Latest news with #BuildingtheFuture
Sharjah 24
26-05-2025
- Business
- Sharjah 24
SZHP approves 14,000 housing decisions, eyes one-day processing
Future plans for one-day housing decisions Eng. Mohamed Al Mansoori, Director General of the Sheikh Zayed Housing Programme, affirmed in statements to the Emirates News Agency (WAM) on the sidelines of the first edition of the Forbes Middle East "Building the Future" Summit in Abu Dhabi, that in line with the directives of the wise leadership, the programme is working on future plans aiming to issue housing decisions within a single day and link them directly to budgets. Proactive housing decisions for newly married citizens Additionally, he said the programme is studying a mechanism to issue proactive housing decisions for citizens without the need to apply—immediately upon marriage—in a way that meets the aspirations of the Emirati people and enhances social welfare and family stability in society. Cooperation with private sector and reduced waiting lists Al Mansoori added that the Sheikh Zayed Housing Programme has made significant strides in recent years through innovative financing policies in cooperation with the private sector, whose participation in funding housing decisions exceeded 70%. Furthermore, the homeownership rate among citizens has reached 91%, one of the highest globally, and the waiting list for housing decisions has been reduced by more than 95%. Ongoing efforts to enhance government housing The Sheikh Zayed Housing Programme continues its efforts to anticipate the future of government housing in the UAE and to seek out future solutions and needs in cooperation with relevant authorities in both the public and private sectors through initiatives, plans, and facilitation measures that ensure a decent standard of living for citizens.
Int'l Business Times
23-05-2025
- Business
- Int'l Business Times
Trump Official Insists 'There Is No Pain' From Tariffs. His Audience Immediately Calls Him Out
U.S. Commerce Secretary Howard Lutnick claimed at a recent event that President Donald Trump's tariffs have not impacted consumers, but audience members quickly challenged him for spreading the administration's false narrative. "Seriously, for the month of May, every product in the world got 10% on it—right now with no exceptions, no exclusions," the billionaire-turned-politician claimed during a conversation with Mike Allen at Axios' "Building the Future" event in Washington on Wednesday. "Do any of you feel anything? Because I want you to understand in the month of May, the United States of America is going to take in $35 billion towards our deficit of tariff revenue in the month of May," Lutnick continued in a clip circulating on X. "It's not that the tariff is coming; it's on. Have any of you felt any of it? Seriously?" he prompted. "Yes," audience members quickly responded. Lutnick, meanwhile, looked on in silence. "I've never seen a more delicious ratio owning by an audience than the one at the Axios Town Hall," one X user wrote. Throughout the interview, Lutnick touted upcoming international trade deals he claimed would be finalized by mid-summer, while insisting that retail prices would remain unaffected, Axios reported. Contrary to Lutnick's repeated assertion, S&P Global reported early data indicated "the overall rise in prices charged for goods and services in May was the steepest since August 2022, which is indicative of consumer price inflation moving sharply higher." Originally published on Latin Times
Yahoo
23-05-2025
- Business
- Yahoo
Trump Commerce boss gets put on blast with ‘no pain' tariff claim
People aren't buying U.S. Commerce Secretary Howard Lutnick's assertion that the Trump administration's tariffs cause no financial pain. During a live interview with Axios's Mike Allen at the Building the Future event in Washington this week, Lutnick claimed that no one is feeling any pain right now from the tariffs. 'You go to the store now, are you feeling the pain of tariffs? No! Why not? Because there is no pain,' Lutnick said. He then asked the crowd if they felt any pain because of the tariffs. 'Yes!' some audience members fired back as silence fell throughout the room. Trump has been a longtime supporter of tariffs, believing they would help increase tax revenue, boost the growth of the U.S. economy, and increase manufacturing jobs throughout the country. 'The most beautiful word in the dictionary is tariff,' Trump told the Economic Club of Chicago in 2024. 'It's my favorite word.' On April 2, Trump announced he was slapping more than 100 countries worldwide with the trade levies. In the weeks following that announcement, however, Trump and his administration have walked back and cut tariffs. This month, the administration announced it would cut its tariffs imposed on China from 145% to 30% for a temporary period, according to the New York Times. China, in response, would lower its import duty on American goods from 125% to 10%, the New York Times reported. During the Axios interview, Lutnick told the crowd that Trump felt 'horrible' about the impacts of the China tariffs but said they were necessary. 'You can't fix things in a day,' Lutnick said. 'But I would expect that prices in America would be unaffected.' Lutnick's claim about prices runs counter to corporations that have warned they will have to raise prices because of the tariffs. Walmart's Chief Financial Officer John David Rainey told CNBC in an interview that Trump's tariffs are still too high and that price hikes are likely to happen towards the end of the month. 'I'm concerned that [the] consumer is going to start seeing higher prices,' Rainey said. 'You'll begin to see that, likely towards the tail end of this month, and then certainly much more in June.' Walmart CEO Doug McMillon said in an earnings call on Thursday that tariffs on China are raising the costs of electronics and toys, according to CNN. He added that some food costs are also going up because of tariffs on Costa Rica, Peru and Colombia. 'We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins,' McMillon said. 