Thursday, April 10

Tag: Trade

7Apr By AdminsNo Comments

Tariffs will make sneakers, jeans and almost everything Americans wear cost more, trade groups warn

Sending children back to school in new sneakers, jeans and T-shirts is likely to cost US families significantly more this fall if the bespoke tariffs President Donald Trump put on leading exporters take effect as planned, American industry groups warn. About 97 per cent of the clothes and shoes purchased in the US are imported, predominantly from Asia, the American Apparel & Footwear Association said, citing its most recent data. Walmart, Gap Inc., Lululemon and Nike are a few of the companies that have a majority of their clothing made in Asian countries. A worker sews a garment at Pro Sports factory in Nam Dinh province, Vietnam (AP) Those same garment-making hubs took a big hit under the president's plan to punish individual countries for trade imbalances. ...
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7Apr By AdminsNo Comments

ASX recovers but $100 billion still wiped out

The Australian Stock Exchange recovered slightly after a massive opening loss of $160 billion today, but has still lost $100 billion for the day as of about midday AEST. The ASX 200 fell 6.4 per cent to a 16-month low of 7177.3 after the exchange opened at 10am. At about noon, it was down 3.7 per cent at 7383.1, rebounding from that low. There are fears the ASX could face another wipeout today. (Getty) Mining companies and the big four banks were among the biggest drops, which came even after the ASX-200 opened at a 100-day low of 7453.90. Asian markets also plunged today, deepening a global stocks rout triggered by US President Donald Trump's trade war. Japan's benchmark Nikkei fell by more than eight per cent shortly after opening. The share average, ...
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13Mar By AdminsNo Comments

Canada and EU swiftly retaliate against Trump’s steel and aluminium tariffs

Major trade partners have swiftly hit back at US President Donald Trump's increased tariffs on aluminium and steel imports, imposing stiff new taxes on US goods including products from textiles and water heaters to beef and bourbon. Canada, the largest steel supplier to the US said on Wednesday (early Thursday AEDT) it would place 25 per cent reciprocal tariffs on steel products and also raise taxes on a host of items: tools, computers and servers, display monitors, sports equipment, and cast-iron products. Across the Atlantic, the European Union will raise tariffs on American beef, poultry, bourbon, motorcycles, peanut butter and jeans Across the Atlantic, the European Union will raise tariffs on American beef, poultry, bourbon, motorcycles, peanut butter and je...
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3Feb By AdminsNo Comments

Marco Rubio says Panama must reduce Chinese influence around the canal or face possible US action

US Secretary of State Marco Rubio told Panamanian President José Raúl Mulino on Sunday that the Central American ally must immediately reduce Chinese influence over the Panama Canal area or face potential retaliation from the Trump administration. Rubio, on his first foreign trip as America's top diplomat, held face-to-face talks with Mulino, who has resisted pressure from the new US government over Panama's management of a waterway that is vital to global trade. Mulino told reporters after the meeting that Rubio made "no real threat of retaking the canal or the use of force." Panama's President Jose Mulino, left, and US Secretary of State Marco Rubio. (AP) Speaking on behalf of President Donald Trump, who has demanded that the canal be returned to US control,...
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28Nov By AdminsNo Comments

Is Trump right to point the finger at China over the fentanyl crisis?

Donald Trump has threatened to impose sweeping tariffs on China and other countries for failing to stem shipments of drugs to the US. This week, the US president-elect announced he would be slapping 25 per cent tariffs on imports from China, Mexico and Canada when he assumes power. But Trump went a step further with China, singling out the emerging superpower for its role in the US opioid crisis, which is killing thousands of Americans every year. Donald Trump led Republicans to a clean sweep of the House, Senate and the White House. (AP) In a post on his Truth Social site, he said he wants to impose an "an additional 10 per cent tariff" on imports from China until the flow of illicit drugs, particularly fentanyl, dries up. Trump said he has "had many tal...
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