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Trump pauses 75 countries’ ‘reciprocal’ tariffs, raises China rate to 125% – National TenX News

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U.S. President Donald Trump said Wednesday he is pausing his so-called “reciprocal” tariffs for 90 days on more than 75 countries that have begun trade negotiations with the U.S., lowering their tariff rate to the baseline of 10 per cent.

The pause was announced hours after his global tariff policy took effect at midnight Wednesday, capping a chaotic week for global financial markets and uncertainty about the world economy.

Trump also announced he was raising tariffs on China once again, to a staggering 125 per cent rate, “based on the lack of respect that China has show to the World’s Markets,” he wrote on Truth Social.

“Conversely,” he added, more than 75 countries that have reached out to the Trump administration “to negotiate a solution” on trade issues and “have not, at my strong suggestion, retaliated in any way, shape or form against the United States” will get a 90-day pause and have their tariff rate lowered to 10 per cent, “also effective immediately.”

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U.S. markets surged in response to Trump’s announcement after sharp losses in the morning and nearly a week of vanishing wealth on Wall Street.


Click to play video: 'Trump ignores growing calls to reverse tariff policy'


Trump ignores growing calls to reverse tariff policy


The pause does not affect ongoing sector-specific tariffs on steel, aluminum and foreign auto sectors, or the 25 per cent tariffs on Canadian goods outside of free trade rules and 10 per cent levies on Canadian energy.

The White House did not immediately specify which countries would see a pause, but U.S. Treasury Secretary Scott Bessent said Vietnam, Japan, South Korea and India were among the countries he and other Trump administration officials were speaking with.

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“Every country in the world who wants to come and negotiate, we are willing to hear you, we’re going to go down to a 10 per cent baseline tariff for them,” he told reporters outside the White House.

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“China will be raised to 125 (per cent) due to their insistence on escalation.”

The new rate for China was the latest in a tit-for-tat trade war that has seen both countries increase tariffs on each other since Trump announced his reciprocal tariff policy last Wednesday. That program, which the White House says reflects countries’ tariffs and trade deficits with the U.S., set a 34 per cent rate for China on top of existing 20 per cent levies on Chinese goods.

China vowed to match the 34 per cent rate and ultimately raised duties on the U.S. to 84 per cent Wednesday, after the U.S. upped the Chinese tariff another 50 per cent.


Click to play video: 'China escalates trade tensions with 84% tariff on U.S. goods'


China escalates trade tensions with 84% tariff on U.S. goods


Bessent said China’s continued escalation was an “own goal” that was a result of Trump’s overall strategy on forcing countries to the negotiating table.

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“You might even say that (Trump) goaded China into a bad position,” he said. “They have shown themselves to the world to be the bad actors. We are willing to cooperate with our allies and with our trading partners who did not retaliate.

“It wasn’t a hard message: ‘Don’t retaliate, things will turn out well.’”

Consumer prices in Canada and around the globe are likely to be impacted by the quickly escalating trade war between Washington and Beijing, the world’s two largest economies.

The pause and promises of global trade talks came after days of confusion and conflicting messages from Trump administration officials on whether the reciprocal tariffs could be negotiated lower or eliminated altogether.

Trump himself had said his tariffs “give us great power to negotiate” while insisting they are also “here to stay.”

“I’m telling you, these countries are calling us up, kissing my ass,” he said during a speech at the National Republican Congressional Committee Dinner on Tuesday night.


Click to play video: 'U.S. hikes tariffs on China to 104% after Beijing makes “mistake” of retaliating: WH'


U.S. hikes tariffs on China to 104% after Beijing makes “mistake” of retaliating: WH


Bessent said Trump “want to be personally involved” in what he said will be a “separate, bespoke negotiation” with each trading partner that comes to the U.S. for discussions.

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He also dismissed the huge swings in financial markets worldwide amid the week-long uncertainty over Trump’s endgame.

“The market didn’t understand, those were maximum levels,” he said, referring to the higher rates for several countries on a tariff list released by the White House last week. “Countries can think about those levels as they come to us to bring down their tariffs, their non-trade barriers.

“The only certainty we can provide is that the U.S. is going to negotiate in good faith, and we assume that our allies will too.”

Prime Minister Mark Carney, who is running as Liberal leader in the federal election, has said he and Trump agreed Canada will enter “comprehensive negotiations” on trade and security after Canadians elect a new government on April 28.

The federal government has retaliated against separate U.S. tariffs on Canadian goods and industries, including 25 per cent duties on nearly $60 billion worth of U.S. products.

Wednesday also saw the start of Canadian counter-tariffs of 25 per cent on American-made vehicles and auto parts that don’t comply with the Canada-U.S.-Mexico Agreement (CUSMA) on free trade.

More to come…


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Trump gifted Nobel Peace Prize by Venezuela’s María Corina Machado – National TenX News

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Venezuelan opposition leader María Corina Machado said she presented her Nobel Peace Prize medal to President Donald Trump at the White House on Thursday even as he has questioned her credibility to take over her country after the U.S. ousted then-President Nicolás Maduro.

The Nobel Institute has said Machado could not give her prize to Trump, an honour that he has coveted. Even if the gesture proves to be purely symbolic, it was extraordinary given that Trump has effectively sidelined Machado, who has long been the face of resistance in Venezuela. He has signalled his willingness to work with acting President Delcy Rodríguez, who had been Maduro’s second in command.

“I presented the president of the United States the medal, the Nobel Peace Prize,” Machado told reporters after leaving the White House and heading to Capitol Hill. She said she had done so “as a recognition for his unique commitment with our freedom.”

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Trump confirmed later on social media that Machado had left the medal for him to keep, and he said it was an honour to meet her.

“She is a wonderful woman who has been through so much. María presented me with her Nobel Peace Prize for the work I have done,” Trump said in his post. “Such a wonderful gesture of mutual respect. Thank you María!”

The White House later posted a photo of Machado standing next to Trump in the Oval Office as he holds the medal in a large frame. A text in the frame reads, “Presented as a personal symbol of gratitude on behalf of the Venezuelan people in recognition of President Trump’s principled and decisive action to secure a free Venezuela.”

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Trump has raised doubts about his stated commitment to backing democratic rule in Venezuela, giving no timetable on when elections might be held. Machado indicated that he had provided few specifics on that front during their discussion.

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She did not provide more information on what was said.

‘We can count on President Trump’


After the closed-door meeting, Machado greeted dozens of cheering supporters waiting for her near the White House gates, stopping to hug many.

“We can count on President Trump,” she told them without elaborating, prompting some to briefly chant, “Thank you, Trump.”

Before her visit to Washington, Machado had not been seen in public since she travelled last month to Norway, where her daughter received the peace prize on her behalf. She had spent 11 months in hiding in Venezuela before she appeared in Norway after the ceremony.

The jubilant scene after her meeting with Trump stood in contrast to political realities in Venezuela. Rodríguez remains in charge of day-to-day government operations, along with others in Maduro’s inner circle. In her first state of the union speech Thursday, the interim president promoted the resumption of diplomatic ties between the historic adversaries and advocated for opening the state-run oil industry to more foreign investment after Trump pledged to seize control of Venezuelan crude sales.

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Trump says ‘not a thing’ Denmark can do if Russia or China wants to ‘occupy’ Greenland


Trump has said it would be difficult for Machado to lead because she “doesn’t have the support within or the respect within the country.” Her party is widely believed to have won 2024 elections rejected by Maduro.

White House press secretary Karoline Leavitt called Machado “a remarkable and brave voice” but also said the meeting didn’t mean Trump’s opinion of her changed, calling it “a realistic assessment.”

Leavitt told reporters that Trump supported new Venezuelan elections “when the time is right” but did not say when he thought that might be.

A ‘frank and positive discussion’ about Venezuela

Leavitt said Machado had sought the face-to-face meeting without setting expectations for what would occur. She spent about two and a half hours at the White House.

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“I don’t think he needs to hear anything from Ms. Machado,” the press secretary said while the meeting was still going on, other than to have a ”frank and positive discussion about what’s taking place in Venezuela.”

After leaving the White House, Machado went on to a closed-door meeting with a bipartisan group of senators.

Sen. Chris Murphy, D-Conn., said Machado told them that “if there’s not some progress, real progress towards a transition in power, and/or elections in the next several months, we should all be worried.”

“She reminded us that Delcy Rodríguez is, in many ways, worse than Maduro,” he added.

Asked if Machado had heard any commitment from the White House on holding elections in Venezuela, Murphy said, “No, I don’t think she got any commitment from them.”


Click to play video: 'Trump backs Maduro ally in Venezuela, sidelines opposition leader Machado'


Trump backs Maduro ally in Venezuela, sidelines opposition leader Machado


Sen. Bernie Moreno, an Ohio Republican, was exultant following the meeting, saying Machado “delivered a message that loud and clear: What President Trump did was the most important, significant event in Latin America. That getting rid of Maduro was absolutely essential.”

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Machado’s Washington stop coincided with U.S. forces in the Caribbean Sea seizing another sanctioned oil tanker that the Trump administration says had ties to Venezuela. It is part of a broader U.S. effort to take control of the South American country’s oil after U.S. forces captured Maduro and his wife less than two weeks ago at a heavily guarded compound in the Venezuelan capital of Caracas and brought them to New York to stand trial on drug trafficking charges.

Leavitt said Venezuela’s interim authorities have been fully cooperating with the Trump administration and noted that Rodríguez’s government said it planned to release more prisoners detained under Maduro. Among those released were five Americans this week.

Trump said Wednesday that he had a “great conversation” with Rodríguez, their first since Maduro was ousted.

