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Business Wire
08-05-2025
- Business
- Business Wire
ACI Worldwide, Inc. Reports Financial Results for the
OMAHA, Neb.--(BUSINESS WIRE)-- ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, announced financial results today for the quarter ending March 31, 2025. "We are happy to report Q1 results that were again ahead of our expectations," said Thomas Warsop, president and CEO of ACI Worldwide. 'Our newly formed Payment Software segment, which is the combination of our former Bank and Merchant segments, grew revenue 42%. We continue to see strength in our Issuing and Acquiring solutions driven by large financial institutions' modernization efforts. Our Biller business was also strong with revenue up 11%.' Warsop continued, 'We had a strong start to the year and our financial position continues to improve. This strong start makes us even more confident in our full-year financial expectations. We remain focused on the execution of our strategy, delivering transformative software solutions that power intelligent payment orchestration in real time.' Q1 2025 FINANCIAL SUMMARY In Q1 2025, revenue was $395 million, up 25% from Q1 2024. Recurring revenue of $286 million grew 8% and represented 72% of total revenue in the quarter. Net income of $59 million compares to a net loss of $8 million in Q1 2024 and includes a $22 million after-tax gain on the sale of our minority interest in India-based Mindgate. Adjusted EBITDA in Q1 2025 was $94 million, up 95% from Q1 2024. Cash flow from operating activities in Q1 2025 was $78 million, versus $123 million in Q1 2024. Payment Software segment revenue grew 42% and segment-adjusted EBITDA increased 104% versus Q1 2024. Biller segment revenue grew 11% and segment-adjusted EBITDA increased 1% versus Q1 2024. ACI ended Q1 2025 with $230 million in cash on hand and a debt balance of $853 million, which represents a net debt leverage ratio of 1.2x adjusted EBITDA. Year to date, the company has repurchased 1 million shares for approximately $52 million in capital. The company has approximately $320 million remaining available on the share repurchase authorization. RAISING 2025 GUIDANCE Given our strong start to the year and to account for the impact of changes in foreign currency rates, we are raising our revenue guidance for the full year of 2025. We now expect revenue to be in the range of $1.690 billion to $1.720 billion. We continue to expect adjusted EBITDA to be in the range of $480 million to $495 million. For Q2 2025, we expect revenue to be between $375 million and $385 million and adjusted EBITDA of $55 million to $65 million. CONFERENCE CALL TO DISCUSS FINANCIAL RESULTS Today, management will host a conference call at 8:30 a.m. ET to discuss these results. Interested persons may access a real-time teleconference webcast at To join the live audio call, please dial +1 (800) 715-9871, provide your name, the conference name of ACI Worldwide, Inc. and conference ID 88945; alternatively, to reduce operator assisted delays joining the call, we invite you to register in advance by visiting This process will provide you with a unique passcode allowing you to join the call without operator assistance. About ACI Worldwide ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With nearly 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities. © Copyright ACI Worldwide, Inc. 2025. ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners. To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude significant transaction-related expenses, as well as other significant non-cash expenses such as depreciation, amortization, and stock-based compensation, that we believe are helpful in understanding our past financial performance and our future results. The presentation of these non-GAAP financial measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP. We believe that these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Certain non-GAAP measures include: Adjusted EBITDA: net income (loss) plus income tax expense (benefit), net interest income (expense), net other income (expense), depreciation, amortization and stock-based compensation, as well as significant transaction-related expenses. Adjusted EBITDA should be considered in addition to, rather than as a substitute for, net income (loss). Net Adjusted EBITDA Margin: Adjusted EBITDA divided by revenue net of pass-through interchange revenue. Net Adjusted EBITDA Margin should be considered in addition to, rather than as a substitute for, net income (loss). Diluted EPS adjusted for non-cash and significant transaction related items: diluted EPS plus tax effected significant transaction related items, amortization of acquired intangibles and software, and non-cash stock-based compensation. Diluted EPS adjusted for non-cash and significant transaction related items should be considered in addition to, rather than as a substitute for, diluted EPS. Recurring Revenue: revenue from software as a service and platform as a service fees and maintenance fees. Recurring revenue should be considered in addition to, rather than as a substitute for, total revenue. ARR: New annual recurring revenue expected to be generated from new accounts, new applications, and add-on sales bookings contracts signed in the period. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words or phrases such as 'believes,' 'will,' 'expects,' 'anticipates,' 'intends,' and words and phrases of similar impact. The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, but are not limited to: (i) we continue to see strength in our Issuing and Acquiring solutions driven by large financial institutions' modernization efforts, (ii) our financial position continues to improve, (iii) this strong start makes us even more confident in our full-year financial expectations, (iv) we remain focused on the execution of our strategy, delivering transformative software solutions that power intelligent payment orchestration in real time, and (v) Q2 2025 and full-year 2025 revenue and adjusted EBITDA financial guidance. All of the foregoing forward-looking statements are expressly qualified by the risk factors discussed in our filings with the Securities and Exchange Commission. Such factors include, but are not limited to, increased competition, business interruptions, cybersecurity incidents or failure of our information technology and communication systems, security breaches, our ability to attract and retain senior management personnel and skilled technical employees, future acquisitions, strategic partnerships and investments, divestitures and other restructuring activities, implementation and success of our strategy, impact if we convert some or all on-premise licenses from fixed-term to subscription model, anti-takeover provisions, exposure to credit or operating risks arising from certain payment funding methods, loss caused by theft or fraud, customer reluctance to switch to a new vendor, our ability to adequately defend our intellectual property, litigation, consent orders and other compliance agreements, our offshore software development activities, risks from operating internationally, including fluctuations in currency exchange rates, events in eastern Europe and the Middle East, adverse changes in the global economy, compliance of our products with applicable legislation, governmental regulations and industry standards, the complexity of our products and services and the risk that they may contain hidden defects, legal and business risks from artificial intelligence technology incorporated into our