Tag Archives: tariffs

POLL: Economic Pessimism Hits Five-Year High

Bloomberg reports: The number of Americans expecting the U.S. economy to get worse in the next year is at its highest point since 2013, a national NBC/Wall Street Journal poll shows. A majority of Americans also say President Donald Trump has been untruthful about the investigation into Russia’s interference in the 2016 campaign, and half say the probe has given …

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TARIFF MAN: Stock Market Plunges Another 500 Points

MarketWatch reports: Stocks ended the week on a down note Friday, falling sharply on worries about global growth after weaker-than-expected Chinese data. The Dow Jones Industrial Average DJIA, -2.02% fell around 496 points, or 2%, to finish near 24,101, according to preliminary figures. The close put the Dow back into correction territory, defined as a pullback of at least 10% …

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Trump Claims Tariffs Are Paid By Exporters: China Is “Paying 25% Interest On Everything They Send To Us”

Axios reports: President Trump, who has deemed himself “a Tariff Man” and made tariffs a centerpiece of his presidential agenda, incorrectly explained how they work during an interview with Fox News’ Harris Faulkner. “We have placed tremendous tariffs on China. When China sends things into America now, they’re paying 25% interest on everything they send in.” Reality check: Tariffs are …

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Tariff Man: US Trade Deficit Hits Ten-Year High

The Associated Press reports: The Commerce Department said Thursday that the gap between the United States sells and what it buys from foreign countries hit $55.5 billion in October, the fifth straight increase and highest since October 2008. The politically sensitive deficit in the trade of goods with China rose 7.1% to a record $43.1 billion.  The goods gap with …

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Stocks Crater After Trump’s “I Am Tariff Man” Tweet

The New York Times reports: Stocks fell on Tuesday, after President Trump sowed confusion over the status of a truce in the trade war between the United States and China, while the bond market, often considered a safe haven for investors, sent a stark warning about expectations for an economic slowdown. The S&P 500 dropped more than 3 percent, with …

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Trump Announces 90-Day Trade War Truce With China

ABC News reports: President Donald Trump is hitting pause in the escalating trade war with China after a meeting with President Xi Jinping. Just a day after Trump threatened to bludgeon China by doubling U.S. tariffs on $200 billion worth of goods, the White House said a planned increase from 10 percent to 25 percent on Jan. 1 will not …

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Trump Threatens Up To 25% Tariff On Apple Products

Slate reports: President Trump signaled in a Wall Street Journal interview that he is expecting to place tariffs on all Chinese imports, including potentially the iPhone and other Apple products, if negotiations at the upcoming G20 summit with President Xi Jinping fall through. “I can make it 10 percent and people could stand that very easily,” Trump said of price …

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Stock Market Rout Wipes Out All Gains For 2018

Axios reports: In trading this morning, the Dow, the S&P and Nasdaq all wiped out their gains for the year. Retail stocks were hit hard just two days before Black Friday, the biggest brick-and-mortar shopping event of the year. Many traditional retailers have reported strong sales growth quarter after quarter this year — Target reported today that sales surged 5.1% …

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Trump Blames Market Plunge On Midterms (It’s Tariffs)

Politico reports: President Donald Trump on Tuesday claimed that the stock market was taking a “little pause” amid anticipation for next week’s midterm elections. After rising more than 350 points Monday morning, the Dow Jones industrial average took a 566-point plunge before closing down after Bloomberg reported that the administration was readying to announce a fresh round of tariffs on …

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Dow Jones Plummets 1376 Points In Two Days

NBC News reports: Wall Street had another rough day on Thursday, with the tech-heavy Nasdaq index dipping into correction territory and the Dow Jones closing 548 points down after another day of market convulsions. Thursday’s market mayhem followed a global ricochet triggered the previous day when the Dow Jones tumbled by more than 800 points to its lowest level since …

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Ford Announces Layoffs, Tariffs Have Cost Them $1B

NBC News reports: Ford will be making cuts to its 70,000-strong white-collar workforce in a move it calls a “redesign” of its staff to be leaner, have fewer layers, and offer more decision-making power to employees, the company announced. The number of jobs that will be axed is unknown at this point. “A lot of the (reorganization) is about making …

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Trump Threatens Unspecified Countries With Tariffs

Business Insider reports: President Donald Trump escalated his trade-war rhetoric on Monday, threatening unspecified countries with tariffs if they “will not make fair deals with us.” The US is already engaged in a trade war with China and is expected to levy new tariffs on $200 billion worth of Chinese goods as soon as Monday, on top of the tariffs …

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Trump Plans To Rebrand NAFTA Pact As “USMC”

The Hill reports: President Trump told donors that he hopes to rebrand the North American Free Trade Agreement (NAFTA) among the U.S., Mexico and Canada as the “USMC” pact, The Wall Street Journal reported Thursday. If the U.S. is unable to come to terms on a deal with Canada, Trump said he’s willing to drop the “C” from the new …

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Trump: Apple Prices May Rise Due To My Tariffs

Politico reports: President Donald Trump on Saturday warned that the prices of Apple products may climb as a result of a new round of proposed tariffs against China, and called on the technology giant to bolster production at home to avoid the consequences of an escalating trade war. The president on Friday threatened to impose tariffs on another $267 billion …

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Trump Threatens To “Terminate NAFTA Entirely”

The Daily Beast report: President Trump on Saturday threatened to exclude Canada from a new NAFTA deal and “terminate” the trade pact entirely if Congress gets involved in negotiations. He went on to warn Congress, which has authority over trade agreements, “not to interfere” or he will scrap NAFTA altogether. Under NAFTA rules, Trump can withdraw the U.S. from the …

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Ford Cancels China-Made Import Because Trump

Bloomberg News reports: Ford Motor Co. is canceling plans to import a new crossover model from a plant in China after President Donald Trump’s tariffs undermined the business case for bringing the vehicle to the U.S. market. Trump’s move to slap China-built autos with an additional 25 percent levy in July undermined the profitability of the Focus Active that Ford …

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Bombshell Trump Leak Upends Canadian Trade Deal

The Toronto Star reports: High-stakes trade negotiations between Canada and the U.S. were dramatically upended on Friday morning by inflammatory secret remarks from President Donald Trump, after the remarks were obtained by the Toronto Star. In remarks Trump wanted to be “off the record,” Trump told Bloomberg News reporters on Thursday, according to a source, that he is not making …

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Trump Administration To Pay $4.7 Billion In Relief To US Farmers Hurt By Trump’s Stupid Trade War With China

NPR reports: The Department of Agriculture will pay $4.7 billion to farmers growing soybeans, cotton and other products hit by tariffs in the Trump administration’s hard-line trade war with China, announcing the first batch of payments from a $12 billion government aid package. Starting next Tuesday, the agency will take applications from farmers who produce corn, cotton, dairy, hogs, sorghum, …

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Trump Says He’ll Terminate NAFTA, Threatens Canada

The Associated Press reports: President Donald Trump says he’ll be “terminating” the North American Free Trade Agreement as he pursues a deal with Mexico and starts negotiations with Canada. Trump said Monday during an Oval Office event that he’ll be calling the emerging agreement the “United States-Mexico Trade Agreement.” He says it will mark the end of the NAFTA name. …

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China Retaliates As Billions In New US Tariffs Kick In

CNBC reports: A new round of U.S. tariffs on $16 billion worth of Chinese imports kicked in on Thursday, prompting Beijing to retaliate with its own levies on American goods worth the same amount. The latest trade escalation comes as officials from the world’s two largest economies meet for tariff negotiations in Washington. At 12.01 a.m. EDT on Thursday, the …

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