Oil rises on optimism about U.S.-China talks easing trade tensions
Oil prices climbed on Tuesday as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia's crude supply to China is set to dip slightly.
Brent crude futures rose 16 cents, or 0.2%, to $67.20 a barrel by 0849 GMT. U.S. West Texas Intermediate crude was up 14 cents, or 0.2%, at $65.43.
On Monday, Brent had risen to $67.19, the highest since April 28, buoyed by the prospect of a U.S.-China trade deal.
U.S.-China trade talks were set to continue for a second day in London as top officials aimed to ease tensions that have expanded from tariffs to rare earth curbs, risking global supply chain disruptions and slower growth.
"There's a sense of optimism around these trade talks, the market is waiting to see what this will produce and that is supporting prices," said Harry Tchilinguirian, group head of research at Onyx Capital Group.
Prices have recovered as demand concerns have faded with the trade talks between Washington and Beijing and a favourable U.S. jobs report, while there are risks to North American supply due to wildfires in Canada, Goldman Sachs analysts said.
U.S. President Donald Trump said on Monday that the talks with China were going well and he was "only getting good reports" from his team in London.
A trade deal between the U.S. and China could support the global economic outlook and boost demand for commodities including oil.
Saudi Arabia's state oil firm Saudi Aramco will ship about 47 million barrels to China in July, a tally of allocations to Chinese refiners showed, 1 million barrels less than June's allotted volume, Reuters reported.
"The Saudi allocations could be an early sign that OPEC+'s unwind may not actually mean that much additional supply," Tchilinguirian said. "After all these unwinds, one would have thought that we would be getting more from the country that can produce more."
OPEC+, which pumps about half of the world's oil and includes OPEC members and allies such as Russia, put forward plans for an increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers. It is set to unwind production cuts for the fourth straight month.
A Reuters survey found that OPEC oil output rose in May, although the increase was limited as Iraq pumped below target to compensate for earlier overproduction and Saudi Arabia and the United Arab Emirates made smaller hikes than allowed.
"The prospect of further hikes in OPEC supply continues to hang over the market," Daniel Hynes, senior commodity strategist at ANZ, said in a note.
Elsewhere, Iran said it would soon hand a counter-proposal for a nuclear deal to the U.S. in response to a U.S. offer that Tehran deems "unacceptable", while Trump made clear that the two sides remained at odds over whether the country would be allowed to continue enriching uranium on Iranian soil.
Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and any easing of U.S. sanctions on Iran would allow it to export more oil, weighing on global crude prices.
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23 minutes ago
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Trump tariffs live updates: Bessent suggests pause extension, US-China trade framework takes shape
Treasury Secretary Scott Bessent told Congress that it is "highly likely" that a pause related to steep new US tariffs on other countries will be extended for countries that are negotiating with the administration "in good faith." "There are 18 important trading partners — we are working toward deals on those — and it is highly likely that those countries that are ... negotiating in good faith, we will roll the date forward," Bessent said during testimony before the House Ways and Means Committee. On April 9, after President Trump's announcement of steep new tariffs across global trading partners roiled markets, Trump imposed a 90-day pause on the import taxes. The US continues to negotiate new trade deals with various countries, as well as the European Union. Earlier on Wednesday, US and China agreed to a framework and implementation plan to ease tariff and trade tensions on Tuesday. President Trump signaled his approval, saying the deal was "done" pending sign-off from him and Chinese President Xi Jinping. Trump and other US officials indicated the deal should resolve issues between the two countries on rare earths and magnets, though reports later indicated China would only loosen restrictions on rare earth mineral exports for a six-month period. Trump also said the US will allow Chinese students in US colleges, a sticking point that had emerged in the weeks following the countries' mid-May deal in Geneva. Trump said the US would impose a total of 55% tariffs on Chinese goods. Yahoo Finance's Ben Werschkul reports, citing a White House official, that Trump arrived at that figure by adding together an array of preexisting duties and not any new tariffs. Meanwhile, though Trump's most sweeping tariffs continue to face legal uncertainty, on Tuesday, the president received a favorable update. A federal appeals court held a decision saying his tariffs can temporarily stay in effect. The US Court of International Trade had blocked their implementation last month, deeming the method used to enact them "unlawful." 