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US seeks shipbuilding expertise from South Korea and Japan to counter China

US seeks shipbuilding expertise from South Korea and Japan to counter China

Associated Press18 hours ago
WASHINGTON (AP) — American lawmakers are using a trip to South Korea and Japan to explore how the United States can tap those allies' shipbuilding expertise and capacity to help boost its own capabilities, which are dwarfed by those of China.
Sens. Tammy Duckworth, D-Ill., and Andy Kim, D-N.J., who are scheduled to land in Seoul on Sunday before traveling to Japan, plan to meet top shipbuilders from the world's second- and third-largest shipbuilding countries. The senators want to examine the possibilities of forming joint ventures to construct and repair noncombatant vessels for the U.S. Navy in the Indo-Pacific and bring investments to American shipyards.
'We already have fewer capacity now than we did during Operation Iraqi Freedom' in 2003, Duckworth told The Associated Press. 'We have to rebuild the capacity. At the same time, what capacity we have is aging and breaking down and taking longer and more expensive to fix.'
Their trip comes as President Donald Trump demands a plan to revive U.S. shipyards and engage foreign partners. The Pentagon is seeking $47 billion for shipbuilding in its annual budget. The urgency stems from the fact that Washington severely lags behind China in building naval ships, a situation raising alarms among policymakers who worry the maritime balance of power could shift to China, now the world's No. 1 shipbuilder.
Duckworth, who serves on the Senate Armed Services Committee, said she hopes the trip could lead to joint ventures among the U.S. military, American companies and foreign partners to build auxiliary vessels for the Navy and small boats for the Army.
Another possibility is repairing U.S. ships in the Indo-Pacific region.
'If we have to bring ships all the way back to the United States ... to wait two years to be fixed, that doesn't help the situation,' Duckworth said.
The discussions, she said, will focus on auxiliary vessels, which are noncombatant ships such as fueling and cargo vessels that support naval and military operations. The Navy's auxiliary fleet is aging and insufficient in numbers, she said.
The U.S. commercial shipbuilding accounted for 0.1% of global capacity in 2024, while China produced 53%, followed by South Korea and Japan, according to a report by the Center for Strategic and International Studies. A Navy review from April 2024 found that many of its major shipbuilding programs were one year to three years behind schedule.
During the trip, the senators are expected to meet representatives from major shipbuilders in the region.
South Korea and the U.S. are already making progress on shipbuilding cooperation. In March, Hanwha Ocean completed maintenance work for a 41,000-ton U.S. Navy dry cargo and ammunition ship in South Korea. The overhaul of USNS Wally Schirra was the Korean company's first project after it secured a repair agreement with the U.S. Navy in July 2024.
Hanwha Group last year acquired Philly Shipyard in Philadelphia, which builds large merchant mariners, part of the reserve auxiliary fleet.
Earlier this month, South Korea proposed to invest $150 billion in the U.S. shipbuilding industry to support Trump's 'Make American Shipbuilding Great Again' initiative as part of its tariffs talk with the White House.
Duckworth said she had earlier conversations with Hyundai Heavy Industries 'about them actually buying into U.S. shipyards on U.S. soil'.
This month, China formed the world's biggest shipbuilding company by merging two state-owned shipbuilders. The combined entity China State Shipbuilding Corporation produces Chinese navy's combat vessels from aircraft carriers to nuclear submarines. It commands 21.5% of global shipbuilding market.
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Trump tariffs live updates: Trade partners grow restless; retail earnings to put tariffs' impact in focus; Trump says semiconductor tariffs coming soon
Trump tariffs live updates: Trade partners grow restless; retail earnings to put tariffs' impact in focus; Trump says semiconductor tariffs coming soon

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Trump tariffs live updates: Trade partners grow restless; retail earnings to put tariffs' impact in focus; Trump says semiconductor tariffs coming soon

