A Big Week for a Little-Known Trade Court
Plenty of attorneys get out of law school without ever even hearing about the institution called the Court of International Trade. It's about to have its biggest week ever.
A three-judge panel in the little-known Manhattan court will hear arguments this week on whether President Trump has the authority to impose his sweeping tariffs. The lawsuit was brought by New York-based wine importer V.O.S. Selections and four other small businesses who say he doesn't. Go deeper:
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"Tariffs Just Got Real": Americans Are Sharing Their Tariff Receipts, And These Are Brutal
May 12, President Trump reached a deal with China that cut tariffs on imported goods from the country from 145% to 30% for 90 days. But for companies that had to restock while the higher tariffs were in effect, like the open-source hardware retailer Adafruit, the costs of the highest tariffs are still being felt. In a blog post about its tariff bill, Adafruit wrote, "We'll have to increase the prices on some of these products, but we're not sure if people will be willing to pay the higher cost, so we may well be 'stuck' with unsellable inventory that we have already paid a large fee on." co-founder and president of Popsmith and Franklin's Popcorn also took to X to share how the tariffs are affecting his business: He went on to clarify that yes, the tariffs will cause higher prices. companies have announced layoffs related to the higher costs of doing business under Trump's tariffs. prices are also beginning to show up on store shelves. It can be harder to tie these increases directly to the tariffs because big American companies are currently not being very transparent about how these new import taxes are affecting prices. For example, this Target employee captured the moment they changed an imported 6-foot USB cable's price from $9.99 to $17.99 in mid-May, before the highest tariffs were paused. The timing would seem to line up with the tariffs' first round of effects, but there's nothing on the price tag to indicate why the price went up by so much so quickly. BuzzFeed has reached out to Target for comment, but they did not immediately respond to our request. 5.A Walmart employee also shared the price jump on an 8-ounce container of cocoa powder from $3.44 to $6.18. Walmart recently announced that it would be raising some prices due to the tariffs. If you work in retail, please pop into the comments and let us know what you're seeing in your store — and post pics if you've got 'em! Or, if you'd like to remain extra anonymous, email me. the other hand, some smaller brands, like the inclusive underwear company tomboyx, have started showing a tariff charge on their products. The company explained on its website, "The tariff surcharge helps us stay sustainable while we move quickly behind the scenes—developing new styles and expanding production to other countries. We're adapting fast, but building responsible manufacturing relationships takes a bit of time — and we refuse to compromise on the quality you expect from us." people genuinely appreciate the transparency: at the "old-fashioned" grocery store, this Iowa shopper noticed a wild price tag on a container of pre-cut imported fruit: prices are also creeping up. One restaurant owner told CBS News, "We're not importing fresh ingredients like vegetables, but everything else around it — spices, seasonings, even our beers. Now it's double. Who's going to pay $20 for a beer?" you've got kids who maaaybe do a little online shopping, you should probably talk to them about the tariffs to avoid any nasty surprises like what this parent discovered: if you're planning to buy any new shoes or clothing for the summer season, be warned: most of these products are manufactured in Asia. who are lucky enough to still have funding for their research are now facing higher prices on lab equipment: all of this is going on, many everyday shoppers are still asking, "Are 'import charges' the same thing as tariffs?" The answer is yes, yes they are. before you say "just buy American," there are many things that people and businesses rely on to survive that we do not (or in some cases, can not) make here. It could take years for manufacturing to gear up, and paying high prices in the meantime is a financial pain that few Americans are equipped to meet. Now it's time for Comment Corner. A few weeks ago, I shared some of the first tariff receipts making the rounds online, and members of the BuzzFeed Community joined the conversation to share where they've noticed the tariffs going into effect. Here's what they had to say: 15."Jasmine rice is usually imported from Thailand. Costco is already showing how tariffs affect consumers and hardworking citizens like me. In March 2025, a bag of jasmine rice cost $15.99 (25 lbs). April 2025: $17.99 (25 lbs). In the month of May, it already jumped to $25.73 (25 lbs)." —Anonymous, 41, Florida 16."I'm an assistant store manager at Skechers, and maybe a week ago, we were given updated/higher prices for EVERYTHING in our store — shoes, socks, backpacks, apparel, and even the cleaning supplies we have for your shoes!! I wish I was kidding when I say our three pack of quarter crew socks went from prices between $14.00, $16.00, and $18.00 (which was already, in my opinion, kinda pricey) to $20.00." "Other pairs of socks, including kids, ladies, and men, went up