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. Treasury Secretary Scott Bessent told House lawmakers on Wednesday that the Trump administration may extend the 90-day tariff pause on some countries in order to continue trade negotiations. When asked if Americans should prepare for another "Liberation Day" on July 9, when the tariff pause ends for most countries, Bessent said that the administration may choose to move the deadline on 18 of the most important trading partners, so long as they make an effort to come to the negotiating table. "We are working toward deals on those, and it is highly likely that [for] those countries — or trading blocs, in the case of the EU — who are negotiating in good faith, we will roll the day forward to continue good faith negotiations," Bessent said (see video below). "If someone is not negotiating, then we will not." A recent report on the drastic decline of US ocean imports serves as an example of how President Trump's increased tariffs on China affected supply chains and several industries as ttalks continue. Reuters reports: Read more here. The Treasury Department says that the US government is successfully using tariffs to decrease the budget deficit by more than $30 billion, largely due to increased customs receipts. Reuters reports: Read more here. China will ease curbs on exports of rare earth minerals for six months as part of a new trade understanding with the US, according to The Wall Street Journal. The move could add more uncertainty for American manufacturers, particularly the auto industry, which has been pushing for easier access. The Journal notes that the move gives China leverage down the line if tensions ratchet back up. From the report: In celebrating the agreement early Wednesday, President Trump noted "any necessary rare earths will be supplied, up front, by China." He did not mention any time limit on loosening those restrictions. Treasury Secretary Scott Bessent, in testimony before Congress on Wednesday, painted Wednesday's agreement as an incremental step on the longer road to a more comprehensive trade deal. "A trade deal today or last night was for a specific goal, and it will be a much longer process," he told a House committee. When asked if current US tariff levels on Chinese imports would not change again, Commerce Secretary Howard Lutnick told CNBC, "You can definitely say that." "We're in a great place with China," Lutnick said Wednesday. While the US-China truce framework is awaiting final word from US President Trump and Chinese President Xi Jinping, Lutnick added, "Both sides are really positive." The agreement is largely viewed as reestablishing the "handshake" that US and Chinese officials reached in Geneva last month, as details on a larger trade pact remain scant. Trump posted on social media this morning that the US has imposed 55% tariffs on China, a number that does not include any new tariffs but instead comprises some preexisting tariffs, Trump's fentanyl tariffs, and 10% "Liberation Day" tariffs. Lutnick touted that, as a result of the two-day talks, the US will gain access to rare earths and magnets, while the Chinese delegation sought to remove the US's export controls. He added that the trade deficit remains an ongoing issue, stating, "We're going to examine how China can do more business with us." May's Consumer Price Index (CPI) report showed inflation pressures eased on a monthly basis despite investor concerns that President Trump's tariffs would accelerate the pace of price increases. The Consumer Price Index (CPI) increased 0.1% on a monthly basis in May and 2.4% on an annual basis, a slight uptick from April's 2.3% gain. Yahoo Finance's Allie Canal reports: Read more here. I would keep an eye on consumer names off the news of a trade deal with China floated by President Trump this morning (see our prior post below). Seeing upticks premarket in heavily China-exposed retailers such as Nike (NKE), Walmart (WMT), Target (TGT), and Abercrombie & Fitch (ANF). The premarket gains here aren't mind-blowing in part because tariffs appear to still be in place. Trump posted on Truth Social: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!" A variety of market observers quickly weighed in hours after Tuesday evening's unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction. The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer." Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled. Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services. Read more here. Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now 'show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.' Bloomberg News reports: Read more here. Reuters reports: Read more here. Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters. Reuters reports: Read more here. Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report. Reuters reports: Read more here. Reuters reports: Read more here. Reuters reports: Read more here. A federal appeals could said on Tuesday that President Trump's sweeping tariffs can continue for now. This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 'Now we can go forward to try to do positive trade, growing trade,' he said. As part of the deal, Beijing has promised to speed up shipments of rare earth metals, a crucial component for global auto and defense industries. Washington will ease export controls. This marks the first sign of movement on key issues. The proposal will now be presented to President Trump and China's Xi. Still, the discussions also did little to resolve a long-standing issue: China's trade surplus with the US. 