The US trade partners that believed they had worked out agreements with President Trump to avoid the harshest tariffs — such as the exemption for UK steel — are still waiting for their "deals" to be sealed, Bloomberg reports. And they're growing impatient as the tariffs' impact are beginning to have economic consequences. 'We're continuing to see damage — the bleeding hasn't stopped,' Japan's chief trade negotiator Ryosei Akazawa said Friday in a reference to the country's car industry. 'We want the US to sign the executive order as soon as possible.' In other news, several major retailers will report earnings in the coming week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). During Walmart's first-quarter earnings call, CEO Doug McMillon said the tariffs would result in higher prices, but didn't elaborate. A few days later, Trump posted to Truth Social that the company should "eat the tariffs" and not blame them for raising prices. This week's earnings reports should show how much Walmart and the other retailers have fared. On Friday, Trump said he would unveil tariffs on semiconductor imports over the next couple of weeks as he prepares to expand his tariff agenda to different sectors. "I'll be setting tariffs next week and the week after on ... chips — chips and semiconductors," he told reporters. Trump has already suggested he could set tariffs on chip imports around 100%. On Friday, he floated an even bigger number. "I'm going to have a rate that is going to be 200%, 300%," he said. The president has also promised duties on pharmaceutical imports in the near future. Tariffs have starting to show up in economic data for the first time in a significant way. Wholesale inflation surged in July, rising by its fastest pace in around three years and stunning market observers. So far, inflation data has shown little impact since Trump began rolling out sweeping duties in the spring. But as the tariffs become more engrained in the US economy, economists expect more data points to align with the Producer Price Index report — perhaps most notably in next month's Consumer Price Index. Earlier this month, Trump unveiled "reciprocal" tariffs on dozens of US trade partners (which you can see in the graphic below). The next negotiations to watch are Canada, Mexico, and China in the coming months. The tariffs are also facing legal limbo. Multiple challenges to Trump's tariffs are pending in US federal courts. The one garnering the most attention is a case heard by an appeals court in July. The Court could nullify or uphold the duties at any time. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. US trade partners still waiting on Trump to seal their 'deals' US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. Candidates at Iowa State Fair hear from voters about Trump tariffs (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. Tariffs' impact on Walmart, other retailers' earnings about to come into focus Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Trump's trade war not likely to cause recession, Moody's economist says Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Commerce department applies 50% steel, aluminum tariffs to more products (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. Consumers' inflation expectations rise amid Trump tariffs Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. US import prices rebound in July on higher consumer goods costs US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. Trump says semiconductor tariffs could reach 300% President Trump said Friday he is planning on unveiling tariffs on semiconductor imports over the next two weeks, hinting that those duties could reach as high as 300%. From Bloomberg: Read more here. 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These tariffs are bananas An interesting spot from this week's inflation data: Prices for the reliable, potassium-heavy banana have jumped to their highest price ever recorded. Banana prices peaked around $0.64 per pound in the post-COVID inflation wave and then went on a slow downward trajectory. That is, until April 2025, when President Trump announced his first wave of sweeping tariffs. Prices are now hovering near $0.66 per pound. As the Yale Budget Lab chief Ernie Tedeschi noted on X, the average tariff rate on banana imports went from virtually nothing to very much something as Trump imposed tariffs on most US trading partners. That's nuts! Tapestry forecasts annual profit below estimates on tariff pain Tapestry (TPR) stock fell 8% before the bell on Thursday after the Coach handbag maker forecast annual profit below estimates. The company cited higher costs due to tariffs that have hit its margins. Reuters reports: Read more here. Tariff confusion drives record volume at Los Angeles Port (Bloomberg) — The Port of Los Angeles said it handled the highest container volume in its 117-year history last month, as uncertainty over President Donald Trump's tariffs drives shippers to front-load cargoes. Already the busiest port in the country, LA moved more than 1 million twenty-foot equivalent units (TEUs) in July, an 8.5% increase from a year ago, the operator said on Wednesday. That includes containers entering and exiting its terminals, with loaded imports rising by a similar percentage to nearly 544,000 TEUs. The total volume handled was 14.2% higher than in June. Read more here. Pharma tariffs are likely weeks away, Reuters reports US tariffs on pharmaceutical imports are coming but not imminent, Reuters reported Wednesday, citing unnamed sources. Trump has previously warned duties on the drug industry could reach as much as 250%. Reuters reports: Read more here. Brazil's Lula announces $5.5 billion in credits for exporters hit by US tariffs Brazilinan President Luiz Inácio Lula da Silva has announced a plan that includes $5 billion in credit to help local exporters handle tariffs . Associated Press reports: Read more here. Swiss say tariffs could