Hello,
Here are the five things you need to know today:
UNITED STATES. Trump drives a truck through the s.232 process.
UKRAINE. RUSSIA. Moscow ups the threats as Washington backs off.
MOLDOVA. Russia stitches together a formidable coalition.
KYRGYZSTAN. Parliament dissolves itself to help the president.
MADAGASCAR. Asia’s Gen Z protests cross the Indian Ocean.
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UNITED STATES. Including the kitchen sink
Trump drives a truck through the s.232 process.
Donald Trump announced tariffs, due 1 October, on heavy trucks, kitchen cabinets, bathroom vanities, branded pharmaceuticals, and other goods in a rapid series of Truth Social posts. Potentially affected Asian stocks fell Friday.
INTELLIGENCE. Trump’s three posts lacked detail, but two linked the announced duties to national security, suggesting an executive order will follow under authority of Section 232 of the 1962 Trade Expansion Act. Yet s.232 investigations, even if pre-ordained, at least give industries time to respond. The latest announcements are both due to take effect within days and have an uncertain link to existing s.232 processes, including on branded drugs.
FOR BUSINESS. The tariffs, if formalised, not only add to industry confusion but could weigh on consumer price expectations at a delicate time in the rate cycle. Adding 50% to the price of a vanity, or 30% on upholstered furniture, won’t help a struggling real estate market. Adding 100% to branded pharmaceuticals won’t help spiralling health costs. At least for the latter there appears a big exemption: any firm that is “breaking ground” on US manufacturing.
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UKRAINE. RUSSIA. Just got real
Moscow ups the threats as Washington backs off.
Sergey Lavrov said NATO and the EU had declared “real war” against Russia as the Kremlin denied involvement in recent drone sightings. Moscow refuted Donald Trump’s suggestion Russia was a “paper tiger”, saying it was “a real bear”.
INTELLIGENCE. NATO officials meet today to discuss Russia’s alleged airspace
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