products, risks to our business from the use of artificial intelligence by our workforce, complex regulations applicable to our payments business, our compliance with privacy and cybersecurity regulations, compliance with requirements of the payment card networks and Nacha, exposure to unknown tax liabilities, changes in tax laws and regulations, consolidations and failures in the financial services industry, volatility in our stock price, demand for our products, failure to obtain renewals of customer contracts or to obtain such renewals on favorable terms, delay or cancellation of customer projects or inaccurate project completion estimates, changes in card association and debit network fees or products, impairment of our goodwill or intangible assets, the accuracy of management's backlog estimates, the cyclical nature of our revenue and earnings and the accuracy of forecasts due to the concentration of revenue-generating activity during the final weeks of each quarter, restrictions and other financial covenants in our debt agreements, our existing levels of debt, incurring additional debt, events outside of our control including natural disasters, wars, and outbreaks of disease, and revenues or revenue mix below expectations. For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements should review our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. ACI WORLDWIDE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in thousands, except per share amounts) Three Months Ended March 31, 2025 2024 Revenues Software as a service and platform as a service $ 237,083 $ 215,732 License 84,493 29,973 Maintenance 48,642 47,754 Services 24,347 22,560 Total revenues 394,565 316,019 Operating expenses Cost of revenue (1) 213,378 191,107 Research and development 38,908 34,993 Selling and marketing 32,186 26,750 General and administrative 27,592 26,000 Depreciation and amortization 23,985 27,609 Total operating expenses 336,049 306,459 Operating income 58,516 9,560 Other income (expense) Interest expense (14,683 ) (19,010 ) Interest income 4,064 4,009 Other, net 23,740 (2,025 ) Total other income (expense) 13,121 (17,026 ) Income (loss) before income taxes 71,637 (7,466 ) Income tax expense (benefit) 12,767 285 Net income (loss) $ 58,870 $ (7,751 ) Income (loss) per common share Basic $ 0.56 $ (0.07 ) Diluted $ 0.55 $ (0.07 ) Weighted average common shares outstanding Basic 105,350 106,799 Diluted 106,827 106,799 (1) The cost of revenue excludes charges for depreciation and amortization. Expand ACI WORLDWIDE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net income (loss) $ 58,870 $ (7,751 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Depreciation 3,156 3,631 Amortization 20,829 23,978 Amortization of operating lease right-of-use assets 2,435 2,568 Amortization of deferred debt issuance costs 650 936 Deferred income taxes (2,463 ) 1,006 Stock-based compensation expense 11,627 8,099 Gain on sale of equity investment (25,927 ) — Other (718 ) (1,311 ) Changes in operating assets and liabilities: Receivables 41,640 127,269 Accounts payable 7,479 (448 ) Accrued employee compensation (25,182 ) (26,453 ) Deferred revenue (4,648 ) 13,907 Other current and noncurrent assets and liabilities (9,527 ) (22,190 ) Net cash flows from operating activities 78,221 123,241 Cash flows from investing activities: Purchases of property and equipment (2,170 ) (3,208 ) Purchases of software and distribution rights (6,759 ) (14,582 ) Proceeds from sale of equity investment 46,021 — Net cash flows from investing activities 37,092 (17,790 ) Cash flows from financing activities: Proceeds from issuance of common stock 813 693 Proceeds from exercises of stock options 582 475 Repurchase of stock-based compensation awards for tax withholdings (7,070 ) (3,302 ) Repurchases of common stock (14,408 ) (62,515 ) Proceeds from revolving credit facility — 164,000 Repayment of revolving credit facility (70,000 ) (152,000 ) Proceeds from term portion of credit agreement — 500,000 Repayment of term portion of credit agreement (9,375 ) (529,073 ) Payments for debt issuance costs — (5,141 ) Payments on or proceeds from other debt, net (4,217 ) (2,694 ) Net increase (decrease) in settlement assets and liabilities 88,324 (18,933 ) Net cash flows from financing activities (15,351 ) (108,490 ) Effect of exchange rate fluctuations on cash 1,791 2,314 Net increase (decrease) in cash and cash equivalents 101,753 (725 ) Cash and cash equivalents, including settlement deposits, beginning of period 265,018 238,821 Cash and cash equivalents, including settlement deposits, end of period $ 366,771 $ 238,096 Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets Cash and cash equivalents $ 230,057 $ 183,393 Settlement deposits 136,714 54,703 Total cash and cash equivalents $ 366,771 $ 238,096 Expand Three Months Ended March 31, Adjusted EBITDA (millions) 2025 2024 Net income (loss) $ 58.9 $ (7.8 ) Plus: Income tax expense 12.8 0.3 Net interest expense 10.6 15.0 Net other (income) expense (23.7 ) 2.0 Depreciation expense 3.2 3.6 Amortization expense 20.8 24.0 Non-cash stock-based compensation expense 11.6 8.1 Adjusted EBITDA before significant transaction-related expenses $ 94.1 $ 45.2 Significant transaction-related expenses: Cost reduction strategies $ — $ 2.6 Other — 0.3 Adjusted EBITDA $ 94.1 $ 48.1 Revenue, net of interchange: Revenue $ 394.6 $ 316.0 Interchange 130.8 112.4 Revenue, net of interchange $ 263.8 $ 203.6 Net Adjusted EBITDA Margin 36 % 24 % Expand Three Months Ended March 31, Segment Information (millions) 2025 2024 Revenue Payment Software $ 200.7 $ 141.1 Biller 193.9 174.9 Total $ 394.6 $ 316.0 Recurring Revenue Payment Software $ 91.9 $ 88.6 Biller 193.8 174.9 Total $ 285.7 $ 263.5 Segment Adjusted EBITDA Payment Software $ 106.6 $ 52.3 Biller 30.9 30.7 Note: Amounts may not recalculate due to rounding. Expand Three Months Ended March 31, 2025 2024 EPS Impact of Non-cash and Significant Transaction-related Items (millions) EPS Impact $ in Millions (Net of Tax) EPS Impact $ in Millions (Net of Tax) GAAP net income (loss) $ 0.55 $ 58.9 $ (0.07 ) $ (7.8 ) Adjusted for: Gain on sale of equity investment (0.20 ) (21.7 ) — — Significant transaction-related expenses — — 0.02 2.2 Amortization of acquisition-related intangibles 0.04 4.1 0.06 6.4 Amortization of acquisition-related software 0.03 3.2 0.03 3.4 Non-cash stock-based compensation 0.09 9.2 0.06 6.2 Total adjustments $ (0.04 ) $ (5.2 ) $ 0.17 $ 18.2 Diluted EPS adjusted for non-cash and significant transaction-related items $ 0.51 $ 53.7 $ 0.10 $ 10.4 Expand Three Months Ended March 31, Recurring Revenue (millions) 2025 2024 SaaS and PaaS fees $ 237.1 $ 215.7 Maintenance fees 48.6 47.8 Recurring Revenue $ 285.7 $ 263.5 Expand New Bookings (millions) Three Months Ended March 31, TTM Ended March 31, 2025 2024 2025 2024 Annual recurring revenue (ARR) bookings $ 8.9 $ 6.4 $ 68.3 $ 68.4 License and services bookings 50.0 27.2 312.8 243.4 Note: Amounts may not recalculate due to rounding. 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Fox Sports
03-05-2025
- Sport
- Fox Sports
Padres look to prolong win streak, play the Pirates