raise costs for US F-35A jets The original price of the 36 fighter jets Switzerland is buying from the United States could go up by more than $1 billion due to the impacts of tariffs. Reuters reports: Read more from Reuters here. AI boom could help manufacturers adapt to global tariff landscape Mark Bendeich of Reuters details how the confluence of supply chain disruption from Trump's tariff policy and the rise of AI software solutions is leading to increased innovation among manufacturers. Richard Howells, SAP vice president and supply chain specialist, emphasized that the uncertainty surrouding Trump's trade policy is driving the technology push. "That's how it was during the financial crisis, Brexit and COVID," Howells stated. "And it's what we're seeing now." Read more here. GE Appliances to invest over $3B in US, moving from China and Mexico GE Appliances will move production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states. AP News reports: Read more here. Bessent dismisses China investing in US as part of a trade deal Treasury Secretary Scott Bessent ruled out Chinese investments as part of a US trade deal. When asked if China would offer a multi-billion dollar pleadges like Japan, South Korea and the EU, Bessent said no. Bloomberg News reports: Read more here. US trade partners still waiting on Trump to seal their 'deals' US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. US trade partners that worked out exemptions to President Trump's tariffs — like the UK's deal to reduce tariffs on its steel to zero — are still waiting for the agreements to be finalized months later, Bloomberg reports, and are growing frustrated. Read more here. Candidates at Iowa State Fair hear from voters about Trump tariffs (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. (Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. Tariffs' impact on Walmart, other retailers' earnings about to come into focus Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Trump's trade war not likely to cause recession, Moody's economist says Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Commerce department applies 50% steel, aluminum tariffs to more products (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. (Reuters) -The Trump administration widened the reach of its 50% tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies. In a Federal Register notice late on Friday, the Commerce Department said the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States that identify the goods to be hit with the additional duties on the steel and aluminum content of those products. The non-steel and non-aluminum content will be subject to the tariff rates President Donald Trump has imposed on the goods originating from specific countries, the notice said. The levies on the goods on the expanded list go into effect on August 18. Read more here. Consumers' inflation expectations rise amid Trump tariffs Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. Inflation expectations rose from July to August, indicating that consumers remain uncertain about President Trump's trade policies. Year-ahead inflation expectations increased to 4.9% from 4.5% last month, according to the University of Michigan's survey of consumers. Long-run inflation expectations also rose to 3.9% in August from 3.4% in July. "Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," Joanne Hsu, the university's Surveys of Consumers director, wrote. "However, consumers continue to expect both inflation and unemployment to deteriorate in the future." Consumer sentiment also deteriorated month over month, falling for the first time in four months. The University of Michigan's Consumer Sentiment Index fell to 58.6 from 61.7 a month ago. Read more here. US import prices rebound in July on higher consumer goods costs US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here. Trump says semiconductor tariffs could reach 300% President Trump said Friday he is planning on unveiling tariffs on semiconductor imports over the next two weeks, hinting that those duties could reach as high as 300%. From Bloomberg: Read more here. President Trump said Friday he is planning on unveiling tariffs on semiconductor imports over the next two weeks, hinting that those duties could reach as high as 300%. From Bloomberg: Read more here. Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. China's economy lags in July under pressure from tariffs and a weak property market China's economy lagged in July as factory output and retails sales slowed and house prices dropped, according to data released on Friday. President Trump's tariffs have added to uncertainty on exports and are looming over the world's second-largest economy. Concerns linger despite Trump extending a pause in sharp hikes in import duties for 90 days, beginning Monday, following a 90-day pause that began in May. AP reports: Read more here. China's economy lagged in July as factory output and retails sales slowed and house prices dropped, according to data released on Friday. President Trump's tariffs have added to uncertainty on exports and are looming over the world's second-largest economy. Concerns linger despite Trump extending a pause in sharp hikes in import duties for 90 days, beginning Monday, following a 90-day pause that began in May. AP reports: Read more here. Taiwan lifts 2025 growth forecast, defying US tariff worries Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. These tariffs are bananas An interesting spot from this week's inflation data: Prices for the reliable, potassium-heavy banana have jumped to their highest price ever recorded. Banana prices peaked around $0.64 per pound in the post-COVID inflation wave and then went on a slow downward trajectory. That is, until April 2025, when President Trump announced his first wave of sweeping tariffs. Prices are now hovering near $0.66 per pound. As the Yale Budget Lab chief Ernie Tedeschi noted on X, the