to $24.00!!! ALL of the shoes went up at least $20 or more. Certain styles were either already a pretty good deal or were kinda pricey, but honestly, who's going to pay $104.99 plus tax on a shoe when they know just two weeks ago that shoe was literally $84.99?" —Anonymous, 26, Central Arkansas 17."The cost of my home repairs is three times the amount previously quoted due to an increase in materials costs. I canceled all repairs unless absolutely needed. I'll just sell my house 'as is' or not at all. Someone quoted me $18k to put up a fence. Not going to happen." —Anonymous, 66, Florida 18."I own a small wedding company in California. I have noticed that people are opting for the less expensive package we offer, which is just elopements. Flowers for weddings are going sky high. People are just cutting way back and not having the wedding they've always dreamed of." —Anonymous 19."My contact lenses went from $750 last year to $1,248 this year. They updated the prices the week before my appointment, saying it was due to the tariff charges." —Anonymous, 35, North Dakota 20."I work for a patio furniture company. Two weeks ago, they started raising all of our prices up 40-70%, which is an incredible amount. We had a chaise lounge chair go from an already high of $1,000 to $1,600 while others doubled. I don't believe all these increases are due to tariffs. A lot of companies see an opportunity to raise prices on a product that wasn't necessarily hit that high simply because they can. We have no way of actually knowing if that product was really part of it." —Anonymous, 68 Port Saint Lucie, Florida 21."I was laid off from my job because of tariffs. When they called me in, they said that because they were an 80% import business, they were decreasing their staff by 25% because of the Trump tariffs. I was on track to be promoted next month." —Anonymous, 48, Los Angeles 22."I have a small business where all of my stock comes from overseas. There simply aren't any US-based producers. My suppliers started raising their prices in January due to 'expected tariffs,' and they're still rising. What cost me $3 a year ago now costs me $6.50. This is unsustainable for businesses and customers." —Anonymous, 47 Seattle, WA finally, "My partner and I were in the process of purchasing an apartment here in Spain (he is Spanish, I am American) when the bank rescinded our mortgage offer due to 'economic uncertainty in the global market caused by Trump's changing policies.' Even abroad, we can't escape the effects of all this." —Anonymous, 36, Spain Have you been charged a tariff fee or noticed prices going up on imported goods? Tell us all about it in the comments or via this anonymous form: 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
Yahoo
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Southeast Asia's tech startups are chasing the American dream
Southeast Asian tech startups are increasingly targeting the US market for growth and opportunity. Traditionally, startups from the area focused locally, but AI is driving a shift to the US. Founders are finding that a physical presence in the US has become a necessity as business grows. Yoeven Khemlani knew he wanted to build a product for engineers like him. The Singaporean's friends told him they were spending tons of time maintaining code, web scraping, and translating their work for different markets. In July 2024, he launched JigsawStack, a company to create small models that could automate those tasks. One country — not his own — quickly became the source of his customers. "We saw a huge uptake of users and realized a lot of the early-stage customers that we got were from the US," Khemlani said. JigsawStack, which raised $1.5 million in pre-seed rounds from the venture capital firm Antler's Southeast Asia fund in October and February, is part of a growing group of Southeast Asian startups building products for US-based customers, rather than those in their backyard. For these software startups, the US's rising isolationism isn't threatening their customer base — yet. But sweeping tariffs on China may push up the cost of hardware they need to import into the US, such as servers. "Traditionally, Southeast Asian startups honed in on local or regional markets to solve unique, homegrown challenges," said Jussi Salovaara, a cofounder of Antler who leads investments in Asia. The ride-hailing apps Grab and GoJek — two of the region's best-known startups, now publicly listed — are examples of how founders in the early 2010s built for local needs. "However, as the ecosystem matures, founders are now setting their sights on the US, encouraged by a blend of opportunity and necessity," Salovaara said, adding that he'd seen more of these US-focused startups in the past three years in Southeast Asia. Southeast Asia, a group of 11 countries east of the Indian subcontinent and south of China, has seen skyrocketing economic growth over the past decade. Since 2015, the region's GDP has climbed more than 62% to $4.12 trillion, boosted by a growing middle and upper class. Between 2015 and 2021, the number of venture capital deals within the region more than tripled to 1,800, PitchBook data shows. Activity peaked in 2021 — a similar pattern to startup funding globally. This embedded content is not available in your region. Despite the region's growth, more Southeast Asia startups are choosing to focus on building products for the US, not for those