President Trump recently said he found a buyer for TikTok, the controversial Chinese-owned short-video app but his real problem is with the seller, On The Money has learned. TikTok is being used as a pawn in the US-Chinese trade negotiations by Beijing, which knows that Trump wants the app to remain operating in the US,…
Massive fireworks supplier says tariffs forced company to eat millions in added costs – CBS News Watch CBS News With the Fourth of July comes sky-high demand for fireworks, but this year, soaring tariffs could dull the show. Elise Preston reports. Be the first to know Get browser notifications for breaking news, live events, and…
Treasury Secretary Scott Bessent hit out at the nation’s and apparel sector for questioning the administration’s trade strategy and its impact on business. During a segment on CNBC on Thursday, Bessent, in an attempt to defend the recent trade deal with Vietnam that will result in a new, 20-percent duty rate, said that U.S. businesses…
A 90-day freeze on sweeping U.S. tariffs is set to expire on July 9, sowing economic uncertainty as the Trump administration works to revamp the terms of global trade. The stakes for millions of U.S. consumers and businesses are high. Economists warn that the barrage of import duties announced on April 2, which President Trump called “Liberation…
U.S. stock markets are holding onto their gains. Why are investors so confident that inflation risk will go away and the Fed will deliver more cheap money later this year? Because of the TACO trade. They seem to be betting that Trump’s tariff levels will go lower and that, in turn, the U.S. Federal Reserve…
Maersk estimates that U.S. businesses are currently paying an average 21 percent tariff relative to container load on all imports, marking a reprieve from the 54 percent average in mid-April after President Donald Trump escalated tariffs on Chinese goods to 145 percent. According to Maersk’s container-weighted effective average tariff rate metric, the current import taxes…
As the July 9 deadline for the end of the China-U.S. tariff pause speeds closer, the outlook for the trans-Pacific ocean trade is less than clear. Although tariffs and other details are not known, President Donald Trump said that the U.S. has signed an agreement with China that will see a resumption of the latter’s…
Small businesses facing higher import costs because of steeper U.S. tariffs are having to find different ways of handling the added expense. Facing hefty tariffs on parts shipped from China, one small business owner took the hit by redeeming over 1.8 million reward points on his American Express card. Robert Keeley, owner of Keeley Electronics,…
Getting out of China was probably the right move for firms against the specter of a 145 percent tariff rate, but the added costs will mean lower full-year profits. Most shoe firms pulled their guidance for the year when they posted first quarter earnings results. That was primarily due to uncertainty over tariffs and some…
Prices on Chinese-made goods selling on Amazon have reportedly been increasing faster than overall inflation. That’s according to a report Monday (June 30) by Reuters, citing an analysis of 1,400 different products by analytics firm DataWeave. The analysis found that price increases for those goods sped up starting in May, a sign that U.S. tariffs are starting to filter through to consumers….