Friday, August 01, 2025

Donald Trump thinks he’s winning on trade, but America will lose


Donald Trump thinks he’s winning on trade, but America will lose

The harm from tariffs will be lasting and deep

U.S. President Donald Trump delivers remarks at the White House
Photograph: Reuters
|4 min read

"MORE than 100 days after President Donald Trump’s “Liberation Day”, the new global trading order is becoming clear. It is a system of imperial preference. Canada has angered the president, partly by planning to recognise Palestine as a state, and so it faces a duty of 35%. Because Mr Trump reckons that exporters unfairly cheat America, on July 31st he said he would impose “reciprocal” tariffs on many trading partners, ranging from 10% to 41%. Meanwhile, in order to ward off tariff threats the European Union, Japan and South Korea have all struck deals with Mr Trump, where they promise to open their markets and invest hundreds of billions of dollars in America, in return for levies on their exports of 15%."


Donald Trump thinks he’s winning on trade, but America will lose

Corporation for Public Broadcasting will shut down after Trump funding cuts | CNN Business

Corporation for Public Broadcasting will shut down after Trump funding cuts

The CPB’s shuttering is the result of President Trump’s monthslong effort to defund public media, which he has alleged is “biased” against conservatives.

"The Corporation for Public Broadcasting announced on Friday that it will wind down its operations due to the successful Republican effort to defund local PBS and NPR stations across the country.

The announcement came just over a week after President Donald Trump enacted a rescissions bill clawing back congressionally approved federal funds for public media and foreign aid. Of the $9 billion in canceled funds, $1.1 billion was earmarked for the corporation for the next two years.

“Despite the extraordinary efforts of millions of Americans who called, wrote, and petitioned Congress to preserve federal funding for CPB, we now face the difficult reality of closing our operations,” CPB president and CEO Patricia Harrison said in a statement. “CPB remains committed to fulfilling its fiduciary responsibilities and supporting our partners through this transition with transparency and care.”

Officials at the organization, which was founded more than 60 years ago, say they are focused on helping local stations figure out how to cope with sudden budget shortfalls. Harrison has warned that some stations, particularly in rural areas, will have to shut down without federal support.

113086_MrRogers Testifies CL.00_02_11_17.Still001.jpg

Listen to Mister Rogers’ defend public media funding in 1969.

3:15 

Most larger stations have numerous other funding sources, including viewer and listener donations, to soften the blow dealt by Congress. Still, public media executives have warned that the interconnected system will be weakened in various ways without federal funding as a foundation.

“The ripple effects of this closure will be felt across every public media organization and, more importantly, in every community across the country that relies on public broadcasting,” NPR CEO Katherine Maher said in a statement.

Most of the corporation’s roughly 100 staff positions will be eliminated when the money runs out on September 30. The CPB will maintain a small transition team through January to guarantee “a responsible and orderly closeout of operations,” it said in a statement.

The shuttering is a political victory for Trump, who tried several different methods to defund public broadcasting this year. At one point, he tried to fire three of the corporation’s board members, even though he had no authority to do so under the law that created the corporation in 1967.

The corporation went to court to defend its board members, but on Friday, it filed a voluntary dismissal of its lawsuit, in effect acknowledging that Trump has prevailed.

“REPUBLICANS HAVE TRIED DOING THIS FOR 40 YEARS, AND FAILED….BUT NO MORE,” Trump wrote on Truth Social after the rescission bill he pushed was approved by both the GOP-controlled House and Senate.

Even after Trump signed the bill into law, some public media advocates held out hope that federal funding could be restored through the normal appropriations process in Congress. Senators advanced a draft bill without any such funding on Thursday, however, signaling that such a plot twist was exceedingly unlikely.

For Trump and other Republican lawmakers, eliminating the corporation is a successful stand against liberal bias, which they allege is a rampant problem at both NPR and PBS.

For public media advocates, it’s the end of a noncommercial TV and radio era, taking the federal government out of the funding equation altogether.

“The end of CPB is the direct result of the deep and corrupt failure of Congress and the Trump administration to invest in informing the American public,” Craig Aaron, co-CEO of the progressive media reform group Free Press, said in a statement. “They have trashed decades of democracy-building work and will deny many journalists, artists, educators and creators the opportunity to be heard.”

Aaron expressed hope that publicly-funded media can be reinvented as “a bulwark against authoritarianism that meets the civic needs of all our communities.”

Some station leaders have similarly described this moment as an opportunity to rebuild with more local-level support. GBH, the public media powerhouse in Boston, put up a sign outside its headquarters last month that read “Local. Trusted. Defunded.”

“We’re not backing down” despite the federal funding loss, GBH said in a fundraising push, “but we can’t do it without you. Donate now to keep public media strong and independent.”