'Markets will likely welcome the shift from confrontation to coordination,' said Charu Chanana, chief investment strategist at Saxo Markets. 'We're not out of the woods yet — it's up to Trump and Xi to approve and enforce the deal.' The meeting was set up after a phone call between the two leaders, following weeks of each side accusing the other of breaking the Geneva commitments. Both countries had used chips, rare earths, student visas and ethane as bargaining tools. Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Treasury Secretary Scott Bessent told House lawmakers on Wednesday that the Trump administration may extend the 90-day tariff pause on some countries in order to continue trade negotiations. When asked if Americans should prepare for another "Liberation Day" on July 9, when the tariff pause ends for most countries, Bessent said that the administration may choose to move the deadline on 18 of the most important trading partners, so long as they make an effort to come to the negotiating table. "We are working toward deals on those, and it is highly likely that [for] those countries — or trading blocs, in the case of the EU — who are negotiating in good faith, we will roll the day forward to continue good faith negotiations," Bessent said (see video below). "If someone is not negotiating, then we will not." A recent report on the drastic decline of US ocean imports serves as an example of how President Trump's increased tariffs on China affected supply chains and several industries as ttalks continue. Reuters reports: Read more here. The Treasury Department says that the US government is successfully using tariffs to decrease the budget deficit by more than $30 billion, largely due to increased customs receipts. Reuters reports: Read more here. China will ease curbs on exports of rare earth minerals for six months as part of a new trade understanding with the US, according to The Wall Street Journal. The move could add more uncertainty for American manufacturers, particularly the auto industry, which has been pushing for easier access. The Journal notes that the move gives China leverage down the line if tensions ratchet back up. From the report: In celebrating the agreement early Wednesday, President Trump noted "any necessary rare earths will be supplied, up front, by China." He did not mention any time limit on loosening those restrictions. Treasury Secretary Scott Bessent, in testimony before Congress on Wednesday, painted Wednesday's agreement as an incremental step on the longer road to a more comprehensive trade deal. "A trade deal today or last night was for a specific goal, and it will be a much longer process," he told a House committee. When asked if current US tariff levels on Chinese imports would not change again, Commerce Secretary Howard Lutnick told CNBC, "You can definitely say that." "We're in a great place with China," Lutnick said Wednesday. While the US-China truce framework is awaiting final word from US President Trump and Chinese President Xi Jinping, Lutnick added, "Both sides are really positive." The agreement is largely viewed as reestablishing the "handshake" that US and Chinese officials reached in Geneva last month, as details on a larger trade pact remain scant. Trump posted on social media this morning that the US has imposed 55% tariffs on China, a number that does not include any new tariffs but instead comprises some preexisting tariffs, Trump's fentanyl tariffs, and 10% "Liberation Day" tariffs. Lutnick touted that, as a result of the two-day talks, the US will gain access to rare earths and magnets, while the Chinese delegation sought to remove the US's export controls. He added that the trade deficit remains an ongoing issue, stating, "We're going to examine how China can do more business with us." May's Consumer Price Index (CPI) report showed inflation pressures eased on a monthly basis despite investor concerns that President Trump's tariffs would accelerate the pace of price increases. The Consumer Price Index (CPI) increased 0.1% on a monthly basis in May and 2.4% on an annual basis, a slight uptick from April's 2.3% gain. Yahoo Finance's Allie Canal reports: Read more here. I would keep an eye on consumer names off the news of a trade deal with China floated by President Trump this morning (see our prior post below). Seeing upticks premarket in heavily China-exposed retailers such as Nike (NKE), Walmart (WMT), Target (TGT), and Abercrombie & Fitch (ANF). The premarket gains here aren't mind-blowing in part because tariffs appear to still be in place. Trump posted on Truth Social: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!" A variety of market observers quickly weighed in hours after Tuesday evening's unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction. The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer." Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled. Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services. Read more here. Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now 'show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.' Bloomberg News reports: Read more here. Reuters reports: Read more here. Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters. Reuters reports: Read more here. Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report. Reuters reports: Read more here. Reuters reports: Read more here. Reuters reports: Read more here. A federal appeals could said on Tuesday that President Trump's sweeping tariffs can continue for now. This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 'Now we can go forward to try to do positive trade, growing trade,' he said. As part of the deal, Beijing has promised to speed up shipments of rare earth metals, a crucial component for global auto and defense industries. Washington will ease export controls. This marks the first sign of movement on key issues. The proposal will now be presented to President Trump and China's Xi. Still, the discussions also did little to resolve a long-standing issue: China's trade surplus with the US. 'Markets will likely welcome the shift from confrontation to coordination,' said Charu Chanana, chief investment strategist at Saxo Markets. 'We're not out of the woods yet — it's up to Trump and Xi to approve and enforce the deal.' The meeting was set up after a phone call between the two leaders, following weeks of each side accusing the other of breaking the Geneva commitments. Both countries had used chips, rare earths, student visas and ethane as bargaining tools. Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Sign in to access your portfolio
Yahoo
24 minutes ago
- Yahoo
France Moves to Curb ‘Ultra-fast' Fashion With Bill Targeting Shein and Temu
PARIS — As major brands scale back their sustainability initiatives, France is pressing ahead with legislation aimed at reining in 'ultra-fast fashion' platforms such as Shein and Temu, known for their extremely low-cost clothing. The bill, introduced by Anne-Cécile Violland, a member of parliament from the Horizons party, passed the Senate one year after clearing the lower house of the French Assembly. More from WWD Inditex Sales Slow as Economic Headwinds Hit the High Street Rebag Expands Access to Pre-loved Luxury Goods With New Amazon Collaboration Designer Vincent Van Duysen Opens Antwerp Home for Zara Home+ 4th Collection The unusually long gap between votes led to some watering down of the original provisions, exempting traditional fast-fashion players such as H&M, Primark, and Inditex-owned Zara. 'It's a relief that it moved forward, but there has been a shift in the goal of the legislation that it is now specifically targeting what is called 'ultra-fast fashion,'' said Pierre Condamine, spokesperson for the Anti Fast Fashion Coalition, an umbrella group of 11 environmental organizations in France. Earlier drafts had adopted a broader definition of fast fashion that included Europe-based brands. 'There is sort of a shift in what was supposed to be an environmental legislation, with the objective to shift the whole sector towards sustainable practices, while now it's sort of becoming a protectionist text,' he told WWD. The revised bill targets ultra-fast fashion directly, proposing a tax on small parcels shipped from outside the EU ranging from 2 to 4 euros per package. The fee is intended to slow the influx of packages from Chinese platforms to France, in a move reminiscent of the U.S. ending its de minimis exemption. Shein and Temu together shipped 800 million packages to France in 2024 — more than half of all parcels sent to the country. The French government will first notify the European Commission, as several measures, including a total advertising ban on ultra-fast-fashion platforms, require approval at the EU level. This process could take up to three months before the bill goes to the Assembly and Senate joint committee for resolution, likely in the fall in late September or October. Several key provisions may face scrutiny in Brussels, including the parcel fee, which could conflict with the European Commission's plan for a bloc-wide fee by 2028, and the proposed national advertising ban. Although Shein is registered in Singapore, its European headquarters in Ireland could present a legal loophole. As it stands, the bill mandates eco-contributions from fashion companies based on a 'bonus-malus' system — rewarding sustainable practices and penalizing environmental harm. Penalties could rise to 10 euros per item by 2030, though the methodology for valuing items has yet to be defined. The bill would also eliminate tax advantages for 'donating' unsold stock by ultra-fast-fashion brands, which are not permitted to destroy unsold items under an anti-waste law passed in 2020. A critical element of the bill is its specific definition of 'ultra-fast' or 'ultra-express' fashion. This distinction leaves out more traditional fast-fashion companies that have a retail presence like H&M, Primark and Zara. By differentiating between ultra-fast platforms and fast-fashion brands with physical retail locations, the legislation potentially creates a loophole for companies headquartered in Europe — Sweden, Ireland and Spain respectively — even though their production relies heavily on low-wage countries like China, India and Bangladesh via subcontractors and diffuse supply chains. The original bill passed by the Assembly featured the broader definition, but companies lobbied intensively over the past year for the narrower language, arguing that they contribute to local employment. Senator Sylvie Valente Le Hir of Les Républicains, who ushered the bill through the Senate, highlighted its targeted approach: 'We have drawn a clear line between those we want to regulate — ultra-express fashion — and those we want to preserve, accessible but rooted fashion, which employs in France, which structures our territories, which creates links and supports a local economic fabric,' she said. The industry group La Fédération Française du Prêt à Porter Féminin praised the bill as a 'step forward' in tackling ultra-fast fashion. 