Latest news with #Asian-made
Yahoo
14-05-2025
- Business
- Yahoo
Small business owner puts American-made products to test
(NewsNation) — With all the back-and-forth on tariffs, a small business owner decided to put American buyers to the test by launching an experiment to see whether or not they're willing to pay extra for American-made products as they say they are. Ramon van Meer, the owner of Austin, Texas-based Afina, which makes filtered shower heads, listed his products as either American-made or Asian-made, costing either $239 or $129, respectively. Van Meer found that out of the more than 25,000 website visitors, only 24 shoppers added the American-made product to their carts, but they did not buy it at all. Van Meer also found that 3,500 customers added the cheaper, Asian-made shower head to their cart, and more than 600 of them were sold. US cuts 'de minimis' tariff on low-value packages from China Van Meer joined 'NewsNation Now' on Wednesday and said the reason he wanted to experiment is that he and other small businesses are affected by tariff increases. When he saw the tariff increase jump to 50%, he wondered how he would be able to find manufacturers in the U.S. 'I wondered if people really were willing to pay that extra premium in order for me to even have a business,' Van Meer said. He said from the experiment, he was surprised and not surprised because he believes shoppers will favor good deals and want to pay as little as possible. 'I was not expecting that zero people would opt in for the made in the U.S.A. version,' Van Meer said. He added that in general, his American-made inventory doesn't sell much at all. Inflation cooled again last month as grocery and gas prices fell Van Meer said there are currently no factories in the country that make the specialty shower heads his company has, and that is what is causing a higher price difference. He said that after seeing how his experiment played out, he believes there is no option to find a solution in the U.S. 'Because the price difference was significant, I don't blame them either,' Van Meer said. 'I also think a lot of consumers understand that just because it's made in a different country doesn't mean it's less quality.' Van Meer said if everyone knew that some things are the same product and quality, business owners will opt in for what is more cost-efficient. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Winnipeg Free Press
02-05-2025
- Business
- Winnipeg Free Press
Tariffs take a chunk out of Manitoba businesses
Before her eyeglasses could jump from $200 to nearly $500 overnight, Kathy Tran-Riese made a tough decision: pause her Winnipeg company's shipments to the United States. For years, she's imported KayTran Eyewear frames from China before exporting to American customers. The Asian-made glasses are designed for people with low nose bridges. A wrecking ball is poised to hit Tran-Riese's supply chain: U.S. President Donald Trump signed an executive order to further change trade rules, opening all Chinese-origin exports to tariffs. RUTH BONNEVILLE / FREE PRESS Files Kathy Tran-Riese, founder of KayTran Eyewear, says she's had to stop shipments of eyewear to the U.S. as they'd jump from $200 to $500 because of U.S. tariffs on goods of Chinese origin. The de minimis exemption shielded Chinese-origin packages under $800 from a 145 per cent tariff Trump placed on Chinese imports. Trump said he'll remove the exemption on such goods today. It's unclear what tariff the products will face. Already, Manitoba brokerages have seen local e-commerce exports drop off. Roughly 11 per cent of the province's Canadian Federation of Independent Business members import items from China before shipping to the United States. 'I wanted to hold off and see what actually would occur,' Tran-Riese said. '(But) it does appear that something — we don't know how drastic it will be — will occur on May 2.' Earlier this week, she informed customers she'd halt U.S. shipments for the time being. The country accounts for roughly 45 per cent of her sales. Slapping on a 145 per cent duty would more than double the customer's cost. It's 'not fair' to them, Tran-Riese said. 'But at 145 per cent, it makes it impossible for any company to absorb it,' she added. 'They would essentially be losing money on every single (item) that they sold.' She's considered swallowing the duty, depending on what it is. She's looking for a way to get her glasses affordably to American customers, while questioning whether the U.S. is a viable market. 'This has just been … a wakeup call,' Tran-Riese said, adding she hopes to increase Canadian and European sales. Runnin' Red Transport has clocked a decrease in some freight during its travels across the Manitoba-North Dakota border. Shipments from exporters selling Chinese-made goods have 'pretty much stopped,' said Trevor Froese, company co-founder. He began Runnin' Red a decade ago. The company delivers Manitoba businesses' items to the U.S. and brings back Manitobans' U.S. orders. 'If their (exports are) made in China, then it's not going to happen anymore,' Froese said. He's watched some entrepreneurs — sellers on online platform Etsy, for example — close shop due to the rule change. GHY International, a Winnipeg-based brokerage, has tracked a decrease in ocean shipments from China to the U.S. 'We could see an issue if, all of a sudden, China and the U.S. come to some agreement,' said Chris Bachinski, GHY International co-chief executive. He forecasts an increase in container prices as demand surges and businesses look to ship. For now, cross-border semi traffic is down, per the Manitoba Trucking Association. 'Multiple months of this could be very … destructive,' executive director Aaron Dolyniuk said. A couple trucking companies have closed and layoffs have occurred, Dolyniuk said. He declined to name examples. JESSICA LEE / FREE PRESS FILES Trevor Froese, co-founder of Runnin' Red Transport, which has clocked a decrease in some freight during its travels across the Manitoba-North Dakota border. Manitoba is subject to U.S. tariffs of 25 per cent on its steel and aluminum exports, foreign auto contributions and goods not meeting the Canada-United States-Mexico Agreement on trade. Businesses also face Canada's 25 per cent retaliatory tariffs on $59.8 billion worth of goods. Even so, trade volumes have stayed 'very consistent' at GHY International, Bachinski said. 