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Yahoo
5 minutes ago
- Yahoo
Trump gets tariffs; Americans get price hikes
By David Gaffen and Marleen Kaesebier (Reuters) -U.S. President Donald Trump is getting his tariffs. Companies are making it clear how they intend to deal with it - passing them on to American consumers. Throughout the spring, big retailers and consumer product makers warned that levies on imported goods would squeeze their operations, forcing them to choose between lower earnings and passing on higher costs to customers. In the case of Procter & Gamble and others, it is both of those things. On Tuesday, the packaging giant, which makes household basics spanning from Bounty paper towel to Tide detergent, issued a sour outlook for 2025 and sent a message to big retailers like Walmart that it would have to raise prices on some U.S. goods from next week. This challenge facing companies in coming quarters will likely feed through to everyday consumers. P&G said it would raise prices on about a quarter of its products in the U.S. to help offset the cost of new tariffs. Price hikes are in the mid-single digits across categories, a spokesperson for the company said. While U.S. stock indexes have soared to record highs this year, built on massive investment in technology shares, many consumer bellwethers have struggled. Since Trump's April 2 "Liberation Day" tariff announcements, P&G shares have declined 19%; Nestle is down 20%; Kimberly-Clark has lost 11%, and PepsiCo is off nearly 7%, while the benchmark S&P 500 stock index has gained more than 13%. Consumer goods, food and drink companies have struggled with lackluster sales since the pandemic, as shoppers have balked at increasingly expensive name-brand packaged food. Nestle said last week that consumers in North America remained wary of paying more at the cash register. More price hikes will deepen investor worries about how big brands are navigating the combined challenge of thrifty consumers and hefty costs created by Trump's trade war. "You're going to see companies like Walmart, Amazon, and Best Buy forced to pass price increases to consumers," said Bill George, former chairman and CEO of Medtronic and executive education fellow at Harvard Business School. "Main Street has yet to see the fallout from increased tariffs - and they're going to go higher." Between July 16 and 25, companies in the Reuters global tariff tracker said they expected to lose a combined $7.1 billion to $8.3 billion for the full year. GM, Ford and other carmakers have absorbed the cost of tariffs - totaling billions of dollars - so far. Many companies shipped more goods and raw materials into the U.S. before tariffs hit. Economists and analysts reckon that hoarding has helped some delay hiking prices until later in the year and explains why tariffs have not yet shown up in U.S. inflation data. Andrew Wilson, International Chamber of Commerce deputy secretary general, estimates inflation will be felt once companies have run down inventory, but that might not be until the fourth quarter or first quarter of next year. Others like Ray Ban-maker EssilorLuxottica have already hiked prices. Swiss watch and jewelry maker Swatch increased prices by about 5% after Trump announced tariffs in April with "zero impact" on sales, CEO Nick Hayek told Reuters recently. High-end brands like Tissot watches are less price sensitive to increases. Customers wanting to splash out on an expensive watch might also buy abroad when travelling where taxes are lower, he said. "You cannot do this with cars. You cannot do this with machines. But you can do this with watches. So it's not so problematic for us," he said. Sign in to access your portfolio
The Drive
6 minutes ago
- The Drive
Tesla Aftermarket Company Claims It Built an 'Indestructible' Wheel for Rideshare Drivers
The latest car news, reviews, and features. Typically, forged wheels exist in the realm of high-performance vehicles that see track abuse. They're stronger than the cast wheels that comprise most OEM and aftermarket equipment, at the penalty of a much higher cost. One Tesla aftermarket specialist is marketing their latest set of forged rims to a different sort of clientele, though: hard-driving Uber drivers and future robotaxi operators who put their vehicles through constant abuse on pothole-strewn roads. They've even gone so far as to call their product 'indestructible.' That's a tall claim, especially considering Unplugged Performance is selling these 'Road Warrior' wheels with a 'lifetime replacement guarantee if owners manage to bend or crack' them. On one hand, that signals faith in the goods, which is always encouraging to see; on the other, if we're even entertaining the possibility that these could crack or bend, then they're not really indestructible, are they? Marketing aside, forged wheels are generally pretty strong, and Unplugged says its Road Warrior design also draws within 0.01 Cd of Tesla's lowest-drag factory wheel, thanks to a 'structurally integrated forged aerodynamic disc' that mitigates turbulence. Looking at a Road Warrior wheel side-on, it does look a little funky, backing a typical aftermarket 10-spoke design with a large plate that's chamfered along the inner edge. Unplugged Performance The outer edge is interesting, too, because Unplugged is shipping these with swappable aluminum guards to protect against curb rash, which you can see in one of the images above. This is a pretty good idea on its surface, because banging into curbs is something rideshare drivers probably do a lot. However, a two-pack of these costs $80, per the company's website, and a particularly careless or sloppy parker is going to be chewing through them like crazy. At which point, I'd be remiss not to mention the tried-and-true champion of cheap durability for anyone truly concerned about potholes: steel wheels and tires with chunky sidewalls. It's true that they look good on everything—even Teslas, no matter what your passengers say. They may increase unsprung weight and drag, but if you're ultimately concerned with your bottom line, like road warriors tend to be, they'll endure just about anything. Going back to Unplugged's 'indestructible' wheels, they run $2,595 for a 19×8.5 set, or $2,995 for a 20×8.5 set. That's actually quite cheap as far as forged wheels go, though we can't attest to their quality. The fitment is geared for the Tesla Model 3 and Model Y, with the latter also serving as the automaker's first 'Robotaxi' autonomous vehicles now popping up in cities like San Francisco. Got tips? Send 'em to tips@
The Hill
6 minutes ago
- The Hill
US, China to continue talks on tariffs truce
Officials from Beijing and Washington on Tuesday agreed to continue talks on extending tariff rates under an established 90-day truce. China's top trade negotiator, Li Chenggang, discussed the progress during a press conference in Sweden, where officials have held talks for the past two days. 'The Chinese and U.S. economic and trade teams will maintain active communication, exchange views on economic and trade issues in a timely manner, and continue to promote the stable and healthy development of bilateral economic and trade relations,' Li told reporters, according to Reuters. U.S. Trade Representative Jameson Greer provided a positive report from negotiations, noting that President Trump will ultimately have the final say over a further tariff truce extension. 'We'll report back to him the process we had here,' Greer told reporters, according to Reuters. 'We had constructive meetings for sure, to go back with the positive report. But the extension of the pause, he'll decide.' He added that the conversation was candid and in-depth on both sides, notes Bloomberg. Treasury Secretary Scott Bessent said the current agreement could be extended out to 90 days. He told reporters Tuesday remaining issues were 'small' according to Bloomberg, noting President Trump would be briefed on concerns by Wednesday. Chinese leaders have said that they want a deal that is mutually beneficial while Trump has weighed the option of visiting Beijing to discuss a more permanent rate in person with President Xi Jinping. On Monday, Trump said he was not seeking a 'summit' with Jinping but would be open to discussion of talks if they were initiated from the other side. 'The Fake News is reporting that I am SEEKING a 'Summit' with President Xi of China. This is not correct, I am not SEEKING anything! I may go to China, but it would only be at the invitation of President Xi, which has been extended,' the president wrote in a Truth Social post. 'Otherwise, no interest! Thank you for your attention to this matter.'
