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Charlotte economists warn consumers of price hikes as tariff on Chinese imports moves forward

Charlotte economists warn consumers of price hikes as tariff on Chinese imports moves forward

Yahoo05-02-2025

CHARLOTTE, N.C. (QUEEN CITY NEWS) — Tariffs on Mexican and Canadian imports were paused, but the White House is moving forward with a 10 percent tariff on Chinese goods. With it being a blanket tariff, local economists expect consumers will pay more on a range of items.
'This is a much bigger issue than what happened with Mexico and Canada…we import tons of things from China,' said Matthew Metzgar, a professor at UNC Charlotte.
Metzgar said with how much the US imports, the tariffs could be far-reaching.
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'The things many people would guess, you know, furniture, lots of things made with plastic, toys and then electronics,' he said.
Metzgar noted that while there were tariffs leveled against China during the Biden administration, they were on specific items including electric vehicles and solar cells. The latest one from Trump goes much further, taxing anything imported.
Metzgar's UNC Charlotte colleague, John Connaughton says there are cases where retailers may eat the cost of the tariff, but it depends on what makes the most sense for their business model.
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'They're the ones that have to decide what their revenue take will be based on that price, retail price,' Connaughton told Queen City News where the US will really hurt is when China retaliates, specifically the nation's plans to restrict what they export, like rare earth materials.
'[They] go into a lot of sophisticated products. And we don't have a lot of alternative supply. So that has been, that's the worry point in this particular trade war,' said Connaughton.
China also plans to level its own tariffs against coal, natural gas, and crude oil starting early next week.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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China Challenges US Sea Power With Two Aircraft Carriers in West Pacific
China Challenges US Sea Power With Two Aircraft Carriers in West Pacific

Newsweek

time24 minutes ago

  • Newsweek

China Challenges US Sea Power With Two Aircraft Carriers in West Pacific

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Los Angeles' image is scuffed since ICE raids and protests

timean hour ago

Los Angeles' image is scuffed since ICE raids and protests

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Instead, a less flattering side of Los Angeles has been broadcast to the world in recent days. Protests have mostly taken place in a small swath of downtown in the sprawling city of 4 million people. As Trump has activated nearly 5,000 troops to respond in the city, Bass has staunchly pushed back against his assertions that her city is overrun and in crisis. Bass, in response to Trump, said she was troubled by depictions that the city has been 'invaded and occupied by illegal aliens and criminals, and that now violent, insurrectionist mobs are swarming our federal agents. I don't know if anybody has seen that happen, but I've not seen that happen.' The series of protests began Friday outside a federal detention center, where demonstrators demanded the release of more than 40 people arrested by federal immigration authorities. Immigration advocates say the people who were detained do not have criminal histories and are being denied their due process rights. 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Trump and California officials continued to spar online and off, faulting each other for the fallout. At the White House, Trump criticized California leaders by saying 'they were afraid of doing anything' and signaled he would support Newsom's arrest over his handling of the immigration protests. If Los Angeles' image was once defined by its balmy Mediterranean climate and the glamor of Hollywood, it's now known 'primarily for disaster,' said Claremont McKenna College political scientist Jack Pitney. 'A lot of perception depends on images," Pitney added. Right now, the dominant image "is a burning Waymo.'

Gold falls as traders watch US-China trade talks in London
Gold falls as traders watch US-China trade talks in London

CNBC

timean hour ago

  • CNBC

Gold falls as traders watch US-China trade talks in London

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