Latest news with #COVID-style
Yahoo
a day ago
- Business
- Yahoo
This week in Trumponomics: The looming import shortage
Few people pay attention to import and export data, which are among the weedier metrics of the economy's health. But these wonky numbers are giving some startling insights into the challenges everyday shoppers may be facing in a month or two or three. Imports plummeted in April, falling by 20% from the prior month. That's the biggest decline in data going back to 1992. It's considerably worse than the drop in imports at the onset of the COVID-19 pandemic in 2020. Does anybody remember what shopping was like during COVID? Aside from the masks and sanitizer, there were widespread product shortages followed by soaring inflation. People didn't mind at first, since many were stuck at home without much to do. But inflation got quite irksome after a couple of years, and it sank Joe Biden's presidency, along with Democratic electoral odds in 2024. We're not yet facing COVID-style shortages. But we might be if President Trump's trade war drags on through the fall and summer. Imports plunged in April because that's when Trump started slapping new import taxes on practically every product entering the United States. So far, Trump has raised the average tariff tax on imports from 2.5% to about 18%. Read more: What Trump's tariffs mean for the economy and your wallet Prices haven't shot up yet because many of the American companies that import goods saw this coming and stocked up ahead of the Trump tariffs. Imports jumped by a record amount in January and were elevated for the first quarter as a whole. Swollen inventories have kept supplies ample and prices in check. If April represents the new trend line, however, a sharp drop in imports will inevitably lead to higher prices and some shortages. 'The impact of tariffs will continue to reverse progress on returning inflation to 2%,' Goldman Sachs explained in a recent analysis. 'Our forecast reflects a sharp acceleration in most core goods categories, where tariff-related increases in prices will be most acute in consumer electronics, autos, and apparel.' The firm expects overall inflation to rise from 2.3% now to 3.5% by importers are handling the Trump tariffs in a variety of ways. Some are taking normal delivery of goods and paying the higher taxes. We know that because tariff revenue collected by the government soared in April and May. The higher cost of imports will eventually make its way to consumers via higher prices. Many other importers have canceled or postponed orders, hoping that Trump will make trade deals and future tariffs will be lower than current ones. They're also watching two high-profile cases in which courts have said some of Trump's tariffs are illegal, while leaving them in place until appeals play out. Trump himself controls much of what happens next. He has set a July 9 deadline for dozens of countries to initiate trade concessions, or else a punishing round of 'reciprocal' tariffs will go into effect, on top of those Trump has already imposed. Some business owners hope for greater clarity by then, though the July 9 deadline is arbitrary and Trump could change it. Read more: The latest news and updates on Trump's tariffs Once current inventories are gone, the rest of 2025 could be rocky. 'Our perspective in terms of how this will affect manufacturers and workers is that we'll see a replay of the initial COVID shock,' Jason Judd, executive director of the Global Labor Institute at Cornell University, told Yahoo Finance. 'It may not be as severe, depending on the distribution of the pain. If Trump comes back with a 40% tariff on apparel, that would feel like a COVID-era shock.' Trump, for his part, acts like everything is hunky-dory under his watch. 'America is hot!' he said on social media on June 6. 'Border is secure, prices are down. Wages are up!' That came after the employment report for May showed the economy created a middling 139,000 new jobs. Many economists, however, think America is cooling. The pace of job growth has slowed this year, the economy technically shrank in the first quarter, and the stock market has been flat in 2025. Trump's tariffs already seem to be punishing the manufacturing sector, which lost 8,000 jobs in May and is in a three-month slump. If that's 'hot,' a cold Trump economy is likely to be miserable. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices.
7NEWS
20-05-2025
- Politics
- 7NEWS
Paint-filled extinguisher used in attack on Peter Dutton's office
A teenager used a fire extinguisher filled with paint to vandalise former federal opposition leader Peter Dutton 's office, a court has been told. Aahana Nag, 18, arrived at Brisbane Magistrates Court surrounded by supporters on Tuesday to face a wilful damage charge over the April 29 incident. Dutton's Arana Hills office in Brisbane's north was targeted in the early hours during the Liberal leader's unsuccessful federal election campaign. It was sprayed with red paint and covered in posters criticising his stance on the war in Gaza and purported closeness to US President Donald Trump about 2.30am. Nag arrived in a nearby street with three others before exiting a vehicle wearing a 'COVID-style surgical mask', the court was told. She then sprayed Dutton's office with the fire extinguisher filled with red paint, the police prosecutor said. Authorities were called and used police dogs to apprehend Nag. Surgical gloves, masks, a baseball cap and a balaclava were found in her backpack. Nag suffered scarring and bruising after being mauled by a police dog while being apprehended, the court was told. Defence lawyer Terry Fisher said his client had a highly developed social and political awareness of the oppression and injustice of people in the community. 'In relation to the actions she took on this night it was due to Peter Dutton's anti-social behaviour, particularly in relation to his comments on the genocide of Palestinian people ... and his comments on the environment,' Fisher told the court. Supporters flanked Nag when she arrived at court, covering her face. They surrounded her again when she spoke outside court after her sentencing. 'This was an act of resistance and Peter Dutton does not support us,' Nag said. Nag, who pleaded guilty, was sentenced on Tuesday to 20 hours of community service, to be completed within six months. No conviction was recorded. During the federal election campaign, Dutton said the vandalism of his office was 'outrageous' and that it went against the democratic process. Dutton later made history by becoming the first opposition leader to lose his seat, with Labor 's Ali France emerging victorious in the seat of Dickson. Most of the vandalism has been cleared from Dutton's now-empty office. But red paint remains on some of the walls and graffiti reading 'Facists don't represent us' written on the ground in front of his office is still legible.
