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President Trump's tariffs are hurting Massachusetts construction industry, lawmaker says

President Trump's tariffs are hurting Massachusetts construction industry, lawmaker says

CBS News27-04-2025

Massachusetts Congressman Stephen Lynch said that President Donald Trump's tariff war is concerning and having an adverse effect on the construction industry in his district, but that he believes the White House is beginning to reconsider its approach.
Massachusetts Rep. Stephen Lynch is hitting out at the Trump administration, criticizing the president for his tariff war that he said is having an adverse effect on the construction industry in his district.
President Trump's tariffs
"Tariffs on 140 countries at the same time, treating Canada the same way we treat China was a terrible mistake," "I would have hoped for a balanced scheme. Instead, the president put in very onerous tariffs on some of our European allies, as well as smaller countries that probably couldn't withstand a 35% tariff."
In an interview on the Sunday edition of "Keller At Large," Lynch said he sees signs that the White House is "retrenching."
"With the market going down, with the strength of the dollar receding, I think he's a bit worried Treasury bills are not as desirable," Lynch said. "So he's seeing some fundamental changes there that are not good for even the medium term results that he's seeking."
How tariffs impact construction industry
Still Lynch, a former steelworker, said he remains very concerned about the uncertainty created by the tariff policies.
"I come out of the construction industry, so we've got a bunch of projects in my district that are ready to go environmentally, we've worked out the differences, zoning. The community's on board, and yet the developers are afraid to put a shovel in the ground because they don't know what steel is going to cost," Lynch said. "Is it going to cost 25% more than it is right now, especially with the tariffs on Canada, all of our lumber, steel, aluminum, aggregate concrete, all of that? So it's really huge uncertainty that's preventing a lot of these projects from going forward. And we're seeing high unemployment growing in the construction industry."
Tufts student in ICE custody
Lynch is also critical of the administration's policies toward foreign students who engage in political activity here, comparing the recent arrest of a 25-year-old Tufts University graduate student who had co-authored an op-ed article in the student newspaper critical of Israeli military action in Gaza to the actions of the Nazis during World War II.
"She broke no law," he said. "We have 80,000 foreign students in the city of Boston and Cambridge. Those families and families all over Europe can send their kids to the city of Boston because they feel that we're a safe community. We are a center of learning. We are a place of cultural and religious tolerance. And so what happened to [her] flies in the face of all of that. If you start snatching kids off the street who are here legally...and putting them in detention centers, shipping them 1,700 miles to Louisiana, if that's the way you're going to treat kids who come here, you know, our reputation will suffer greatly. And think about, there's over a million foreign students in this country right now going to school. We destroy all of that. Our reputation, our image in the world will decline very, very quickly because of one man."
Lynch also offered his analysis of Boston Mayor Michelle Wu's performance in office and bid for a second term during the interview, which is available for viewing on demand here.
You can watch "Keller At Large" every Sunday morning at 8:30 a.m. on WBZ-TV for timely interviews with newsmakers.

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Trump tariffs live updates: Trump, Xi Jinping speak at last as US and China lean on key exports in trade fight
Trump tariffs live updates: Trump, Xi Jinping speak at last as US and China lean on key exports in trade fight

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  • Yahoo

Trump tariffs live updates: Trump, Xi Jinping speak at last as US and China lean on key exports in trade fight

