Goods brought into the US plunged by 20% in April, recording their largest ever monthly drop in the face of a wave of tariffs unleashed by US President Donald Trump. The retreat reflects the abrupt hit to trade, after firms had rushed products into the country earlier this year to try to get ahead of … Read More
Driven in part by a steep drop in auto shipments to the United States after President Trump imposed steep tariffs, Canada posted a record trade deficit of 7.1 billion Canadian dollars, about $5.2 billion, in April. Exports to the United States, Canada’s largest market, were hard hit after the president began his trade war with … Read More
There are various legal routes for the president to pursue his cornerstone economic policy. These include section 122 of the Trade Act of 1974, section 232 of the Trade Expansion Act of 1962, and sections 301 and 338 of the Trade Act of 1930. Each grants the president powers to intervene on trade policy, albeit … Read More
After months of economic anxiety fueled by aggressive trade policies, Americans are starting to feel more optimistic. Consumer confidence rebounded sharply in May, following a string of five consecutive monthly declines that had pushed sentiment to its lowest point since the early days of the COVID-19 pandemic. According to data released Tuesday by The Conference … Read More
Taiwan’s president on Tuesday pledged to buy more American goods, including natural gas and oil, as the self-governing island seeks closer ties with the U.S. while threatened with a 32% tariff from the Trump administration. By purchasing more U.S. products that also include weapons and agricultural goods, Taiwan would not only create “more balanced bilateral … Read More
As the Administration works to reshore production of automobiles, trucks, and airplanes, they should not forget about bicycles. The labor-intensive nature of bicycle manufacturing can rapidly create thousands of good jobs if a protective tariff for bicycles is set. A protective tariff need not limit competition; foreign manufacturers are welcome to invest in America and … Read More
Former Trump administration official Steve Moore admitted Tuesday that increased inflation from tariffs imposed by President Donald Trump “just isn’t showing up.” The Consumer Price Index rose 2.3% year-over-year in April, down from 2.4%in March, according to data from the Bureau of Labor Statistics. Moore said that his prior predictions that the duties would increase … Read More
Amazon.com Inc. Chief Executive Officer Andy Jassy said the online retailer hasn’t seen any meaningful reduction in consumer spending or an increase in prices as a result of tariffs introduced by US President Donald Trump earlier this year. “We’ve not seen any attenuation of demand at this point,” Jassy said Wednesday during Amazon’s annual shareholder … Read More
The remarks came as Target reported weaker-than-expected sales in its first quarter and cut its full-year forecast. The retailer, whose business hasn’t fared as well against rivals better known for bargain prices, has “many levers to use in mitigating the impact of tariffs,” Cornell said. Target has rolled out discounts over the past year to … Read More
The country’s largest home improvement chain weighed in during a call with investors about its earnings report, just days after Walmart drew President Trump’s ire with a warning that his sweeping import taxes are pushing the world’s largest retailer to increase its typically low prices. “We don’t see broad-based price increases for our customers at … Read More
