cnbc_topnews

Trump's new global tariff draws rebukes from trade partners over forced-labor justification

📰 source: cnbc_topnews · 💼 business

trump imposed new global tariffs on the top 60 u.s. trade partners under section 301, citing forced labor. the tariffs are 10% for partners that have adopted import prohibitions and 12.5% for those that haven't. the move replaces a temporary 10% tariff set to expire july 24 after the supreme court struck down trump's emergency-powers tariffs in february. the forced-labor probes aim to provide a more durable legal foundation.

trading partners from australia to brazil quickly rejected the rationale. australian trade minister don farrell said the tariffs are unjustified and inconsistent with the free trade agreement. brazil called them arbitrary, while chile noted the u.s. didn't allege its exports contain forced labor. canada struck a mild tone, saying the move was not unexpected. most partners signaled they would keep negotiating rather than retaliate. no major partner has announced countermeasures.

the economist intelligence unit said the impact on major asian economies is likely limited due to tariff carve-outs for electronics. the peterson institute called the investigation a mechanism to export america's import ban on chinese goods and recreate the tariff regime struck down by the courts.

why it matters: new legal basis for tariffs after court setback may entrench broad duties and escalate trade tensions with allies.

source: cnbc_topnews
sentiment: -0.40 · impact: 0.65

Surprise fall in US jobs last month as slow summer continues

📰 source: bbc_business · 💼 business us jobs fell by 23,000 last month, against forecasts for an 80,000 gain, with the bureau of labor statistics also revising down may and june payrolls by a combined 103,000. the unemployment rate still dipped to 4.1% from 4.2%, as labor

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

📰 source: cnbc_topnews · 💼 business homes sold for less than their asking price in 38 of the 50 largest u.s. housing markets in june, per redfin. the biggest discounts hit florida and texas: miami and west palm beach averaged nearly 5% below asking, while houston, austin, tampa, dallas, san antonio,

China is gaining ground in AI. But the U.S. still has a major advantage

📰 source: cnbc_topnews · 💼 business hugging face ceo clément delangue told cnbc china is clearly dominating on open models and could start dominating at the frontier by end of this year or next. chinese models are closing the gap with u.s. frontier systems despite limited access to cutting-edge compute. beijing-based

US strikes $1.2bn deal to pay German firm to halt offshore wind projects

📰 source: bbc_business · 💼 business rwe will abandon its offshore wind projects in the us after accepting a $1.2bn payout from the department of the interior. the german energy firm said it will reinvest the money into gas projects, including $900m for an lng export terminal in louisiana. rwe will

Read more

Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects