Tariffs. WSJ attacks Trump: jobs and GDP are struggling. Giorgetti: negotiations are still underway to define exemptions.

"Trump's economy stumbles. The president has implemented his new global tariff order, but jobs and growth aren't looking good." This is the headline of a Wall Street Journal board article, which is very harsh on the tycoon's policies. "President Trump has imposed his new tariff regime on the world, and the triumphalism is palpable in the Malay Peninsula. But perhaps it's best to curb the euphoria, because this week's jobs and economic reports suggest the new golden age may take some time to arrive," the newspaper writes, citing the latest data on the labor market slowdown—one of the causes of which may be the crackdown on migrant workers—and the difficulties in manufacturing. The Journal admits that it's difficult to say for sure how much of this slowdown in employment and growth is due to Trump's tariffs, but it emphasizes, "it occurred in the wake of Trump's April 2 tariff shock, his rapid backtracking on higher tariffs, and his subsequent threats and tentative deals with the world. Political uncertainty has certainly affected hiring and business investment. How can you hire or invest if you don't know what the cost of goods will be or from which supplier you can buy at a competitive price?" In this regard, the newspaper continues, "Trump's latest wave of tariffs this week hasn't put an end to the uncertainty. Much of the world will now pay 15% if Trump sticks to his deal. But some of the United States' major trading partners—Mexico, Canada, China, and India—remain in tariff limbo. Brazil will pay 50%, despite its trade surplus with the United States. And what did Switzerland ever do to Trump to deserve 39%? Charge too much for a watch?" According to the WSJ, furthermore, "the tariff increase, at Trump's current rates, will approach $360 billion annually. It's one of the largest tax hikes in recent history. Republicans have spent decades building their credibility as an anti-tax party, but now they're pandering to Trump's tariffs, relying on the fiction that only foreigners will pay them. We'll see how this plays out when the prices of tariff-ridden goods rise."

India has indicated it will continue to purchase oil from Russia despite threats from US President Donald Trump. India's Foreign Ministry stated that its relationship with Russia is "solid and time-tested" and should not be viewed through the lens of a third country. Speaking at a press conference, spokesman Randhir Jaiswal said that India's overall position on meeting its energy needs is driven by the availability of oil on the market and prevailing global circumstances. The comments come after President Trump announced his intention to impose a 25% tariff on goods from India, as well as an additional import tax, due to New Delhi's purchases of Russian oil.

The proposal to award Donald Trump the Nobel Peace Prize in Economics has received a cold reception from professionals with a significant influence: previous winners of the renowned prize. From Eric Maskin, winner in 2007, to William Nordhaus, recipient in 2018, the opinion is negative. The proposal to award the prize to the President of the United States was launched by Peter Navarro, White House economic adviser, according to whom the tycoon "has rebuilt the international trade environment." "Many," he said in an interview with Fox Business, "have been talking about Trump being a candidate for the Nobel Peace Prize. I think that since he has taught the world how to conduct trade, he should win the Nobel Peace Prize." Maskin is not convinced. "I think," he told Newsweek, "it's unlikely Trump will win the Nobel. The prize is awarded for economic discoveries, not for economic policies. And even if the political merit were recognized, it's too early to know with certainty the impact President Trump's tariffs will have."

"It would be appropriate for Europe to also consider European responses in some way, or at least take a more flexible approach to instruments like the NRRP, which we are currently considering. I remind you that by the fall, there will be a final review of the current plan, in which we will also make some decisions, perhaps shifting resources precisely where they are most needed and urgent. We hope that Europe will embrace this flexible approach, given the situation we are objectively experiencing." This was stated by Economy Minister Giancarlo Giorgetti, speaking at the League party in Cervia.

"Honestly, the political agreement" on US tariffs "is a political agreement as a framework, a framework agreement, as one might say: every day, a detail of the element is revealed, and at the moment, we're still negotiating to exclude certain sectors and situations. Ultimately, only at the end will we be able to draw up a balance sheet, especially one tailored to our type of economy, the Italian economy." This was stated by Economy Minister Giancarlo Giorgetti, speaking live from the League party in Cervia. "Therefore, it's not trivial whether certain agricultural products are included or not; it's not trivial how pharmaceutical products will be treated. And I remind you that the pharmaceutical sector is the fastest-growing industrial sector in Italy right now." For the minister, "Trump played his poker game like a skilled player, and so one thing is certain: he maximized the interests of Americans and the American economy. He was elected on the slogan 'America First' and is fulfilling the mandate his voters gave him. So, the question is whether Europe truly serves the interests of Europeans and the European economy. This is certainly a different matter. Europe is struggling a bit more, that seems pretty clear to me."

"Trump's economy is stumbling. The president has implemented his new global tariff order, but jobs and growth aren't looking good," wrote a Wall Street Journal board member. "Trump has imposed his new tariff regime on the world, and the triumphalism is palpable in Maga land. But perhaps it's best to curb the euphoria, because this week's jobs and economic reports suggest the new golden age may take some time to arrive," the newspaper wrote.

Trump's tariffs are also impacting billionaire Warren Buffett. Berkshire Hathaway, Buffett's holding company, said its consumer goods business has been hit hard by the U.S. president's trade policy, which has raised tariffs on imported goods. The conglomerate's consumer products group reported a 5.1% decline in revenue in the second quarter compared to the previous year, to $189 million, due to lower volumes, tariffs, and corporate restructuring. Berkshire said the tariffs caused delays in orders and shipments.

Unions, student movements, and left-wing organizations protested yesterday in several Brazilian cities against the increase in customs duties imposed on Brazil by US President Donald Trump. The main protest—but with little participation, according to Folha de S.Paulo, the country's largest newspaper—took place in front of the US Consulate General in São Paulo. Demonstrators wore handcuffs and masks of former right-wing President Jair Bolsonaro and Trump. Puppets of both politicians were burned along with the US flag. Other demonstrators wore prison-like clothing, a reference to Bolsonaro's trial for an alleged coup attempt. Criticism extended to the recent imposition of sanctions against Supreme Court Justice Alexandre de Moraes under the Magnitsky Act. Speaking to CNN, the president of the National Student Union (UNE), Bianca Borges, argued that the tariff increase was "economic blackmail against our country" and said the aim of the protest was "to defend national sovereignty."

The Trump administration confirmed the 10% tariff rate for Singapore , a rate previously announced, specifically on April 2. This rate represents the universal tariff applied to goods entering the United States from countries with which the US runs a trade surplus. A trade surplus occurs when one country (in this case, the United States) sells more goods and services to another country (such as Singapore) than it purchases from it. Since Singapore falls into this category, its exports to the United States are subject to this 10% tariff.

The Canadian minister responsible for negotiations with the White House, Dominic LeBlanc , said he was "optimistic" that "an agreement satisfactory to Canada" could be reached with the United States "in the coming weeks ." Interviewed by LCN, the Canadian minister said yesterday that no progress had been made in his mission to Washington. "We agreed to talk on the phone next week to plan the coming weeks, August and September," LeBlanc said. However, the minister expressed doubts about the speed with which the agreement would be signed. "Am I optimistic that we will reach an agreement? Yes. That 'soon' is what makes me hesitate a little," the minister emphasized.

Brazilian President Luiz Inacio Lula da Silva has reiterated his "openness to dialogue" on tariffs, after his US counterpart, Donald Trump, suggested the possibility of dialogue between the two. "We have always been open to dialogue," Lula wrote on social media, apparently in response to Trump's statement today. Trump said today that the Brazilian could speak with him "whenever he wanted," though he insisted that "the people who lead Brazil have done wrong." While declaring his openness to dialogue, Lula clarified that "those who define Brazil's direction are Brazilians and their institutions," following the White House's attacks on the South American country's Supreme Court over the attempted coup against former President Jair Bolsonaro. On Wednesday, the United States government sanctioned Judge Alexandre de Moraes, the judge in the case against Bolsonaro, freezing any assets or property the judge may have in the United States, accusing him of violating freedom of expression by ordering the removal of anti-democratic messages on social media.

Donald Trump announced new tariffs that will go into effect on August 7, six days later than originally planned. The plan imposes a 30% tariff on several countries that did not sign a trade agreement in time, while introducing relief for those that did. The new minimum tariff for countries with which the United States maintains a trade deficit has been set at 15%. About 40 states are subject to this rate, including Costa Rica, Ecuador, Venezuela, and Bolivia. For countries with which the United States maintains a trade surplus, the tariff will be 10%.

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In addition to these global tariffs, Trump's previously imposed 50% tariffs on aluminum and steel remain in place, and Trump confirmed that several copper-based products will receive the same tariff when the new taxes take effect, with exceptions such as cathodes exported from Chile.

The tariff agreement between the United States and the European Union reached in Scotland holds. In the executive order signed by Donald Trump imposing new tariffs on dozens of countries, the EU tariffs remain at 15%, as agreed in the bilateral meeting between the US president and European Commission President Ursula von der Leyen.

The executive order ranges from a minimum of 10% to a maximum of 41% against Syria. Tariffs on Great Britain remain stable at 10%, but Trump has adjusted the percentages of some tariffs since his April 2 announcement. Starting today, Switzerland will be hit with a 39% tariff, higher than the one threatened months ago, while Taiwan will be lowered to 20%.

US President Donald Trump signed an executive order overnight imposing reciprocal tariffs ranging from 10% to 41% on dozens of countries.

One of these orders increases tariffs on Canadian products from 25% to 35%, the White House announced. The new tariffs will go into effect today, August 1st, at midnight Washington time (6:00 a.m. Italian time). "In response to Canada's continued inaction and retaliation, President Trump has deemed it necessary to increase tariffs on Canada from 25% to 35% to effectively address the current emergency," the White House said.

The trade deal with the United States "could be the most important ever," said European Commission President Ursula von der Leyen in Scotland. "Yes," nodded Donald Trump at her side. The agreement, von der Leyen added, will restore "stability."