Reported about 9 hours ago
President Trump's administration has exempted smartphones, computers, and certain electronics from substantial tariffs imposed on imports from China. This decision, which applies retroactively from April 5, benefits major technology companies like Apple and Dell, as it alleviates costs associated with tariffs on imported goods. Although Trump's tariffs on some Chinese products remain in place, this exclusion is seen as a strategic move to address concerns over inflation and support U.S. tech manufacturing.
Source: YAHOO
Reported about 11 hours ago
Japan's ruling party policy chief, Itsunori Onodera, emphasized the need to strengthen the yen to enhance industrial competitiveness and alleviate rising living costs. Ahead of upcoming trade talks with the U.S., he rejected suggestions to use Japan's substantial U.S. Treasury holdings as leverage against tariffs imposed by President Trump. Onodera attributed inflation partly to the weak yen and indicated that improving Japan’s economic strength is vital for currency stabilization.
Source: YAHOO
Reported about 13 hours ago
According to Bloomberg News, KKR, a U.S.-based private equity firm, is nearing a deal to acquire OSTTRA, a post-trade services firm, for about $3 billion. The announcement could come as soon as next week, following initial reports of another firm, GTCR, being in close negotiations for a higher price. OSTTRA, which was launched in late 2021 as a joint venture between CME Group and S&P Global, has been up for sale as indicated by previous reports.
Source: YAHOO
Reported about 13 hours ago
The Trump administration has granted exemptions to smartphones, laptops, and other electronic devices from reciprocal tariffs, providing significant relief to major tech companies like Apple and Nvidia. This decision, which applies to approximately $390 billion in US imports, aims to mitigate potential price increases for consumers and reflects a softening stance in the US-China trade conflict. However, other import categories face high tariffs, and future tariffs on semiconductors may still be on the horizon.
Source: YAHOO
Reported about 16 hours ago
The Trump administration announced it will exclude electronics such as smartphones and laptops from reciprocal tariffs, an effort to keep consumer prices stable for these popular devices typically not manufactured in the U.S. This exemption could benefit major tech companies like Apple and Samsung, potentially sparking a rally in tech stocks. The decision reflects the administration's acknowledgment that tariffs on China are unlikely to shift production to the U.S. anytime soon.
Source: YAHOO
Reported about 17 hours ago
Tesla has stopped accepting new orders for its Model S and Model X vehicles in China as the trade war between the U.S. and China escalates, which has led to increased tariffs on U.S. imports. The decision affects the availability of these imported models on Tesla's Chinese website and WeChat mini program, making them less competitive compared to locally produced electric vehicles.
Source: YAHOO
Reported about 17 hours ago
The Buffalo Trace Distillery in Kentucky is undergoing a careful cleaning and inspection process following severe flooding that affected its operations. Although the floodwaters have receded, the distillery is assessing damage to bourbon barrels and expects this process to take several weeks. While the distillery plans to resume some operations and reopen a modified visitor center soon, the focus remains on ensuring the quality and safety of its products.
Source: YAHOO
Reported about 17 hours ago
In the wake of President Trump's trade war, central banks from the G-7 nations prepare their monetary policy responses. While the Bank of Canada may hold interest rates steady to mitigate inflation risks, the European Central Bank is expected to cut rates due to economic pressures from tariffs. With upcoming decisions from both banks, policymakers are tasked with calming market fears while navigating the economic fallout from U.S. actions.
Source: YAHOO
Reported about 18 hours ago
A US appeals court has ruled that while the Trump administration can lay off employees at the Consumer Financial Protection Bureau (CFPB), it cannot abolish the agency altogether. The CFPB was established to oversee consumer financial practices following the 2008 financial crisis, and has faced criticism from Republicans. The court upheld a lower court's injunction against efforts to dismantle the CFPB, which includes stopping work stoppages and mass dismissals.
Source: YAHOO
Reported about 19 hours ago
President Donald Trump's recent tariffs on Chinese imports will not apply to smartphones, computer monitors, and various electronic parts, according to a US Customs notice. This exemption addresses concerns for tech companies like Apple, which rely heavily on Chinese manufacturing. While the exemption offers relief for tech investors and companies, the administration continues to push for increased domestic production of critical technologies.
Source: YAHOO
Reported about 21 hours ago
Apple faces significant stakes in China, highlighted by its reliance on local manufacturing for iPhones and the impact of potential tariffs from a trade war. With the recent exemption of iPhones from reciprocal tariffs by the U.S. government, Apple aims to protect its profit margins and maintain shipping efficiency. However, the company's extensive ties to China's supply chain pose challenges for diversifying production, as relocating manufacturing to the U.S. could lead to dramatically higher costs. Tim Cook has navigated these complex dynamics while fostering relationships with Chinese suppliers and government to ensure continuity in production.
Source: YAHOO
Reported about 22 hours ago
UK Members of Parliament have approved an emergency bill giving the government authority over Jingye Group's British Steel to protect jobs and production at the last remaining steel mill in the country. The legislation allows the Business Secretary to direct operations as concerns grow over Jingye's plans to shut down unprofitable facilities, potentially jeopardizing thousands of jobs. This quick legislative action comes amid complex negotiations with the Chinese company, which had previously rejected a significant government support package.
Source: YAHOO
Reported about 22 hours ago
The Trump administration has decided not to impose 'reciprocal' tariffs on electronic devices such as smartphones and laptops, according to a report by the Associated Press.
