Trump Expands Steel and Aluminum Tariffs to Include 400 More Items
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Yahoo
27 minutes ago
- Yahoo
Japan's exports fall more than expected in July on US tariff pressures
By Makiko Yamazaki TOKYO (Reuters) - Japan's exports dropped for a third straight month in July, government data showed on Wednesday, as U.S. tariffs continued to weigh on manufacturers, raising concerns about the outlook for the country's export-reliant economy. The outcome follows unexpectedly strong growth in gross domestic product (GDP) in the April-June quarter, separate data showed last week, fuelled by surprisingly resilient exports and capital expenditure. Total exports from the world's fourth-largest economy dropped 2.6% year-on-year in July in value terms, more than a median market forecast for a 2.1% decrease and following a 0.5% drop in June. Exports to the United States in July fell 10.1% from a year earlier, while those to China were down 3.5%, the data showed. Imports in July dropped 7.5% from a year earlier, compared with market forecasts for a 10.4% fall. As a result, Japan ran a deficit of 117.5 billion yen ($795.4 million) in July, compared with a forecast of a 196.2 billion yen surplus. The United States imposed 25% tariffs on automobiles and auto parts in April and threatened 25% levies on most of Japan's other goods. It later struck a trade deal on July 23 that lowered tariffs to 15% in exchange for a U.S.-bound $550 billion Japanese investment package. The agreed tariff rate on automobiles, Japan's largest export sector, is still far higher than the original 2.5%, exerting pressure on major automakers and parts suppliers. Japanese automakers have mostly absorbed additional tariff costs by cutting prices to protect shipment volumes. But economists expect them to eventually pass on costs to U.S. consumers, which could hamper their sales in the U.S. market. ($1 = 147.7200 yen) 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
USA Today
29 minutes ago
- USA Today
White House launches official TikTok account: 'America we are BACK!'
WASHINGTON - The White House launched an official TikTok account on Aug. 19, taking advantage of the short video app's more than 170 million U.S. users to spread the messages of President Donald Trump. Trump has a soft spot for the popular app, crediting it with helping him gain support among young voters when he defeated Democrat Kamala Harris in the November 2024 presidential election. Lawmakers in Washington worry, however, that its U.S. user data could fall into the hands of China's government. Trump has been working on a deal for U.S. investors to buy the app from TikTok's Chinese parent, ByteDance. Past intelligence assessments have said the app's owners are beholden to the Chinese government and that it could be used to influence Americans. The new account, @whitehouse, went live on Aug. 19 with an initial video showing footage of Trump as he declares: "I am your voice." "America we are BACK! What's up TikTok?" the caption read. The TikTok account Trump used for his presidential campaign last year, @realdonaldtrump, has more than 15 million followers. The Republican president also relies heavily on his Truth Social account to deliver his message and posts occasionally on his X account. "The Trump administration is committed to communicating the historic successes President Trump has delivered to the American people with as many audiences and platforms as possible," White House Press Secretary Karoline Leavitt said. "President Trump's message dominated TikTok during his presidential campaign, and we're excited to build upon those successes and communicate in a way no other administration has before," she said. A 2024 law required TikTok to stop operating by Jan. 19 of this year unless ByteDance had completed divesting the app's U.S. assets or demonstrated significant progress toward a sale. Trump opted not to enforce the law after he began his second term as president on Jan. 20. He first extended the deadline to early April, then to June 19, and then again to Sept. 17. Extensions to the deadline have drawn criticism from some lawmakers, who argue the Trump administration is flouting the law and ignoring national security concerns related to Chinese control over TikTok. (Reporting By Steve Holland; Editing by Colleen Jenkins, Rod Nickel and Edmund Klamann)
CNBC
29 minutes ago
- CNBC
Japan exports clock steepest plunge in more than four years, dropping by a more than expected 2.6%
Japan's exports dropped 2.6% year over year in July, their steepest drop since February 2021. The fall was sharper than the 2.1% contraction expected by economists polled by Reuters and compared to the 0.5% drop seen in June. Japan reached a deal with Washington on July 22 that saw its so-called "reciprocal tariff" lowered to 15% from the 25% threatened by U.S. President Donald Trump earlier that month. The trade readings come after Japan reported its second-quarter GDP figures, which saw the country beat expectations as net exports drove growth. Japan's economy grew by 0.3% quarter over quarter and 1.2% on a yearly basis in the second quarter as exports remained resilient, even as imports fell. Hirofumi Suzuki, Chief FX Strategist at Sumitomo Mitsui Banking Corporation, told CNBC after the GDP release that while exports have been volatile, there was a higher level of automobile shipments in April to June. This may be due to an increase in catch-up shipments after production recovered from an accident at an automobile parts manufacturer in March, Suzuki said. Tariffs on automobiles were cut from 25% to 15% as part of Japan's trade deal. Autos are one of Japan's largest exports, and make up its largest export to the U.S. in 2024. While the effects of the 15% tariffs will not show up until the August data, analysts have warned about their impact on the Japanese economy. Senior economist Masato Koike at Sompo Institute Plus said in an Aug 14 note that there was a possibility that Japan could enter a recession, depending on the magnitude of the impact of tariffs.
