As students savor the last dregs of summer before heading back to school, many families are shopping for supplies earlier this year to get ahead of tariffs. Over half of U.S. households that earn less than $50,000 a year say they plan to buy only essential school items, while 74% say they are shopping earlier…
WASHINGTON — Bipartisan legislation introduced in the U.S. House of Representatives aims to give Congress more control in crafting trade policy and tariff policy and as a way to reshore manufacturing to the U.S. The Secure Trade Act, introduced on Friday by U.S. Reps. Jared Golden, D-Maine, and Greg Steube, R-Fla., incentivizes American-produced domestic goods…
The Port of Nansha in Guangzhou, China. (Bloomberg) [Stay on top of transportation news: Get TTNews in your inbox.] China and India want better relations, India’s External Affairs Minister Subrahmanyam Jaishankar said, in the latest sign of a thaw between the Asian rivals as they push to normalize relations amid unpredictable U.S. trade policies. The…
The electric vehicle (EV) industry, formerly one of China’s most inward-focused industrial sectors, is now leading a push overseas, carrying the government’s hopes of forging an offshore economic empire to sidestep cutthroat competition at home. Last year, for the first time, Chinese EV companies invested more overseas than they did at home, despite higher costs,…
The US trade partners that believed they had worked out agreements with President Trump to avoid the harshest tariffs — such as the exemption for UK steel — are still waiting for their “deals” to be sealed, Bloomberg reports. And they’re growing impatient as the tariffs’ impact are beginning to have economic consequences. “We’re continuing…
Several major retailers will report earnings in the coming week, which may give a first glimpse into how President Trump’s tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe’s Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). During Walmart’s first-quarter earnings call, CEO…
Wholesale prices surged in July: BLS The Bureau of Labor Statistics announced this week that wholesale prices in the month of July rose at the fastest pace in three years. We take a look at how this may impact other areas of the economy. Washington, D.C. – The federal government put out a report on…
The Chinese foreign ministry on Thursday said China and India are both major developing countries and important members of the Global South, and “cooperative pas de deux of the dragon and the elephant as partners helping each other succeed is the right choice for both sides”, reported Global Times. China’s President Xi Jinping and India’s…
The producer price index, or PPI, surged last month, far outpacing economists’ forecasts and suggesting that President Trump’s tariffs are starting to significantly drive up the cost of imported goods. Wholesale inflation rose 0.9% in July from the prior month, the Labor Department said Thursday, outstripping economists’ expectations for a 0.2% increase. The jump marks…
The most important meal of the day is also shaping up to be the most skipped meal of the day, at least according to two of the country’s largest fast-food chains. McDonald’s and Wendy’s last week, during their respective earnings calls, said they’re seeing sluggish breakfast sales. The companies attributed the trend to heightened economic…