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President Trump confirmed his call with Chinese leader Xi Jinping on Truth Social, saying the call lasted one and half hours and "resulted in a very positive conclusion for both Countries." "I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal," President Trump said. Trump added that the call focused on trade, including rare earth minerals, and that the two leaders did not discuss the Russia-Ukraine war or Iran. Notably, Trump outlined that he and Xi agreed on next steps for trade talks, which will take place "shortly." Trump is sending Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer to meet with Chinese officials. Trump also said he and the first lady had been invited to visit China and that he extended the same invitation to President Xi. Read more here. The US trade deficit shrank in April as imports fell sharply, mainly due to President Trump's tariffs and companies who had previously raced to beat high import costs, no longer rushing in goods ahead of new levies. Reuters reports: Read more here. Chinese state media reported Thursday morning that President Trump and Chinese President Xi Jinping had a phone call at Trump's request. Anticipation had been building as to when the two leaders would speak, as trade tensions between the US and China reignited after Trump and Chinese officials each stated the other had broken their informal Geneva agreement. Trump had publicly pushed for a phone call, which press secretary Karoline Leavitt hinted would come this week. The call appears to mark the first talk between the two leaders during Trump's second term in office. Indian and US officials are holding high-level talks this week in New Delhi to hammer out a finalized trade deal that could be announced this month, two government sources told Reuters. Reuters reports: Read more here. The tit-for-tat game between the US and China continues. A Bloomberg report on Thursday said that the Trump administration plans to broaden restrictions on China's tech sector with new regulations to include subsidiaries of companies under US curbs. This follows China's curbs on rare earths which have led to the US, the EU, Japan and global car companies sounding the alarm on supply chain issues. The Geneva tariff talks between the US and China were meant to help prevent trade tensions between the two nations and put a stop to escalating tariffs. However, it seems both sides are unwilling to back down. Bloomberg News reports: Read more here. US business optimism has fallen sharply, reflecting a trend seen in the first quarter of the year and a reversal from the buoyant mood after President Trump was elected. Bloomberg News reports: Read more here. The world's largest consumer goods company, Procter & Gamble (PG), said on Thursday it will cut 7,000 jobs, approximately 6% of its total workforce, over the next two years as part of a new restructuring plan to combat falling consumer demand and higher costs due to tariffs. P&G said it also plans to exit some product categories and brands in certain markets. P&G, which makes popular brands such as Pampers and Tide detergent, said the restructuring plan comes when consumer spending is pressured. Like P&G, other consumer companies are also facing a drop in demand, such as Unilever. President Trump's tariffs on trading partners have deeply impacted global markets and led to recession fears in the US, which is the biggest market for P&G. A Reuters poll revealed that Trump's trade war has cost companies over $34B in lost sales and higher costs. My colleague Brian Sozzi highlights some of P&G's changes within his latest piece, stating that the consumer goods brand knows how to do a "few things very well." P&G was forced to raise prices on some products in April. Pricing and cost cuts were the main levers, CFO Andre Schulten said. On Thursday, Schulten and P&G's operations head Shailesh Jejurikar acknowledged that the geopolitical environment was "unpredictable" and that consumers were facing "greater uncertainty." Read more here. Instead of passing on tariff costs to consumers, tonic maker Fevertree Drinks (FQVTY) announced on Thursday it would equally split costs of the 10% tariff imposed on UK imports to the US with brewer Molson Coors (TAP). The British company, known for its premium cocktail mixers, counts the United States as its largest market, where it continues to deliver strong momentum bolstered by its partnership with the US beer maker Molson Coors. Read more here. Reuters reports: Read more here. British firms are brushing off President Trump's tariffs, according to a survey released on Thursday by the Bank of England. Reuters reports: Read more here. Reuters reports Read more here. A major US auto parts group warned on Wednesday that China's new export rules on rare earths could soon cause serious problems for car production. These rare earth materials are used in cars and cameras, and China controls over 90% of the world's supply. This follows news that China is using a tracking system to monitor and control who is buying and selling rare earths, Car giants like GM (GM), Ford (F), and Toyota (TM) are already feeling the pressure. Ford has paused production of its Explorer SUV because of rare earth shortages. Foreign car companies are also feeling the heat. Suzuki Motor's suspended production of one of its vehicles due to rare earth restrictions, and German carmaker Mercedes-Benz ( MBGAF) is looking into building rare earth stockpiles with one of its key suppliers. In a statement to Reuters, MEMA, the Vehicle Suppliers Association, said: "The situation remains unresolved and the level of concern remains very high. It added: "Immediate and decisive action is needed to prevent widespread disruption and economic fallout across the vehicle supplier sector." It was also reported on Thursday that Japan is planning to propose strengthening cooperation with the US on rare earth supply chains in upcoming tariff talks with the US, due to recent export restrictions by China. The US and Japan are not the only two nations affected by the rare earths restrictions. Europe has also sounded the alarm, with EU businesses lobbying Beijing to set up a fast-track system for approval of rare earth export licences for "reliable" companies. China's rare earth curbs are seen as part of the wider trade tensions with the US as the two nations seek to reach a trade deal and avoid tariffs. Yahoo Finance's Ben Werschkul reports: Read more here. Apple (AAPL), which has become caught in the crossfire of President Trump's trade war several times this year, now faces delays to the launch of Apple Intelligence in China, the Financial Times reports. It's the latest instance in which the conflict between the US and China has spilled into areas other than tariffs, including aircraft bans, export controls, and student visas. From the Financial Times: Read more here (premium). Prime Minister Mark Carney said Canada will take "some time" to assemble a response to the doubled steel and aluminum tariffs President Trump imposed on Tuesday and that the US and Canada are currently involved in "intensive" trade talks. "We will take some time — not much, some time — because we are in intensive discussions right now with the Americans on our trading relationship," Carney said, as reported by the Canadian Press. Carney also stated that the 50% steel and aluminum tariffs are "unlawful and unjustified," and he predicted they will harm American workers as well as Canada. He noted that Canada is considering its response to Trump's escalation. Already the country has implemented countermeasures on $90 billion worth of US goods. Read more here. In a new letter approximating the budgetary impacts of President Trump's tariffs, the nonpartisan Congressional Budget Office (CBO) stated that tariffs would reduce deficits but reduce the US economy and raise inflation. CBO assessed that the collections from tariffs implemented between Jan. 6 and May 13 would reduce primary deficits by a net $2.8 trillion over the next decade when accounting for reduced outlays of interest payments as well as changes in the size of the economy. The preliminary analysis stated that the effects of retaliatory tariffs, plus reductions in investment and productivity due to tariffs, are expected to weigh on economic growth. The budget office pegged a $300 billion increase in the deficit to these economic changes, partially offsetting the $3 trillion deficit reduction from tariff revenue. CBO also estimated that inflation will increase by 0.4 percentage points on average in 2025 and 2026, thereby "reducing the purchasing power of households and businesses." The estimates reflect the duties imposed as of May 13, including 10% broad-based tariffs, 25% auto tariffs, and 25% steel and aluminum tariffs (the last of which doubled as of June 3). They do not reflect the US-UK trade pact announced on May 8. President Trump's tariffs are leading many American's, especially those with deeper pockets to flock to dollar stores. Chains such as Dollar General and Dollar Tree, whose core customer base was once (and still is) those with less money, are now seeing a rise in wealthier customers visiting their stores, as Trump's tariffs darken US consumer sentiment. The FT reports: Read more here. Activity in the services sector has fallen into contraction for the first time in a year. The Institute for Supply Management's Services PMI registered a reading of 49.9 in May, below the 51.6 seen in April and lower than the increase to 52 economists had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. May's data marked just the fourth time the services sector has fallen into contraction in the past five years. New orders tumbled to a reading of 46.4 in May, below the 52.3 seen the month prior. Meanwhile, the prices paid index increased to 68.7, up from 65.1 in April. This marked the highest prices paid reading since November 2022, when the Consumer Price Index had shown inflation at 7.1%. Steve Miller, the chair of ISM's Services Business Survey, said in the release that "tariff impacts are likely elevating prices paid." "May's PMI level is not indicative of a severe contraction, but rather uncertainty that is being expressed broadly among ISM Services Business Survey panelists," Miller said. Yahoo Finance's Josh Schafer reports: Read more here. The Bank of Canada noted that it's seeing softness in the Canadian economy due to tariffs as it held interest rates steady on Wednesday. 'With uncertainty about US tariffs still high, the Canadian economy softer but not sharply weaker, and some unexpected firmness in recent inflation data, Governing Council decided to hold the policy rate as we gain more information on US trade policy and its impacts,' the Bank said in a statement. 'We will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.' Governor Tiff Macklem also noted that while it's too soon to see tariff-related inflation broadly in consumer prices, the US-Canada trade conflict is "the biggest headwind facing the Canadian economy." Read live updates about the Bank of Canada's policy meeting here.