average tariff rate on banana imports went from virtually nothing to very much something as Trump imposed tariffs on most US trading partners. That's nuts! An interesting spot from this week's inflation data: Prices for the reliable, potassium-heavy banana have jumped to their highest price ever recorded. Banana prices peaked around $0.64 per pound in the post-COVID inflation wave and then went on a slow downward trajectory. That is, until April 2025, when President Trump announced his first wave of sweeping tariffs. Prices are now hovering near $0.66 per pound. As the Yale Budget Lab chief Ernie Tedeschi noted on X, the average tariff rate on banana imports went from virtually nothing to very much something as Trump imposed tariffs on most US trading partners. That's nuts! Tapestry forecasts annual profit below estimates on tariff pain Tapestry (TPR) stock fell 8% before the bell on Thursday after the Coach handbag maker forecast annual profit below estimates. The company cited higher costs due to tariffs that have hit its margins. Reuters reports: Read more here. Tapestry (TPR) stock fell 8% before the bell on Thursday after the Coach handbag maker forecast annual profit below estimates. The company cited higher costs due to tariffs that have hit its margins. Reuters reports: Read more here. Tariff confusion drives record volume at Los Angeles Port (Bloomberg) — The Port of Los Angeles said it handled the highest container volume in its 117-year history last month, as uncertainty over President Donald Trump's tariffs drives shippers to front-load cargoes. Already the busiest port in the country, LA moved more than 1 million twenty-foot equivalent units (TEUs) in July, an 8.5% increase from a year ago, the operator said on Wednesday. That includes containers entering and exiting its terminals, with loaded imports rising by a similar percentage to nearly 544,000 TEUs. The total volume handled was 14.2% higher than in June. Read more here. (Bloomberg) — The Port of Los Angeles said it handled the highest container volume in its 117-year history last month, as uncertainty over President Donald Trump's tariffs drives shippers to front-load cargoes. Already the busiest port in the country, LA moved more than 1 million twenty-foot equivalent units (TEUs) in July, an 8.5% increase from a year ago, the operator said on Wednesday. That includes containers entering and exiting its terminals, with loaded imports rising by a similar percentage to nearly 544,000 TEUs. The total volume handled was 14.2% higher than in June. Read more here. Pharma tariffs are likely weeks away, Reuters reports US tariffs on pharmaceutical imports are coming but not imminent, Reuters reported Wednesday, citing unnamed sources. Trump has previously warned duties on the drug industry could reach as much as 250%. Reuters reports: Read more here. US tariffs on pharmaceutical imports are coming but not imminent, Reuters reported Wednesday, citing unnamed sources. Trump has previously warned duties on the drug industry could reach as much as 250%. Reuters reports: Read more here. Brazil's Lula announces $5.5 billion in credits for exporters hit by US tariffs Brazilinan President Luiz Inácio Lula da Silva has announced a plan that includes $5 billion in credit to help local exporters handle tariffs . Associated Press reports: Read more here. Brazilinan President Luiz Inácio Lula da Silva has announced a plan that includes $5 billion in credit to help local exporters handle tariffs . Associated Press reports: Read more here. Swiss say tariffs could raise costs for US F-35A jets The original price of the 36 fighter jets Switzerland is buying from the United States could go up by more than $1 billion due to the impacts of tariffs. Reuters reports: Read more from Reuters here. The original price of the 36 fighter jets Switzerland is buying from the United States could go up by more than $1 billion due to the impacts of tariffs. Reuters reports: Read more from Reuters here. AI boom could help manufacturers adapt to global tariff landscape Mark Bendeich of Reuters details how the confluence of supply chain disruption from Trump's tariff policy and the rise of AI software solutions is leading to increased innovation among manufacturers. Richard Howells, SAP vice president and supply chain specialist, emphasized that the uncertainty surrouding Trump's trade policy is driving the technology push. "That's how it was during the financial crisis, Brexit and COVID," Howells stated. "And it's what we're seeing now." Read more here. Mark Bendeich of Reuters details how the confluence of supply chain disruption from Trump's tariff policy and the rise of AI software solutions is leading to increased innovation among manufacturers. Richard Howells, SAP vice president and supply chain specialist, emphasized that the uncertainty surrouding Trump's trade policy is driving the technology push. "That's how it was during the financial crisis, Brexit and COVID," Howells stated. "And it's what we're seeing now." Read more here. GE Appliances to invest over $3B in US, moving from China and Mexico GE Appliances will move production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states. AP News reports: Read more here. GE Appliances will move production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states. AP News reports: Read more here. Bessent dismisses China investing in US as part of a trade deal Treasury Secretary Scott Bessent ruled out Chinese investments as part of a US trade deal. When asked if China would offer a multi-billion dollar pleadges like Japan, South Korea and the EU, Bessent said no. Bloomberg News reports: Read more here. Treasury Secretary Scott Bessent ruled out Chinese investments as part of a US trade deal. When asked if China would offer a multi-billion dollar pleadges like Japan, South Korea and the EU, Bessent said no. Bloomberg News reports: Read more here. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

