President Donald Trump 鈥檚 latest executive order delaying official tariff increases on dozens of countries until Aug. 1 has relieved some pressure on world markets, but he also ordered a 25% tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two crucial U.S. allies in Asia.
The IRS says , unlike other tax-exempt organizations. And Trump plans a Friday visit to Texas, where , raising questions about whether more people will suffer due to his cuts to the 春色直播 Weather Service and Federal Emergency Management Agency.
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Trump is meeting with his Cabinet
It will be the president鈥檚 first meeting with those running the Cabinet departments and other agencies since April 30.
Trump uses these meetings to talk about his 鈥渨ins鈥 while Cabinet secretaries use them to praise his leadership.
The 鈥 broadcast live on television 鈥 lasted about two hours. A lot has happened since then, including U.S. military airstrikes against Iran鈥檚 nuclear facilities and the enactment of Trump鈥檚 tax and spending cuts bill.
Today鈥檚 meeting is scheduled for 11 a.m. ET. It follows Trump鈥檚 dinner meeting Monday evening at the White House with Israeli Prime Minister Benjamin Netanyahu.
Markets appear to shrug off new tariff deadlines for US trading partners.
Wall Street was mixed in quiet trading early Tuesday. Futures for the S&P 500 added 0.1% before the bell, while futures for the Dow Jones Industrial Average shed 0.1%. Nasdaq futures rose 0.2%.
Markets tumbled Monday after President set a 25% tax on goods imported from Japan and South Korea and on a dozen other nations scheduled to go into effect on Aug. 1.
The S&P slid 0.8% on Monday to its biggest one-day decline since June, but remains near record levels. The Dow and Nasdaq fared about the same, but the wild, tariff-induced swings of the spring seem to have tempered.
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Japan鈥檚 prime minister vows to reach a mutually beneficial deal with Trump
Shigeru Ishiba said Tuesday during a meeting of his entire Cabinet in Tokyo that Trump鈥檚 announcement of 25% tariffs on all goods from Japan 鈥渋s extremely regrettable,鈥 and expressed his determination to continue negotiating patiently for a mutually beneficial agreement while protecting Japan鈥檚 national interests.
Ishiba noted that Trump鈥檚 latest tariff rate is lower than what he had threatened earlier, opening the way for more negotiations ahead of Trump鈥檚 latest deadline of Aug. 1.
He instructed his ministers to do their utmost to seek a mutually beneficial agreement while doing everything they can to mitigate the impact on Japanese industries and employment.
White House won鈥檛 say if Texas flooding will delay Trump鈥檚 plans to scrap FEMA
The White House won鈥檛 say if Trump, who plans to visit flood-ravaged Texas on Friday, will be rethinking phasing out the Federal Emergency Management Agency.
Asked if Trump may delay his promise to close FEMA and leave disaster response up to the states, Leavitt said, 鈥淭he president has always said he wants states to do as much as they can,鈥 and added that Texas officials are doing a 鈥渢remendous job.鈥
Pressed in a subsequent question about phasing out FEMA, Leavitt said she鈥檇 already answered the question 鈥 even though she hadn鈥檛.
She also bristled at suggestions that Trump's deep cuts to federal services may have affected the government response. She blamed Democrats, said faulting 鈥淧resident Trump for these floods is a depraved lie鈥 and insisted that the 春色直播 Weather Service 鈥渄id its job鈥 by spreading warnings about possible catastrophic flooding.
Pressure from Trump for trade deals before Wednesday deadline
The Trump administration is stepping up pressure on to quickly make new deals before a , with plans for the United States to start Monday warning countries that higher could kick in Aug. 1.
That furthers the uncertainty for businesses, consumers and America鈥檚 trading partners, and questions remain about which countries will be notified, whether anything will change in the days ahead and whether President Donald Trump will once more push off imposing the rates. Trump and his top trade advisers say he could extend the time for dealmaking but they insist the administration is applying maximum pressure on other nations.
Kevin Hassett, director of the White House 春色直播 Economic Council, told CBS鈥 鈥淔ace the Nation鈥 on Sunday that Trump would decide when it was time to give up on negotiations.
