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Trump Imposes New 10% Global Tariff

The United States has entered a new phase of trade tensions after President Donald Trump announced a 10% global tariff, replacing a set of duties recently struck down by the Supreme Court of the United States. The move comes days after the court ruled, in a 6–3 decision, that the president had exceeded his authority in imposing sweeping tariffs under the 1977 International Emergency Economic Powers Act (IEEPA). The justices concluded that Congress had not explicitly granted the executive branch the power to introduce such broad-based import taxes. Chief Justice John Roberts, writing for the majority, emphasized that when Congress delegates tariff authority, it does so clearly and with defined limits. The ruling was supported by the court’s three liberal justices, along with conservative justices Amy Coney Barrett and Neil Gorsuch. Justices Clarence Thomas, Brett Kavanaugh, and Samuel Alito dissented. […]

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Trump Warns Iran Trade Partners With New Tariff Threat

US President Donald Trump has signed a new executive order warning of additional tariffs on countries that continue commercial relations with Iran, tightening Washington’s economic pressure on Tehran. The order, signed on Friday, authorises the United States to impose import tariffs on goods from any country that “directly or indirectly” purchases Iranian goods or services. While no fixed rate is specified, the document cites 25% as a reference level. The measure could apply broadly to imports entering the US market from countries found to be trading with Iran. Speaking aboard Air Force One on Friday night, Trump did not comment directly on the executive order but reiterated his long-standing position that Iran must not be allowed to develop nuclear weapons. The move comes as diplomatic talks between senior US and Iranian officials continue in Oman, following weeks of escalating rhetoric […]

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 Diageo Names Dave Lewis as New CEO After US Tariffs Woes

Diageo, the world’s leading spirits company and maker of Guinness beer, Smirnoff vodka, and Johnnie Walker whisky, has announced Dave Lewis as its new Chief Executive Officer. Lewis, current chairman of consumer healthcare firm Haleon and ex-CEO of supermarket giant Tesco, starts in January, succeeding Debra Crew who resigned in July. Diageo’s share price surged 7% on the news, following a year of disappointing trade due to US President Trump’s tariffs and weak consumer demand in China and the US. The company hopes Lewis’s extensive consumer brand experience and strong marketing pedigree will revive performance. However, analysts caution that he lacks direct spirits industry exposure and any major strategy reset will take time. Outgoing interim CEO Nik Jhangiani will return to his role as Chief Financial Officer. Diageo projects ongoing challenges ahead, including further profit warnings, indicating tough trading and […]

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US Postpones New Tariffs on Imported Pharmaceuticals

The United States has delayed the implementation of new, steep tariffs on imported pharmaceuticals that were scheduled to take effect on October 1st. The Trump administration had previously announced a 100% tariff on imported branded and patented medicines to pressure drug companies to move their production to the U.S. or lower prices. However, government sources confirmed the measure has been postponed for now. A senior U.S. official stated that instead of the broad tariffs, the administration will now focus on preparing tariffs that specifically target individual pharmaceutical companies which refuse to relocate production to the U.S. or reduce their drug prices. No specific reason was given for the delay. In a related development, officials clarified that the European Union would be exempt from any new pharmaceutical tariffs. Imports from the EU will continue to face the existing 15% tariff rate.

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US, China ‘very close’ to TikTok deal as trade talks resume in Madrid

The United States is “very close” to finalising a deal with China over TikTok, US Treasury Secretary Scott Bessent said Monday as trade talks resumed in Madrid. Bessent and Chinese Vice Premier He Lifeng opened discussions on Sunday, aiming to ease tensions over trade and technology between the world’s two largest economies. The meetings will run until Wednesday — the deadline for TikTok to secure a buyer or face a ban in the US. “On the TikTok deal itself, we’re very close to resolving the issue,” Bessent told reporters on arrival at Spain’s foreign ministry for the second day of talks.“If we don’t reach an agreement on TikTok, it doesn’t affect the overall relationship between the two countries. It’s still very good at the highest levels,” he added. TikTok’s Chinese parent company ByteDance faces a US law requiring the platform’s […]

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Trump’s Tariffs Face Supreme Court Test After Appeals Court Ruling

A federal appeals court has ruled that President Donald Trump unlawfully relied on the International Emergency Economic Powers Act (IEEPA) to impose sweeping tariffs during his second term. The decision casts doubt on the legality of duties that reached as high as 50% on imports from India and Brazil, and up to 145% on Chinese goods earlier this year. American businesses have already paid more than $210 billion in tariffs deemed illegal by US courts. If the ruling stands, companies could be entitled to massive refunds from the US Treasury. Trump acknowledged the potential fallout, saying the government might have to “give back” the revenue collected. He confirmed his administration is preparing an appeal to the Supreme Court, which could be filed as early as Wednesday. The appeals court set an October 14 deadline for its ruling to take effect. […]

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China sends Boeing planes back to US over tariffs

Kelly Ortberg said two planes had already been returned and another would follow after trade tensions between the two countries escalated. Boeing's chief executive told CNBC that 50 more planes were due to go to China this year but their customers had indicated they will not take delivery of them.The US put 145% tariffs on imports from China and it hit back with a 125% tax on US products. Speaking in the Oval Office on Tuesday, Trump said he was optimistic about improving trade relations with China, saying the level of tariffs he had imposed would "come down substantially, but it won't be zero".However, Mr Ortberg said China "have in fact stopped taking delivery of aircraft because of tariff environment".Boeing is America's largest exporter with about 70% of its commercial aircraft sales outside of the US.Mr Ortberg said Boeing was […]

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