Cecil Bohanon and John Horowitz: If the trade policy ain’t broke, don’t fix it
That U.S. manufacturing capacity and output have declined is fake news.
That U.S. manufacturing capacity and output have declined is fake news.
According to economic theory, when trading partners are free to produce the goods each does best, both partners benefit.
The impact of the tariffs also has extended to merger and acquisition activity, with M&A attorneys trying to keep pace with Trump’s starts, stops and pauses.
Temu, which is owned by the Chinese e-commerce company PDD Holdings, and Shein, which is now based in Singapore, said in separate but nearly identical notices that their operating expenses have gone up “due to recent changes in global trade rules and tariffs.”
The lawsuit will argue that enacting such tariffs requires approval from Congress.
Though Trump says his tariffs are intended to bolster U.S. auto manufacturing, automakers aren’t able to reconfigure their sourcing in short periods of time, experts say.
It was the second straight sizable increase, suggesting that U.S. drug makers with Irish manufacturing hubs like Indianapolis-based Eli Lilly and Co. could be stockpiling products ahead of any tariffs on the sector.
President Donald Trump said he is exploring possible exemptions to his tariffs on imported vehicles and parts to give auto companies more time to set up U.S. manufacturing.
Sparing electronics was expected to benefit big tech companies like Apple and Samsung and chip makers like Nvidia, though the uncertainty of future tariffs may rein in an anticipated tech stock rally on Monday.
The fallout has been most pronounced for companies that buy or sell from China, but even those that do business with other countries say international buyers are treading carefully.
The United States’ top imports from China, meanwhile, include electronics such as computers and cell phones, industrial equipment and toys.
Markets swooned Thursday as investors realized that the president is not backing away from a confrontation with Beijing.
Trump said more than 75 countries that were set to face “reciprocal tariffs” have been involved in negotiations and would see their levies paused or lowered to 10 percent for 90 days, also effective immediately.
U.S. Treasury bonds sold off Wednesday as a global trade war escalated, with the Trump administration’s harshest tariffs yet drawing swift retaliation from China and the European Union.
World leaders and business executives are bracing for higher tariff rates that took effect at 12:01 a.m. Wednesday.
Hope still remains on Wall Street that negotiations may be possible. The country’s top trade negotiator, Jamieson Greer, said roughly 50 countries have already been in contact about new tariff deals.
The discussions highlight how the auto industry is beginning to digest the initial fallout from President Donald Trump’s escalating trade war.
America’s trading partners wrestled with responses to U.S. President Donald Trump’s blast of tariff hikes and some planned to send negotiators to Washington, D.C.
President Trump’s threat, which he delivered on social media, came after China said it would retaliate against U.S. tariffs announced last week.
President Trump’s comments came as global financial markets appeared on track to continue sharp declines once trading resumes Monday.