'Even at the reduced levels, the higher tariffs will result in higher prices.' In response to these comments, Trump wrote on Truth Social, telling Walmart to 'EAT THE TARIFFS,' saying that the company should not blame tariffs for rising prices. 'Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,' Trump wrote. 'Walmart made BILLIONS OF DOLLARS last year, far more than expected.' Trump is continuing to threaten tariffs on companies and nations. On Friday, the president threatened Apple with a 25% tariff unless it starts making iPhones in the United States. 'I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,' Trump wrote Friday morning on Truth Social. 'If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.' Trump also recommended on Friday a 50% tariff on the European Union that would go into effect on June 1, citing stalled talks between the U.S. and the EU as the reason for the tariffs. " Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025," Trump wrote on Truth Social. 'There is no Tariff if the product is built or manufactured in the United States.' Trump threatens Apple with 25% tariff if it doesn't make iPhones in the US 'Unlawful and unwarranted': Harvard opens 2nd lawsuit against the Trump admin Mass. Senate passes dramatic liquor license overhaul. Will the House pass it? MASS.-ive Impact: What Trump's 'Big, Beautiful Bill' means to you | John L. Micek 'Deeply scary': Legal experts reel over Trump's 'brazen act' against Harvard Read the original article on MassLive.
Miami Herald
23-05-2025
- Business
- Miami Herald
Crowd's Response to Howard Lutnick's Price Rise Question Goes Viral
A crowd rejected Commerce Secretary Howard Lutnick's remark that Americans are experiencing "no pain" over tariffs, and footage of the exchange has taken off online. Newsweek has contacted the Department of Commerce for comment outside regular working hours. President Donald Trump's tariffs, primarily those on Chinese imports, have been tied to increasingly gloomy assessments of the U.S.'s economic outlook, as well as fears over higher inflation and broader damage being done to the country's business community. Prior to the tariff pause announced earlier this month, port authorities warned that tariffs on China could lead to empty store shelves. Despite the temporary reprieve, major retailers such as Walmart have said they will need to raise prices to absorb the import taxes. Trump and his administration have maintained that tariffs are a necessary measure to correct historic trade imbalances and foster a resurgence in American manufacturing, while acknowledging that there may be some short terms shocks to the economy. Others within the president's circle-Lutnick being key among them-have denied that Americans will feel any negative effects from the policy. Speaking at Axios' Building the Future event in Washington on Wednesday, Lutnick said of the tariffs: "This is on since April. It's not that the tariff is coming; it's on." "Have any of you felt any of it?" Lutnick asked, to which several audience members responded with an audible "yes." The footage has gathered thousands of views on social media. In the full conversation posted on Axios' YouTube channel, the audience's response is more muted than in the widely shared clip, though it remains audible. On April 9, Trump announced a 90-day pause on most nations' reciprocal tariffs. On May 12, China and the U.S. jointly announced a similar reduction in the rates placed on each other's imports. Chinese imports are subject to a 30 percent import tax-down from 145 percent-until mid-August as the two countries engage in more comprehensive trade negotiations. Surveys have found stark concerns among American consumers about the anticipated effects of the trade measures. The University of Michigan's Consumer Sentiment Index fell to 50.8 in May, marking a 30 percent decline since January, with the majority of those surveyed mentioning tariffs in their responses. Year-ahead inflation expectations, meanwhile, spiked to 7.3 percent from 6.5, the highest reading in decades. The University of Michigan said the results were largely gathered before the pause in U.S.-China tariffs, adding that those gathered after continued "to express somber views about the economy." It continued, "The initial reaction so far echoes the very minor increase in sentiment seen after the April 9 partial pause on tariffs, despite which sentiment continued its downward trend." Additionally, 54 percent of U.S. companies said they would have to raise prices to absorb the cost of tariffs, according to a survey conducted by the insurance company Allianz, up from 46 percent prior to the "Liberation Day" speech Trump gave on April 2. Commerce Secretary Howard Lutnick said at Axios' Building the Future event on Wednesday: "You go to the store now. Are you feeling the pain? No. Why not? Because there is no pain. Because what happens is the sellers, the producers, the sellers and the currencies change, and the price effectively mostly goes away." Acknowledging the audience's response, Lutnick later added: "I agree with you. The Chinese tariffs caused pain last month. I agree, and I feel horrible about it, and the president felt horrible about it. But we had to fight the fight, OK? The president has to stand strong, and you can't fix things in a day, OK? And that's still going. But I would expect that prices in America will be unaffected." The pause on reciprocal tariffs announced on April 9 is set to end in early July. During this window, the administration is hoping to strike favorable deals with countries that would bring their eventual rates down. Treasury Secretary Scott Bessent told CNN last week that the U.S. was focused on negotiating with 18 "important" trading partners and that if countries failed to secure a deal, their rates would revert to those Trump announced on April 2. Tariffs on Chinese imports are set to remain at 30 percent until August 10, barring any reescalation in the trade war. Related Articles Trump Admin's New Launch Date For $5 Million 'Gold Card': ReportTrump Adviser Says People Out of Work Due to Tariffs Should Be 'Optimistic'Fashion Nova Trolls Shein Over Trump Tariff Price HikesTrump's Tariffs Are Starting to Bring in Revenue 2025 NEWSWEEK DIGITAL LLC.
