President Trump of the United States announced that a global tariff policy will be developed within two weeks, and the initial trade agreement will soon be unveiled.

Taiwan • Politics • 05/08 03:04
President Trump of the United States announced that a global tariff policy will be developed within two weeks, and the initial trade agreement will soon be unveiled.

On May 6, 2025, President Trump of the United States announced that he would meet with senior cabinet members within two weeks to discuss specific tariff rates on imported goods from various countries, emphasizing that the United States would take the lead in setting tariffs. Trump announced that on May 8, he would reveal at the White House the first country to reach a tariff agreement with the United States, with speculation that it might be India. The Trump administration continues to impose a high tariff of 145% on China and has set import tariffs on chips ranging from 10% to 25%.

Key Updates

10h ago

President Trump of the United States Launches 2025 Trade Negotiations: with Taiwan, Japan, and South Korea Involved, US-China Tariff Talks Show Progress

In May 2025, the Trump administration initiated a new round of trade negotiations, planning to conduct bilateral talks with about 20 countries, including Taiwan, Japan, and South Korea, with the goal of achieving preliminary results by the end of the year. The negotiations involve both major economies and smaller trade partners, aiming to create a model for future trade agreements. Trump is also considering lowering the punitive tariffs, which are as high as 145%, on China, suggesting there may be room for negotiation in the US-China trade war. Senior US and Chinese officials held talks in Geneva on May 10, marking the first significant trade talks since Trump assumed office.

16h ago

Trump criticized U.S. Federal Reserve Chair Jerome Powell for his conservative policies and is considering nominating Walsh to succeed him.

On May 10, 2025, former President of the United States, Trump, criticized Federal Reserve Chair Powell for his conservative approach to interest rate policy, calling him "behind the times" and suggesting that if he were to return to the White House, he would consider nominating former Federal Reserve Governor Walsh to take over as chair. Walsh has recently criticized Federal Reserve policies in public, opposing the idea of "sacrificing jobs to control inflation." This potential personnel change has drawn attention to the future direction of the Federal Reserve.

16h ago

The Trump administration launches new trade negotiations: 20 countries' tariff strategies, divergence in Fed's inflation policy, and Mexico's lawsuit against Google

In May 2025, the Trump Administration initiated a new round of trade negotiations, focusing on approximately 20 economies and establishing a 10% minimum tariff floor. U.S.-China relations are still stuck in a high-tariff stalemate, with both parties set to meet in Geneva. The Federal Reserve is experiencing a division over inflation control strategies, with Chairman Powell emphasizing the importance of observing economic trends before making any decisions. Mexico sued Google for labeling the "Gulf of Mexico" as the "American Gulf" on Google Maps, alleging it of ignoring multiple requests and causing diplomatic tensions following a U.S. congressional resolution.

18h ago

On the eve of US-China trade talks, Trump proposes an 80% tariff reduction, while the White House insists on concessions from both sides.

Senior officials from the US and China will meet in Geneva, Switzerland, from May 10 to 11 to discuss tariffs, rare earth export restrictions, and issues related to fentanyl. President Trump proposed reducing tariffs on Chinese goods from as high as 145% to 80%, but the White House emphasized that tariffs will not be lowered unilaterally unless China makes concessions. The talks will be led by US Treasury Secretary Mnuchin and Chinese Vice Premier He Lifeng. Meanwhile, the US and the UK have reached a limited trade agreement, maintaining a 10% baseline tariff, highlighting the Trump administration's push for reciprocal tariff policies.

20h ago

Federal Reserve Board Member Waller Defends the Federal Reserve's Independence: Trump's Criticism Sparks Concerns, Supreme Court to Review Case on Presidential Dismissal Powers

On May 9, 2025, Federal Reserve Governor Christopher Waller emphasized the importance of the Fed's independence for economic stability at the Hoover Institution at Stanford University. Meanwhile, former President Trump had repeatedly criticized the Fed and Chairman Powell, sparking concerns over political interference. The U.S. Supreme Court is currently hearing a case regarding the president's ability to dismiss officials from independent agencies, which could affect the Fed's institutional framework.

05/08 18:00

President Donald Trump announced that the United States and United Kingdom have reached an agreement on a 10% baseline tariff, and countries that have trade surpluses will face higher tariffs.

On May 8, 2025, President Trump of the United States announced at the White House that he had reached a trade agreement with the United Kingdom, establishing a 10% baseline tariff that covers sectors like automobiles, steel and aluminum, and agriculture. The UK secured a preferential 10% tax rate, but Trump warned that countries with trade surpluses would face higher tariffs. This policy marks a shift in U.S. trade policy, signaling a clear change to global trade partners.

05/08 14:01

Trump criticized Federal Reserve Chair Jerome Powell and denied any plans to remove him from his position; collaboration with Elon Musk on an automated employee layoff system sparked controversy involving 260,000 federal employees.

On May 8, 2025, President Trump of the United States criticized Federal Reserve Chair Powell for not cutting interest rates, calling him a "dummy," but denied any plans to remove him from his position. The Trump administration, in partnership with Elon Musk, launched an automated layoff system, leading to 260,000 federal employees either resigning or being laid off, sparking controversy and legal challenges. This system was tested in the Department of Veterans Affairs and the IRS, saving $160 billion in the budget, but faced lawsuits from multiple state attorneys general and labor unions questioning its legality.

