Tuesday Briefing: Trump’s tariffs set to take effect
Good morning. We’re covering the countdown to sweeping U.S. tariffs and a shift toward diplomacy by Ukraine’s president. Plus, Sean Baker, the big winner at the Oscars.
Trump is set to impose sweeping tariffsPresident Trump’s threats to impose stiff tariffs on goods imported from Canada, Mexico and China are expected to become a reality today. Trump said yesterday that there was no chance for a deal to avert them. Company executives and foreign officials scrambled to prepare. The tariffs will add a 25 percent fee on all Mexican and Canadian exports coming across those borders and an additional 10 percent for Chinese goods. Canada was poised to retaliate, potentially setting off a trade war, and Mexico’s president, Claudia Sheinbaum, said: “Whatever the decision is, we will also make our decisions.” Trump has described the tariffs as an effort to pressure those countries to stop the flows of migrants and deadly drugs. Howard Lutnick, the commerce secretary, said yesterday that Mexico and Canada had “done a nice job on the border” but that fentanyl deaths had not fallen enough. China: The president’s threat to add another 10 percent on top of all existing Chinese tariffs has yet to get Beijing to come running with concessions. Automobiles: The tariffs are likely to raise prices for new cars and trucks. Nissan and Stellantis could be hit the hardest. Division: What’s behind Trump’s love-hate relationship with Canada, one of the U.S.’s largest trading partners?
Zelensky turns to diplomacyPresident Volodymyr Zelensky went back to Ukraine yesterday after a whirlwind tour that included both humiliation, by President Trump, and a warm embrace, from European leaders. He vowed to use all available avenues to pursue an end to the war with Russia but acknowledged there was “a long way to go.” Russia has given no indication that it will accept any terms other than full surrender and permanent conquest of a large part of Ukraine. Trump, who appears to be standing with Moscow, was expected to begin discussions on suspending or canceling U.S. military aid to Ukraine, according to an official. Support: Britain and France have promised a “coalition of the willing” to secure a truce between Ukraine and Russia. But how many countries will step up, and does that even matter, given Russia’s rejection of such a coalition as part of any settlement? Warfare: Drones now do most of the killing in the Ukraine war, causing about 70 percent of deaths and injuries, commanders say. |