Tokyo Electron Cuts Outlook After China Chipmaking Demand Pauses
The Japanese chip gear maker, which competes most directly with Applied Materials Inc., said it now sees operating income of ¥570 billion ($3.8 billion), down from ¥727 billion.
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Trump announces new ‘reciprocal' tariff rates
President Trump announced tariff rates for dozens of countries Thursday that will take effect Aug. 7, potentially upending the global trade system. Trump signed an executive order that modified tariff rates for dozens of countries after he had twice delayed plans to implement 'reciprocal' tariffs on other nations. Tariff rates range from as high as 41 percent on goods from Syria to as low as 10 percent, the baseline established for all imports. 'Some trading partners have agreed to, or are on the verge of agreeing to, meaningful trade and security commitments with the United States, thus signaling their sincere intentions to permanently remedy the trade barriers … and to align with the United States on economic and national security matters,' the executive order stated. 'Other trading partners, despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters,' it continues. The executive order states that all imports will face a 10 percent tariff. The order goes into effect Aug. 7. Some nations have negotiated separate trade agreements to lock in tariff rates. For example, Indonesia and Thailand agreed to a 19 percent tariff, South Korea and Japan negotiated deals that included a 15 percent tariff and the United Kingdom struck a deal for a 10 percent tariff. Certain other nations that have not negotiated deals will face higher rates. Trump announced he was hitting Brazil with a 50 percent tariff, in part citing the country's prosecution of former President Jair Bolsonaro over his efforts to remain in power after losing an election. Trump has also announced Canada will face a 35 percent tariff, citing frustrations with the flow of fentanyl into the United States. Other tariff rates established in Thursday's executive order include Laos (40 percent), Switzerland (39 percent), Iraq (35 percent), South Africa (30 percent), India (25 percent), Algeria (30 percent), Moldova (25 percent) and Nicaragua (18 percent). Many other countries are facing a 15 percent tariff. The timing and severity of tariffs on other nations have been shifting targets since Trump took office, after vowing on the campaign trail to aggressively impose duties on imports. He has reportedly threatened tariffs on other nations, only to back off or delay their imposition. The president announced 'reciprocal' tariffs on dozens of other countries April 2. But a week later, he lowered those rates to 10 percent for 90 days as markets reacted negatively, giving time for negotiations. The 90-day window was set to expire in early July, only for Trump to extend the deadline to Aug. 1. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
Yahoo
2 hours ago
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How South Korea's K-beauty industry is being hit by Trump tariffs
Cars and smartphones may rank among South Korea's biggest exports to the US, but few goods inspire a more devoted following than the Asian country's beauty products. K-beauty - a term that covers a wide range of skincare, makeup and cosmetics from South Korea - is lauded for its quality and value, driving soaring demand in recent years. The global appeal of South Korean culture has also helped propel the popularity of its cosmetics. US-based Pearl Mak tells the BBC that she was introduced to K-beauty products by her friends. South Korean serums are better-suited for her skin compared to some Western brands that tend to be more harsh, the 27-year-old graphic designer says. Now "95% of my skincare is made up of K-beauty products", she adds. Ms Mak is not alone in her preference for South Korean skincare brands. Americans spent as much $1.7bn (£1.3bn) on K-beauty products in 2024, according to industry estimates. That marks a more than 50% rise compared to the previous year. K-beauty products are often more attractively priced than their Western counterparts - but also feature ingredients that are not as commonly found in the West - from heartleaf to snail mucin. US President Donald Trump has now imposed a 15% import tax on South Korean goods traded between Seoul and Washington. It's less than the 25% levy that Trump had threatened, but many consumers are not taking any chances. The rise of Korean make-up in the West 'Flowerboys' and the appeal of 'soft masculinity' US K-beauty retailer Santé Brand saw orders spike by nearly 30% in April, right after Trump unveiled sweeping US import taxes on most of the world. "When the tariff announcements hit, customers got strategic with how they were going to weather the storm," Santé Brand's founder Cheyenne Ware told the BBC. "Consumers are preparing against the uncertainty." Another K-beauty retailer, Senti Senti, has been ordering more products since Trump started his tariff threats, says manager Winnie Zhong. This week, she received alerts from suppliers urging retailers to "stock up before tariffs". Both retailers said prices of K-beauty products are likely to increase as the levies push up costs across the industry. "Anyone telling you prices will stay flat through the next two years is naive," says Ms Ware. Prices are bound to rise, especially for smaller sellers of beauty products on platforms like Amazon, who operate with slim profit margins, economist Munseob Lee from the University of California San Diego says. Despite higher prices, the global popularity of South Korean culture means K-beauty products are likely to remain in demand in the US, he says. "Casual buyers might be turned off by the higher price, but fans won't find an easy substitute." Ms Zhong agrees. She thinks customers will still want to buy K-beauty products but price rises may mean they purchase fewer items than before. Higher prices are unlikely to stop Ms Mak buying her favourite products. "It depends on how much the price shoots up, but as of now, I am willing to pay more to purchase the same products," she says. 'No easy substitute' Big K-beauty brands are in a much better position to absorb the cost of tariffs than their smaller rivals, says South Korea-based business consultant Eyal Victor Mamou. These larger companies will be able to avoid major price rises for their customers as they have higher profit margins, he says. But smaller K-beauty firms that make their products in South Korea will struggle to keep a lid on costs, Mr Mamou adds. "It will take some time to take effect since most goods being sold in the short-run have already been commissioned at current prices, but we'll see it play out soon." In recent days, President Trump has struck deals with Japan and the European Union that will see their exports to the US subject to the same 15% tariffs as South Korea. That means countries that are home to some of the world's biggest cosmetics brands face the same levies as the K-beauty industry. Central to Trump's trade policies is his ambition to see more goods being made in America. But it's yet to be seen whether or not this will mean US buyers switch to American beauty products. Ms Mak says she doesn't see US-made products as attractive alternatives. "I do search for American-made alternatives often, but I have yet to find any that are as effective as the ones I use. So I wouldn't go for American products yet." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
