Tag Archives: tariffs

CNBC reports: China will raise tariffs on $60 billion in U.S. goods in retaliation for the U.S. decision to hike duties on Chinese goods. Beijing will increase the tariffs to 25% from 10% on June 1, the Chinese Finance Ministry said Monday. It follows President Donald Trump’s decision to raise duties on $200 billion in Chinese products to 25% from …

Fortune reports: On Friday morning, Trump implemented $34 billion in tariffs on Chinese goods ranging from auto parts to medical devices. Clothing and shoes, like those imported by Ivanka Trump’s company, were spared. The Office of the United States Trade Representative explained that the goods to be levied with tariffs were chosen based on what would disrupt the U.S. economy …

Reuters reports: President Donald Trump on Monday warned China not to retaliate against a hike in tariffs he imposed last week and said U.S. consumers would not pay for any increase in duties. There “is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today … China should not retaliate-will only get worse!” Trump …

Axios reports: White House economic adviser Larry Kudlow admitted to Fox News’ Chris Wallace on Sunday that the Chinese do not directly pay tariffs on goods coming into the U.S., but argued that China will suffer GDP losses as a result of a diminishing export markets. President Trump has repeatedly claimed, incorrectly, that tariffs are forcing China is paying billions …

The Associated Press reports: President Donald Trump’s latest tariff hike on Chinese goods took effect Friday and Beijing said it would retaliate, escalating a battle over China’s technology ambitions and other trade tensions. The Trump administration raised duties on $200 billion of Chinese imports to 25% from 10%. China’s Commerce Ministry said it would impose “necessary countermeasures” but gave no …

Reuters reports: The United States announced on Wednesday it would hike tariffs on $200 billion worth of Chinese imports from 10 to 25 percent effective Friday, according to a notice posted on the Federal Register. Sources with knowledge of the talks told Reuters that China has sought to alter previously agreed provisions specifying changes to Chinese laws affecting nearly every …

Reuters reports: President Trump in an early morning tweet on Tuesday announced that his administration will put tariffs on $11 billion of European Union (EU) products in the wake of a World Trade Organization (WTO) ruling. The administration late Monday reportedly released a list of about $11 billion worth of EU imports that will be affected by the tariffs as …

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 …

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 …

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, …

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. …

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 …

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 …

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 …

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 …

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% …

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 …

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 …

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 …

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 …