Friday, August 01, 2025
Just do your duty.
"US President Donald Trump has issued a new executive order that slaps import tariffs on a long list of American trading partners. The decision...is set to go into effect on 7 August and covers a wide range of goods from 69 countries." ET. On 27 July, "The US struck a framework trade agreement with the European Union,.. imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade." Reuters. "France denounced the trade agreement between the EU and the US as a 'submission'...though other EU states largely backed a deal they acknowledged was lopsided but which averts an economically damaging war with Washington." ET. "The country's (France's) deficit for 2024, which was initially forecast to be 4.4%, was later revised upwards to 6.1%. This revision raised serious questions not only about the state of France's public finances but also about how it was possible that the worsening budgetary situation was able to fly under the radar for so long." blogs.lse.ac.uk. "Industrial production in France fell unexpectedly again in January, declining by 0.6% for the industry as a whole, following a downwardly revised fall of 0.5% in December. The decline was 0.7% for manufacturing, after a drop of 0.1% in December. ING. If France had put its own house in order, instead of fudging its figures, there would be no need for it to be so indignant. Trump "slapped a 50% tariff on most Brazilian goods to fight what he has called a 'witch hunt' against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies." Reuters. "There is perhaps no world leader defying Trump as strongly as Lula." "President Luiz Inacio Lula da Silva of Brazil is outraged. President Donald Trump is trying to push around his nation of 200 million, dangling 50% tariffs as a threat, Lula said in an interview. And yet, he added, the US President is ignoring his government's offers to talk." ET. "The US economy surged between April and June," as its "GDP increased at an annual rate of 3% in the second quarter, the Commerce Department said." "This number represents a turnaround from the first three months of 2025, when GDP fell 0.5%." CBS. "US inflation increased in June," as "Personal Consumption Expenditures (PCE) price index rose 0.3% last month," and "In the 12 months through June, the PCE price index advanced 2.6% after increasing 2.4% in May." ET. On 30 July, the US Federal Reserve "said it would maintain the funds rate at its current range of 4.25% to 4.5%. The last time the central bank cut its interest rates was in December 2024." CBS. This is even after Trump called Fed Chair Jerome Powell a "stubborn moron" and said he is "too stupid" for not cutting interest rates. Opindia. The Fed is doing its duty. Governments should do the same. Trump is temporary. Duty is permanent.
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