Lebanese army warns Israeli airstrikes might force it to freeze cooperation with ceasefire committee
Lebanese army warns Israeli airstrikes might force it to freeze cooperation with ceasefire committee

San Francisco Chronicle​

time37 minutes ago

  • San Francisco Chronicle​

Lebanese army warns Israeli airstrikes might force it to freeze cooperation with ceasefire committee

BEIRUT (AP) — The Lebanese army condemned Friday Israel's airstrikes on suburbs of Beirut, warning that such attacks are weakening the role of Lebanon's armed forces that might eventually suspend cooperation with the committee monitoring the truce that ended the Israel-Hezbollah war. The army statement came hours after the Israeli military struck several buildings in Beirut's southern suburbs that it said held underground facilities used by Hezbollah for drone production. The strikes, preceded by an Israeli warning to evacuate several buildings, came on the eve of Eid al-Adha, a Muslim holiday. The Lebanese army said it started coordinating with the committee observing the ceasefire after Israel's military issued its warning and sent patrols to the areas that were to be struck to search them. It added that Israel rejected the suggestion. The U.S.-led committee that has been supervising the ceasefire that ended the 14-month Israel-Hezbollah war in November is made up of Lebanon, Israel, France, the U.S. and the U.N. peacekeeping forces in Lebanon known as UNIFIL. 'The Israeli enemy violations of the deal and its refusal to respond to the committee is weakening the role of the committee and the army,' the Lebanese army said in its statement. It added such attacks by Israel could lead the army to freeze its cooperation with the committee 'when it comes to searching posts.' Since the Israel-Hezbollah war ended, Israel has carried out nearly daily airstrikes on parts of Lebanon targeting Hezbollah operatives. Beirut's southern suburbs were struck on several occasions since then. The conflict between Hezbollah and Israel began on Oct. 8, 2023, when the Lebanese militant group began launching rockets across the border in support of its ally, Hamas, in Gaza. Israel responded with airstrikes and shelling and the two were quickly locked in a low-level conflict that continued for nearly a year before escalating into full-scale war in September 2024. It killed more than 4,000 people in Lebanon, including hundreds of civilians, while the Lebanese government said in April that Israeli strikes had killed another 190 people and wounded 485 since the ceasefire agreement. There has been increasing pressure on Hezbollah, both domestic and international, to give up its remaining arsenal, but officials with the group have said they will not do so until Israel stops its airstrikes and withdraws from five points it is still occupying along the border in southern Lebanon. Hezbollah says that it has ended its military presence along the border with Israel south of the Litani River, in accordance with terms of the ceasefire deal.

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