'It formalizes the long-standing collective commitment of many stakeholders to defend a fashion industry that respects workers, consumers, citizens, French businesses, and the planet,' the organization said in a statement. However, Condamine noted that while large global fast-fashion retailers remain profitable – Zara's parent company Inditex reported sales were up 4.2 percent in constant-currency in the first quarter on Wednesday — French high street brands like Camaieu and NafNaf have entered administration, and independent stores continue to shutter. 'The economic crisis in the clothing industry in France, it started way before Shein,' Condamine said. 'It started when fast fashion — Zara, H&M, Primark — arrived. Now they are saying if they're targeted, it will be a catastrophe [for jobs]. But they're doing great economically, and they're part of the problem.' Some lawmakers described the bill as a 'strong first signal' and indicated that fast fashion as a whole — including the European players with physical presence — could face future regulation due to unsustainable business practices. On the other hand, critics — chiefly Shein — have said the legislation punishes cost-conscious consumers and lower-income households. The company, which markets itself under the slogan 'Fashion is a right, not a privilege,' has staged events in French cities like Béziers. On Sunday, its director of government relations, Fabrice Layer, held a presentation in front of the southeastern town's city hall to rally public support for the company. 'We ultimately find ourselves with a law that is not only anti-Shein, but anti-Shein customer,' Quentin Ruffat, Shein's spokesperson in France, told AFP. 'This law, if passed, will directly penalize our customers' wallets and drastically reduce their purchasing power.' The company has also accused France's fashion establishment of protecting legacy brands and says it will continue lobbying to amend the bill further. Shein representatives did not respond to requests for comment. New research from l'Institut Français de la Mode (IFM) shows that in the first quarter of 2025, Amazon, Shein and Temu together accounted for 24 percent of online apparel sales by value, representing 7 percent of total apparel consumption across all channels. Online sales made up 29.4 percent of apparel purchases by value, including the online stores of traditional retailers. Best of WWD Walmart Calls California Waste Dumping Lawsuit 'Unjustified' Year in Review: Sustainability's Biggest Controversies of 2021 Year in Review: Sustainability's New Strides
Yahoo
24 minutes ago
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Consumer Reports urges Congress to drop electric vehicle tax proposal
By David Shepardson WASHINGTON (Reuters) -An influential consumer organization on Wednesday urged Republican lawmakers to drop a plan to impose a proposed $250 annual fee on electric cars to pay for road repairs. Consumer Reports, which also tests and rates new vehicles, noted that Republican Senator Bernie Moreno has called for boosting the proposed yearly fee to $500 for EVs and $250 for plug-in hybrids versus the tax and budget bill over the fee in the bill approved by the U.S. House in May. WHY IT'S IMPORTANT The fees would mean consumers would pay anywhere from three to seven times as much as owners of similar conventional gasoline vehicles in federal gas taxes, Consumer Reports said. The new fees could hit Tesla, GM other EV owners. KEY QUOTES Chris Harto, senior policy analyst at Consumer Reports said the EV fees were "punitive taxes designed to confiscate fuel savings from consumers who just want to save money for their families." CONTEXT Lawmakers in April dropped a $20 federal yearly registration fee on all vehicles starting in 2031 to fund road repairs. The U.S. House bill would end a $7,500 tax credit for new EVs for most automakers by Dec. 31, end a $4,000 used car EV tax credit, repeal vehicle emissions rules and kill an Energy Department loan program that supports the manufacture of green advanced technology vehicles. It would also phase out EV battery production tax credits in 2028. Ford said the bill's provision to eliminate EV battery production using Chinese technology threatens the automaker's projected $3 billion investment in a Marshall, Michigan, plant that is 60% complete and slated to employ 1,700 workers. On Thursday, President Donald Trump will sign three resolutions approved by lawmakers barring California's electric vehicle sales mandates and diesel engine rules, auto industry and House aides told Reuters.