'We have a very resilient group of businesses that are finding ways to keep product moving.' Manitoba businesses might share the tariff cost with an American client, bear the brunt or fully pass it on, depending on the situation. Slowdowns were made up for in earlier months during a 'mad rush' to move product into the U.S. ahead of tariffs, Bachinski said. It's a rush Runnin' Red experienced. Farm equipment and horses were among the items doubling, sometimes tripling, their usual export volume in March. 'There was a lot of panic from some of our customers,' said Froese, who also operates Runnin' Red as a brokerage. Uncertainty and tariff costs continue to plague small businesses, said Tyler Slobogian, a CFIB senior policy analyst. The business advocate estimates firms' input costs will rise 3.5 per cent because of tariffs. Companies who relied on the de minimis exemption for their Chinese-made goods will look at raising prices or eating the surtax, Slobogian stated. 'With higher input costs, the question kind of remains … how much will (businesses) be forced to pass along?' The CFIB is advocating for provinces to reduce interprovincial trade barriers and provide tax relief. The Manitoba government allowed for payment deferrals of the retail sales tax and the health and post-secondary education tax levy, or the payroll tax, from February through April. It led to roughly $840 million of liquidity, a government news release reads. Monday Mornings The latest local business news and a lookahead to the coming week. 'It's welcome for businesses who are looking for some temporary cash flow,' Slobogian said. '(But) it's going to be difficult for many businesses to repay that … when it's due.' GHY International is notifying customers about money they can claim from Ottawa through a remission process, if the firm has been impacted by U.S. levies, Chinese import duties or Canada's countermeasures. Canada's Trade Commissioner Service launched a webpage and step-by-step guide to CUSMA compliance Thursday. Tran-Riese, from KayTran Eyewear, pointed to the 'Buy Canadian' sentiment as an environmental silver lining. It's likely a contributor to the decrease in packages flowing from the U.S. to Canada, added Froese from Runnin' Red. Gabrielle PichéReporter Gabrielle Piché reports on business for the Free Press. She interned at the Free Press and worked for its sister outlet, Canstar Community News, before entering the business beat in 2021. Read more about Gabrielle. Every piece of reporting Gabrielle produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
Yahoo
04-04-2025
- Business
- Yahoo
The Magnificent 7 stocks slide again and the Dow drops 1,400 points as China retaliates in trade war
The Magnificent 7 tech stocks all dropped as the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average opened sharply lower after China retaliated against new U.S. tariffs. Shares narrowed pre-market declines after March employment numbers came in better than expected. The S&P 500 index fell 4.3% as of late-morning Friday, with the Nasdaq Composite dropping 4.6% and the Dow Jones Industrial Average shedding 1,428 points, or 3.5% Equities markets had their worst day in five years on Thursday as the S&P 500 plunged 4.8%, the Nasdaq Composite plummeted 6%, and the Dow Jones Industrial Average shed 4% after President Donald Trump imposed tariffs that were more severe than expected. On Friday, Beijing imposed imposed 34% tariffs on all American goods, matching Trump's duties, and took other measures, including restricting exports of some rare earth materials and barring some U.S. companies from doing business in China. The European Union has yet to announce its retaliation. Trump said via social media on Friday that his 'POLICIES WILL NEVER CHANGE' after insisting on Thursday afternoon that 'it's going very well' and that 'the markets are going to boom' along with the country. Employers added 228,000 jobs in March on a seasonally adjusted basis, rising from a downwardly revised 117,000 in February and beating the average estimate of 130,00. The jobless rate nonetheless increased to 4.2% from 4.1%, and hourly wages increased 0.30%, both matching projections. One half of the Federal Reserve's dual mandate is maintaining full employment — the other half is controlling inflation — so better-than-expected employment growth may decrease the odds of it cutting interest rates. Economists have warned that the labor market could deteriorate quickly, however. Fed Chair Jerome Powell is scheduled to speak on the economic outlook at 11:25 a.m. EDT. Nvidia (NVDA) fell 4.3% and Apple (AAPL) dropped 2.7%. Declines in the other Mag 7 stocks were 3.7% for Meta (META), 3.9% for Amazon (AMZN), 5.6% for Tesla (TSLA), 2.3% for Microsoft (MSFT), and 1.5% for Google parent Alphabet (GOOGL). Shoe and garment makers extended their sell-off as they face tariffs on their Asian-made products. Nike (NKE) fell 4.5%, Lululemon (LULU) slid 4.9%, and Uggs-maker Deckers (DECK) declined 6.4%. Energy companies, including Exxon Mobil (XOM), Chevron (CVX), and ConocoPhillips (COP), declined on recession fears. For the latest news, Facebook, Twitter and Instagram.
Bloomberg
04-04-2025
- Business
- Bloomberg
Stock Movers: Apple, Nike, Wayfair
On this episode of Stock Movers: - Apple (APPL) shares dipped after the company lost over $300 billion yesterday, second largest drop in market cap for any company ever. The drop comes as the company has moved its supply chain away from China but to countries that face high tariffs. - Nike (NKE) is continuing its slide as shoe and garment makers extended their selloff as they face tariffs on their Asian-made products. Apparel and footwear companies that shifted manufacturing from China to avoid tariffs are now being targeted by Trump's tariffs on Vietnam, Cambodia, Indonesia, and Thailand. - Wayfair (W) shares are sliding 11% in premarket trading putting the stock on track to extend declines after Citi downgraded the online furniture retailer to neutral from buy. Analyst Ygal Arounian said President Donald Trump's tariff announcement 'created significant exposure' to the supplier base of Wayfair, and sees eBay as better positioned. - Stellantis (STLA) shares are lower after about 6,000 workers in Canada were idled by day 1 of US tariffs. It comes along with reports of 900 US jobs cuts and Fitch downgrading the company's debt from BBB+ to BBB.
