The Latest: Global markets mostly gain after Trump tariffs and jobs report sent Wall Street tumbling
Trump’s special envoy Steve Witkoff was expected in Moscow midweek, just before Trump’s Friday deadline for the Kremlin to stop the killing or face potentially severe economic penalties from Washington.
So far Trump’s promises, threats and cajoling have failed to shift the Kremlin’s position, and the stubborn diplomatic stalemate remains in place. Meanwhile, Ukraine is losing more territory on the front line, although there’s no sign of a looming collapse of its defenses.
Witkoff is expected to land in the Russian capital Wednesday or Thursday, according to Trump, following his trip to Israel and Gaza.
▶ Read more about the war between Russia and Ukraine
That came Monday, four days before a 30% U.S. tariff on most imports from South Africa kicks in.
South Africa was slapped with one of the highest tariff rates by its third-largest trading partner — after China and the EU — creating uncertainty for the future of some export industries and catapulting a scramble for new markets outside the U.S. Tariffs come into effect Aug. 8.
In an update on mitigation measures, a senior government official warned an estimated 30,000 jobs were in jeopardy if the response to the higher tariffs was “mismanaged”.
“We base this on the ongoing consultations that we have with all the sectors of the economy from automotive, agriculture and all the other sectors that are going to be impacted,” said Simphiwe Hamilton, director-general of the Department of Trade, Industry and Competition.
South Africa is already grappling with stubbornly high unemployment rates.
▶ Read more about tariffs on South Africa
The president said in a post on Truth Social that India is buying “massive amounts” of oil from Russia and then “selling it on the Open Market for big profits.”
“They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA,” he said.
It wasn’t immediately clear if Trump was announcing higher rates than those he announced last week, when he said the U.S. would impose a 25% tariff on goods from India, plus an additional import tax because of the purchases of Russian oil.
The White House didn’t immediately respond to a message seeking comment.
The top two Democratic leaders in Congress have asked the top two Republican leaders for a meeting this week to discuss a path forward for funding the federal government after the current budget year ends Sept. 30.
When lawmakers return to Washington after Labor Day, they’ll have four weeks to avoid a partial government shutdown. Democrats are also looking to prevent the expiration at the end of the year of enhanced tax credits designed to make health insurance coverage more affordable for enrollees in Affordable Care Act plans. Millions will see higher premiums when the credits expire.
Senate Democratic leader Chuck Schumer and House Democratic leader Hakeem Jeffries said Republicans have the responsibility to work on a bipartisan basis to avert a “painful, unnecessary shutdown.” They were also critical of the GOP’s recent efforts to use their majority to pass Trump’s massive tax and spending cut bill.
“Today, we wish to reiterate that we should pursue a bipartisan path — you can work with us to protect health care for the American people and chart a better course for this country,” said the letter sent to Senate Majority Leader John Thune and House Speaker Mike Johnson.
It would apply to applicants for business and tourist visas.
In a notice to be published in the Federal Register on Tuesday, the department said it would start a 12-month pilot program under which visa applicants from countries deemed to have high overstay rates and deficient internal document security controls could be required to post bonds of $5,000, $10,000 or $15,000 when they apply for a visa.
A preview of the notice, which was posted online at the Federal Register website Monday, said the pilot program would take effect within 15 days of its formal publication and is necessary to ensure the U.S. government isn’t financially liable if a visitor doesn’t comply with the terms of their visa.
The bond, which would be refunded as long as the terms of the visa are complied with, wouldn’t apply to citizens of countries enrolled in the Visa Waiver Program and could be waived for others depending on an applicants’ individual circumstances.
The president posted on Truth Social about Sweeney’s jeans ad for American Eagle Outfitters, the second time in the last 24 hours in which he weighed in on the controversy over the ad, which sparked a debate over race and Western beauty standards.