Newsweek
23-05-2025
- Business
- Newsweek
Crowd's Response to Howard Lutnick's Price Rise Question Goes Viral
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A crowd rejected Commerce Secretary Howard Lutnick's remark that Americans are experiencing "no pain" over tariffs, and footage of the exchange has taken off online. Newsweek has contacted the Department of Commerce for comment outside regular working hours. Why It Matters President Donald Trump's tariffs, primarily those on Chinese imports, have been tied to increasingly gloomy assessments of the U.S.'s economic outlook, as well as fears over higher inflation and broader damage being done to the country's business community. Prior to the tariff pause announced earlier this month, port authorities warned that tariffs on China could lead to empty store shelves. Despite the temporary reprieve, major retailers such as Walmart have said they will need to raise prices to absorb the import taxes. Trump and his administration have maintained that tariffs are a necessary measure to correct historic trade imbalances and foster a resurgence in American manufacturing, while acknowledging that there may be some short terms shocks to the economy. Others within the president's circle—Lutnick being key among them—have denied that Americans will feel any negative effects from the policy. Howard Lutnick ahead of his swearing-in as commerce secretary in the Oval Office at the White House in Washington, D.C., on February 21. Howard Lutnick ahead of his swearing-in as commerce secretary in the Oval Office at the White House in Washington, D.C., on February To Know Speaking at Axios' Building the Future event in Washington on Wednesday, Lutnick said of the tariffs: "This is on since April. It's not that the tariff is coming; it's on." "Have any of you felt any of it?" Lutnick asked, to which several audience members responded with an audible "yes." The footage has gathered thousands of views on social media. In the full conversation posted on Axios' YouTube channel, the audience's response is more muted than in the widely shared clip, though it remains audible. On April 9, Trump announced a 90-day pause on most nations' reciprocal tariffs. On May 12, China and the U.S. jointly announced a similar reduction in the rates placed on each other's imports. Chinese imports are subject to a 30 percent import tax—down from 145 percent—until mid-August as the two countries engage in more comprehensive trade negotiations. Lutnick: You go to the store now, are you feeling the pain of tariffs? No, because there is no pain. Do any of you feel anything? Seriously. Audience: Yes 🫵🤡 — Spencer Hakimian (@SpencerHakimian) May 22, 2025 Surveys have found stark concerns among American consumers about the anticipated effects of the trade measures. The University of Michigan's Consumer Sentiment Index fell to 50.8 in May, marking a 30 percent decline since January, with the majority of those surveyed mentioning tariffs in their responses. Year-ahead inflation expectations, meanwhile, spiked to 7.3 percent from 6.5, the highest reading in decades. The University of Michigan said the results were largely gathered before the pause in U.S.-China tariffs, adding that those gathered after continued "to express somber views about the economy." It continued, "The initial reaction so far echoes the very minor increase in sentiment seen after the April 9 partial pause on tariffs, despite which sentiment continued its downward trend." Additionally, 54 percent of U.S. companies said they would have to raise prices to absorb the cost of tariffs, according to a survey conducted by the insurance company Allianz, up from 46 percent prior to the "Liberation Day" speech Trump gave on April 2. What People Are Saying Commerce Secretary Howard Lutnick said at Axios' Building the Future event on Wednesday: "You go to the store now. Are you feeling the pain? No. Why not? Because there is no pain. Because what happens is the sellers, the producers, the sellers and the currencies change, and the price effectively mostly goes away." Acknowledging the audience's response, Lutnick later added: "I agree with you. The Chinese tariffs caused pain last month. I agree, and I feel horrible about it, and the president felt horrible about it. But we had to fight the fight, OK? The president has to stand strong, and you can't fix things in a day, OK? And that's still going. But I would expect that prices in America will be unaffected." What Happens Next The pause on reciprocal tariffs announced on April 9 is set to end in early July. During this window, the administration is hoping to strike favorable deals with countries that would bring their eventual rates down. Treasury Secretary Scott Bessent told CNN last week that the U.S. was focused on negotiating with 18 "important" trading partners and that if countries failed to secure a deal, their rates would revert to those Trump announced on April 2. Tariffs on Chinese imports are set to remain at 30 percent until August 10, barring any reescalation in the trade war.