Daily Mail
20-05-2025
- Politics
- Daily Mail
Shocking new details emerge about vandalism attack that left Peter Dutton's office covered in red paint
A teenager used a fire extinguisher filled with paint to vandalise former federal opposition leader Peter Dutton 's office, a court has been told. Aahana Nag, 18, arrived at Brisbane Magistrates Court surrounded by supporters on Tuesday to face a wilful damage charge over the April 29 incident. Mr Dutton's Arana Hills office in Brisbane's north was targeted in the early hours during the Liberal leader's unsuccessful federal election campaign. It was sprayed with red paint and covered in posters criticising his stance on the war in Gaza and purported closeness to US President Donald Trump about 2.30am. Nag arrived in a nearby street with three others before exiting a vehicle wearing a "COVID-style surgical mask", the court was told. She then sprayed Mr Dutton's office with the fire extinguisher filled with red paint, the police prosecutor said. Authorities were called and used police dogs to apprehend Nag, and surgical gloves, masks, a baseball cap and balaclava were found in her backpack. Nag suffered scarring and bruising after being mauled by a police dog while being apprehended, the court was told. Defence lawyer Terry Fisher said his client had a highly developed social and political awareness of the oppression and injustice of people in the community. "In relation to the actions she took on this night it was due to Peter Dutton's anti-social behaviour, particularly in relation to his comments on the genocide of Palestinian people ... and his comments on the environment," Mr Fisher told the court. Supporters flanked Nag when she arrived at court, covering her face. They surrounded her again when she spoke outside court after her sentencing. "This was an act of resistance and Peter Dutton does not support us," Nag said. Nag, who pleaded guilty, was sentenced on Tuesday to 20 hours of community service, to be completed within six months. No conviction was recorded. During the federal election campaign Mr Dutton said the vandalism of his office was "outrageous" and that it went against the democratic process. Mr Dutton later made history by becoming the first opposition leader to lose his seat, with Labor's Ali France emerging victorious in the seat of Dickson. Most of the vandalism has been cleared from Mr Dutton's now-empty office. But red paint remains on some of the walls and graffiti reading "Facists dont represent us' written on the ground in front of his office is still legible.
Sydney Morning Herald
20-05-2025
- Politics
- Sydney Morning Herald
No conviction recorded for teen behind attack on Peter Dutton's office
A teenager used a fire extinguisher filled with paint to vandalise former federal opposition leader Peter Dutton's office, a court has been told. Aahana Nag, 18, arrived at Brisbane Magistrates Court surrounded by supporters on Tuesday to answer to a wilful damage charge over the April 29 incident. Dutton's Arana Hills office in Brisbane's north was targeted in the early hours during the Liberal leader's unsuccessful federal election campaign. About 2.30am, it was sprayed with red paint and covered in posters criticising his stance on the war in Gaza and purported closeness to US President Donald Trump. Nag arrived in a nearby street with three others before exiting a vehicle wearing a 'COVID-style surgical mask', the court was told. Loading She then sprayed Dutton's office with the fire extinguisher filled with red paint, the police prosecutor said. Authorities were called and used police dogs to apprehend Nag, and surgical gloves, masks, a baseball cap and balaclava were found in her backpack. Nag suffered scarring and bruising after being mauled by a police dog while being apprehended, the court was told.
The Age
20-05-2025
- Politics
- The Age
No conviction recorded for teen behind attack on Peter Dutton's office
A teenager used a fire extinguisher filled with paint to vandalise former federal opposition leader Peter Dutton's office, a court has been told. Aahana Nag, 18, arrived at Brisbane Magistrates Court surrounded by supporters on Tuesday to answer to a wilful damage charge over the April 29 incident. Dutton's Arana Hills office in Brisbane's north was targeted in the early hours during the Liberal leader's unsuccessful federal election campaign. About 2.30am, it was sprayed with red paint and covered in posters criticising his stance on the war in Gaza and purported closeness to US President Donald Trump. Nag arrived in a nearby street with three others before exiting a vehicle wearing a 'COVID-style surgical mask', the court was told. Loading She then sprayed Dutton's office with the fire extinguisher filled with red paint, the police prosecutor said. Authorities were called and used police dogs to apprehend Nag, and surgical gloves, masks, a baseball cap and balaclava were found in her backpack. Nag suffered scarring and bruising after being mauled by a police dog while being apprehended, the court was told.
