Trump updates: President claims tariffs ‘great’ for Republicans as trade war roils Asian markets
Beijing says it will ‘fight to the end’ as president’s 104% China tariffs take effect
Stock markets in Asia fell at the opening on Wednesday, continuing the drop seen earlier on Wall Street, amid fears over Donald Trump’s 104% tariff on imports from China. In Tokyo, the Nikkei fell 3.5% on the opening, and the Hang Seng in Hong Kong was down 4%.
Speaking in Washington on Tuesday night, the president claimed the massive import taxes he is imposing on Americans will help usher in victory for his Republican Party in next year’s midterm elections.
During 90 minutes of meandering remarks before GOP lawmakers and deep-pocketed donors at the National Republican Congressional Committee’s annual fundraising gala, Trump said the stage is now “set for a monumental victory for the Republicans in the midterms,” which most mainstream economists and business experts say will supercharge inflation and threaten America’s status as the world’s leading economy with a grievous self-inflicted wound.
“I know what the hell I'm doing. I know what I'm doing, and you know what I'm doing too,” he said.
The president also warned of impending tariffs on imported pharmaceuticals in an effort to bully companies into moving production to the U.S.
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Asian shares deepen losses after another Wall St retreat
Asian shares sank again on Wednesday as the latest set of U.S. tariffs, including a massive 104% levy on Chinese imports, was due to take effect.
Japan’s Nikkei 225 index initially lost nearly 4% and markets in South Korea, New Zealand and Australia also declined.
On Tuesday, the S&P 500 dropped 1.6% after wiping out an early gain of 4.1%. That took it nearly 19% below its record set in February. The Dow Jones Industrial Average dropped 0.8%, while the Nasdaq composite lost 2.1%. Uncertainty is still high about what President Donald Trump will do with his trade war.
The sharply higher tariffs were scheduled to kick in after midnight Eastern time in the U.S., and investors have no idea what to make of President Donald Trump’s trade war.
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Asian shares deepen losses after another Wall St retreat as tariffs due to take effect
Watch: 'We're going to be announcing very shortly a major tariff on pharmaceuticals'
Rand Paul mocks Trump’s odd view of trade
Kentucky Republican Senator Rand Paul on Tuesday mocked President Donald Trump’s unusual perspectives on international trade, deficits and tariffs, calling them “backwards and upside down.”
It’s “based on a fallacy," Paul told CNBC in an interview from the Capitol.
Mary Papenfuss reports.
‘I have a deficit at my grocery store’: Rand Paul mocks Trump’s odd view of trade
Latest leak in the Keystone oil pipeline continues its troubled history
The latest leak in the Keystone oil pipeline in North Dakota on Tuesday continues the troubled history of the 15-year-old pipeline.
The 2,700-mile-long (4,350-kilometer-long) pipeline originates in Alberta, Canada, and carries heavy tar sands crude oil south across the Dakotas and Nebraska before splitting to carry oil both to refineries in Illinois and south to Oklahoma and Texas.
The Keystone Pipeline was constructed in 2010 at a cost of $5.2 billion. It was built by TC Energy, but it is now operated by South Bow as of 2024.
Read on...
The latest leak in the Keystone oil pipeline continues its troubled history
White House advising foreign trade negotiators to ‘think creatively’, report says
CNN reports that countries around the world are being advised by U.S. diplomats and sources close to the White House that as they respond to the tariffs imposed by Donald Trump, they should “think creatively, beyond the scope of trade.
Per the network:
Their message to foreign counterparts seems simple: If they have a unique card to play, they should.
Ideas being discussed run the gamut, and include possible action on securing the freedom of Americans wrongfully detained abroad, committing to working with US artificial intelligence companies, buying more US energy or combatting global drug trafficking, according to five people familiar with the brainstorming sessions.
After days of mixed signals over how willing the president would be to negotiate tariff relief, Tuesday’s message was far clearer: Trump is ready for opening bids.
The administration has reportedly been inundated with calls from foreign governments as well as CEOs of large multinational corporations who have been arguing to Chief of Staff Susie Wiles, Vice President JD Vance, and Treasury Secretary Scott Bessent that the tariff policy will harm the global economy and credibility of American business and government.