Top German diplomat criticizes China ahead of Japan, Indonesia visit
Top German diplomat criticizes China ahead of Japan, Indonesia visit

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Top German diplomat criticizes China ahead of Japan, Indonesia visit

German Foreign Minister Johann Wadephul, just ahead of a trip to Japan and Indonesia, criticized China on Sunday for its increasingly aggressive behaviour in the Taiwan Strait and the East and South China Seas. "Fundamental rules of our global coexistence are at stake here," he warned before his departure from the Hamburg Airport. This also has implications for Europe, he added. Germany is countering this by advocating for "an international order based on the strength of the rule of law and binding rules for all." Wadephul is scheduled to meet Japanese Prime Minister Shigeru Ishiba, Foreign Minister Takeshi Iwaya and several ministers responsible for economic affairs in Tokyo on Monday. A speech at a peace foundation is also planned. "Our freedom, our prosperity and our security—the goals that guide me as foreign minister—are not decided in Europe alone. They are decided especially in cooperation with strong partners worldwide," the minister said, explaining the purpose of his trip. Minister stresses importance of open sea routes "The Indo-Pacific is crucial in determining how secure the freedom of sea routes, global supply chains and, consequently, the economic development of the entire world remains," Wadephul said. This is of paramount importance for major exporting economies like Germany and Japan, as well as for emerging partners in the Association of Southeast Asian Nations (ASEAN), such as Indonesia, he said. Germany's foreign minister is set to visit Indonesia on Wednesday. He criticized China for challenging the economies of Germany and Japan with unfair and market-distorting trade practices. He also noted that US tariff policies are unsettling businesses in Europe and Asia. Germany, he said, is working with key partners like Japan and Indonesia to promote economic relations based on free trade, competition and fairness. Germany shares more with Japan than with almost any other country in the Indo-Pacific region, the minister added. "We are united by values and interests, and we face the same massive challenges that call our liberal way of life into question." Solve the daily Crossword

I'm a psychologist who coaches day traders. Here's why many fail and what I tell them to do instead
I'm a psychologist who coaches day traders. Here's why many fail and what I tell them to do instead

Yahoo

time13 hours ago

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I'm a psychologist who coaches day traders. Here's why many fail and what I tell them to do instead