Machado doesn’t get the nod from Trump

Just hours after Maduro’s capture, Trump said of Machado that “it would be very tough for her to be the leader.” Machado had steered a careful course to avoid offending Trump, notably after winning the peace prize, and had sought to cultivate relationships with him and key administration voices like Secretary of State Marco Rubio.

The industrial engineer and daughter of a steel magnate, Machado began challenging the ruling party in 2004, when the nongovernmental organization she co-founded, Súmate, promoted a referendum to recall then-President Hugo Chávez. The initiative failed, and Machado and other Súmate executives were charged with conspiracy.

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A year later, she drew the anger of Chávez and his allies again for travelling to Washington to meet President George W. Bush, whom Chávez considered an adversary.

Almost two decades later, she marshalled millions of Venezuelans to reject Chávez’s successor, Maduro, for another term in the 2024 election. But ruling party-loyal electoral authorities declared him the winner despite ample credible evidence to the contrary. Ensuing anti-government protests ended in a brutal crackdown.



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IMF chief backs Jerome Powell, U.S. Fed independence amid Trump pressure – National TenX News

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International Monetary Fund chief Kristalina Georgieva on Thursday underscored the importance of keeping central banks independent and threw her support behind beleaguered Federal Reserve Chair Jerome Powell, who is facing a Trump administration investigation for renovation cost overruns.

Georgieva told Reuters in an interview that there was ample evidence that central bank independence worked in the interest of businesses and households, and that evidence-based, data-based decision-making is good for the economy.

The IMF managing director said she had worked with Powell and respected his professionalism.

“I have worked with Jay Powell. He is a very good professional, very decent man, and I think that his standing among his colleagues tells the story,” she said, when asked about a letter of support signed by her predecessor, Christine Lagarde, now head of the European Central Bank, and other large central banks.

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Powell on Sunday disclosed that the Trump administration had opened an investigation into him over cost overruns for a $2.5 billion project to renovate two historical buildings at the Fed’s Washington headquarters complex.

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Powell denies wrongdoing and has called the unprecedented actions a pretext to put pressure on him for not bowing to U.S. President Donald Trump’s long-running demands for sharply lower interest rates.


Click to play video: '‘Too late’: Trump slams U.S. fed chair Powell as either ‘incompetent or crooked’'


‘Too late’: Trump slams U.S. fed chair Powell as either ‘incompetent or crooked’


The probe has sparked widespread criticism from some key members of Trump’s Republican Party in the U.S. Senate, which must confirm his nominee to succeed Powell, along with foreign economic officials, investors and former U.S. government officials from both political parties.

Trump has repeatedly derided Powell’s leadership of the Fed and attacked him, often personally, over what he sees as the Fed chair’s slow moves to cut interest rates. On Wednesday, he dismissed concerns that eroding central bank independence would undermine the value of the U.S. dollar and spark inflation, telling Reuters, “I don’t care.”

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Georgieva said the IMF looked carefully at issues such as monetary and financial stability, as well as the strength of a country’s institutions. It was specifically interested in the Fed, given the role of the U.S. dollar as a reserve currency.

“It would be very good to see that there is a recognition … that the Fed is precious for the Americans. It is very important for the rest of the world,” she said.

Trump has also attempted to fire another Fed official, Governor Lisa Cook, who has challenged her termination in a legal case that will be argued before the Supreme Court next week.




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B.C. Premier David Eby says province’s LNG, mining of interest to India TenX News

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B.C. Premier David Eby spoke to reporters on Thursday morning from Mumbai, India, during his six-day trade mission.

He said that mining and energy companies in India are showing an interest in B.C.

“They are looking strongly to LNG as one of their ways of reducing carbon intensity, as well as reducing smog in the country,” Eby said.

“And so B.C. LNG has been an item of considerable interest, especially the projects that are reaching final investment decision over the next year — LNG Canada Phase 2, KSI Lisims LNG — as well as the projects that are under construction like Woodfibre LNG.”


Click to play video: 'B.C. looks to deepen trade ties with India'


B.C. looks to deepen trade ties with India


Eby was also asked about the rise in extortion cases in B.C.

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He said the province’s extortion task force will provide an update next week.

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“We have assembled a remarkable and historic task force, RCMP, CBSA,” Eby said.

“There are more police in Surrey right now than there have ever been. The RCMP has surged resources into the community.”

Eby said he has not been happy with the fact that there has been no update from the task force and he has asked them to provide one.

“There have been some important developments, people deported, an arrest here in India, cooperation between the Indian government and the Canadian government on this at the law enforcement level,” he added.

“That needs to continue, but, bluntly, we need better results, we need to see more arrests and whatever we can do to support the police to get the job done, we will do so.”

As of Jan. 12, Surrey police said there have been 16 reported extortion incidents in the city since the beginning of the year.


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