05/08 06:00

The U.S. White House plans to set up a sovereign wealth fund, with the Treasury and Commerce Departments submitting a draft plan.

On May 8, 2025, a White House spokesperson confirmed that the U.S. Department of the Treasury and the Department of Commerce, following President Trump's directive, are drafting preliminary plans to establish a sovereign wealth fund. The aim is to enhance the economy and security by liquidating government assets and utilizing tariff revenues. Although the plan is not finalized, the policy has sparked discussions in Washington D.C., becoming central to the Trump administration's economic strategy. The White House has expressed reservations about certain aspects of the draft, and the sources of funding and the fund's structure are still being deliberated.

05/08 03:04

President Trump of the United States announced that a global tariff policy will be developed within two weeks, and the initial trade agreement will soon be unveiled.

On May 6, 2025, President Trump of the United States announced that he would meet with senior cabinet members within two weeks to discuss specific tariff rates on imported goods from various countries, emphasizing that the United States would take the lead in setting tariffs. Trump announced that on May 8, he would reveal at the White House the first country to reach a tariff agreement with the United States, with speculation that it might be India. The Trump administration continues to impose a high tariff of 145% on China and has set import tariffs on chips ranging from 10% to 25%.

05/08 02:32

U.S. President Trump announced the first-ever U.S.-India trade agreement: India has agreed to eliminate tariffs on U.S. goods.

On May 8, 2025, President Trump announced from the White House that the United States reached its first tariff agreement with India, where India agreed to eliminate import tariffs on American goods. The agreement covers steel, auto parts, and pharmaceuticals, and is based on the principle of reciprocity, allowing the U.S. to export specific products to India without tariffs. This marks the first concrete agreement since the Trump administration initiated its new tariff policy on April 2, signifying a major turning point in U.S.-India trade relations.

Trump: US to Lead Tariff Setting, Agreements Not Necessary

According to Trump's public remarks at the White House on May 6, he stated that he will meet with Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Secretary of State Marco Rubio, and Vice President J.D. Vance within the next two weeks to discuss and decide on tariffs for imported goods from various countries. Trump noted, "We don't need to sign trade agreements; it's the other countries that want to sign agreements with us."

He added that the US will set "fair but low" tariff numbers, emphasizing that these measures are intended to help rather than harm other countries. However, Trump also made it clear that for countries unwilling to cooperate, the US will unilaterally decide the cost of their access to the US market.

First Trade Agreement to Be Announced, India Likely Candidate

On the evening of May 7, Trump posted on his social platform Truth Social, announcing a press conference at 10 a.m. on May 8 to reveal a major trade agreement with an "important and respected country." Although Trump did not specify the country's name, based on his recent talks with Canadian Prime Minister Mark Carney, it is widely speculated that the country is India.

In a media interview, Trump stated that India's tariffs are "among the highest in the world," and the US will not tolerate this situation. He further revealed that India has agreed to reduce some tariffs to zero, indicating that both sides have reached a consensus on certain items.

Chips and AI Supply Chain in Focus, Tariffs Set at 10% to 25%

In terms of the semiconductor and AI supply chain, the Trump administration recently launched a "Section 232" trade investigation on imported chips, with the public comment period ending on May 7. According to FTNN News, there were initial market concerns that Trump might impose tariffs as high as 100% on imported chips, but the latest news suggests that the final rate may be between 10% and 25%, much lower than expected.

Additionally, there are reports that the Trump team is considering lifting the Biden administration's "Level 3 Control" on AI chip exports, which, if true, would have a significant impact on the global AI supply chain.

Maintaining High Pressure on China, No Retreat on 145% Tariff

Regarding China, Trump explicitly stated that he will not lower the current 145% tariff before the upcoming US-China trade talks. When asked by reporters in the Oval Office, he bluntly responded, "No." Trump emphasized that it was China that requested the talks and accused China of not fulfilling the agreements signed during his first term.

During a congressional hearing, Treasury Secretary Bessent noted that he will meet with Chinese Vice Premier He Lifeng in Geneva this weekend to discuss trade and economic issues. Although both sides have not ruled out the possibility of negotiations, there is currently no indication that the US is willing to adjust its tariff policy before the talks.

Government Response and Implementation Progress

According to Bloomberg and NPR reports, the Trump administration launched a "reciprocal tariffs" policy on April 2, imposing a 10% basic tariff on all imported goods and setting higher rates for 57 countries and regions. These measures took effect in phases on April 5 and April 9.

During a congressional hearing, Treasury Secretary Bessent noted that the US is currently negotiating with 17 of its 18 major trading partners and expects to complete 80% to 90% of the agreements by the end of the year. He also revealed that agreements with some trade partners could be announced as early as this week.

Other Potential Tariff Items and Policy Directions

Besides chips and Chinese goods, the Trump administration has also initiated tariff procedures for industries such as automobiles, steel, aluminum, pharmaceuticals, lumber, and movies. The proposal to impose a 100% tariff on foreign-made movies has sparked controversy. While Trump announced this policy on Truth Social, the White House later clarified that no final decision has been made and stated that its legality and implementation are still being evaluated.

According to reports from The Guardian and The Nation, the proposal is not yet concrete and faces multiple challenges from legal and industry sectors.

References

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