CNBC Supply Chain Survey: Higher risks of empty store shelves in the months ahead
CNBC's Lori Ann Larocco has details on her latest Supply Chain Survey showing concerns about empty store shelves and higher prices for American consumers.
CNBC Supply Chain Survey
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Yahoo
38 minutes ago
- Yahoo
Trump's trade talk delegation is set to face off with China's negotiators in London. Here is what's at stake.
Top Trump officials are meeting Chinese negotiators in London on Monday. This would be the first official US-China talk since a temporary tariff truce on May 12. International trade experts have said that Trump could be under pressure to strike a deal. Three top Trump administration economic officials will face off against Chinese negotiators in a renewed effort to break the US-China trade deadlock. Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and Trade Representative Jamieson Greer will be meeting China's delegation in London on Monday. "The meeting should go very well," President Donald Trump wrote in a social media post announcing the talks. This coming meeting will be the first official talk between the two countries since they mutually lowered tariffs in a temporary truce on May 12, after talks in Geneva. The renewed talks follow a 90-minute phone call between Trump and China's leader Xi Jinping on Thursday, a rare direct conversation that Trump later described as "very good." According to Trump, the two leaders also agreed to visit each other in person, without providing more details in terms of a timeline. The Chinese Embassy of Washington did not respond to a request for who would be attending this negotiation from its side. The team they sent to Geneva consisted of Vice Premier He Lifeng, Vice Commerce Minister Li Chenggang, and Vice Finance Minister Liao Min. Notably, Li has a Master of Laws from the University of Hamburg in Germany and has been part of China's delegation to the World Trade Organization since 2021. International trade experts previously told Business Insider that much is at stake for both China and the US to strike a deal, or at the very least, continue the truce beyond August 12 when the 90-day tariff pause will expire. "The Trump administration made their job harder because the tariff policies they've implemented are costly to Americans and American companies, and therefore, the market doesn't like it," said Philip Luck, director of the CSIS Economics Program. "They are under a lot of pressure to do things fast." Meanwhile, a lawsuit that threatens to undo all of Trump's tariffs enacted under the IEEPA also looms over negotiations with China. Drew DeLong, lead in geopolitical dynamics practice at Kearney, a global strategy and management consulting firm, told BI that if the court strikes down tariffs before trade deals could come to pass, other routes of imposing tariffs could be more complicated and time-consuming. The White House did not provide Business Insider with any additional comment beyond Trump's Truth Social post. Read the original article on Business Insider
Yahoo
an hour ago
- Yahoo
‘They are in shock': Indian students fear Trump has ended their American dream
For weeks, Subash Devatwal's phone has not stopped ringing. Some of the calls have been from distressed students, at other times it is their panicked parents, but all have the same question – is their dream of studying in the US still possible? Devatwal runs an education consultancy in Ahmedabad, the main city in the Indian state of Gujarat. It is one of thousands of such organisations that exist across the country, helping Indian students achieve what many consider to be the ultimate symbol of success: getting into an American university. It has long been a booming business for Devatwal. Families in India will often invest their entire life savings to send their children to study in the US and last year there were more than 330,000 Indians enrolled at American universities, more than any other foreign nationality, overtaking Chinese students in numbers for the first time in years. But this year the situation looks drastically different. As Donald Trump's administration has taken aim at international students – first implementing draconian screening measures over political views and then last week ordering all US embassies globally to indefinitely pause all student visa interviews – many Indian students and their families have been left in limbo. Trump's unilateral decision to block Harvard University from admitting international students, which was later blocked by the courts, also caused widespread panic and stoked fears that foreign students at other universities could get caught in the president's crosshairs. 'The students are in shock. Most of them spend several years preparing to study in the US,' said Devatwal. He said many of his clients were now hesitant to pursue a US degree, given the high levels of turmoil and uncertainty following the Trump administration's new policies. Indian students can expect to pay between $40,000 to $80,000 (£29,500 to £59,000) a year on tuition alone to study in the US. In previous years, Devatwal's organisation sent more than 100 students to American universities but this year he said the number had dropped to about 10. Instead, families were shifting their focus to the UK and other European countries. A recent analysis by the Hindu newspaper estimated a 28% drop in Indian students going to the US in 2025. 'Families contribute their savings, take out loans from banks and borrow from relatives, all in the hope that the student will secure a good job abroad, repay the debt, and build a promising future,' said Devatwal. 'In such uncertain circumstances, parents are understandably reluctant to let their children take such a risky path.' Brijesh Patel, 50, a textile trader in Surat, Gujarat, said he had been saving money for over a decade to make sure his son could go to a US university, including selling his wife's jewellery and borrowing money from relatives. 'Everyone in the family wanted our son to go to the US for his studies and make something good of his life,' said Patel. His 21-year-old son, who he asked not to be named for fear of retribution by the US authorities, had secured a place at two American universities for his master's degree and Patel had already paid 700,000 rupees (£6,000) to consultancies who helped with the applications. But amid the turmoil under Trump, Patel said his son was being advised not to even apply for his student visa, due to the uncertainty and high probability of rejection. 'We simply can't take that risk. If our son goes now and something goes wrong, we won't be able to save that kind of money again,' he said. However, Patel said he was not willing to give up on the family dream just yet. 'I am an optimist, and my son is willing to wait a year,' he said. 'We're hoping that things improve by then. It's not just my son who will be living the American dream, it's all of us: my wife, our relatives and our neighbours. I've struggled my whole life – I don't want my son to face the same struggles here in India.' The fear among prospective and current students was palpable. Several Indian students studying in the US declined to speak to the Guardian, fearing it could jeopardise their visas. In India, a student selected in December to be one of this year's Fulbright-Nehru doctoral fellows – a highly competitive scholarship that pays for the brightest students to study abroad at US universities as part of their PhD thesis – said the applications of their entire cohort had recently been demoted back to 'semi-finalists'. The student, who asked to remain anonymous over fears it would affect their application, said they had invitation letters from top Ivy League universities for the fellowship, which is considered one of the most prestigious scholarships in the US, but now everything was up in the air. 'We are supposed to start in October and our orientation was scheduled for May, all the flights and hotels were even booked, but then it all got cancelled. Now we've been informed all our applications are under review by the Trump administration,' said the student. They said it had caused 'huge panic and anxiety' among those accepted. 'I know a lot of people are going back through their social media, deleting things and doing a lot of self-censoring.' Piyush Bhartiya, a co-founder of the educational technology company AdmitKard, said many parents who had been set on sending their children to the US were rethinking their plans. He cited one example of a student who had been admitted to New York University for the coming year but was instead planning to go to the London School of Economics after the US visa interviews were paused. Bhartiya said Indian students primarily went to the US to study Stem subjects – science, technology, engineering and maths – and so the focus had shifted to other countries strong in these areas. 'Germany is the main country where students are shifting to for Stem subjects,' he said. 'Other countries like Ireland, France, the Netherlands, which are also gaining substantial interest in the students. At the undergraduate level, the Middle East has also seen a lot of gain in interest given parents feel that it is close by and safer and given the current political environment they may want their kids closer to the home.' Among the Indian students forced to abandon their plans is Nihar Gokhale, 36. He had a fully funded offer for a PhD at a private university in Massachusetts, but recently received a letter saying the funding was being withdrawn, as the university faced issues under the Trump administration. 'It was quite shocking. I spoke to people at the university, and they admitted it was an exceptional situation for them too,' said Gokhale. Without the funding, the US was financially 'out of the question' and he said he had an offer from the UK he now intended to take up. 'For at least the next three or four years, I'm not considering the US at all,' he said. • This article was amended on 4 June 2025 to correct a conversion error. An earlier version said that 700,000 rupees was £68,000 instead of saying £6,000.
