Tag Archives: trade wars

Axios reports: President Trump called the slowdown at U.S. ports in the wake of his tariffs on China going into effect a “good thing.” West Coast ports warn of plunging cargo volume, with likely far-reaching economic effects in the weeks and months ahead. Trump falsely suggested that the dock slowdown is a positive sign for the U.S. economy. “We’re seeing …

The New York Times reports: President Trump announced a trade agreement with Britain on Thursday that he said would be the first of many to remake the global trading system — even as he said its details would be finalized in the coming weeks. Mr. Trump, speaking from the Oval Office with Prime Minister Keir Starmer of Britain on speakerphone, …

The Hill reports: President Trump tore into Federal Reserve Chair Jerome Powell early Thursday, a day after the central bank opted to hold interest rates steady — bucking calls from the president to lower borrowing costs. “‘Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue,” Trump wrote on his Truth Social platform. “Other than that, I like …

The New York Times reports: A year ago, the world’s biggest automaker was on a tear. American consumers were snapping up Toyota Motor’s hybrids, and a weak yen inflated the value of the company’s earnings. That May, Toyota reported the highest annual profit ever recorded by a Japanese firm. On Thursday, Toyota presented a significantly more somber outlook, projecting that …

The New York Times reports: President Trump is expected to announce on Thursday that the United States will strike a trade agreement with Britain, according to people familiar with the plans. Mr. Trump teased a new trade agreement in a social media post on Wednesday night, though he did not specify which nation was part of the deal. On Thursday, …

Axios reports: The Federal Reserve kept interest rates steady for the third consecutive meeting on Wednesday, as it cautioned about the economic fallout from tariffs. The Fed warned about the potential of higher prices and a spike in joblessness, as President Trump presses on with aggressive efforts to reset global trade. The Fed’s rate-setting committee voted unanimously to keep the …

Newsweek reports: Treasury Secretary Scott Bessent has defended President Donald Trump’s comments that children may have fewer toys this Christmas, arguing that they should take solace in the administration’s efforts to create a stronger economy in the long term. “I would tell that young girl that you will have a better life than your parents,” Bessent told Fox News on …

CTV News reports: Prime Minister Mark Carney will have to navigate a delicate balance during his first in-person meeting with Donald Trump today, following months of the U.S. president targeting Canada with tariffs and taunts. Carney and Trump will meet at the White House and the prime minister has said he expects “difficult, but constructive” conversations. Carney has said the …

MarketWatch reports: Ford Motor Co. late Monday pulled its 2025 guidance, citing significant near-term risks, and said it expects a tariff hit of about $1.5 billion for the year as U.S. automakers continue to grapple with economic uncertainty and some consumers shy away from big-ticket expenses. Ford listed four “material” reasons it was pulling the year’s outlook, saying it sees …

The Associated Press reports: Mattel Inc., the maker of Barbie dolls, Hot Wheels cars and other popular toys, said Monday that it would have to raise prices for some products sold in the U.S. “where necessary” to offset higher costs related to President Donald Trump’s tariffs. The El Segundo, California-based company said the increases are necessary even though it is …

Axios reports: Temu has stopped shipping products from China to the U.S. ahead of an executive order from President Trump that went into effect on Friday. The “de minimis” loophole was an important protection for businesses overseas and U.S. customers, exempting low-value packages from tariffs — until now. Temu changed its website and app to only display listings from products …

Yahoo Finance reports: Microsoft is raising the price of its Xbox consoles, games, and accessories worldwide amid ongoing tariff uncertainty surrounding consumer technology goods. Video game companies manufacture consoles and accessories in China, which is currently subject to 145% reciprocal tariffs, and areas like Vietnam, subject to a 10% blanket tariff. Physical games, discs, and cartridges are also produced in …

Axios reports: President Trump says a recession is OK in the short term, in a clip of a pre-recorded interview with NBC’s “Meet the Press with Kristen Welker” released on Friday. Business owners and politicians alike have shared fears of a recession given the uncertainty surrounding the president’s tariffs. Apollo chief economist Torsten Slok put the probability of a “Voluntary …

Politico reports: The economic fallout from President Donald Trump’s tariff agenda hasn’t yet taken a toll on most American consumers. That changes on Friday. Trump’s decision to eliminate a special exemption that allows products from mainland China and Hong Kong under $800 to enter the U.S. tariff-free, part of his trade offensive against Beijing, are hitting the ever-growing market of …

Yahoo Tech reports: Need a real-world example of how Trump’s tariffs are hitting the electronics industry? Wyze says it paid $255,000 with import fees to ship just $167,000 worth of product. On Wednesday, Wyze posted a screenshot of a shipment receipt. “Just got our first tariff bill. We imported $167k of floodlights and then paid $255k in tariffs. That’s more …

Rolling Stone reports: Donald Trump’s trade wars with China and other nations are widely expected to cause sharp economic pain, but some experts have warned consumers not to hoard supplies and goods before prices skyrocket, arguing that mass stockpiling could backfire spectacularly. Well, many Americans aren’t listening to that advice, according to survey data this year, instead preparing for the …

The Dallas News reports: Airbus SE said it won’t cover the cost of tariffs on its planes imported by U.S. airlines, setting up a clash with carriers unwilling to shoulder surcharges imposed by President Donald Trump. The European planemaker is responsible for any added duties on supplies it imports to its own aircraft assembly plant in Mobile, Alabama, and then …

The New York Times reports: General Motors cut its profit forecast for 2025 on Thursday by more than 20 percent and said that the Trump administration’s tariffs would increase its costs by $4 billion to $5 billion this year. In a conference call with analysts, G.M. executives said the company now expects to make $8.2 billion to $10.1 billion this …

CNN reports: Some of the last cargo ships carrying Chinese goods without crippling tariffs are currently drifting into US ports. Come next week, though, that will change. Cargo on ships from China loaded after April 9 will carry with them the 145% tariff President Donald Trump slapped on goods from that nation last month. Next week, those goods will arrive, but …

NBC News reports: U.S. fireworks wholesalers and distributors say they’ve been canceling shipments from China for this year’s July Fourth holiday. Some are also halting manufacturing in China of fireworks for next year’s celebrations of the 250th anniversary of America’s independence. Trump’s April 2 tariff rollout, which he dubbed “Liberation Day,” raised the effective import tax rate on nearly all …