Trump’s tariffs, Lebanon ceasefire and Thanksgiving dinner price tag
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Today, Trump pledges big tariffs on Canada, Mexico and China as a U.S. judge tosses the election case against him. Israel and Hezbollah near a ceasefire deal. But can negotiators get the plan over the finish line? Plus the price of Thanksgiving dinner as Americans gather this week. It's Tuesday, November 26th.

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President-elect Donald Trump is pledging big tariffs on the United States' three largest trading partners: Canada, Mexico and China, adding detail to his campaign promises that could trigger trade wars.

Trump says he'll impose a 25% tariff on imports from Canada and Mexico until they clamp down on drugs, particularly fentanyl, and migrants crossing the border. It's a move that would appear to violate a free trade deal. Trump has also outlined an additional 10% tariff above any additional tariffs on imports from China.

Amanda Cooper is our editor for Finance and Markets Breaking News in Europe. So, Amanda, do we have any idea what Trump's game plan is here? The sense is that his, that has been all along that his game plan has been a sort of a negotiating gambit, if you will. He threatens the tariffs, starts negotiations and somehow a deal materializes. I think what's caught the market a little by surprise this morning has been the inclusion of Canada.

in terms of countries on which he's likely to impose tariffs and the scale of the tariffs on Mexico. So at the minute, it's just a post, right? But if it were to happen, what are the risks here and for whom?

Exactly. Right now, it's just a post and there's likely to be a big difference between what he says he's going to do and what he's actually able to do. But investors aren't taking any chances with this. You get tariffs imposed on anything from car exports to car parts to luxury goods, even to food and consumer goods. It's going to affect everything.

demand for those goods across an entire range of sectors. And of course, there's an impact on various currencies as well, which is why you're seeing the peso, the euro, the Canadian dollar come under pressure. Less ability to export means an impact on those various regions' economies.

which means an impact on consumers and on growth and so on. So there's certainly a lot of risk right now for, say, a whole range of companies, sectors and entire economies. But whether we see those risks meet everybody's worst fears really remains to be seen.

For more on the fentanyl trade, listen to our special episode on how the supply chain works. There's a link in today's pod description. And for a look at inflation and the potentially inflationary impact of the next Trump presidency, tune into this week's episode of Reuters Econ World. It's out tomorrow. A US judge has dismissed the federal criminal case against Trump, accusing him of attempting to overturn his 2020 election defeat.

The dismissal follows prosecutors dropping that case, as well as another on his handling of classified documents. Prosecutors working with special counsel Jack Smith cited a long-standing Justice Department policy that sitting presidents should not face criminal prosecution.

Macy's says one of its employees hit as much as $154 million in expenses, forcing the retailer to delay announcing its Q3 earnings. The department store says one employee intentionally made wrong accounting entries over a three-year period. The delay is bad news for Wall Street, which uses the report to determine the strength of holiday shopping.

In Egypt, three bodies have been recovered from a capsized tourist boat which sank off the Red Sea coast on Monday. Thirteen people are still missing. The Red Sea governor says preliminary reports suggest a sudden large wave hit the boat, capsizing it within minutes. In France, prosecutors are seeking the maximum sentence: 20 years for Dominique Pellicot.

The man, who orchestrated the repeated mass rape of his then-wife Giselle, has admitted to the charges and sentencing is expected around December 20th. And four Pakistani troops have been killed in Islamabad, run over by a convoy of protesters. Thousands of former Prime Minister Imran Khan's supporters marched on the capital, demanding his release and that the current government step down.

A ceasefire deal between Israel and the armed group Hezbollah in Lebanon could be close at hand. We're pushing as hard as we can. U.S. State Department spokesperson Matthew Miller.

But negotiators have been close on the details before, only to have them fall through. Oftentimes, the very last stages of an agreement are the most difficult because the hardest issues are left to the end. Our State Department reporter Humera Pamuk has been following the negotiations from Washington, D.C. So, Humera, how is this negotiation different from previous attempts?

So we've got Lebanese sources telling us that U.S. President Joe Biden and French President Emmanuel Macron are expected to announce a ceasefire in Lebanon within a couple of days. But at the same time, we have other U.S. officials also cautioning that you don't have a deal until you've nailed down all of the terms.

Do we know what the terms of this deal might look like? The exact details are a little bit elusive, but what we know is Israel and the United States want a full implementation of United Nations Security Council Resolution 1701. That was passed in 2006 when the last major war between Israel and Hezbollah had concluded.

The whole idea is Hezbollah pulls back its fighters from the Israeli border behind the Litani River and Lebanese armed forces enter that part of the border. And in return, Israel is also obviously going to pull back behind its borders and will no longer have any presence in

in southern Lebanon. That is one of the sticking points, for example. There has been reporting that Israel wants a clause in the ceasefire agreement that allows it to go inside southern Lebanon and strike Hezbollah targets whenever it feels like there is a threat. And from the Lebanese point of view, that is seen a violation of their sovereignty.

"Based on your temperament and commitment to being productive members of society, I hereby pardon Peach M. Blossom." President Joe Biden taking part in one of the more bizarre U.S. political traditions: the pardoning of two turkeys ahead of Thanksgiving.

While turkeys Peach and Blossom are safe from the chopping block, millions of turkeys are headed for Thanksgiving dinners across the U.S. this Thursday, along with cranberries, mashed potatoes, and other traditional holiday fixings.

Renee Hickman covers agriculture here in Chicago and has been looking into the cost of this year's Thanksgiving meal. It's lower than it's been for the past two years. The average cost of a 10-person gathering is going to be about $58, according to the American Farm Bureau Federation.

But it's still almost 20 percent higher than Americans paid pre-pandemic. And so the reason is really the price of the turkey. Demand for turkey just seems to be down a lot lower this year. So why is that? You know, we're not exactly sure, but prices for turkey have been higher for a few years, tracking overall inflation.

We talked to a turkey farmer who said he thinks that people are just swapping out other meats like brisket or ham for that traditional turkey. He just has not gotten those kind of last minute calls from people he sells to looking for more supplies this year. OK, so turkey consumption is down, but people say they're still feeling the pain of high grocery prices.

What about the rest of the plate? The other components of the meal, fresh vegetables and whole milk have fallen. On the other hand, processed foods that people like to include in their Thanksgiving meals, like pre-made dinner rolls or stuffing, those have gone up. And Renee, do you have a favorite Thanksgiving side? It's got to be stuffing. I like all varieties of stuffing. All right. You know what? I forgot about pie. It's definitely pie. Apple, sweet potato. I'm from the South, so sweet potato.

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Now for today's Recommended Read, where we take a look at how North Korea is expanding a key weapons manufacturing plant that assembles a type of short-range missile that Russia is using in Ukraine. That's the conclusion of researchers at a US-based think tank, and it's based on satellite images of a facility known as the February 11 plant. Moscow and Pyongyang have both denied that North Korea has sent missiles for use against Ukraine.

There's a link to the story in today's pod description. For more on any of the stories from today, check out Reuters.com or the Reuters app. To never miss an episode, follow us on your favorite podcast player. We'll be back tomorrow with our daily headline show.