It's pay to play in Trump's America — tariffs are here to stay
He sits astride an American economy that is moving along at a smart trot, that just might become a gallop as at least some of the promised billions in inbound investment land. There are as many job openings as there are job seekers. The unemployment rate remains a low 4.1 per cent. Corporate earnings are headed up 7 per cent this year. Buoyed by the increase in value of their homes, and share prices that proceed from record to record, Americans are saving less to spend more. Some $300 billion in tariff revenues will flow to the Treasury this year, inflation has not notably increased, yields on ten-year treasuries are below their levels on Inauguration Day, and share-price volatility is at its lowest level of the year and below its long-run average. The pro-growth effects of deregulation are yet to be felt.
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The Guardian
27 minutes ago
- The Guardian
Trump says Indonesia to pay 19% tariffs, buy 50 Boeing jets under trade deal
US President Donald Trump says he has struck a trade pact with Indonesia resulting in significant purchase commitments from the south-east Asian country, after negotiations to avoid steeper tariffs. Indonesian goods entering the United States would face a 19% tariff, Trump said in a post on his Truth Social platform. This is significantly below the 32% level the president earlier threatened. 'As part of the Agreement, Indonesia has committed to purchasing $15 Billion Dollars in US Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's,' Trump wrote. Boeing shares closed down 0.2% after the announcement. 'They are going to pay 19% and we are going to pay nothing … we will have full access into Indonesia, and we have a couple of those deals that are going to be announced,' Trump said outside the Oval Office earlier. Indonesia's total trade with the US – totalling just under $40bn in 2024 – does not rank in the top 15, but it has been growing. US exports to Indonesia rose 3.7% last year, while imports from there were up 4.8%, leaving the US with a goods trade deficit of nearly $18bn. The Trump administration has been under pressure to wrap up trade pacts after promising a flurry of deals recently, as countries sought talks with Washington to avoid the US president's tariff plans. But Trump has so far only unveiled other deals with Britain and Vietnam, alongside an agreement to temporarily lower tit-for-tat levies with China. Last week, Trump renewed his threat of a 32% levy on Indonesian goods, saying in a letter to the country's leadership that this would take effect 1 August. It remains unclear when the lower tariff level announced on Tuesday will take effect for Indonesia. The period over which its various purchases will take place was also not specified. Trump said on social media that under the deal, which was finalised after he spoke with Indonesian president Prabowo Subianto, goods that have been transshipped to avoid higher duties would face steeper levies. He separately told reporters that other deals were in the works, including with India, while talks with the European Union are continuing. Indonesia's former vice minister for foreign affairs, Dino Patti Djalal, told a Foreign Policy event Tuesday that government insiders had indicated they were happy with the new deal. Trump in April imposed a 10% tariff on almost all trading partners, while announcing plans to eventually hike this level for dozens of economies, including the EU and Indonesia. But days before the steeper duties, customised to each economy, were due to take effect, he pushed the deadline back from 9 July to 1 August. This marked his second postponement of the elevated levies. Instead, since early last week, Trump has been sending letters to partners, setting out the tariff levels they would face come August. So far, he has sent more than 20 such letters including to the EU, Japan, South Korea and Malaysia. Trump has unveiled blanket tariffs on trading partners in part to address what his administration deems as unfair practices that hurt US businesses. Agence France-Presse and Reuters contributed to this report
Reuters
37 minutes ago
- Reuters
JPMorgan CEO Dimon's comments highlight steady caution on US economy
