapavir in the United States, where it is approved as a treatment for H.I.V. The company has said nothing about what lenacapavir will cost when used to prevent H.I.V. infections, a process called pre-exposure prophylaxis, or PrEP.The generics makers — four companies in India, one in Pakistan and one in Egypt — are expected to sell it for much less. Researchers at Liverpool University found the drug could profitably be produced for as little as $40 per patient per year, if it were being purchased in large volumes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      in Elections

      Germany Accuses Woman of Spying for China on Arms Exports

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      The woman, who worked at an airport that is one of Europe’s largest cargo hubs, is accused of passing along “flights, freight and passengers” related to arms exports.A 38-year-old Chinese woman living in Germany has been arrested on accusations of supplying China’s intelligence services with sensitive information on Germany’s weapons exports. It is the latest spying-related arrest amid increasing worry in Germany about intelligence gathering by China and Russia.Germany’s federal prosecutor said in a statement on Tuesday that the woman, identified only as Yaqi X. in keeping with strict privacy rules, worked at Leipzig/Halle Airport in eastern Germany. She is accused of passing along information about “flights, freight and passengers” related to arms exports, as well as information on employees of a German weapons manufacturer, the statement said.The airport, roughly 90 miles southwest of Berlin, is one of Europe’s largest cargo hubs, handling over 1.5 million tons of freight each year. The authorities said that Ms. X. worked for a logistics company that operates out of the airport.The authorities said she also had close links to a Chinese man, identified as Jian G., who was arrested in Germany in April and accused of being a spy in Germany and Brussels.The police arrested Ms. X. on Monday and searched her apartment in Leipzig and her workplace at the airport.Berlin has become concerned with the number of active spies in Germany since Russia’s 2022 invasion of Ukraine as well as intelligence gathering by China, Germany’s largest trade partner.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      in Elections

      Why the World’s Biggest Powers Can’t Stop a Middle East War

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      The United States’ ability to influence events in the Mideast has waned, and other major nations have essentially been onlookers.Over almost a year of war in the Middle East, major powers have proved incapable of stopping or even significantly influencing the fighting, a failure that reflects a turbulent world of decentralized authority that seems likely to endure.Stop-and-start negotiations between Israel and Hamas to end the fighting in Gaza, pushed by the United States, have repeatedly been described by the Biden administration as on the verge of a breakthrough, only to fail. The current Western-led attempt to avert a full-scale Israeli-Hezbollah war in Lebanon amounts to a scramble to avert disaster. Its chances of success seem deeply uncertain after the Israeli killing of Hassan Nasrallah, the longtime leader of Hezbollah on Friday.“There’s more capability in more hands in a world where centrifugal forces are far stronger than centralizing ones,” said Richard Haass, the president emeritus of the Council on Foreign Relations. “The Middle East is the primary case study of this dangerous fragmentation.”The killing of Mr. Nasrallah, the leader of Hezbollah over more than three decades and the man who built the Shiite organization into one of the most powerful nonstate armed forces in the world, leaves a vacuum that Hezbollah will most likely take a long time to fill. It is a major blow to Iran, the chief backer of Hezbollah, that may even destabilize the Islamic Republic. Whether full-scale war will come to Lebanon remains unclear.“Nasrallah represented everything for Hezbollah, and Hezbollah was the advance arm of Iran,” said Gilles Kepel, a leading French expert on the Middle East and the author of a book on the world’s upheaval since Oct. 7. “Now the Islamic Republic is weakened, perhaps mortally, and one wonders who can even give an order for Hezbollah today.”For many years, the United States was the only country that could bring constructive pressure to bear on both Israel and Arab states. It engineered the 1978 Camp David Accords that brought peace between Israel and Egypt, and the Israel-Jordan peace of 1994. Just over three decades ago, Prime Minister Yitzhak Rabin of Israel and Yasir Arafat, the chairman of the Palestine Liberation Organization, shook hands on the White House lawn in the name of peace, only for the fragile hope of that embrace to erode steadily.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      in Elections

      Map: Tracking Tropical Storm Pulasan

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      Pulasan was a tropical storm in the Philippine Sea Tuesday morning Japan time, the Joint Typhoon Warning Center said in its latest advisory. The tropical storm had sustained wind speeds of 40 miles per hour.  All times on the map are Japan time. By The New York Times Where will it rain? Flash flooding can […] More