Source: YAHOO
Reported about 23 hours ago
As President Trump's trade policies, particularly high tariffs against China and other countries, disrupt the economy, the US dollar faces unexpected weakness. This shift has led to soaring import taxes, rising long-term interest rates, and a decline in global investor confidence in dollar-denominated assets. Current trends suggest that if this continues, it could result in significant economic repercussions, including higher borrowing costs and potential stagflation, raising concerns on Wall Street about the future of the US economy.
Source: YAHOO
Reported about 23 hours ago
Meta Platforms is set to confront a significant antitrust lawsuit from the U.S. government, with the potential to compel Mark Zuckerberg to divest from major assets like Instagram. As Meta prepares for trial in Washington D.C., the case follows allegations that Facebook abused its monopoly power to acquire rival companies rather than compete. The outcome could have major implications for Meta’s future and its $1.3 trillion valuation.
Source: YAHOO
Reported about 23 hours ago
The Trump family has significantly ventured into the cryptocurrency space, engaging in various projects that include nonfungible tokens, decentralized finance, stablecoins, and Bitcoin mining. Despite former President Trump's previous criticisms of Bitcoin, his family's crypto portfolio has grown considerably, with expected gains nearing $1 billion. Their activities encompass launching a cryptocurrency project, issuing memecoins, and promoting a stablecoin backed by short-term US Treasuries, while addressing the regulatory landscape surrounding crypto assets.
Source: YAHOO
Reported about 24 hours ago
The European Union is actively pursuing new trade deals worldwide as it seeks to reduce reliance on the increasingly protectionist United States, which it believes has damaged transatlantic relations irreversibly. With trade partnerships covering over €2 trillion globally, the EU is focusing on expanding agreements with countries like the UAE, India, and those in the Mercosur bloc, amid rising tensions from U.S. tariffs affecting EU exports.
Source: YAHOO
Reported about 24 hours ago
The trade war initiated by President Trump, involving a 25% tariff on Canadian goods, presents significant challenges for American maple syrup producers. Many rely on Canadian equipment for production, leading to increased costs that may ultimately burden consumers with higher syrup prices. Despite this, producers like the Keyes family are hesitant to raise prices, fearing loss of business while expressing concerns over the sustainability of smaller farms. With the US heavily reliant on Canadian syrup, the industry faces uncertainty as tariffs continue to evolve.
Source: YAHOO
Reported 1 day ago
While Democrats express strong disapproval of the 'chaos' caused by President Trump's trade war and his broad tariffs, they acknowledge that tariffs, when targeted, can be a useful economic tool. Key figures like Sen. Elizabeth Warren and Sen. Tim Kaine emphasize that while chaos undermines the economy, they support more measured approaches to tariffs. The party aims to appeal to swing voters who want to see manufacturing growth while grappling with the potential negative impacts of Trump's tariffs on households and local economies.
Source: YAHOO
Reported 1 day ago
Investors are shifting their focus from the previously prominent 'Magnificent Seven' US stocks to international equities, as the trend of global diversification resurfaces. Mike Dickson of Horizon Investments highlights that many international stocks are becoming more attractive due to lower valuations and differing sector compositions, suggesting this shift away from US assets could strengthen in the near term.
Source: YAHOO
Reported 1 day ago
The article discusses how cuts to foreign aid initiated by Donald Trump's administration have not only impacted aid projects abroad but are also putting thousands of US contractor jobs at risk. Companies like Causal Design, which evaluates USAID projects, face potential closure due to a freeze on funding, which has already eliminated around 19,000 jobs in the aid sector. The reduction in contractors is significant, dropping from 2,500 firms to about 300, and experts warn that this diminishes American influence and creates a void in crucial global assistance efforts.
Source: YAHOO
Reported 1 day ago
U.S. businesses are already feeling the financial strain from President Trump's tariffs, with managers reporting significant price increases and disruptions in supply chains. A toy store manager noted a 7-10% rise in costs, while a lip balm manufacturer forecasted an additional $5 million in expenses due to tariffs on imports, particularly from China. Businesses are facing uncertainty about future costs and many have canceled orders or delayed hiring due to the economic impacts of the tariffs.
Source: YAHOO
Reported 1 day ago
Steuart Walton, heir to the Walmart fortune and a board member since 2016, quietly plays a vital role in guiding the retail giant through its challenges. As a descendant of founder Sam Walton, he holds significant responsibilities while maintaining a low profile, focusing on adapting the company to the rapidly changing retail landscape. Walton’s unique blend of business acumen and familial legacy positions him as a critical figure as Walmart navigates competition and innovation in the retail sector.
Source: YAHOO
Reported 1 day ago
With the U.S. tax deadline approaching, many Americans have delayed filing their returns this year. Tom O'Saben from the National Association of Tax Professionals shares essential last-minute tips to help taxpayers. Key advice includes verifying social security numbers, using tax software to minimize errors, and opting for direct deposit for faster refunds. O'Saben also emphasizes the importance of filing even if you owe taxes, as it opens up options for payment plans and negotiations with the IRS.
Source: YAHOO
Reported 1 day ago
Spain has proposed the establishment of a new defense fund aimed at using frozen Russian central bank assets to finance European defense projects and support Ukraine. Economy Minister Carlos Cuerpo emphasized the need for collective European investment in defense during a recent EU meeting, advocating for funding mechanisms that include non-refundable grants instead of just loans. The initiative, viewed as controversial by some member states, aims to enhance military preparedness amid rising threats from Russia.
Source: YAHOO