Texas AG Paxton to challenge Sen. Cornyn in primary
Republican Texas Attorney General Ken Paxton announced on Tuesday that he will challenge Republican U.S. Senator John Cornyn from Texas in the 2026 primary, adding he will support for President Donald Trump's agenda.
“I am announcing that I am running for U.S. Senate against John Cornyn,” Paxton said in an interview on Fox News show The Ingraham Angle.
“We have another great U.S. senator, Ted Cruz (from Texas), and it's time we have another great senator that will actually stand up and fight for Republican values, fight for the values of the people of Texas and also support ... Donald Trump in the areas that he's focused on in a very significant way.”
Cornyn's campaign quickly emphasized the senator's backing of Trump while attacking Paxton.
“Ken Paxton is a fraud,” Cornyn's team said while touting his voting record in favor of Trump's agenda.
Trump has previously expressed support for both Paxton and Cornyn, who will be seeking a fifth term.
Democrats have not won a Senate race in Texas since 1988.
With reporting from Reuters
‘Boys will be boys’: Musk’s growing public feud with Trump trade adviser over tariffs dismissed by White House
Andrew Feinberg reports from Washington, D.C.:
The White House is attempting to paper over an ugly online spat between two of Donald Trump’s close confidants over the tariff policies that have roiled stock markets and disturbed investors over the last six days as Trump himself is doubling down on increasing the taxes Americans will pay on Chinese imports.
Press secretary Karoline Leavitt on Tuesday dismissed an online war of words between Tesla and SpaceX chief executive turned White House adviser Elon Musk and Peter Navarro, the longtime Trump aide and China hawk who has pressed Trump to tax Americans as a way of punishing foreign countries for trade deficits that are the result of market forces and decades-long trends in globalization of supply chains.
Read on...
Musk’s growing feud with Trump trade adviser over tariffs dismissed by White House
Trump threatened semiconductor company with 100% tax if it didn't build U.S. plant
President Donald Trump on Tuesday said he told the Taiwan Semiconductor Manufacturing Company, which has pledged to build new factories in the United States, it would pay a tax of up to 100% if it didn't build its plants in the country.
Speaking at a Republican National Congressional Committee event, Trump criticized former president Joe Biden's administration for providing a $6.6 billion grant to TSMC's U.S. unit for semiconductor production in Phoenix, Arizona, saying semiconductor companies don't need the money.
"TSMC, I gave them no money ... all I did was say, if you don't build your plant here, you're going to pay a big tax," Trump said.
Vietnamese deputy PM to meet with Bessent in Washington
Reuters reports that Vietnam's Deputy Prime Minister is scheduled to speak on Wednesday with Treasury Secretary Scott Bessent and also intends to meet with executives from Boeing, SpaceX, and Apple this week, according to an internal schedule seen by the agency.
The export-reliant Southeast Asian nation is urgently working to convince the Trump administration to reconsider its decision to impose a 46% tariff on Vietnam's exports to Washington, which represent about 30% of the country's gross domestic product.
Deputy Prime Minister Ho Duc Phoc is planning to meet Bessent for approximately 45 minutes at the Treasury in Washington at 4 p.m. ET on Wednesday, according to the internal schedule, which remains subject to change.
A senior U.S. official confirmed the meeting but declined to disclose further details or topics.
The purpose of the meeting is to arrange discussions regarding a potential revision of tariffs on Vietnam, according to one individual who spoke in Washington with members of the Vietnamese delegation, noting that an immediate reprieve seems unlikely.
Judge orders White House to restore access for Associated Press
The White House has been ordered to restore access to the Associated Press to President Donald Trump in areas where other journalists are permitted, a federal judge ruled on Tuesday.
Judge Trevor McFadden of the D.C. Circuit ruled in favor of AP, ruling in a 41-page order that the government could not choose which reporters it permits access to based on “viewpoint” because it violates the First Amendment.
The White House now must “put the AP on an equal playing field” with the other journalists, McFadden said.
Ariana Baio reports.
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