Associated Press San Diego Padres (20-11, second in the NL West) vs. Pittsburgh Pirates (12-21, fifth in the NL Central) Pittsburgh; Saturday, 4:05 p.m. EDT PITCHING PROBABLES: Padres: Randy Vasquez (1-3, 4.28 ERA, 1.57 WHIP, 10 strikeouts); Pirates: Bailey Falter (1-3, 5.93 ERA, 1.35 WHIP, 22 strikeouts) BETMGM SPORTSBOOK LINE: Padres -119, Pirates +100; over/under is 9 runs BOTTOM LINE: The San Diego Padres look to keep a three-game win streak alive when they play the Pittsburgh Pirates. Pittsburgh is 12-21 overall and 7-10 in home games. The Pirates are 1-4 in games when they hit at least two home runs. San Diego has gone 6-7 in road games and 20-11 overall. Padres hitters have a collective .395 slugging percentage to rank 10th in the majors. The teams play Saturday for the second time this season. TOP PERFORMERS: Andrew McCutchen has six doubles, three home runs and 12 RBI while hitting .264 for the Pirates. Oneil Cruz is 11-for-40 with three doubles and three home runs over the last 10 games. Manny Machado has 10 doubles, two home runs and 13 RBI while hitting .278 for the Padres. Luis Arraez is 14-for-33 with two doubles, a triple and two home runs over the past 10 games. LAST 10 GAMES: Pirates: 4-6, .263 batting average, 5.07 ERA, outscored by 18 runs Padres: 5-5, .237 batting average, 3.17 ERA, outscored by one run INJURIES: Pirates: Justin Lawrence: 15-Day IL (elbow), Timothy Mayza: 60-Day IL (shoulder), Endy Rodriguez: 10-Day IL (finger), Jared Jones: 60-Day IL (elbow), Nick Gonzales: 10-Day IL (ankle), Spencer Horwitz: 10-Day IL (wrist), Johan Oviedo: 60-Day IL (elbow), Dauri Moreta: 60-Day IL (elbow) Padres: Fernando Tatis Jr.: day-to-day (forearm), Mason McCoy: 10-Day IL (finger), Bryan Hoeing: 60-Day IL (shoulder), Logan Gillaspie: 15-Day IL (oblique ), Jake Cronenworth: 10-Day IL (rib), Matt Waldron: 60-Day IL (oblique), Jackson Merrill: 10-Day IL (hamstring), Jhony Brito: 60-Day IL (forearm), Yu Darvish: 15-Day IL (elbow), Sean Reynolds: 15-Day IL (foot), Joe Musgrove: 60-Day IL (elbow) ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar. recommended
Associated Press
03-05-2025
- Sport
- Associated Press
Padres look to prolong win streak, play the Pirates
San Diego Padres (20-11, second in the NL West) vs. Pittsburgh Pirates (12-21, fifth in the NL Central) Pittsburgh; Saturday, 4:05 p.m. EDT PITCHING PROBABLES: Padres: Randy Vasquez (1-3, 4.28 ERA, 1.57 WHIP, 10 strikeouts); Pirates: Bailey Falter (1-3, 5.93 ERA, 1.35 WHIP, 22 strikeouts) BETMGM SPORTSBOOK LINE: Padres -119, Pirates +100; over/under is 9 runs BOTTOM LINE: The San Diego Padres look to keep a three-game win streak alive when they play the Pittsburgh Pirates. Pittsburgh is 12-21 overall and 7-10 in home games. The Pirates are 1-4 in games when they hit at least two home runs. San Diego has gone 6-7 in road games and 20-11 overall. Padres hitters have a collective .395 slugging percentage to rank 10th in the majors. The teams play Saturday for the second time this season. TOP PERFORMERS: Andrew McCutchen has six doubles, three home runs and 12 RBI while hitting .264 for the Pirates. Oneil Cruz is 11-for-40 with three doubles and three home runs over the last 10 games. Manny Machado has 10 doubles, two home runs and 13 RBI while hitting .278 for the Padres. Luis Arraez is 14-for-33 with two doubles, a triple and two home runs over the past 10 games. LAST 10 GAMES: Pirates: 4-6, .263 batting average, 5.07 ERA, outscored by 18 runs Padres: 5-5, .237 batting average, 3.17 ERA, outscored by one run INJURIES: Pirates: Justin Lawrence: 15-Day IL (elbow), Timothy Mayza: 60-Day IL (shoulder), Endy Rodriguez: 10-Day IL (finger), Jared Jones: 60-Day IL (elbow), Nick Gonzales: 10-Day IL (ankle), Spencer Horwitz: 10-Day IL (wrist), Johan Oviedo: 60-Day IL (elbow), Dauri Moreta: 60-Day IL (elbow) Padres: Fernando Tatis Jr.: day-to-day (forearm), Mason McCoy: 10-Day IL (finger), Bryan Hoeing: 60-Day IL (shoulder), Logan Gillaspie: 15-Day IL (oblique ), Jake Cronenworth: 10-Day IL (rib), Matt Waldron: 60-Day IL (oblique), Jackson Merrill: 10-Day IL (hamstring), Jhony Brito: 60-Day IL (forearm), Yu Darvish: 15-Day IL (elbow), Sean Reynolds: 15-Day IL (foot), Joe Musgrove: 60-Day IL (elbow) ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar.
Yahoo
03-05-2025
- Sport
- Yahoo
Padres look to prolong win streak, play the Pirates
San Diego Padres (20-11, second in the NL West) vs. Pittsburgh Pirates (12-21, fifth in the NL Central) Pittsburgh; Saturday, 4:05 p.m. EDT PITCHING PROBABLES: Padres: Randy Vasquez (1-3, 4.28 ERA, 1.57 WHIP, 10 strikeouts); Pirates: Bailey Falter (1-3, 5.93 ERA, 1.35 WHIP, 22 strikeouts) Advertisement BETMGM SPORTSBOOK LINE: Padres -119, Pirates +100; over/under is 9 runs BOTTOM LINE: The San Diego Padres look to keep a three-game win streak alive when they play the Pittsburgh Pirates. Pittsburgh is 12-21 overall and 7-10 in home games. The Pirates are 1-4 in games when they hit at least two home runs. San Diego has gone 6-7 in road games and 20-11 overall. Padres hitters have a collective .395 slugging percentage to rank 10th in the majors. The teams play Saturday for the second time this season. TOP PERFORMERS: Andrew McCutchen has six doubles, three home runs and 12 RBI while hitting .264 for the Pirates. Oneil Cruz is 11-for-40 with three doubles and three home runs over the last 10 games. Advertisement Manny Machado has 10 doubles, two home runs and 13 RBI while hitting .278 for the Padres. Luis Arraez is 14-for-33 with two doubles, a triple and two home runs over the past 10 games. LAST 10 GAMES: Pirates: 4-6, .263 batting average, 5.07 ERA, outscored by 18 runs Padres: 5-5, .237 batting average, 3.17 ERA, outscored by one run INJURIES: Pirates: Justin Lawrence: 15-Day IL (elbow), Timothy Mayza: 60-Day IL (shoulder), Endy Rodriguez: 10-Day IL (finger), Jared Jones: 60-Day IL (elbow), Nick Gonzales: 10-Day IL (ankle), Spencer Horwitz: 10-Day IL (wrist), Johan Oviedo: 60-Day IL (elbow), Dauri Moreta: 60-Day IL (elbow) Advertisement Padres: Fernando Tatis Jr.: day-to-day (forearm), Mason McCoy: 10-Day IL (finger), Bryan Hoeing: 60-Day IL (shoulder), Logan Gillaspie: 15-Day IL (oblique ), Jake Cronenworth: 10-Day IL (rib), Matt Waldron: 60-Day IL (oblique), Jackson Merrill: 10-Day IL (hamstring), Jhony Brito: 60-Day IL (forearm), Yu Darvish: 15-Day IL (elbow), Sean Reynolds: 15-Day IL (foot), Joe Musgrove: 60-Day IL (elbow) ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar.
CBS News
09-04-2025
- Business
- CBS News
Maryland lawmakers press for answers on how tariffs will impact Port of Baltimore
A group of Maryland lawmakers is pushing for answers about how the Trump administration's retaliatory tariffs will impact the Port of Baltimore. The group includes Reps. Kweisi Mfume and Johnny Olszewski and Sens. Chris Van Hollen and Angela Alsobrooks among others. In a letter to Secretary of Commerce Howard Lutnick, the group raised concerns about how the tariffs will affect major ports, industries, workers, and consumers. "We are especially concerned about the latest announcement on tariffs considering the economic consequences for the American consumer. These tariffs effectively serve as a sales tax on consumers, placing the burden of revenue raising on American families," the group said. Maryland data shows that the Port of Baltimore is one of the busiest port facilities in the U.S. The port brings in billions of dollars worth of goods like car parts and produce. "While White House trade adviser Peter Navarro stated recently that these tariffs are expected to raise about $600 billion a year in revenue, economists have clarified that the impact to consumers on spending will significantly reduce these revenue estimates. Instead, experts indicate these tariffs will raise prices for already-struggling consumers, trigger layoffs in industries with customers who rely on imports, and plunge our nation into a recession," the lawmakers added. The Port of Baltimore generates an estimated $3.3 billion in income and supports more than 154,500 direct and indirect jobs, according to data from the state of Maryland. The port also generates more than $395 million in taxes and $2.6 billion in business income. On April 2, President Trump announced reciprocal tariffs on about 90 countries starting at 10%. "Reciprocal. That means they do it to us, and we do it to them," Mr. Trump said. According to the president, the "Liberation Day" tariffs are necessary to erase a trade deficit between the U.S. and other nations. The tariffs should also increase American manufacturing, Mr. Trump said. Some nations are facing higher tariffs than others; for example, Vietnam is facing a 46% tariff, Switzerland is facing a 31% tariff, and India is facing a 27% tariff. The president said the monetary levies that each nation charges for U.S. imports helped determine the tariff rates, CBS News reported. On Wednesday, the U.S. increased the tariff on China to 104% after the nation retaliated to the initial 34% tariff with its own 34% fee on imported American products. The president also enacted a 25% tariff on imported auto parts and a 10% tariff on all automobiles. In their letter sent on April 7, lawmakers requested that Secretary Lutnick answer the following questions within 14 days:
