Trump pressed ahead with a trade war
President Trump is facing blowback from trading partners, businesses and investors over sweeping tariffs, with a new wave set to snap into effect today. Those include another 50 percent duty on China. As a result, tariffs on Chinese goods imported to the U.S. will be at least 104 percent.
U.S. officials signaled that the administration was ready to negotiate deals but that would not stop stiff tariffs from taking effect. About 70 governments have approached the U.S. to try to roll the levies back, officials said in Washington. Talks are set to begin with Japan, South Korea and other nations.
Trump said on social media yesterday that he had “a great call” with South Korea’s acting president about trade and tariffs. He also expressed optimism that a trade war with China could be averted.
“China also wants to make a deal, badly, but they don’t know how to get it started,” Trump wrote. “We are waiting for their call. It will happen!”
But China — which has threatened retaliatory tariffs against the U.S. — is not relenting. The Ministry of Commerce yesterday accused the U.S. of “blackmail” and declared that Beijing would “fight to the end.”
Markets: The S&P 500 posted a big gain at the open of trading, but was down 1.6 percent at the close. Jason Karaian, our deputy business editor, said that the market turmoil “was partly because investors underestimated Trump’s willingness to follow through on steep tariffs.”
Cars: Trump’s 25 percent tariffs on imported vehicles that took effect last week are prompting companies to stop shipping cars to the U.S., as well as shut down factories in Canada and Mexico and lay off American workers.
More on Trump
The clock is ticking ahead of Iran nuclear talks
The upcoming talks on Saturday between the U.S. and Iran are expected to focus on nuclear disarmament, an option almost certain to be rejected by Iran’s leaders. This may be the West’s last chance to limit Tehran’s nuclear capability and avoid a war.
Though Trump recently threatened Iran with “bombing the likes of which they have never seen before,” he has made it clear that he would prefer a deal. The time for talking is narrow. By the end of July, the E.U. must signal whether it will reimpose punishing U.N. sanctions against Iran. If that happens, Iran has said it would pull out of the Nuclear Nonproliferation Treaty. In that event, Israel, with U.S. help, may move to destroy Iran’s nuclear facilities.
Israel: Many in the country were surprised when Trump announced the negotiations with Iran. Some in Israel favored attacking the country.
Deadly flooding hits Congo’s capital
At least 33 people have been killed after days of torrential rains flooded Kinshasa, the capital of the Democratic Republic of Congo. The river running through the megacity of 17 million people — one of the largest in Africa — burst its banks and submerged major roads. Hundreds of homes have been destroyed, and thousands of people have been displaced.
The death toll was likely to rise, officials said. The country was already reeling from a rebel offensive in the east.
An ever-present danger: African countries frequently face deadly floods and droughts, which scientists attribute to climate change. Floods in Congo kill hundreds nearly every year.
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Workers in the rural city of Arida, Japan, built a new train station in the time between the night’s last train and the morning’s first — a six-hour window. This feat, which rail operators said was a world first, was accomplished with 3D-printed parts.
As Japan’s population shrinks, maintaining rail service in remote areas is a challenge, and officials hope this method could be the answer. Watch a train station take shape in hours.
Lives lived: Clem Burke, whose energetic, versatile drumming provided the beat for the band Blondie, died at 70.
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The International Booker Prize shortlist
One book satirizes expats in Berlin. In another, a bookseller becomes stuck in a time loop. And a third is a collection of short stories about Muslim women in southern India.
The six titles shortlisted for this year’s International Booker Prize, the award for fiction translated into English, capture different worlds. Though four are under 200 pages long, each is “mind-expanding,” said Max Porter, who led this year’s judging panel.
The winner will be announced next month in London. See the full list.
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