Tag Archives: tariffs

WINNING: US Trade Deficit Soars To Ten-Year High

Bloomberg reports: The U.S. trade deficit widened in 2018 to a 10-year high of $621 billion, bucking President Donald Trump’s pledges to reduce it, as tax cuts boosted domestic demand for imports while the strong dollar and retaliatory tariffs weighed on exports. The annual deficit in goods and services increased by $68.8 billion, or 12.5 percent, Commerce Department data showed …

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Studies Show Trump’s Tariffs Are Hurting Economy

Bloomberg reports: In two separate papers published over the weekend, some of the world’s leading trade economists declared Trump’s tariffs to be the most consequential trade experiment seen since the 1930 Smoot-Hawley tariffs blamed for worsening the Great Depression. They also found the initial cost of Trump’s duties to the U.S. economy was in the billions and being borne largely …

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EU Threatens Retaliation Over Proposed Auto Tariffs

The Associated Press reports: The European Union warned U.S. President Donald Trump Monday that the bloc will step back from a commitment to buy more American soybeans and liquid gas if European cars are hit with punitive tariffs. The U.S. Commerce Department is expected issue its guidance on whether auto imports endanger U.S. national security enough to justify import taxes, …

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Trump’s Tariffs Wipe Out Earnings For Harley-Davidson

The Hill reports: Harley-Davidson said on Tuesday that their earnings per share were essentially wiped out in the final quarter of 2018 after the company got caught up in President Trump’s tariff war. Bloomberg reported Tuesday that Harley-Davidson’s profit, excluding tariff and restructuring costs, was 17 cents per share, falling short of analysts’ average estimate of 29 cents per share. …

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China Reports Record Trade Surplus With United States

The Wall Street Journal reports: China’s trade surplus with the U.S. hit a record last year, as robust American demand for Chinese goods undercut the Trump administration’s tariff offensive aimed at narrowing the countries’ lopsided trade gap. China recorded $323.32 billion in surplus with the U.S. in 2018, representing a 17% jump from the figure in the previous year, according …

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Apple Lowers Revenue Forecast, Cites China Trade War

Business Insider reports: Apple CEO Tim Cook on Wednesday warned investors that the company expects to fall as much as $9 billion short of its earlier revenue target for the first fiscal quarter of 2019. In a rare guidance revision, Cook pointed to a struggling market in China as the biggest factor for the change. Cook added that “rising trade …

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Tariff Man Announces Billions In Bailouts To Farmers

CBS News reports: U.S. President Donald Trump said on Monday he has authorized the second round of payments from a $12 billion aid package for farmers stung by the U.S. trade war with China, but did not specify an amount. The U.S. Department of Agriculture in July had authorized up to $12 billion in aid for farmers and ranchers hit …

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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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