President and CEO Bill Oplinger, who was critical of tariffs early this year, said taking advantage of that scenario would require that the Trump administration’s measures endure, not go away. Making the call to restart fourth-line production would mean spending about $100 million on equipment and the like and take about a year, he said. … Read More
The chief executive of Volvo Cars has called on the European Union to reduce its 10% tariff on American-made cars, stating that European automakers don’t need protection from U.S. competitors. “If Europe is for free trade, we should be the ones showing the way and going down to very low tariffs first,” Hakan Samuelsson said … Read More
Trump advisers argue that only tariffs can effectively address trade deficits, which, they say, reflect a plethora of nontariff barriers such as regulations and taxes that suppress consumption and imports. Yet since the 1980s, Trump has advanced a simpler rationale: Others should pay for access to the U.S. market or the protection of the U.S. … Read More
President Donald Trump on Tuesday said the U.S. would impose a 19% tariff on goods from Indonesia under a new agreement with the Southeast Asian country and more deals were coming, while offering fresh details on planned duties on pharmaceuticals. Based on Trump tariff announcements through Sunday, Yale Budget Lab estimated the U.S. effective average … Read More
“Tariffs only affect imported products so we’ve moved into products that are solely made in the USA and aligned ourselves with some vendors that have some very good pricing,” he said. The company had been sourcing raw steel through a Texas supplier that relied partly on materials from Mexico and Canada. Bertrand said they changed … Read More
The duty came into force after the US withdrew from a long-standing agreement with its southern neighbour, arguing that the deal “had failed to protect US tomato growers from unfairly priced Mexican imports”. US Secretary of Commerce Howard Lutnick said that “for far too long our farmers have been crushed by unfair trade practices that … Read More
Since Mr. Trump came into office in January, the average effective U.S. tariff rate has soared to 16.6 percent from 2.5 percent, according to tracking by the Budget Lab at Yale University, a nonpartisan research center. That’s a dramatic increase compared with the president’s first term, when it rose to 2.5 percent from 1.5 percent, … Read More
The U.S. kitchen cabinet industry supports 250,000 jobs and bolsters countless local economies. In fact, 95% of the industry consists of family-owned companies, with 40% in rural communities. Unfortunately, these family-run companies are now facing assault from overseas. Over the past decade, the U.S. kitchen cabinet industry has been inundated by a surge of imports. … Read More
In May, hundreds of workers at a furniture factory here got a nice surprise. Their Chinese bosses were giving them a nearly 45% raise. Factory owner Ren Li said so many other Chinese factories were moving to Vietnam to avoid high U.S. tariffs that he needed to give his workers a big increase to keep … Read More
Free trade agreements delivered negligible economic gains: All U.S. trade deals through 2017 increased exports by only 1.6%, while imports surged 3.4%. China and NAFTA caused massive U.S. job losses: Between 1999 and 2011, trade from China displaced 2.0 to 2.4 million jobs, while NAFTA led to a net loss of 1.02 million jobs from … Read More