around them. Founders and business experts note that the American market is more concentrated, more mature, and less price sensitive, all of which make it an attractive playing ground for new entrants. Plus, the US is leading in artificial intelligence, the major driver of today's global tech industry. "We're in an AI-first world where currently the US is at the epicenter of driving groundbreaking advancements," said Shailendra Singh, a managing director with Peak XV, the VC firm previously known as Sequoia Capital India & Southeast Asia. "This," he added, "is why we put in a lot of focus and effort on building global go-to-market operating teams in the US." And American businesses are happy to have them. "SEA startups are often positioned to offer high-quality, cost-competitive solutions that can undercut US-based alternatives, making them appealing to American businesses in need of cost-effective innovation," Antler's Salovaara said. To be sure, the model isn't unique to Southeast Asia. Nataliya Wright, an entrepreneurship professor at Columbia Business School, researched startups founded from 2000 to 2015 for a forthcoming paper on scaling. She found that software startups from small countries in Europe, for instance, typically focused on the US from the get-go. Southeast Asian countries such as Thailand and Vietnam, however, are considered midsize markets, with populations in the tens of millions. Startups from midsize markets tended to start with a local focus, assuming there would be enough customers. "A US orientation," Wright told Business Insider, "would suggest a departure from that model." Working only within the region is tough. Southeast Asia is home to a huge diversity of languages, business practices, and household incomes. "You're spending five times more because you're entering five different markets," Khemlani, the JigsawStack founder, said about working in the region. The US and tech hubs like San Francisco allow startups to find an abundance of customers in one place, or at least in one country. "We don't have the resources to do two streams of marketing," Khemlani said. Having some American customers is good for fundraising, too, said Wright, the Columbia Business School professor. This is because of a bias called "foreign discounting" — VCs based in startup hubs such as Silicon Valley overlook or undervalue startups founded elsewhere, Wright said. When foreign startups show they have US customers, it helps cancel out that bias and could give them a leg up in future fundraising rounds. VCs say founders from the region have advantages. Singh, the Peak XV managing director, said Indian and Southeast Asian startups often have an underdog mindset. "They feel a startup in Silicon Valley is more polished and has better access to capital and talent, so they want to overcompensate by working harder, learning faster, and often they're understated and very hungry for success," he said. Realfast is a Singaporean Peak XV-backed startup that builds AI agents for IT systems. Its cofounder, Sidu Ponnappa, has found that the US is the deepest market for its product. "Everything from deal velocity to deal size operates at a completely different level in the US," Ponnappa said. "Can you do the same thing for other markets? Yes, but it's always lower margin." Guan Dian, who heads the Asia Pacific operations of Patsnap, a software maker for research and development projects that's backed by Vertex Ventures, said the company's founders always thought the US would be a priority market. While the startup has customers in 50 countries, more than half of its 5,000 customers are in the US. She said the company refined its branding to emphasize AI-powered features for industries such as biotech and advanced manufacturing, which dominate US patent filings. Cost consciousness among Southeast Asian customers is another reason founders are reaching abroad. "Southeast Asia is a little bit more price sensitive, and we tend to get a bit more into negotiation," Khemlani said. Cheaper labor means local customers try low-tech solutions or building themselves first, but that's starting to change as AI models get more complex and expensive, Khemlani said. Founders don't want to fully decamp to the US, though, thanks to the ease of doing business in places such as Singapore. For startups including Multiplier, an HR platform backed by Tiger Global and Peak XV, Singapore's strong geopolitical relations with virtually every country are a big advantage over the US. "We do business with China and Taiwan, we do business with India and Pakistan, we do business with America and China," said Sagar Khatri, Multiplier's CEO and cofounder. "We've evaluated time and time again: Should we move our headquarters to America? And the answer has always been no," Khatri said. The founders who spoke with BI also touted Singapore's tax policy — it doesn't tax capital gains — and government grants for tech companies. Some startups are splitting their people, moving one cofounder to the US while the other stays in Southeast Asia. For JigsawStack, being in the US is essential for networking. Khemlani, the founder, spent six months in the US last year and moved permanently this year to scale the startup. "You can't sell to the US when you're not there," he said. "Just going for an event or a hackathon in the US makes such a big difference in your sales." 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