Yahoo
an hour ago
- Yahoo
‘Total discrimination': Chinese students facing US visa ban say their lives are in limbo
Chinese students in the United States are questioning their future in the country after the state department announced last week that it would 'aggressively' revoke visas for Chinese students and enhance scrutiny of future applications from China and Hong Kong. Chinese students hoping to study at Harvard, the US's oldest and wealthiest university, are under particular pressure after the Trump administration announced on Wednesday that it was banning the school from enrolling new foreign students. The presidential proclamation cited Harvard's links with China as a particular cause for concern. Related: 'They are in shock': Indian students fear Trump has ended their American dream For Jerry*, a 22-year-old applied mathematics student at the University of California, Los Angeles, the uncertainty started last month, when the Trump administration suddenly halted Harvard University's ability to enrol any international students. Jerry has a place on a health data science masters programme at Harvard, which is due to start in the autumn. The US government's attempt to ban Harvard from accepting international students appears to have been blocked, at least temporarily, by the courts. But Trump's announcement on Wednesday invokes a different legal authority. Marco Rubio, the secretary of state, has announced that the authorities will be targeting Chinese students specifically, nationwide. It is 'total discrimination,' Jerry said. 'I don't think anyone would consider that reason sufficient. That's just pushing Chinese students to go elsewhere'. Unsure about whether or not he will be able to enrol at Harvard, Jerry is considering taking up a place on a DPhil (PhD) programme at Oxford University in the UK. He said on Thursday that following Trump's latest attack on Harvard, Oxford seems like an even more likely option. Although he hopes to study at Harvard, Jerry feels lucky to have a back-up plan. 'A lot of the people who accepted Harvard offers don't have other options. So it must be much more anxious for them'. Across the US, universities have been scrambling to find ways to reassure the hundreds of thousands of Chinese students on their campuses about their academic future. In a memo sent to Chinese students at University of Oregon, the school described the state department's announcement about revoking the visas for Chinese students as 'vague' and said: 'A revoked passport does not impact your legal status in the US because it is only an entry document used when entering the US'. However, the university warned that a revoked visa could lead to removal proceedings by the Immigration and Customs Enforcement agency (ICE). Warning about being targeted by ICE have taken on a new gravity since the agency started targeting international students with the lawful right to remain in the country. They include Mahmoud Khalil, a Columbia University graduate and pro-Palestine activist who was detained despite holding a green card to reside in the US. Khalil is now fighting a deportation order. Steven*, a 34-year-old Chinese PhD student at the University of Oregon, said that although he is not planning to apply for a new student visa soon, the prospect of an encounter with ICE concerned him. 'Nowadays, even if you have a green card, you have legitimate status, you could get caught by ICE, because these guys are crazy'. Steven has been in the US for a decade. In that time, the US has become a less attractive destination for Chinese students, he said, something he sees borne out in his part-time job helping Chinese students with their college applications. The numbers wanting to study in the US have declined, with people favouring countries in South-east Asia, such as Singapore, which are more culturally similar to China. The US is 'just not that friendly' any more, Steven says. The loss of top Chinese students in the US would be a blow to academic research, and to the funding for higher education institutions, experts say. In the 2023-2024 academic year, there were about 277,400 Chinese students in the US, according to government statistics. That is a 25% drop compared to 2019-2020. 'By barring Chinese students and scholars from America, the Trump administration will strangle the pipeline of high-end talent into our universities, companies, and research institutes, sparking a serious deficit in talent and expertise that will damage American competitiveness,' said Denis Simon, non-resident fellow at the Quincy Institute, who specialises in science and technology policy in China. The state department's announcement last week specified that students with connections to the Chinese Communist party (CCP) or studying in 'critical fields' would be included in the visa crackdown. For years, the US has tried to root out Chinese espionage in academia, with concerns raised about CCP-backed programmes to recruit top talent in science and technology fields that are strategically important to China. But academics and campaigners say that this has bled over into racism, with all Chinese researchers or those of Chinese heritage being treated with suspicion. Jerry, the mathematics student, said he has experienced discrimination in the US, but not on campus. But if Chinese researchers, staff and PhD students feel they have to leave the US because of an increasingly hostile environment, 'it's going to be a disaster for American universities,' he said. *Names have been changed Additional research by Lillian Yang