Corporation for Public Broadcasting will shut down after Trump funding cuts | CNN Business

Trump Says He’s Firing Labor Statistics Chief After Weak Jobs Report: Live Updates - The New York Times


Live Updates: After a Weak Jobs Report, Trump Fires That Agency’s Commissioner

Hours after data showed cracks in the U.S. economy, President Trump said without evidence that Erika McEntarfer “rigged” the data “to make the Republicans, and ME, look bad.”

Monthly change in jobs

Source: Bureau of Labor Statistics

 

Note: Data is seasonally adjusted.

 

By Christine Zhang

Pinned

Here is the latest.

Hours after disappointing jobs data reflected cracks in the U.S. economy, President Trump said Friday that he fired the commissioner of the Bureau of Labor Statistics, Erika McEntarfer, and said without evidence on social media that she “rigged” the data “to make the Republicans, and ME, look bad.”

Mr. Trump and his top aides have made a habit of attacking government agencies, researchers and watchdogs when they have produced findings that the president personally does not like. That has led to concerns that he could seek to interfere with the operations of statistical agencies, particularly if the economy begins to take a turn for the worse.

Lori Chavez-DeRemer, the Labor secretary, echoed Mr. Trump’s concerns about Dr. McEntarfer on social media and said that William Wiatrowski, the deputy commissioner, would serve as acting commissioner until a replacement is found.

According to the data released early Friday, U.S. employers added 73,000 jobs in July, less than economists expected, and the unemployment rate rose slightly. The report on also significantly revised down the data on hiring from May and June by a combined 258,000 jobs, suggesting the labor market was under greater strain than initially believed. That moved the bond market in particular, with U.S. Treasury yields falling sharply as investors anticipated that the Federal Reserve could be more willing to cut interest ratesto bolster a flagging economy.

The dollar also dropped against other major currencies and the S&P 500 ended the day down 1.6 percent, capping one of the index’s worst weeks since Mr. Trump wrought chaos across the global trading system when he unveiled his first round of steep tariffs in April. The benchmark fell 2.4 percent for the week.

The jobs data offered only the latest indication that Mr. Trump’s policies — particularly his global trade war, which the president expanded on Thursday — had started to put the squeeze on the economy. Other economic data released this week offered fresh evidence that Mr. Trump’s duties had slowed trade and started to send prices higher.

The developments created new complications for the Fed. The central bank opted to hold interest rates steady earlier this week in an attempt to keep prices from soaring, even as some called on the Fed to lower borrowing costs to ease strain in the labor market. In his first comments after the release of the jobs report, Mr. Trump renewed his attacks on the Fed and its chair, Jerome H. Powell, calling him a “disaster” and demanding he lower rates.

Later Friday, the Federal Reserve announced that Adriana D. Kugler will step down from her position as a governor on the Federal Reserve Board on Aug. 8. Her term was set to expire in January and her early resignation gives Mr. Trump the opportunity to appoint someone who could replace Mr. Powell as chair.

Here’s what else to know:

  • Higher tariffs: The president late Thursday announced a dramatic widening of his trade war, slapping major new tariffs on dozens of countries that take effect on Aug. 7. Switzerland was stunned by a 39 percent tariff, among the highest in the world. Goods from Syria, Laos and Myanmar were hit with rates of 40 to 41 percent. India received a 25 percent tariff, as Mr. Trump’s previously warm relationship with Prime Minister Narendra Modi has soured. All countries not issued new tariff rates would be subject to a base line 10 percent rate, while Japan, South Korea and the European Union, which recently secured trade agreements with the United States, received the rates they had negotiated.

  • China factories: Mr. Trump’s order also established a 40 percent tariff on anything that Customs and Border Protection determines has been “transshipped” to avoid higher duties on goods coming from their country of origin. Experts said the move was an effort to box in China, with its mammoth factory infrastructure, and could weigh on the Trump administration’s ongoing talks with Beijing over a trade deal.

  • Mexico reprieve: The United States and Mexico agreed to keep talking about a potential trade deal for 90 more days, averting the heavier tariffs Mr. Trump had threatened to impose on America’s largest trading partner just before they were set to begin. But Mr. Trump imposed a 35 percent tariff on Canada, to the north,

  • Trade deficit: Mr. Trump’s executive order said he was acting because “large and persistent annual U.S. goods trade deficits constitute an unusual and extraordinary threat to the national security and economy of the United States.” While the United States runs a small surplus in services trade, its deficit in goods reached a record $1.2 trillion last year and has been widening for decades.

  • Federal jobs: The federal government shed 12,000 jobs in July as the Trump administration continued to aggressively downsizes the federal work force. And manufacturing jobs fell by 11,000 last month, even though Mr. Trump is trying to use the tariffs to increase that number.

Trump Says He’s Firing Labor Statistics Chief After Weak Jobs Report: Live Updates - The New York Times