President Donald Trump’s increased tariffs on U.S. imports from foreign countries could reduce the national deficit by $4 trillion over the next decade, the Congressional Budget Office estimated on Friday. If Trump’s global tariff hikes continue, increased revenue could shrink primary deficits by $3.3 trillion and cut federal interest payments by $0.7 trillion over the … Read More
Updating lines with robotics, metrology, AGVs and AMRs to boost accuracy, efficiency and safety. When GE Appliances redesigned one of its freestanding range platforms, Luther Ingram, president and executive director at Roper Corporation and plant manager at Ropers’s facility in LaFayette, Georgia, decided it was also time to redesign the manufacturing lines that produced the … Read More
Ontario lost tens of thousands of jobs in the past three months, according to the province’s financial watchdog, as the impacts of tariffs from the United States begin to bite. A new report published by the Financial Accountability Officer of Ontario found employment had dropped by 38,000 jobs in the province during the second quarter … Read More
The Bentonville, Arkansas-based retailer says second-quarter sales rose in each business segment, with total revenues increasing 4.8% to $177.4 billion. A day after Target reported sales decline, Walmart said its comp store sales gained 4.6%, buoyed by sales increases in the mid-single digits in grocery and the mid-teens in health and wellness. Revenue at Walmart … Read More
“Exports through the first 20 days of August came in stronger than expected, driven by a surge in semiconductor shipments,” said Bloomberg economist Hyosung Kwon. “Strong global demand for AI-related computer chips lifted overall exports, while car shipments also jumped — probably supported by an expected decrease in US tariffs on Korean cars to 15%.” … Read More
S&P Global on Monday affirmed its “AA+” credit rating on the U.S., saying the revenue from President Donald Trump’s tariffs will offset the fiscal hit from his massive tax-cut and spending bill. “Amid the rise in effective tariff rates, we expect meaningful tariff revenue to generally offset weaker fiscal outcomes that might otherwise be associated … Read More
Bloomberg reports that sources familiar with the matter have confirmed that Cleveland-Cliffs, America’s biggest automotive steel supplier, has signed a 3-year, fixed-price contract with multiple U.S.-based automakers, including GM. This is an unusually long term for such a contract, which typically lasts one year. The 3-year contract represents a hedge for both the supplier and … Read More
The U.S. has expanded the list of goods subject to Section 232 tariffs on steel and aluminum imports, per Customs and Border Protection bulletins published Friday. In the bulletins, CBP provided lists of Harmonized Tariff Schedule codes for hundreds of products that will incur 50% tariffs upon entry into the U.S, effective Monday. The goods … Read More
Italy’s government is considering plans to curb Chinese investors’ holdings at key companies to avoid tensions with the US at a time when tariffs and a strong euro are challenging Italian exporters. Prime Minister Giorgia Meloni’s efforts would involve firms that are considered strategic, both privately held and state-controlled, Bloomberg News is reporting this week … Read More
The Port of Los Angeles, the busiest port in the US, reported the highest monthly container volume in its 117-year history for July as shippers front-load cargoes amid ongoing tariff uncertainty. Meanwhile, US and Japanese stock indexes hit all-time highs this week as the world adapts to President Trump’s trade policy. New data this week … Read More
