A Buddhist Monk's Alleged Indulgence in Money and Sex Transfixes China
He's also a monk and the abbot of China's Shaolin Temple—perhaps the world's most famous Buddhist monastery, founded more than 1,500 years ago and renowned today as the birthplace of Zen Buddhism and a cradle of Chinese martial arts.
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CNN
25 minutes ago
- CNN
Here's what could get more expensive from Trump's massive tariff hikes
President Donald Trump has said that tariffs won't lead to higher prices. But the United States economy seems to disagree: Inflation, which has remained fairly tame, is slowly creeping up because of tariffs. Trump's latest round of higher taxes on imports, which goes into effect next week, will immediately make imported goods from impacted countries more expensive in the United States. And while businesses have tried to shoulder part of the cost, they now may be forced to pass along some of those expenses to consumers. That means higher prices for Americans. Here's what could get more expensive: Computers are among the top goods the United States imported last year, according to US Commerce Department data. The top countries that exported computers and other electronic products to the United States last year were China, Mexico, Taiwan, Vietnam and Malaysia. Goods from China already face a minimum 30%, albeit with some exclusions. However, rates could soon shoot even higher if a trade deal is not reached with China by August 12. Goods from Mexico can be shipped to the US duty-free if they comply with a trade deal Trump signed during his first term. Meanwhile, goods from Taiwan, Vietnam and Malaysia are all set to be taxed at nearly double their current levels by next week. Though price increases have been tame across the board, computers cost consumers nearly 5% more in June of this year compared to last, according to Consumer Price Index data. While not among the top five sources of foreign-produced computers, India is still a major supplier of computers and other electronics to the US. Goods from there are set to face 25% minimum tariffs. Economists at the Yale Budget Lab estimate that the tariffs Trump announced as of Thursday, if put in place indefinitely, could cause computer and other electronic prices to rise by 18.2% in the short run and 7.7% in the long run. (The authors of the analysis published Friday don't provide a specific timeframe for what qualifies as long run versus short run.) As with electronics, America buys much of its apparel from other countries. Top destinations include China, Vietnam, Bangladesh, India and Indonesia. The tariffs Trump is placing on these countries are impactful for the cost clothing, especially since that's one of the top goods the US imports overall. Yale Budget Lab estimates prices could rise by 37.5% in the short run and 17.4%. Wristwatches are one of the top exports to the United States from Switzerland, which is set to face a 39% 'reciprocal' tariff. Last year the country sent over $4 billion worth of watches to the United States. Prices of leather products, which often includes watches, are estimated to rise by 39.7% in the short run and 18.9% in the long run. China, Vietnam and Indonesia are top destinations where shoes are made and tariffs are set to start at a minimum of 19% for the three countries, come next week. Like watches, many kinds of shoes use leather and could face similar price increases as a result. Vietnam is the top source of imported furniture, followed by China. China and Vietnam are the top two countries that ship toys to the United States. Toy brands have already been warning of higher prices due to the tariffs in place on Chinese goods. The higher tariffs on Vietnamese goods are also likely to be a pressure point.
CNN
25 minutes ago
- CNN
Here's what could get more expensive from Trump's massive tariff hikes
President Donald Trump has said that tariffs won't lead to higher prices. But the United States economy seems to disagree: Inflation, which has remained fairly tame, is slowly creeping up because of tariffs. Trump's latest round of higher taxes on imports, which goes into effect next week, will immediately make imported goods from impacted countries more expensive in the United States. And while businesses have tried to shoulder part of the cost, they now may be forced to pass along some of those expenses to consumers. That means higher prices for Americans. Here's what could get more expensive: Computers are among the top goods the United States imported last year, according to US Commerce Department data. The top countries that exported computers and other electronic products to the United States last year were China, Mexico, Taiwan, Vietnam and Malaysia. Goods from China already face a minimum 30%, albeit with some exclusions. However, rates could soon shoot even higher if a trade deal is not reached with China by August 12. Goods from Mexico can be shipped to the US duty-free if they comply with a trade deal Trump signed during his first term. Meanwhile, goods from Taiwan, Vietnam and Malaysia are all set to be taxed at nearly double their current levels by next week. Though price increases have been tame across the board, computers cost consumers nearly 5% more in June of this year compared to last, according to Consumer Price Index data. While not among the top five sources of foreign-produced computers, India is still a major supplier of computers and other electronics to the US. Goods from there are set to face 25% minimum tariffs. Economists at the Yale Budget Lab estimate that the tariffs Trump announced as of Thursday, if put in place indefinitely, could cause computer and other electronic prices to rise by 18.2% in the short run and 7.7% in the long run. (The authors of the analysis published Friday don't provide a specific timeframe for what qualifies as long run versus short run.) As with electronics, America buys much of its apparel from other countries. Top destinations include China, Vietnam, Bangladesh, India and Indonesia. The tariffs Trump is placing on these countries are impactful for the cost clothing, especially since that's one of the top goods the US imports overall. Yale Budget Lab estimates prices could rise by 37.5% in the short run and 17.4%. Wristwatches are one of the top exports to the United States from Switzerland, which is set to face a 39% 'reciprocal' tariff. Last year the country sent over $4 billion worth of watches to the United States. Prices of leather products, which often includes watches, are estimated to rise by 39.7% in the short run and 18.9% in the long run. China, Vietnam and Indonesia are top destinations where shoes are made and tariffs are set to start at a minimum of 19% for the three countries, come next week. Like watches, many kinds of shoes use leather and could face similar price increases as a result. Vietnam is the top source of imported furniture, followed by China. China and Vietnam are the top two countries that ship toys to the United States. Toy brands have already been warning of higher prices due to the tariffs in place on Chinese goods. The higher tariffs on Vietnamese goods are also likely to be a pressure point.
