Tag Archives: trade wars

Axios reports: President Trump got a scare from CEOs and markets on Monday. On Tuesday, he blunted some of his sharpest threats — signaling a softer stance on China and retreating from fiery rhetoric targeting the Fed. Monday was a tough day for Trump’s goal of reshaping the global economy. The CEOs of three of the nation’s biggest retailers — …

From the Wall Street Journal editorial board: If the White House wanted a test of how firing Jerome Powell would go over in the markets, it succeeded on Monday. U.S. stocks and the dollar plunged while yields on long-term Treasurys climbed after President Trump renewed his attacks on the Federal Reserve Chairman. Mr. Trump thinks he can bully everyone into …

CNBC reports: The pullback in trade between the U.S. and China as a result of President Trump’s steep tariffs on Chinese goods and fears of a recession are starting to show up in major ports data, with a steep drop in container vessel traffic headed to Los Angeles and Long Beach. For the week ending May 3, the number of …

The Washington Post reports: The global economy will slow sharply this year, weighed down by President Donald Trump’s imposition of the highest import taxes in more than a century and the cloud of uncertainty that has billowed in their wake, the International Monetary Fund said Tuesday. Trump’s double-barreled tariff plan — a 10 percent tax on nearly everything the United …

Playbook reports: The International Monetary Fund will officially downgrade global growth forecasts this morning in response to the swirling trade war and severe market turbulence triggered by Donald Trump’s on-off tariffs. The IMF’s weeklong spring conference in Washington will dominate headlines at 9 a.m. with the unveiling of its first World Economic Outlook since Trump returned to power. It won’t …

Reuters reports: U.S. President Donald Trump met with major retailers, including Walmart, Home Depot,Lowe’s and Target on Monday to discuss broad-based tariffs likely to raise the cost of everyday goods that they import. Big U.S. chains, like Walmart and Target, rely heavily on imported goods, and tariffs — including 145% levies on China — are expected to add strain on …

The BBC reports: DHL Express is suspending deliveries to the US worth more than $800 (£603) because of a “significant increase” in red tape at customs following the introduction of Donald Trump’s new tariff regime. The delivery giant said it will temporarily stop shipments from companies in all countries to American consumers on Monday “until further notice”. It added that …

FactCheck.org reports: President Donald Trump has added to his unsupported claim that the U.S. is making “$2 billion a day” from tariffs by saying that the country was losing $2 billion or $3 billion “a day” under President Joe Biden. Economists told us that Trump appears to be wrongly comparing a very high – and unlikely – estimate of potential …

The New York Times reports: President Trump lashed out at Jerome H. Powell, the chair of the Federal Reserve, on Thursday, saying “Powell’s termination cannot come fast enough!” Mr. Trump’s ire followed remarks by Mr. Powell on Wednesday, in which he warned in a speech that tariffs could create a “challenging scenario” for the central bank by putting its two …

CNBC reports: A total of 80 blank, or canceled, sailings out of China have been recorded by freight company HLS Group. It wrote in a recent note to clients that with the trade war between China and the U.S. leading to a demand plummet, carriers have started to suspend or adjust transpacific services. The impact of the diminished freight container …

The News York Times reports: California’s governor and attorney general plan to sue President Trump on Wednesday to try to stop his flurry of tariffs, accusing the president of taking unlawful action to escalate a global trade war that has caused “immediate and irreparable harm” to the state’s economy. The lawsuit will be the largest legal challenge yet to Mr. …

From the government of Hong Kong: ​The Government of the United States (US) announced earlier that it would eliminate the duty-free de minimis treatment for postal items despatched from Hong Kong to the US and increase the tariffs for postal items containing goods to the US starting from May 2. The US is unreasonable, bullying and imposing tariffs abusively. Hongkong …

The Washington Post reports: The U.S. dollar is an early casualty of President Donald Trump’s us-against-the-world trade war. The dollar has lost almost 10 percent of its value since Inauguration Day with about half of that decline coming this month, after the president’s decision to lift taxes on imported goods to their highest level since 1909. The weaker dollar — …

The Daily Beast reports: Trump’s policies could cost the U.S. economy $90 billion this year in lost tourism and export revenue, according to analysts at Goldman Sachs. Many foreign visitors are avoiding the U.S. over concerns about increased hostility at the border, including reports about European tourists being detained for weeks in U.S. immigration centers. Others are angry about Trump’s …

The Telegraph reports: China has barred its country’s airlines from accepting deliveries from Boeing in retaliation against Donald Trump’s tariffs. Boeing has been caught in the middle of the clash, losing access to one of the world’s biggest aviation markets in the process. The ban will apply to all existing orders from the US manufacturing giant, while Beijing has also …

Via press release from the Commerce Department: Today, the U.S. Department of Commerce announced its intent to withdraw from the 2019 Agreement Suspending the Antidumping Investigation on Fresh Tomatoes from Mexico, with termination effective in 90 days. The current agreement has failed to protect U.S. tomato growers from unfairly priced Mexican imports, as Commerce has been flooded with comments from …

NBC News reports: A group of five small businesses on Monday sued President Donald Trump, seeking to block new tariffs that he has imposed on foreign imports in recent weeks. The lawsuit in the U.S. Court of International Trade alleges that Trump has illegally usurped Congress’ power to levy tariffs. “Congress has not delegated any such power,” the suit says. …

The Associated Press reports: Trump on Monday suggested that he might temporarily exempt the auto industry from tariffs he previously imposed on the sector, to give carmakers time to adjust their supply chains. “I’m looking at something to help some of the car companies with it,” Trump told reporters gathered in the Oval Office. He said automakers needed time to …

EuroNews reports: Non-profit Penguins International is making the most of unexpected attention from Trump’s tariffs to organise a protest march – and to raise awareness on the penguin species becoming extinct. Flippers up! Despite a 90-day pause on “reciprocal” tariffs, economic turmoil persists following Donald Trump’s antics, and the penguins aren’t happy about it. In case you missed it, Trump somehow …

The Daily Beast reports: A Wall Street Journal columnist placed his bets on a future Trump impeachment after the president’s chaotic tariff rollout sent markets spiraling last week. Holman W. Jenkins Jr., a columnist and editorial board member at The Journal, wrote in a blistering opinion piece Friday that President Donald Trump appears to be asking for impeachment with his …