July 15 (Reuters) - JPMorgan Chase (JPM.N), opens new tab CEO Jamie Dimon has maintained a cautious stance on the U.S. economy for several quarters now and said on Tuesday accurate forecasts are a challenge because key shifts are apparent only in hindsight. While the longtime CEO expressed optimism about the health of the consumer, he reiterated concerns about tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices. The bank remains measured when making projections, Dimon said, citing past crises that caught many off guard. "Our forecasting of the future is very complex. You probably heard me say that sometimes it's a complete waste of time. Most people cannot really pick inflection points," he said. Earlier in the year, Dimon had cautioned about the risk of recession, the possibility of credit spreads widening and inflation rising. His comments reflect a broader challenge facing policymakers and markets. While precise economic projections are often challenging because of backward-looking data that is frequently revised, unpredictable factors can throw even seasoned observers off course. A December study by the Federal Reserve Bank of St. Louis examined the Blue Chip Survey of Professional Forecasters, an average of projections from about 50 economists, from 1993 to 2024, and found that actual GDP growth came within the forecast range just 44% of the time. Here is a timeline of Dimon's public comments on the U.S. economy over the past few quarters: Source: Reuters stories, earnings statements
Auto Blog
38 minutes ago
- Auto Blog
Jeep's 2025 Wagoneer Lineup Adds Two Smart Choices for Buyers
The automaker wants to enhance the appeal of its full-size SUVs According to numbers released by Stellantis earlier this month, the Jeep brand's U.S. sales for the first half of this year are only up a modest 2% over the same period in 2024. But while models like the Compass and the iconic Wrangler saw double-digit growth over the course of the first half of this year and the last quarter (Q2 2025), it isn't roses and bald eagles for all the SUVs that wear the seven-slot grille. Stellantis's numbers indicate that both the Wagoneer and its posher brother, the Grand Wagoneer took a heck of a sales nosedive during the second quarter of this year. During Q2 2025, Jeep moved 8,216 Wagoneers and just 1,307 Grand Wagoneers, representing a 51% and 67% sales dip, respectively. Sales data from other brands indicate that competing nameplates like the Ford Expedition and the Chevy Suburban are experiencing massive sales surges; however, the Jeep brand is determined to win some value-minded customers over to the seven-slotted machines with new limited-run special edition models. Meet the Wagoneers 2025 Jeep Wagoneer Limited — Source: Stellantis In a recent announcement, Jeep introduced two new value-minded limited-run models that are built for 'a defined customer in mind' in the form of the new Jeep Wagoneer Limited and the Wagoneer Super. The Wagoneer Limited is made for 'the value-conscious customer ready to step into a full-size SUV only the Jeep brand can create,' sweetening the deal with some cool design features, including body-color fender flares, chrome exterior badges, black color lower front and rear fascias, and a swanky set of 22-inch chrome wheels. Though it may seem like the Limited may be nothing less than a styling package, Jeep gave it some features from the options book to enhance convenience for owners and their families, including power side steps, power-folding second and third row seats, a tri-pane sunroof that extends throughout the cabin, and a Surround View Camera for added visibility. The Jeep Wagoneer Super is a value-packed throwback 2025 Jeep Wagoneer Super — Source: Stellantis Though the Wagoneer Limited may be a compelling choice for some buyers, Jeep has a car for those who want just a little bit more. The brand is resurrecting the Super name, a name that dates back to the Super Wagoneer that first launched in 1966. While the original Super Wagoneer from nearly sixty years ago had features like power brakes and power steering, 2025's new Jeep Wagoneer Super comes with a smattering of goodies, including a two-tone black painted roof, body-color fender flares, and a premium soft-touch wrapped interior—all features that were previously reserved for buyers of the swankier Grand Wagoneer. Also included are 22-inch machined black aluminum wheels that look similar to those from the Ram 1500 Laramie, a full trim black-out package, which darkens the badging and grille rings, carbide headlights, black-finished power side steps, a tri-pane panoramic sunroof, and a McIntosh 19-speaker premium audio system. Final thoughts Pricing details reveal that these models do carry a bit of a premium over their 'regular' models. The Wagoneer Limited has an MSRP of $76,535 (including destination), while the Super has an MSRP of $82,535, which is competitively priced with rivals like the Ford Expedition Platinum and the GMC Yukon Denali, respectively. Detroit's manufacturers do very well in the U.S. full-size SUV market, with some Japanese players like the Nissan Armada, Toyota Grand Highlander, and Sequoia also competing in the space. However, Chrysler-Dodge-Jeep-Ram dealers' attitude towards sales and incentives can sweeten the deal even further at the right time. About the Author James Ochoa View Profile
