The government collected about $80 billion in tariffs and duties in 2023, according to a White House estimate. Importers self-classify and declare the value of their goods, and CBP officials review and audit that paperwork before collecting any duties, penalties and fees, according to the Congressional Research Service. Those funds are deposited into the U.S. … Read More

Economists take a one-dimensional view of tariffs, ignoring both complexity and historical specificity. “For many economists,” he contended, “tariffs have become an ideological litmus test with little acknowledgment of these variations. Tariffs in advanced economies — and especially in the U.S. — only matter, they argue, to the extent that they affect the prices of … Read More

“We have the doors open in relation to mining,” he said. “This will also be the case in the coming years. We have to trade with the US.” Greenland’s prime minister said he will seek a closer relationship with the US, highlighting the Arctic island’s push for independence amid renewed interest from Donald Trump. “We … Read More

In the right circumstances, they can help with issues like national security and unfair competition, JPMorganChase CEO Jamie Dimon said Sunday (Jan. 12), eight days before pro-tariff President-elect Donald Trump takes office. The incoming president is “a negotiator, he lays out some very tough things and sometimes it works,” Dimon said. “We have to worry … Read More

Nucor Corporation has announced it will halt production at its wire rod rolling mill in Connecticut, citing challenging market conditions created by a flood of low-priced imports from Canada, Greece, Mexico, Poland, and Ukraine. This shutdown of production follows similar shutdowns by Liberty Steel last year in Peoria, Illinois, and Georgetown, South Carolina, underscoring a … Read More

Asked at a news conference about the impact on Taiwan’s export orders of Trump’s tariffs, Kuo said it would not much affect the chip sector. “For our semiconductors and advanced processes, there is an advantage of technological leadership and that cannot be replaced, and so the impact will be small,” he added. Taiwan will also … Read More

Walmart Chief Financial Officer John David Rainey said the retailer may have to raise prices on some items if Trump’s proposed tariffs take effect. “Our model is everyday low prices,” he said in the interview. “But there probably will be cases where prices will go up for consumers.” Read the article.

Squeezing 2,000 lemons a day was such a pain for staff at Chick-fil-A Inc. that the company enlisted an army of robots to do it. In a plant north of Los Angeles, machines now squeeze as many as 1.6 million pounds of the fruit with hardly any human help. The facility, larger than the average … Read More

The US’s latest move to expand its list of Chinese military companies risks doing more than tanking the shares of some of its most valuable companies: It also threatens to accelerate decoupling of the world’s biggest economies. The Biden administration on Monday added Tencent Holdings Ltd., the world’s largest gaming publisher, and Contemporary Amperex Technology … Read More

New York Times columnist Thomas Friedman offered quixotic history which peddled the “Golden Arches theory” that no two countries hosting branches of McDonald’s would go to war with each other because of their mutually beneficial bonds of economic interdependence. Reducing barriers to trade and financial flows to a minimum and integrating China into the global … Read More