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CNBC
30 minutes ago
- CNBC
Japan exports clock steepest plunge in more than four years, dropping by a more than expected 2.6%
Japan's exports dropped 2.6% year over year in July, their steepest drop since February 2021. The fall was sharper than the 2.1% contraction expected by economists polled by Reuters and compared to the 0.5% drop seen in June. Japan reached a deal with Washington on July 22 that saw its so-called "reciprocal tariff" lowered to 15% from the 25% threatened by U.S. President Donald Trump earlier that month. The trade readings come after Japan reported its second-quarter GDP figures, which saw the country beat expectations as net exports drove growth. Japan's economy grew by 0.3% quarter over quarter and 1.2% on a yearly basis in the second quarter as exports remained resilient, even as imports fell. Hirofumi Suzuki, Chief FX Strategist at Sumitomo Mitsui Banking Corporation, told CNBC after the GDP release that while exports have been volatile, there was a higher level of automobile shipments in April to June. This may be due to an increase in catch-up shipments after production recovered from an accident at an automobile parts manufacturer in March, Suzuki said. Tariffs on automobiles were cut from 25% to 15% as part of Japan's trade deal. Autos are one of Japan's largest exports, and make up its largest export to the U.S. in 2024. While the effects of the 15% tariffs will not show up until the August data, analysts have warned about their impact on the Japanese economy. Senior economist Masato Koike at Sompo Institute Plus said in an Aug 14 note that there was a possibility that Japan could enter a recession, depending on the magnitude of the impact of tariffs.
Yahoo
an hour ago
- Yahoo
I'm Retired and Regret Moving To Hawaii — Here's Why
Every year, Americans dream of retiring on the Hawaiian Islands. Many imagine living out the rest of their lives in an island paradise. That dream sounds perfect, but real experience can sometimes lead to the opposite of what was expected. Bob Haber knows this reality better than most people. Check Out: Read Next: Haber is retired and was a former resident of Pearl City, Hawaii. In his story, posted on the Grassroot Institute of Hawaii, he shared: 'We moved to Hawaii in 1966 when I had finished sixth grade. I lived there until my second year of college, then went to the mainland for school. After so many years away, I retired in 2009 and moved back to the islands, only to finally leave in 2018 for good.' Although he loves culture and the people, Haber left Hawaii for these reasons. Cost-of-Living Shock 'The cost of living in Hawaii was too high for me,' Haber explained. According to CNBC, people need $2.21 million saved by age 65 just to cover basic living costs for 25 years in Hawaii, more than any other state in the U.S. This figure means everything — housing, groceries, transportation and medical care are twice or three times the average in other states. Most retirees in Hawaii must adapt to sharply higher prices or simply leave. Everything from food to electricity comes at a premium. Average home prices are more than $850,000, nearly double the price on the U.S. mainland. Discover More: What About Taxes? Haber pointed out another problem: Taxes are rising — in part to support the Honolulu rail project. This is a public works plan that keeps going overbudget and shows no sign of stopping, per a Civil Beat report. 'Taxes are crazy, and going up because of the rail, and politicians don't care and look at everybody else as if they are the problem,' he said. Retirement taxes in Hawaii come as a surprise for mainlanders expecting a better deal. Hawaii exempts some pension income and all Social Security earnings, making taxes manageable for some. However, most withdrawals from IRAs or 401(k)s end up being taxed at high state income tax rates, which can catch many retirees off guard. The top rate can climb as high as 11% on retirement distributions. Paradise Comes at a Price Living in Hawaii does mean daily exposure to world-class culture and stunning natural beauty. According to Haber, 'Otherwise, I love the culture, the grinds, the people and the aina!' Many Americans deeply value this aspect of island life, and the emotional pull of staying there to enjoy it runs strong. Still, reality can outweigh nostalgia for people on a limited income. According to Visual Capitalist, retirees in Hawaii spend nearly $130,000 per year to maintain the same lifestyle that costs only $52,000 in the most affordable U.S. states. This gap is too wide for many, despite the sunshine and scenery. More From GOBankingRates 5 Ways Trump Signing the GENIUS Act Could Impact RetireesThe New Retirement Problem Boomers Are Facing This article originally appeared on I'm Retired and Regret Moving To Hawaii — Here's Why Solve the daily Crossword
The Hill
an hour ago
- The Hill
Trump eyes Intel stake
Lutnick indicated the money for the stake would come from previously allocated Biden-era funding. Media reports have suggested the government is considering a 10 percent stake using CHIPS and Science Act grants. 'The president figures out that we should get, America should get the benefit of the bargain,' he told CNBC's 'Squawk Box.' 'I mean, that is exactly Donald Trump's perspective, which is, why are we giving a company worth $100 billion this kind of money?' he continued. 'What is in it for the American taxpayer? And the answer Donald Trump has is we should get an equity state for our money.' 'So we'll deliver the money which was already committed under the Biden administration,' Lutnick added. 'We'll get equity in return for it, get a good return for the American taxpayer instead of just giving grants away.' The Commerce secretary's comments come just less than two weeks after President Trump called on Intel CEO Lip-Bu Tan to resign. The president accused Tan of being 'highly conflicted' following Sen. Tom Cotton's (R-Ark.) letter to the company, voicing concerns about the CEO's investments in Chinese companies and his previous role at Cadence Design Systems. The software firm recently pleaded guilty to violating export controls by selling chip design technology to a Chinese military university during Tan's tenure. However, Trump changed his tone after meeting with Tan last week, and reports began emerging that the administration was considering taking a stake in the company. 'The meeting was a very interesting one. His success and rise is an amazing story,' Trump said in a post on Truth Social. 'Mr. Tan and my Cabinet members are going to spend time together, and bring suggestions to me during the next week.'
