The US and China reached a surprise agreement to significantly reduce tariffs on each other’s goods for 90 days, easing tensions in their protracted trade war. This temporary tariff rollback, involving a 115-percentage-point reduction by each side, will see US tariffs on Chinese goods drop to 30% and Chinese tariffs on US imports fall to 10%. China will also suspend retaliatory non-tariff measures. Both sides have committed to continued dialogue to further improve economic and trade relations.
Read More
Following high-level talks in Geneva, the U.S. and China have agreed to a 90-day pause on reciprocal tariffs, reducing rates by 115 percent. This brings U.S. tariffs on Chinese goods to 30 percent and Chinese tariffs on U.S. goods to 10 percent. Negotiations will continue during the pause, focusing on issues including fentanyl trafficking and balanced trade. The agreement is considered a significant step towards resolving the trade conflict and potentially averting a recession.
Read More
This article is protected by copyright and all rights are reserved by Fortune Media IP Limited. Use of this site is governed by terms of use and privacy policies. The FORTUNE trademark is registered, and the site may contain affiliate links. Finally, offers and information presented are subject to change without prior notification.
Read More
A recent AP-NORC poll reveals that public confidence in President Trump’s economic leadership has dropped to just over one-third of Americans, despite a slight increase in his overall approval rating. This decline follows the implementation of his “Liberation Day” tariffs, which have fueled inflation concerns and market volatility. While Trump previously enjoyed strong support on economic issues, his current economic approval rating is significantly lower than in previous years and represents a substantial decrease from earlier this year. Future economic policies will likely determine whether public opinion shifts.
Read More
Contrary to Trump’s assertions, economists widely disagree that tariffs reduce trade deficits or stimulate domestic job growth. Instead, experts argue that tariffs harm American consumers through higher prices and reduced spending. The Harvard Kennedy School further contends that the trade deficit itself is not inherently problematic, as American investments abroad largely offset foreign earnings within the U.S. Therefore, the economic impact of tariffs is overwhelmingly negative for the American economy.
Read More
The Truth in Tariffs Act, introduced by Rep. Jamie Raskin, mandates that retailers disclose tariff-related price increases to consumers, aiming to expose the impact of President Trump’s policies. Senate Minority Leader Chuck Schumer supports the bill, arguing the tariffs harm American consumers. The White House countered by criticizing Democrats’ failure to address inflation and labeled Amazon’s prior consideration of similar transparency measures as a “hostile and political act.” This legislation follows Amazon’s abandoned plan to display tariff costs, highlighting the ongoing political debate surrounding the economic consequences of tariffs.
Read More
Contrary to Trump’s assertions, tariffs are not an effective solution for trade deficits, which are not equivalent to subsidies for other countries. Economists widely refute the claim that tariffs will boost domestic job creation and manufacturing. Instead, experts argue that tariffs harm the U.S. economy by increasing prices and reducing consumer spending. The Harvard Kennedy School further contends that America’s trade deficit is not a significant concern, as U.S. investments abroad largely offset foreign earnings within the country.
Read More
Following Mattel CEO Ynon Kreiz’s announcement of price increases due to tariffs and plans to diversify its supply chain away from China, President Trump threatened to impose a 100 percent tariff on Mattel toys. This threat, stemming from Kreiz’s statement that Mattel wouldn’t relocate manufacturing to the U.S., escalates the ongoing debate surrounding tariffs and their impact on the toy industry. Trump’s actions disregard industry concerns about the impact of high tariffs on toy availability and affordability. The administration has shown no indication of granting exemptions for toys despite industry lobbying efforts.
Read More
Despite Federal Reserve Chair Powell’s warning of potential stagflation due to tariffs, Trump claims the opposite is occurring, citing decreased energy costs and inflation. Trump’s assertions directly contradict Powell’s concerns about rising inflation, slower growth, and increased unemployment resulting from the tariff policy. This stark disagreement highlights a significant tension between the Trump administration and the Federal Reserve regarding the economic impact of tariffs. Trump’s repeated attacks on Powell underscore the deep divisions over economic policy.
Read More
Facing increased tariffs on goods from China, Mattel, the maker of Barbie, announced plans to raise toy prices in the US market to offset losses. These price increases are a direct result of President Trump’s trade war, with the company citing potential costs of $270 million this year alone. To mitigate future impacts, Mattel is diversifying its supply chain and relocating production of 500 toys from China. However, the company does not intend to shift production to the United States, instead opting for other cost-effective manufacturing locations abroad.
Read More
John Q. Hosedrinker