Andrew Menaker is a psychologist who now coaches day traders on and off Wall Street. Menaker thinks many traders struggle for a common set of reasons, like having too big an ego. A day trader himself, he has a few tips for people — literally — trying to get in on the trade. This as-told-to essay is based on a conversation with Andrew Menaker, a psychologist and a day trading coach based in San Francisco. It has been edited for length and clarity. First of all, I had never, ever planned on becoming a trading psychology coach. In fact, many years ago, I never knew anything about markets. I think I had one econ class in undergrad. That was it. I actually started my career at the US Navy as an independent psychological consultant. My job was to work with agencies like the NCIS, the FBI, and the Secret Service and to help with things like threat assessments and hostage negotiations. I felt like an impostor, coming right out of grad school, but I seemed to be a natural for it. I got very lucky. Wells Fargo heard about my reputation in the Navy, and, after a post-doc internship with them, I was hired as a psychological consultant on their trading desk. Again, I felt like an impostor — no background in finance, brand new Ph.D. Here I am, green behind the ears. But the people at Wells Fargo saw something in me. My very first clients were institutional desk traders who were moving hundreds of millions of dollars at the push of a button. It was the first time I had been exposed to trading. After several years of consulting on Wall Street, I started trading on my own. It was the '90s in San Francisco during the dot-com bubble. Stocks were starting to race up. The market bug bit, and I thought, "Oh my gosh, this is something for me. I've got to do this for myself." Back in those days, all stocks were going up, so it was kind of easy. My brokerage account went from $25,000 to $150,000 over a six-month period, and I was featured in a book about my trading success. I still trade today. Now, I run my own coaching practice, where I work with traders of all sorts — Wall Street traders, prop traders, and even retail traders, some of whom are aiming to go full-time. People usually come to me with some kind of trading issue: "I can't follow my plan." "I'm having a hard time accepting losses." "I'm over-trading." What many people don't realize is that they're not just trading in a vacuum, whether they're on a bank desk or in a hedge fund or trading their own money. Your whole life comes with you into every trade, whether you consciously realize it or not. My job is to help people understand that. I call it trading your "inner market." It's comprised of biological influences — your sleep, your hormone levels — as well as your emotions — your thoughts, your memories, your experiences in life, how people see you, and how you want to be seen by others. When a trader understands how their inner market operates, they start to see the market on the screen differently. By default, I end up becoming a life coach for many of my clients. I'm helping them, not just with their trading, but with marriages, divorces, having children, all kinds of stuff. Here are some of the most common issues I see hold traders back — and what I recommend traders do instead. Big ego When I was featured in a book about my trading success, I was one of 16 top traders that was featured. That really puffed up my ego. But within weeks of that book coming out, my trading went downhill. I had the biggest drawdown of my career. I talk about this often with my clients. I call it the recognition trap. The fame and the pressure that comes with it can smell trouble for your performance, and that certainly happened to me. Some of my clients might know that their ego is too big. But it often requires somebody else — someone credible that they trust — to actually point it out to them. Too aggressive Around 70%-80% of my retail clients are too aggressive in taking risks. They tend to put on too many trades. They tend to be impulsive. They can't wait for the moment when their plan says they should be getting into the market. And, when they lose money, they want to make it back as quickly as possible. So they start revenge trading, which usually makes things worse. Too scared There are some clients who are very frozen-deer-in-the-headlights. I see this often when I work with traders who are software engineers. Their background is all about precision, black and white, right or wrong. Unless it's perfect, they're not going to want to pull the trigger. Well, markets are never perfect. They're kind of messy. So people who tend to be more on the risk-averse side, they tend to be the under-traders. Solutions Journaling. All traders should be keeping what I call a real-time emotion journal. Ask yourself questions while you're engaged with the market. What am I feeling right now? Why am I feeling this way? When I feel this way, what do I typically do? Write that out and answer it. Many traders get pulled into the market. They're staring at the screen and feel that they have no choice but to execute the trade. But you always have a choice. This type of reflection can help people recognize when they're under pressure. They don't have to hit the button so automatically. Regulate your nervous system. When you're feeling anxious, the limbic system will generate the flight, fight, or freeze response. We all have it. But that instinct often translates into hitting the button on your keyboard at the wrong time. If you can relax, the response won't be quite as extreme. You can downregulate your nervous system by tracking heart rate variability with a monitor. If you don't have that, you can simply take slow, long breaths when you're under pressure. Be aware of your health. When I take on a new client, I explore their physiology with them. What's your diet like? What's your exercise routine? How much sleep are you getting? All of that filters into how we see the market and how we interact with it. If you didn't sleep much last night, be really careful about putting on trades. I've seen it with myself and my clients. There's a correlation between sleep deprivation and sloppy trading. Are you a day trader and want to share your story? Reach out to this reporter at jsor@ Read the original article on Business Insider

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