New York Times
an hour ago
- New York Times
Live Updates: Markets Fall on Weak Jobs Data and Trump's New Tariffs
Workers at the printed circuit board assembly line at Zetwerk Electronics near Bengaluru, India, in June. Personal electronics is one of India's biggest categories of exports to the United States. President Trump's new list of tariffs on half the world's countries sent the United States' trading partners scrambling to understand how their businesses will be affected. India got the bad news a day earlier — its goods face a tariff of 25 percent or more — but the extra time was hardly enough to adjust to the fresh chaos. Indian negotiators had not expected to conclude a meaningful deal in time to meet Mr. Trump's revised deadline of Aug. 1. But they did expect to be treated as well as their neighbors, and to keep haggling with American officials until October or November, when Mr. Trump was invited to visit India as part of the Quad defense group, which brings together four big democracies — India, the United States, Japan and Australia — with a shared interest in standing up to China. Instead, they were fed a heap of insults and injuries. Along with the 25 percent rate, one of the highest in Asia and only a point lower than what was threatened on Liberation Day in April, India was informed that its existing trade barriers are 'strenuous and obnoxious'; it will be charged an untold penalty for buying Russian oil; it is a 'dead economy.' It's archrival Pakistan was praised and promised an oil-exploration deal. Hurt feelings aside, the results are confusing. Two of the biggest categories of exports to the United States from India are personal electronics, worth about $14 billion a year, and pharmaceuticals, worth $10 billion. Rajesh Sharma, executive director of India Cellular and Electronics Association, said smartphones were exempted from these tariffs; so did executives at pharmaceutical companies. But on Friday, after reading the executive order, the Global Trade Research Initiative in New Delhi concluded the opposite. India's stock markets dipped on the news for two days running. Indian and international banks wrote notices warning that the country's generally hard-charging economic growth is likely to slow measurably as a result of the tariffs. Then there are the unknown tariffs. On July 6, Mr. Trump wrote that countries aligned with the BRICS group, of which India is a founding member, would incur an additional 10 percent penalty. Then on July 14, he said that, if Russia didn't make peace with Ukraine within 50 days, he would punish its trading partners with 'secondary tariffs' of 100 percent. That figure is making Indians worry anew. Mr. Trump added 'plus a penalty' to the 25 percent rate imposed on India, for buying Russian oil and weapons. Shashi Tharoor, a prominent member of the opposition, spoke to an Indian news agency about the possible impact. 'There's even talk of a 100 percent penalty,' he said, 'which will destroy our trade with America.' There is evidence that Indian buyers of Russian oil were already pulling back before the executive order. 'Indian refiners have reduced Russian crude purchases this week,' said Sumit Ritolia, an analyst at Kpler, which tracks shipping and commodities. They were already 'looking to further diversify, amid rising concerns over potential U.S. sanctions,' having spent years taking advantage of discounted Russian oil to reduce their imports from the Persian Gulf. Reducing the United States' trade deficit is one of the Trump administration's goals, so convincing India to buy more American oil and gas would make sense. Last year, India exported $45.7 billion more goods to the United States than it imported. It spent about three times as much importing oil. If a third of that were redirected to American sources, their bilateral trade would be evened out. Mr. Trump's angry barrage of social media has complicated further negotiations. The breakdown of trust between Narendra Modi, India's prime minister, and whom he called his 'true friend,' Mr. Trump, is likely to make it harder to complete any deal, analysts say. Indian news outlets have reported that Mr. Trump wanted to iron out some outstanding issues, after four rounds of direct talks between the two sides, in a phone call with Mr. Modi. The Indian government was anxious to avoid any of his last-minute surprises. The U.S. commerce secretary accused India of 'slow-rolling' its trade negotiations. Indian officials and analysts say the friction is caused by a fundamental difference of approach. Mr. Trump has a penchant for quick, top-down deal-making. India's bureaucracy moves at a methodical pace, especially when it comes to opening up the agriculture market, which is politically sensitive. India's recently concluded trade deal with Britain took three years of talks, under two different British prime ministers. On Friday, India's foreign ministry released a statement that put on a brave face. 'India and the United States share a Comprehensive Global Strategic Partnership,' established in 2013 between President Barack Obama and then Prime Minister Manmohan Singh, 'anchored in shared interests, democratic values and robust people-to-people ties.' The ministry stuck to principles, revealing no plan for breaking through Mr. Trump's hard line. 'This partnership has weathered several transitions and challenges,' the statement said. 'We remain focused on the substantive agenda that our two countries have committed to and are confident that the relationship will continue to move forward.' Rebecca Elliott , Mujib Mashal and Hari Kumar contributed reporting.
